Sending money to Somalia carries far more challenges than the typical money transfer destination. This doesn’t mean that it’s a very difficult task, but there are fewer money transfer options available. The options that are available often have far fewer locations in Somalia.
The current exchange rate for the Somali Shilling (SOS) is 585.500123 SOS per American Dollar (USD) as of today. The SOS reached a high of 586.5004 SOS per USD and a low of 576.0003 SOS per USD during the last 90 days. The average exchange rate for the SOS was 581.7924 SOS per USD for the last 90 days.
The SOS had an average volatility rate of 0.22% against the USD for the last 90 days. This is a normal volatility rate, and the SOS has been fairly stable for much of the last year. You can reasonably expect only minor fluctuations to continue going forward, barring any unforeseen circumstances.
The fastest way to send funds to Somalia is through WorldRemit. With WorldRemit your money can reach its Somali destination in a matter of minutes. This may not always be the case as WorldRemit is present in over 120 countries. Regardless, WorldRemit is a fast money transfer service that is a generally great option for sending money online to Somalia
The cheapest way to transfer funds online to Somalia is a bank transfer with WorldRemit through SWIFT/BIC codes. WorldRemit always offers highly competitive prices and Somalia is no exception.
The easiest way to transfer money online to Somalia is through WorldRemit with SWIFT/BIC codes. While WorldRemit doesn’t have their normal service available in Somalia, sending money to a bank through the service is quite easy. Finding the SWIFT/BIC code should be very straightforward for the recipient, and once the WorldRemit account is set up properly, sending money online to Somalia is easy.
The overall best way to send funds online to Somalia is through a WorldRemit assisted bank transfer. The WorldRemit platform makes it easy to send cash online to a Somali bank account. Their rates are very fair and the ease of use is exceptional. When it comes to speed, WorldRemit makes a competitive offer, but bank transfers make waiting times less predictable. For these reasons, WorldRemit bank transfers are the best way to send money.
Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com