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How to send money to the Solomon Islands
Understand what your options are when transferring funds to the Solomon Islands.
Chances are that you’ve landed on this page because you want to send money to the Solomon Islands and aren’t sure where to start. Lucky for you, you’ve come to the right place! We’ve compiled this handy guide to help you save big when you send money to this tiny island nation, with competitive exchange rates and low fees.
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Should you choose your bank or a money transfer service to send money to the Solomon Islands?
If you’re looking to send some spare change to family and friends in the Solomon Islands, there are plenty of banks and money transfer services willing to lend a helping hand. So which option should you choose? Check out some of the key differences between both options before you fork over your hard-earned cash.
- Banks. Banks tend to offer less competitive exchange rates than money transfers services, alongside exorbitant fees. They also typically process less transactions and charge a larger margin on each transfer to keep their service profitable. Transactions typically take between 2 – 5 business days to process.
- Money transfer services. Money transfer services have a bit of a leg up when it comes to doing what they do best. They regularly charge minimal fees and offer more competitive exchange rates, which leads them to attract more customers and process more transfers. This allows them to keep their prices low. Transactions typically process in 1 – 3 business days.
Case study: Liam sends money to the Solomon Islands
Liam’s sister Chelsey is traveling in the Solomon Islands when she loses her wallet. She calls her brother to ask him if he can send some cash to tide her over while she waits for her debit and credit cards to be replaced. Liam wants to send money to his sister as quickly as possible but also intends to find the best deal. He decides to compare two cash transfer companies which will allow him to send money overseas in less than 24 hours.
|Cash Transfer Service 1||Cash Transfer Service 2|
|Exchange rates||CAD$1 = SBD 6.010|| CAD$1 = SBD 5.995|
|Transfer speed||10 minutes||10 minutes|
|Options available||Cash pick-up||Cash pick-up|
|Amount received (for $1,000)||$6,010||$5,995|
Liam realizes that he can save SBD 15 (around $2.50) if he chooses the first cash transfer service, with an additional $15 in fees.
What should I look for in a transfer company when sending money to the Solomon Islands?
If you’re looking to send money to the Solomon Islands, you should consider the following features before settling on a service.
- Competitive exchange rates. Exchange rates will fluctuate based on your provider but as a rule, dedicated money transfer services typically offer the best rates. Banks tend to offer the least competitive exchange rates followed by cash pick-up providers.
- Minimal fees. Most money transfer services offer low to no fees (between $5 – $20), while cash pick-up providers typically offer median fees (between $20 – $60) and banks often offer higher fees (between $20 and $100) based on destination.
- Various transfer methods. There are many transfer options on the market including bank-to-bank transfers, cash pick-ups and mobile top-ups. Be aware that each option will come with a different price tag, with cash transfers typically being the most expensive.
- Fast transfer times. If you need to send money overseas in an emergency, a cash transfer agent like Western Union or MoneyGram might be just the ticket. These services are usually more expensive than a dedicated money transfer service which typically processes transfers in 1 – 3 business days. Banks tend to cost the most and take the longest to process (often between 2 – 5 business days).
- Reliable customer service. Some money transfer services are head and tails above the rest when it comes to customer service. The money transfer services showcased on this site are reputable providers.
What are my options for sending money to the Solomon Islands?
While many of the options for sending money to the Solomon Islands have been covered at length in other parts of this post, we’ll give you a short and sweet breakdown of what’s available so that you can pick the best option for you.
- Bank. Contact your bank to confirm their ability to deal in Solomon Islands Dollars (SBD) before enlisting their services. Banks tend to offer the least competitive prices for transferring money overseas.
- Cash transfer providers. Cash transfer agents like Western Union and MoneyGram can send money overseas in a matter of minutes. These agents often cost more than a dedicated money transfer service.
- Online money transfer companies. Money transfer services like TorFX and TransferWise almost unanimously offer the cheapest overseas transfers.
- International bank drafts. An international money draft is a useful alternative to other money transfer services. Funds can be delivered by snail mail to your recipient.
Emergency transfers to the Solomon Islands
If you find yourself in a bit of a tight spot or you need to send money to a friend or loved one traveling overseas, you can register with a cash transfer company like Western Union or MoneyGram. These companies typically cost more than dedicated money transfer companies, but can be a lifesaver in case of an emergency.
- Western Union. Send cash to a Western Union agent in the Solomon Islands.
- MoneyGram. Organize a transfer to a MoneyGram location in a number of cities.
Tips for picking up cash in the Solomon Islands
Are you looking to pick up cash from a transfer agent in the Solomon Islands? The Government of Canada recommends that you take normal security precautions. Petty crimes like pickpocketing, purse snatching and theft are common, so it pays to make sure that your personal belongings are secure at all times. If you need to pick up cash, keep the following tips in mind to stay safe.
- Avoid any areas where crime is a known problem.
- Keep your wallet and/or bag safe and secure at all times.
- Take a friend along to provide additional security and peace of mind.
- Don’t flash your cash around in public.
- Deposit your cash in a secure place as quickly as possible.
What will you need to send and receive money from the Solomon Islands?
For most money transfer services, you will often need to provide some or all of the following in addition to an account with the bank or a cash/money transfer service you plan to use:
- Your recipient’s full name, address and account details (includes SWIFT BIC)
- Proof of ID and proof of the transfer for both yourself and your recipient
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