Wazua
»
Investor
»
Offshore
»
Money Transfer in South Sudan
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
I have a colleague working in South Sudan and since we are partners in business he tells me its hard to do a money transfer to another country, I have been waiting for money now for two months, KCB branch in Malakal wont allow any money out of the country. Is it true the government has banned any transfers, and if true how the hell then are their citizens supposed to eat.Regards, Changai
|
|
Rank: Elder Joined: 3/29/2011 Posts: 2,242
|
@Changai, It possible to do bank transfers from S Sudan to otherncountries but one needs dollars for the banks to effect the transfer. The challenge at the moment is getting dollars as they are not there in the open market. Most likely your pal has pounds and unable to get dollars. "Things that matter most must never be at the mercy of things that matter least." Goethe
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
Gathige wrote:@Changai, It possible to do bank transfers from S Sudan to otherncountries but one needs dollars for the banks to effect the transfer. The challenge at the moment is getting dollars as they are not there in the open market. Most likely your pal has pounds and unable to get dollars. @Gathige so where on earth will he get this dollars from, coz yes he is having the pound, can i get a bank in kenya or Uganda to change the SSP Pound to any other currency and at what rate. Thanks nway.Regards, Changai
|
|
Rank: Member Joined: 8/29/2008 Posts: 571
|
The problem with SS is lack of US dollars.See,they sell oil and get the USD,but they have not sold for about 6 months.Secondly,business in SS is done by foreigners who trade,get the SSP,convert them into USD~~~and then the USD leaves South Sudan.Without SS businessmen to trade and keep USD at home~~~their is going to be a shortage.I spent two weeks trying to convert my SSP into USD without success.When I found a Forex bureau which was ready to transact,they gave me very low rates.Equity Bank employee told me that the SS government has "banned" foreign currency transfers to another country.
|
|
Rank: Member Joined: 8/29/2008 Posts: 571
|
CHANGAI:>>Don't even try it.I tried to deposit SSP into an account in Equity Bank,Juba....then transfer to my account in Nairobi and Equity bank refused.I asked if I travel with my SSP to Nairobi and deposit into my Equity bank account...and Equity,Juba told me they will NOT ACCEPT my SSP in Nairobi~~~~~SS,is a true Wild west....
|
|
Rank: Elder Joined: 3/29/2011 Posts: 2,242
|
@Changai, The pound is useless outside South Sudan. It's a dummy currency and cannot be exchanged with other currencies at the moment. There was a wazuan who had indicated some time ago in. Post that he could convert SSp to Kshs provided one had a minimum of SSP 100000. Hope he will read this and respond to your cry. Alternatively, try Ugandan money transfer agents who may take SSP and issues Uganda SHs and then you can convert from there. I am sure there will be some losses but better than keeping the useless currency. Where are all the Forex Traders in Wazua? This is their turf and should come in and sort Changai out. I hear George Soros made money in currencies and this may be your time. "Things that matter most must never be at the mercy of things that matter least." Goethe
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
Ali Baba wrote:The problem with SS is lack of US dollars.See,they sell oil and get the USD,but they have not sold for about 6 months.Secondly,business in SS is done by foreigners who trade,get the SSP,convert them into USD~~~and then the USD leaves South Sudan.Without SS businessmen to trade and keep USD at home~~~their is going to be a shortage.I spent two weeks trying to convert my SSP into USD without success.When I found a Forex bureau which was ready to transact,they gave me very low rates.Equity Bank employee told me that the SS government has "banned" foreign currency transfers to another country. @ Ali Baba, suppose i travel to Uganda or Kenya with the SSP can i get an exchange to Ksh.Regards, Changai
|
|
Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
|
yes you can convert the ssp to kes in nairobi. i did that in may 2012 at kes18.50 per ssp (i expected 22-25) at my favorite bureau called, 'sky forex bureau'. check their rates online at skyforexbureau.com. Receive with simplicity everything that happens to you.” ― Rashi
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
Ali Baba wrote:CHANGAI:>>Don't even try it.I tried to deposit SSP into an account in Equity Bank,Juba....then transfer to my account in Nairobi and Equity bank refused.I asked if I travel with my SSP to Nairobi and deposit into my Equity bank account...and Equity,Juba told me they will NOT ACCEPT my SSP in Nairobi~~~~~SS,is a true Wild west.... @Ali baba, wat a useless nation, is it so hard for the government to borrow a lone from may b IMF 2 sort out the mess. So tell me how will the nation feed its own pple, i export food stuffs n counter drugs there so if i cant get my profits and capital out of there isnt it a crisis for them, nway who cares? Regards, Changai
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
dunkang wrote:yes you can convert the ssp to kes in nairobi. i did that in may 2012 at kes18.50 per ssp (i expected 22-25) at my favorite bureau called, 'sky forex bureau'. check their rates online at skyforexbureau.com.
