There are multiple ways to send money to Somalia from the UK, but it is always worth exploring the most competitive rates and securest methods.
How To Send Money to Somalia from the UK
The UK is thought to be home to the largest Somali community in all of Europe. According to 2018 data from the Office for National Statistics, there were an estimated 108,000 Somali-born people living in the UK. Given the large population, it is unsurprising that there is a high demand to send money between the UK and Somalia.
Methods to Transfer Money to Somalia from the UK
Sending Money to Somalia via Online Money Transfer
There are many online services available for sending money to Somalia which tend to offer the best exchange rates. Services such as WorldRemit, for example, are widely recognised for low transfer fees and the best exchange rate between the British Pound and the Somali Shilling. TalkRemit is also known as a cheap and secure way to transfer funds.
Sending Money to Somalia via PayPal
Paypal is not currently supported in Somalia.
Sending Money to Somalia via Bank Transfer
Sending money to Somalia directly through a wire transfer from a UK bank account is an option, however it is not recognised as the best. This is due to the uncompetitive exchange rates offered. Additionally, there is a high transfer fee per transaction.
Can I Send Money to Somalia via Cryptocurrency?
Cryptocurrency is a controversial topic in Somalia. Although not technically illegal, there is not currently any formal regulation in place making it an unsafe and insecure way to trade. Already, 49 ICOs (Initial Coin Offering) have banned Somalia from taking part.
Use your debit or credit card to send money directly to Somalia in a matter or hours
Can You Send Money to Somalia For Free?
Transferring funds is never completely free as they are typically subject to some form of transaction fee or exchange rate. However, many of these are extremely low. In fact, WorldRemit offers the first three transfers for free. After that there is a fee of around 5 GBP per transfer. For a similar fee (4.50 GBP) you can also transfer funds through TalkRemit.
How Long Does It Take to Send Money to Somalia?
Depending on the service provider that you choose to transfer money to Somalia, funds can arrive into the specified account instantaneously. Online services such as WorldRemit typically transfers the funds in under 2 hours. TalkRemit also offers very fast transfers. Bank transfers typically take longer at around 1-3 business days.
What Do You Need to Send Money to Somalia?
Bank transfers offer require verification of identity via a form of photo ID. For any online payments, you will need all relevant login details and possibly a card reader. You will also require a Swift Code. This is a code beginning with a 4-digit bank code, a 2-digit country code, a 2-digit area code and a 3-digit branch code. Somalia uses Swift rather than IBAN.
Is it Safe to Transfer Money to Somalia from the UK?
When sending money to Somalia, as with any international transfer of funds, you should be very careful with the services that you choose. Any legitimate company should have FCA approval, meaning that the accounts are safeguarded. This information should bee readily available on the company’s website. As with any transfer, be very careful when sharing any personal security and confidential information such as passwords. This is especially true for phone and email correspondence.