SWIFT/BIC codes in Somalia

SWIFT/BIC codes in Somalia

In Somalia we have 7 SWIFT/BIC codes, spread over 7 institutions. A SWIFT code tells the banks handling a transfer which institution is meant to get an international payment.

Each bank has its own page showing its main code and, where available, codes for branches and departments. Further down you can read how codes from Somalia are built, how to send money there at a fair price and what to check before you pay.

About our data and how to check a code

The most reliable place for the correct BIC remains paperwork issued by the bank. An incorrect BIC can cause a delay, a payment being sent back or extra fees.

We collect SWIFT/BIC codes from publicly available data and check them from time to time. Banks reorganise, close branches and retire codes, and no directory catches every change immediately. For any payment of any size, check the BIC with the recipient’s bank. GoldexPay is not a bank and has no link to the banks in this list.

Be wary of invoices with changed bank details. A real SWIFT code says nothing about who owns the account: criminals use real codes too.

Why a transfer to Somalia needs a SWIFT code

For Somalia you almost always need a SWIFT/BIC code. Without the BIC, your bank cannot process the payment at all.

Not all countries use the IBAN. The recipient’s bank often provides a list of required details for payments from abroad – follow them exactly. International transfers sometimes go via correspondent banks, each of which may deduct a fee.

How SWIFT codes from Somalia are built

SWIFT/BIC codes follow the same format worldwide: 8 characters plus an optional three-character extension. The first four letters stand for the bank, the fifth and sixth characters form the country code and characters seven and eight mark the location.

For banks in Somalia, characters five and six show the ISO country code of Somalia. If the country letters do not match Somalia, you are looking at a bank somewhere else – worth double-checking.

If the last three are XXX, it refers to the head office and the short version works just as well. Use a branch code just if the recipient explicitly gives you one.

Bank or transfer service for Somalia?

When you transfer money to Somalia via your bank, the stated fee is only part of the cost. On top of the fee, correspondent banks can deduct a charge and, if currencies are converted, the bank usually applies a less favourable rate than the real market rate.

Most of the cost usually sits in the exchange rate. Check the bank’s rate with the mid-market rate, the midpoint you see on financial news sites.

For many routes, a transfer service turns out to be cheaper than a bank – mostly thanks to the exchange rate. GoldexPay compares what recipients in Somalia receive across services, which makes the cheapest option easy to spot.

The largest SWIFT network in Somalia: Amal Bank LTD

Of all banks in Somalia, Amal Bank LTD is listed with the largest number of SWIFT codes. The head office uses AALLSOSGXXX.

How many codes a bank has says something about how it registers branches and services than about how big it is. Making a payment to Amal Bank LTD? Go with AALLSOSGXXX except when the recipient gives you a branch code.

How long does a transfer to Somalia take?

An international transfer to Somalia typically takes one to a few business days – it depends on currency, route and the banks in between. Public holidays in Somalia or in the sending country can add a day or more to the journey.

Many banks use SWIFT gpi for faster and traceable payments. Each payment carries a unique transaction reference, the UETR. Money transfer services usually show tracking in their app, which makes it easier to see where the money is.

Incoming international payments in Somalia

If you expect a payment from another country in Somalia, give the sender everything they need in one go. Give them the account holder’s name, your account number or IBAN, your bank’s SWIFT code and your address, which some banks require.

Your bank’s code appears in the list on this page. You can add the name and city of your bank.

What lands in your account can be less than what was sent. Fees for incoming transfers differ per bank – your bank’s price list tells you what applies. Make clear with the sender who pays which costs, especially for larger amounts.