Sending large amounts and Diaspora bank accounts

[Sa7rawy]

Asalamu Calaikum walaaliyaal

I am ready to send funds to Somalia/Somaliland to invest in buying lands and building properties.

However, I am having trouble figuring out the best way to send large sums. My two interests are to save on transaction fees (2% normally for hawalaha) and find an easy way to do it over the next six months. I would want to send $250K USD (I have been saving the last 15 years and have a good consultancy alhamdulillah). I own two plots right now in Somalia.

Which banks back home allow diaspora to open accounts? I prefer to have the funds in 3 banks to minimize risks.
How can I transfer funds from North America (I'm a dual national CDN/USA) to those Somali banks? I have bank accounts in both countries.
Are there hawalas that can deposit directly into those Somali diaspora bank accounts? If so which hawalas?
Do those hawalas offer any electronic way to send those funds (can't seem to with WorldRemit or TalkRemit)?

Thanks
Mohamed

 

[repo]

More like 4% for hawalas. But if you want to send directly to a bank account in Somalia you have to register with Salaam Bank in person in Mogadishu. They don't allow registration while you are abroad afaik.

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[Sa7rawy]

Thanks brother.

I plan to invest in the NE or NW so I am not sure that Salaam Bank has a branch system in Hargeisa / Garoowe? And I am hoping to send these funds over the next few months so when I am there this winter I can use it? Otherwise, I need to go and setup the account and then come back to North America and begin transfers.

The other option I thought was going through the UAE and keeping funds there as an intermediary step.

 

[KobeBryant]

UAE would be the safest option.

 

[repo]

Thanks brother.

I plan to invest in the NE or NW so I am not sure that Salaam Bank has a branch system in Hargeisa / Garoowe? And I am hoping to send these funds over the next few months so when I am there this winter I can use it? Otherwise, I need to go and setup the account and then come back to North America and begin transfers.

The other option I thought was going through the UAE and keeping funds there as an intermediary step.

The closest branch is in Galkayo. Talk to hawalas they give you a cheaper rate if you are sending a large amount you shouldn't have trouble with this.

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[Sa7rawy]

I talked with two companies and Dahabshiil / Taaj are willing to do large transfers for 2% where I am living.

For the banks, I see a Salam Somali Bank based in Xamar and a Salam Bank in the NE Somalia but the latter does not seem very credible (no SWIFT code, website, etc.). I don't believe the Salam Somali Bank operates in the North. For now my best options seem to be Amal Bank, Dahabshiil and possibly Premier Bank. Hopefully, I can open an account while outside the country.

If anyone has proper experience for diaspora services please advise.