Want to transfer money to Somalia? Are you considering a wire to transfer money to Somalia? Before you ask your financial institution to organise it, be sure to check out the wire transfer fees. It may come as a shock how much the charges will be and depending on the amount, it might not be worth sending the money by bank wire transfer to send the money by other methods.
What makes even worse is in addition to your financial institution adding a fee for sending the money to a place in Somalia, the person getting the funds will most likely incur a fee from the bank at their end. One way to reduce the possibilty of this fee is to remit the international wire transfer in the currency of their account.
To initiate a wire transfer to Somalia, you might need a SWIFT code. These are different for each bank and based on references including the individual banking institution and country.
SWIFT Country Code
Central Bank Name
Central Bank of Somalia