Foreign Exchange Guide to Somalia
In this guide we review :
- Somali shilling info - general info about the Somali shilling
- Buying Somali shilling cash online - travel money for Somalia
- Sending money to Somalia - save on Somali shilling bank transfers to Somalia
- Somali shilling exchange rates - latest info & charts.
Somali shilling (SOS) general currency information
Somalia Trip Checklist
Travel money for Somalia
Save money and time by Ordering your Somali shilling online from Travelex, you get better rates and can pick up the SOS cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Somali shilling otherwise you may get much worst exchange rates.
Sending money to Somalia
When sending money to Somalia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Somali shilling amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted SOS amount will be transfered to the recipient account you specify in Somalia.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Somali shilling deposited into the recipient bank account in Somalia and less margins and fees kept by the banks!