If you're thinking or are in the process of joining the expat community, it's likely that the last thing on your mind is foreign exchange. However, getting the best foreign money exchange rate and making the most for your money is crucial to your new life overseas.
Currency exchange is a vital, yet frustrating, step for expatriating and travel. If you're living or working in Somalia, foreign exchange and money transfer is a key part in making to most out of your money. Every time you need to change currency it can feel like you are losing precious money. Poor exchange rates, high fees, and the difficulty is estimating how much to change can add to the difficulties. However, there is also the possibility to exchange currency at a profit.
Before entering making your first transactions, it is important to find an advisor. As a professional that transfers thousands of Pounds, Euros and Dollars everyday, they can offer a better exchange rate than you find on the open market.
The service can be used either for one off transfers:
Or for a regular transfer plan:
For example, a typical regular monthly transfer of £800 to Euros with no fees, no commission and great rates compared to a typical high street bank can save you about €500 over 1 year.
Expat-Quotes is here to help! Check out our Foreign Currency Exchange Services for free and find the best service for you in Somalia by filling out a request form.
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
|0.6%||FCA||£10 < £5K or Free > £5k||£1K||All||Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone.|
CurrencyFair is one of the top peer-to-peer international money transfer services with an easy to use platform to send money to Somalia. They offer their own rates or a marketplace plateforme which makes them very efficient, particularly for small bank-to-bank transfers.
|0.45%||Central Bank of Ireland||€3||no minimum||20 (EUR, USD, GBP, CAD, SGD, ...)||Investment, Inheritance, Donations, Property sale and purchase, Rent and bills payments, Salary wages and pension payouts...|
TransferGo is a great money transfer service that makes it easy for customers to see fees and exchange rates in all their details before making a transfer. The provider is loved by customer according to their impressive Trustpilot reputation.
|0 - 2.2%||FCA||£0 - 0.99||no minimum||22 (EUR, GBP, CHF, ...)||Make payment to business suppliers, family, bills, emergency, ...|
If you are looking for a vast scope of destinations and with a large choice of currencies, XE Money Transfer is the solution. Their international money transfer services gives more flexibility but becomes really competitive for larger transfers (usually above $7000).
|0.4-1.2%||FCA, FinCEN, ASIC...||0-$3||$1||60+ currencies||Make payment to business suppliers, pension, bills, mortgage, ...|
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