Currency in Somalia: SOS Send & Spend FX Guide
Resources for Expats, Travelers, and Entrepreneurs Navigating Life and Trade in Somalia with the Somali shilling.
What's in this Somalia currency guide?
What currency is used in Somalia?
The official currency of Somalia (country code: SO) is the Somali shilling, with symbol S and currency code SOS.
What is a good Somali shilling exchange rate?
The BestExchangeRates.com currency comparison table below helps you see the total cost of your currency transaction by showing the exchange rates offered by different providers. It also makes it easy to spot potential savings from market-leading FX services compared to bank rates.
To see a full list of rates, enter your transaction type, currencies and amount then click ‘GET RATES’:
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Good things to know about the Somali shilling
The Somali shilling (SOS) is the official currency of Somalia, a country located in the Horn of Africa. Here are a few things to know about the Somali shilling:
- The Somali shilling is abbreviated as SOS and is divided into 100 cents.
- The Central Bank of Somalia is responsible for issuing and regulating the Somali shilling.
- The exchange rate for the Somali shilling is determined by supply and demand in the foreign exchange market.
- Somalia has a largely agricultural economy, with a significant portion of the population engaged in farming and livestock production. The country is also rich in minerals and has a growing mining sector.
- The Somali shilling has experienced significant depreciation in recent years due to economic challenges such as high inflation and a large trade deficit. In addition, Somalia has faced political instability and conflict, which have also had an impact on the value of the Somali shilling.
For more SOS information check out our selection of Somali shilling news and guides.
Frequently Asked Questions
What currency should I use in Somalia?
The domestic currency in Somalia is the Somali shilling.
What is the Somali shilling currency code and symbol?
The three letter currency code for the Somali shilling is SOS — symbol is S.
Which countries use the Somali shilling?
It is the domestic currency in Somalia.
Is the Somali shilling a closed currency?
No, the Somali shilling is freely available and convertible. See guide: What is a closed currency?
What are equivalent amounts of IDR and SOS?
Here are some popular conversion amounts for IDR to SOS (Indonesian rupiah to Somali shilling)*.
*Converted at the current IDRSOS interbank exchange rate. Calculate actual payout amounts for Send Money and Travel Money exchange rates.
Travel money for Somalia
Using Wise for Somali shilling travel money is a smart choice for savvy travelers. With its competitive exchange rates and low fees, Wise allows you to convert and manage multiple currencies effortlessly.
Be careful when using your own bank's Debit/Credit Card, as your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash on top of the standard Visa/Mastercard 2.5% from market mid-rate.
For card purchases, if you are offered a choice of currencies always select to Pay in Somali shilling otherwise you will typically get much worst dynamic currency conversion (DCC) exchange rates.
If you really want Somali shilling cash before departure, you can save money by ordering online. You generally get better rates and can pick up the SOS cash locally or even on travel day at the airport.
Somalia: Travel Guide
Traveling to Somalia requires careful financial planning to ensure a smooth and cost-effective experience. Here's a comprehensive guide to help you navigate currency considerations and manage your money effectively during your visit.
Somalia is a country in the Horn of Africa that has a history of conflict and political instability. Travel to Somalia is generally not recommended due to the ongoing security risks and the risk of terrorist attacks, kidnapping, and other forms of violence. The U.S. Department of State has issued a Level 4: Do Not Travel warning for Somalia.
If you do decide to travel to Somalia, it is important to exercise extreme caution, stay up to date on local security developments, and follow the advice of local authorities and your embassy or consulate. It is also advisable to have a well-planned and secure itinerary and to avoid traveling alone. It is important to be aware of local customs and cultural norms and to dress modestly.
It is also important to note that the availability of medical care, transportation, and other services may be limited in Somalia, and there may be restrictions on the ability of foreign governments to provide assistance to their citizens in the event of an emergency. It is advisable to have appropriate insurance coverage and to carry copies of important documents in case of an emergency.
Everyday Costs in in Somalia
How much does it really cost to live, work, or travel in Somalia? Here's what to expect for daily expenses and expat living.
Currency Guide for Somalia (ISO Code: SO)
For a one-week mid-range stay in Somalia, travelers should budget around $500 to $800, depending on their travel preferences and activities. The local currency is the Somali Shilling (SOS), and typical daily expenses can vary, but here's a general breakdown of what you might expect:
- 🍽️ Meal at a local restaurant: 5,000 - 10,000 SOS
- ☕ Coffee: 1,000 - 2,500 SOS
- 🚍 Public transport fare: 500 - 1,000 SOS
- 📱 Prepaid SIM card: 20,000 - 40,000 SOS
- 🏨 Budget hotel or Airbnb: 30,000 - 80,000 SOS per night
Traveling in Somalia is generally considered affordable compared to many Western nations, indicating a cheap to average destination. In comparison to the United States, where dining out could cost around $15-$25 per meal, and hotel costs average $100 per night, prices in Somalia are significantly lower. Compared to the UK, where a similar budget would average £60-120 per night for accommodations and £10 for meals, Somali costs are more appealing for the budget-conscious traveler.
Expat Life in Somalia
For expats planning to settle in Somalia, regular monthly living costs might range from 600,000 to 1,200,000 SOS depending on lifestyle choices. This can include housing, utilities, food, and leisure activities. Tips for managing finances effectively include using local banking services, where available, and understanding that acceptance of international cards can be hit-or-miss. It's advisable to carry cash, as smaller businesses may not accept cards. For transactions, online transfer services like Wise or OFX often provide favorable exchange rates and lower fees compared to traditional banks, making them an attractive option for sending or receiving money internationally. While cash is king, maintaining a blend of banking options can lead to a more convenient expat experience.
USD/SOS Market Data
The below interactive chart displays the USD/SOS change and UP📈 DOWN📉 trends over the past 1 Year.
Send Money to Somalia - Best Rates
To get a good (and fair) exchange rate when sending money to Somalia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
Get a better deal for foreign transfers 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 4 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.
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!