- Large range of currencies
- Online and phone transfers
- Regular payments available
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While not exactly a stone's throw away in its familiarity to everyday people, the Solomon Islands is close enough to Australia for money transfers to take place. And that's not because of the hidden treasures in its collection of WWII relics caught between hundreds of small islands! This small nation lives on the shoulder of Papua New Guinea, and barely reaches the 550,000 population mark.
Although it faces a tough set of business challenges, there is steady growth on the horizon as this tiny nation sets about the grim task of rebuilding previous losses due to a flood in April, 2014 that ruined its capital, Honiara. Imports to Australia are currently estimated at A$78.6 million and exports estimated at A$144.9 million according to the Australian Trade Commission. The two countries are also connected through the Solomon Islands and Australia Partnership for Development, and is a reason current and future businesses should take note of this country, especially costs involved in sending and receiving money from the Solomon Islands.
Since Liam has experience in the forestry private sector and knows that it is a major contributor to the Solomon Islands economy, he foresees that his best bet would be to transfer funds there. This will enable him to cover his infrastructure cost at a local price point instead of carrying the cost of importing the necessary infrastructure.
To make sure he won't be paying transfer fees that will actually rival his import cost, Liam does some basic cost comparisons with a benchmark amount of A$1,000 on banks and money transfer companies that transfer funds to the Solomon Islands.
|Bank||Money Transfer Company|
|Exchange Rate||1 AUD = 5.409||1 AUD = 5.001|
|Transfer Fee||$18* / $32 **||$15 Depending on where the money is transferred to.|
|Amount Solomon Islands Dollar received for $1000 Australian Dollar||SBD = 5409||SBD = 5001|
|Transfer Time||At least 2 working days||At least 2 working days|
|Transfer Options (i.e. pickup)||*Internet Banking / **Branch or Foreign Exchange Centre||Recipient will have to pick up at agent.|
In this comparison, Liam will be able to receive more SBD by transferring the money between bank accounts, especially if he uses a bank that has branches in both Australia and the Solomon Islands.
In looking at the various options for doing price comparisons, Liam has discovered a few key variables to use when comparing banks and money transfer companies. This is what he found:
Keep in mind that many people aren't necessarily all that aware of the relations between Australia and the Solomon Islands. This means that not all banks and money transfer companies will support the Solomon Islands Dollar. Below you can find a couple of banks and companies that will support an individual like Liam in transferring his money.
One of the biggest challenges for Liam will be to transfer any capital gains or profits he has made to his investment accounts in Australia. Because of the lack of infrastructure in Honiara, his options seem to be limited to either working with money transfer services like Western Union and Moneygram and carrying a continuous transfer cost. Or, to set up another bank account with ANZ and carry ongoing banking fees even when he isn't active in the Solomon Islands.Back to top
It is vital to know your options for emergency cash flow when you are in a foreign country. Liam has built up a successful business because he also knows the value of being prepared.
|Address||Hilltop Budget AccommodationWest Kola Ridge, Po Box 1202, Honiara,||Le PharmacyChina Town, Honiara,|
|Opening hours||N/A||Monday-Friday, 08:00-17:00, Saturdays, 09:00-14:00 and Sundays, 11:00-13:00.|
|Address||Bank of South PacificSolomon IslandsPo Box 37, Honiara, Guadalcanal,||Cathliro Commodities DevelopmentPo Box 4, Wings Minimart Chinatown, Honiara, 000|
|Opening hours||Monday-Friday, 08:00-17:30.||Monday-Friday, 08:00-18:00 and Saturdays, 08:00-17:00.|
|Address||Hilltop Budget AccommodationRanadi, Oba Building, Honiara, Guadalcanal,||Liua S TradingOpp K.g. Vi School, Prince Philip Highway, Honiara,|
|Opening hours||Monday-Friday, 08:00-16:00, Saturdays, 09:00-15:00 and Sundays, 10:00-15:00.||Monday-Saturday, 08:00-18:00 and Sundays, 09:00-14:00.|
|Address||Bank of South Pacific - HoniaraNational Provident Fund Building, Mendana Avenue 721, Honiara, 21222||Westpac Bank SamoaNational Provident Fund Building, Mendana Avenue 721, Honiara, 21222|
|Opening hours||Monday-Friday, 9am - 4pm||Monday-Friday, 9am - 4pm|
According to institutions like ANZ Banking and the Australian Trade Commission, the Solomon Islands is still classified as a relatively poor nation. Although not a definite, crime and harassing foreign visitors tend to walk closely with those desperate conditions. Make sure the area you pick up your cash – which will most probably be in the surrounding areas of Honiara - hasn't got a reputation of danger attached to it.
Honiara will be the place you get most of your business related services so it is handy to get a map of the area that you can carry with you. If possible, also carry with you the tracking code of the transfer and proof of the amounts transferred.
We also recommend visiting the Australian Trade Commission's overview of the Solomon Islands to understand the local context.Back to top
For most money transfer services, including banks, you will most often need some or all of the following:
Once you’re sure all of this is sorted, you’re ready to engage in the established relations between the Solomon Islands and Australia!
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