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. Somalia has one of the most active mobile-money markets in the world, surpassing cash transactions. Most shops also accept mobile money payments.
The current exchange rate for the Somali Shilling (SOS) is SHORTCODE REQUIRED ATTRIBUTES MISSING: base, symbol SOS per American Dollar (USD) as of today. The SOS reached a high of 588.0003 SOS per USD and a low of 584.9996 SOS per USD during the last 90 days. The average exchange rate for the SOS was 584.3190 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 Dahabshiil. With Dahabshiilm your money can reach its Somali destination in a matter of minutes. This may not always be the case as Dahabshiil is present in over 120 countries. Regardless, Dahabshiil 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 TransferWise through SWIFT/BIC codes. TransferWise always offers highly competitive prices and Somalia is no exception.
The easiest way to transfer money online to Somalia is through TransferWise with SWIFT/BIC codes. While TransferWise 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 TransferWise 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 TransferWise-assisted bank transfer. The TransferWise 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, TransferWise makes a competitive offer, but bank transfers make waiting times less predictable. For these reasons, TransferWise 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