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The Federal Republic of Somalia, or Somalia, is a country located in a region of East Africa. Nowadays, money transfer to Somalia has become highly spontaneous and unremarkable. Additionally, with the advancement of technology and the rise of suitable and reliable platforms, all types of international funds wiring are possible by every individual.
In this article, we cover some frequently asked questions related to online money transfer in Somalia.
Fund Transfer Method
Reports have shown that online money transfers in Somalia exist primarily between themselves and the United States, the United Kingdom, and India. Then, the question is- “How to send money to and receive money from Somalia when the person lives abroad?” The answer is simple.
Money transfers are possible in cash, direct bank wiring, or via debit and credit cards and e-wallets. Also, the option of WorldRemit is also available. Senders may have the money deposited into the recipient’s local bank account, prepaid card or e-wallet.
Alternatively, the latter may collect the transferred money from the designated Money Transfer Agent.
Transfer fee varies according to transfer mode, prevailing exchange rates, urgency and amount of transfer. Thus, the fee for sending money from UK and India to Somalia will be different.
Since all these modes are available along with the factors attached to them, one should check which mode is suitable for both the creditor and the beneficiary before choosing it.
amount to send
In the world of online transfers, the amount and frequency of transfers is always a question. Considering the additional fees involved when making international money transfers, it seems odd to send a paltry and negligible amount. This is mainly because the fee will be higher than the amount that needs to be transferred.
Hence, individuals should opt for an adequate amount of money. They can transfer on a quarterly or yearly basis instead of monthly intervals.
exchange rates
The most important factor that one must keep an eye on is the exchange rates between countries. An exchange rate refers to the difference in value between the currencies of different countries. Since the value of the same numerical amount of money varies, this affects the amount sent from one country to another.
The exchange rate of the currency of Somali, Somali Shilling is comparatively low when compared to USD, INR and Pound Sterling of USA, India and UK respectively. The reason lies in the following factors:
- inflation, Somalia has a higher rate of inflation than the other three countries. Thus, its currency sees a fall in value.
- Rate of interest, This parameter varies from country to country depending on its demand and supply, monetary policy and government borrowing. With Somalia’s low interest rate, it experiences a decrease in the value of its currency.
- economic performance, A slowdown and depreciation in the country’s attractive performance will inevitably be detrimental to the value associated with its currency. Same is the case with Somalia.
how to make money online in somalia,
Since Somalia is at such a disadvantage during online money transfers, there should be suitable measures in place to allow its citizens to earn the required transferable amount. However, with the onset of the pandemic, only online mode of income is open. Some of them include the following:
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blog
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Youtube channel
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affiliate marketing
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Independent
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domain buy and sell
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