@Dunkang, i have sent them an email i hope to hear from them tomorrow. ThanksRegards, Changai
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
Gathige wrote:@Changai, The pound is useless outside South Sudan. It's a dummy currency and cannot be exchanged with other currencies at the moment. There was a wazuan who had indicated some time ago in. Post that he could convert SSp to Kshs provided one had a minimum of SSP 100000. Hope he will read this and respond to your cry.
Alternatively, try Ugandan money transfer agents who may take SSP and issues Uganda SHs and then you can convert from there. I am sure there will be some losses but better than keeping the useless currency.
Where are all the Forex Traders in Wazua? This is their turf and should come in and sort Changai out. I hear George Soros made money in currencies and this may be your time. @Gathige, Am in business so going the Uganda dont you think i will get quite some losses? Tis wazuan who wld exchange the currency he better see this and help me n many more business pple there.Regards, Changai
|
|
Rank: Member Joined: 10/14/2011 Posts: 661
|
Sudan: Airline Companies May Cease Operations As Dollar Shortage Worsens http://allafrica.com/stories/201102030462.html
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
@Thiong, airlines want to cease operations. Are you sure. Coz if its true then how will places like malakal receive food n other basic amenities since there is no single road to this placeRegards, Changai
|
|
Rank: Member Joined: 8/29/2008 Posts: 571
|
CHANGAI:>>I agree with you.Its hard to get your profits out of there.To me,this foreign currency problem is far the bigger problem to doing business in SS than uncivilized policemen who lack respect for human rights.Until the foreign currency problem is resolved,I will be giving a wide berth to SS....
|
|
Rank: Member Joined: 5/27/2010 Posts: 324 Location: nrb
|
changai wrote:@Thiong, airlines want to cease operations. Are you sure. Coz if its true then how will places like malakal receive food n other basic amenities since there is no single road to this place @changai, humans, just like other animals do not actually need money, as we know it today to survive on earthly environment. Trust me, oil dollars started coming to SSudan only in 2005. I can asure you they were thriving tradewise among themselves and with the outside world. I dont have the economic or evolutionary terminology, but everything just adjusts within and amongst themselves to its equilibrium in a wild wild west set up.
|
|
Rank: Member Joined: 5/27/2010 Posts: 324 Location: nrb
|
But sharp forex trader/enterpreneur could make loads of profit in this environment. Just think of it, Equity can accept SSP in Juba but not in nairobi and SSP is fuuly accpetable to buy goods and services generally in SSudan. There is something smelling goldish for a midoman, only needing figuring.
|
|
Rank: New-farer Joined: 5/3/2012 Posts: 40
|
alikujia wrote:But sharp forex trader/enterpreneur could make loads of profit in this environment. Just think of it, Equity can accept SSP in Juba but not in nairobi and SSP is fuuly accpetable to buy goods and services generally in SSudan. There is something smelling goldish for a midoman, only needing figuring. @Alikujia, yes a forex trader would make good profits. But the issue is how will he exchange the SSP with another currency without involving the dollar. SSP is a useless currency outside ss, n if u deposite in Equity Juba they claim there r no dollars. Dont forget SS has to import actully everything, which import-export trade without dollars can thrive anywhere?Regards, Changai
|
|
Rank: Veteran Joined: 5/7/2009 Posts: 1,032 Location: Sea of Transquility
|
Gathige wrote:@Changai, The pound is useless outside South Sudan. It's a dummy currency and cannot be exchanged with other currencies at the moment. There was a wazuan who had indicated some time ago in. Post that he could convert SSp to Kshs provided one had a minimum of SSP 100000. Hope he will read this and respond to your cry.
Alternatively, try Ugandan money transfer agents who may take SSP and issues Uganda SHs and then you can convert from there. I am sure there will be some losses but better than keeping the useless currency.
Where are all the Forex Traders in Wazua? This is their turf and should come in and sort Changai out. I hear George Soros made money in currencies and this may be your time. Hope you are not reffering to online fx traders, whose main attrction is liquidity and would therefore have zero interest in any illiquid currency such as the SSP. Focus should be on the many fx bureaus in Nairobi to consider setting up shop in SS to tap from the opportunity as the SS government figures its way around this problem. “small step for man”
|
|
Rank: Elder Joined: 10/9/2008 Posts: 5,389
|
changai wrote:@Thiong, airlines want to cease operations. Are you sure. Coz if its true then how will places like malakal receive food n other basic amenities since there is no single road to this place And it happened with Jetlink. Other airlines including Lufthansa facing similar problems with stuck dollars. http://www.nation.co.ke/business/news/Jetlink-suspends-flights/-/1006/1621036/-/mhei62z/-/index.html
|
|
Rank: Elder Joined: 7/11/2012 Posts: 5,222
|
I have a few pounds in my wallet of the old currency. There is a bureau near corner house, opp International hse, that changes SDP. They saw mine and laughed
|
|
Wazua
»
Investor
»
Offshore
»
Money Transfer in South Sudan
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|