Do any of you guys have a bank account in Somalia/SL/Djibouti ?

[GIJaamac]

I wanna know is it safe to open a bank account in Somalia/SL/Djibouti ? Help a brother out !

[original dervish]

Dahab Shiil offers acounts innternationally.
Once you open an account in the diaspora I think you can open an account in Somalia.
Alternatively you can visit any Dahab Shiil branch in Somalia with your passport and open an account.

[original dervish]

Its becoming more popular to open accounts with Dahab Shiil because a lot of Somalis are having trouble moving large amounts of Hagbad cash overseas.

There are a few cases of money being seized at airports because folk cant prove where it came from.

The remittance companies will not send more than a few thousand without bank statements.

A relative of mine had £50,000 hagbad and he couldnt get it out of the country because his family was on welfare.

In the end about 20 of us had to send small amounts through Dahab Shiil.

[GIJaamac]

I didn't know dahabshiil was a bank. I thought is was a xawaalad. But the big question is can you trust your money with somali banks ? I mean Somalia is the number 1 most corrupted country in the world.

[AbdiWahab252]

It depends on where you plan to use the funds. Dahabshiil is not a bad choice but I would prefer to bank with Salaama Bank or Premier Bank.

Personally I wouldn’t feel to worried about Salaama because it is backed by Hormood. They also offer good credit terms if you want to get a loan. Say you want to buy a property in Dar Salaam on the outskirts, Salaama can give you a loan.

I personally would recommend that you put any cash not needed in land or business shares. You can’t go wrong buying land but diversify your portfolio by buying in different areas.

[theyuusuf143]

I didn't know dahabshiil was a bank. I thought is was a xawaalad. But the big question is can you trust your money with somali banks ? I mean Somalia is the number 1 most corrupted country in the world.

They can be trused as long as they are backed by asset. Both dahabshiil bank and salaama are affiliated with wealth people. Somali business communities are not corrupted ,. Somalis steal public funds but when it comes to the private sector they are clean.

[GIJaamac]

It depends on where you plan to use the funds. Dahabshiil is not a bad choice but I would prefer to bank with Salaama Bank or Premier Bank.

Personally I wouldn’t feel to worried about Salaama because it is backed by Hormood. They also offer good credit terms if you want to get a loan. Say you want to buy a property in Dar Salaam on the outskirts, Salaama can give you a loan.

I personally would recommend that you put any cash not needed in land or business shares. You can’t go wrong buying land but diversify your portfolio by buying in different areas.

Yes that's what i'm trying to do. Buying land and gold.

I didn't know dahabshiil was a bank. I thought is was a xawaalad. But the big question is can you trust your money with somali banks ? I mean Somalia is the number 1 most corrupted country in the world.

They can be trused as long as they are backed by asset. Both dahabshiil bank and salaama are affiliated with wealth people. Somali business communities are not corrupted ,. Somalis steal public funds but when it comes to the private sector they are clean.

Great

[Nubis]

No, I don't.
But good luck.

[Jabuutawi]

In a nutshell I won't trust a Somali owned bank. Many factors dissuade me from putting my money no where else but American owned, FDIC insured banks.

Of all three places, Djibouti would be the safest and internationally transparent financial institutions/banks branches are based there. French, Arab owned banks are present in Djibouti.

That said, you stole my thunder. I contacted Premier Bank, Dahabshil/eDahab, among others, and their responses raised some flags. I will share with you all at a later time.

Bottom line: Unless it is a western based bank's branch in a recognized state, I am not putting my hard earned money with Premier Bank/Dahabshil or any other so called 'Bank' in Somalia or Somaliland.

[original dervish]

I don't trust or like banks period.
The thing about Dahabshiil was about transfering large amounts of cash into Somalia.

I prefer to keep my wealth in liquid assets primarily gold.

[AbdiWahab252]

In a nutshell I won't trust a Somali owned bank. Many factors dissuade me from putting my money no where else but American owned, FDIC insured banks.

Of all three places, Djibouti would be the safest and internationally transparent financial institutions/banks branches are based there. French, Arab owned banks are present in Djibouti.

That said, you stole my thunder. I contacted Premier Bank, Dahabshil/eDahab, among others, and their responses raised some flags. I will share with you all at a later time.

Bottom line: Unless it is a western based bank's branch in a recognized state, I am not putting my hard earned money with Premier Bank/Dahabshil or any other so called 'Bank' in Somalia or Somaliland.

Jabuuti do share? If has large sums I would move it quickly into physical assets like land or property. I am not worried about the liquidity aspect. Do remember that when Barakats assets were unfrozen years ago they went through a lot of effort to find all those deposit holders to compensate them.

I would also be cautious with FDIC backed accounts. It can be frozen too if you are sued, flagged, liens etc. it can also get worse if you marry the wrong qumayo and she decides to go after your assets. Let her try to get your money from Salaama.

[Jabuutawi]

I talked to their respective reps and they will get back to me. That was a month ago. Now, imagine these very people are managing your money...lol!