How to send money to Somalia in 2026: dollars, diaspora remittances and instant payments
In 2025 Somalia received $6.786 billion of transfers from abroad, $3.134 billion of it money for families. We explain why sending straight in dollars pays off, how instant payments have worked since January 2025, the 23-character account number and what a bank asks from $10,000.
In short
- In 2025 $6.786 billion arrived from abroad, 5% more than in 2024.
- Remittances to families grew by 15%, to $3.134 billion.
- An international number of 23 characters has been used by all banks since March 2023.
- Instant payments between banks and wallets have worked since January 2025.
In detail
Money is sent to Somalia in dollars: to an account at a Somali bank, through a money transfer company licensed by the Central Bank of Somalia, or straight to the recipient's mobile wallet. The dollar is the main currency of everyday payments here, so the transfer does not need to be exchanged into shillings. In 2025 the country received $6.786 billion of transfers, 5% more than a year earlier.
| Method | On 9 October 2026 | Time | What you need |
|---|---|---|---|
| Transfer to an account at a bank in Somalia | works, in dollars | 1-3 business days | the 23-character account number, the name |
| Money transfer company | works, 14 licensed companies | from minutes to a day | the recipient's name, phone and ID document |
| Crediting to a mobile wallet | works, in dollars | from minutes to a day | the recipient's phone number |
| Paying for study, medical care or building | to the recipient's bank account | 1-3 business days | the contract and the account number |
The table was checked on 9 October 2026. On the Central Bank of Somalia website that day the dollar cost 32,046 shillings to buy and 33,126 to sell, and dollar sums are rounded up.
The dollar and diaspora remittances: $6.786 billion in 2025
Money from abroad is Somalia's main source of foreign currency. According to the Central Bank of Somalia annual report for 2025:
| Indicator | 2024 | 2025 |
|---|---|---|
| All transfers from abroad | $6,434 million | $6,786 million |
| Of which personal remittances to families | $2,720 million | $3,134 million |
| Arrived through banks | $3,313 million | $3,709 million |
| Arrived through money transfer companies | $3,121 million | $3,077 million |
Personal remittances grew by 15% over the year and equal 24% of the country's whole economy. Almost half of all inflows, 46%, is money for families, another 36% is payments to businesses and 14% is funds of humanitarian organisations. Prices are rising slowly: inflation for 2025 was 3.7%.
Life in the capital is described in the Mogadishu guide.
Want to send dollars to family in Somalia without extra exchanges along the way? A manager will suggest how best to send from your country and compare a bank, a transfer company and a wallet.
Instant payments since 2025 and a 23-character international number
Somalia's payment system has been heavily renewed in recent years. Dates according to the Central Bank of Somalia:
| When | What appeared |
|---|---|
| July 2021 | a national payment system linking all banks |
| 27 March 2023 | all banks moved to a 23-character international account number |
| March 2023 | a single code for paying with a phone camera |
| January 2025 | instant payments around the clock between banks, wallets and terminals |
The bank checks the international account number automatically, so a transfer with correct details arrives without manual queries. Within the country money moves from an account to a relative's wallet in seconds. At the end of 2025 Somalia had 13 local banks, a branch of a foreign bank and 6 mobile money operators, and new accounts are opened with a national ID document.
We will help you send money to Somalia
Mistakes cost more than fees: dollars exchanged into another currency and back along the way, a digit missing from the 23-character account number, a large sum for building sent through a transfer company instead of a bank, a bank in Mogadishu without papers on the origin of the money. We will help you avoid them: we choose a legal transfer route from your country, check the transfer for your case, prepare documents on the origin of the money and carry out the transfer through licensed partners through to crediting.
Details and terms are with a manager in the chat: the calculation depends on the sum, the sending country and the purpose of the transfer.
A transfer to Somalia from $10,000: what a bank in Mogadishu will ask
The larger the sum, the more questions the recipient's bank has. In 2026:
| Sum | The Somali bank's question | What to prepare |
|---|---|---|
| Up to $10,000 | to whom and for what purpose | the 23-character account number, the name, the purpose: support for family |
| $10,000-100,000 | from what income | six months of statements, a salary certificate |
| From $100,000 | where the whole sum comes from | a home or business sale contract, a tax return, statements |
What documents on the origin of money are and how to collect them is covered in the articles on proof of source of funds, sending a large sum abroad and moving home sale proceeds abroad.
Investing $100,000 or more in trade or construction in Somalia, and your bank does not work with Mogadishu directly? There are usually more options than it seems: a specialist will check the transfer for your case, prepare papers on the origin of the money and carry out the payment through licensed partners through to crediting; the path of all your capital is on the capital relocation page.
From Mogadishu to Dubai, Istanbul and London
From Somalia money is sent to trading partners in the Emirates and Turkey, and to students and relatives in the United Kingdom and the United States:
- UAE: a transfer in 1-5 business days
- Turkey: 4 transfer routes in 2026
- United Kingdom: deposits insured up to $160,000 at one bank
- United States: deposits insured up to $250,000
Sending money to neighbouring countries
- Kenya: no currency controls
- Ethiopia: a foreigner pays for a home from $100,000 by transfer
- Uganda: to a mobile wallet in minutes
- Tanzania: payments within the country are in shillings
- Djibouti: a franc pegged to the dollar
- Yemen: two rial rates and the account number
Moving your capital as a whole is covered on the capital relocation page.
FAQ
How many shillings does a dollar cost in Somalia in October 2026?
What share of transfers to Somalia is money for families?
Since when have Somali banks used the international account number?
Are there instant transfers in Somalia?
We will suggest the best way to send your money
We will choose a transfer method for your amount and country, prepare the documents on the origin of the money for the bank, make the transfer through licensed partners and follow it until the money is credited. Ask your question in the chat - the manager will suggest the best terms and the cost. The legal side with banks and government bodies is handled by Murblz specialists and locally licensed partners.
Details and cost are with the manager in the chat. Describe your situation and we will reply right away.
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