Make Payments in SLL - Sierra Leonean Leone
Pay in Sierra Leonean Leones (SLL)
Mondial Change allows you to make international payments in SLL (Sierra Leonean Leone) with ease. Manage your Sierra Leonean Leone beneficiaries, track your transactions in real-time, and enjoy a secure online platform. We do not apply exchange commission on your SLL operations (a spread is applied on the exchange rate, which slightly degrades the interbank rate on the currency pair traded). Your client rate is always communicated transparently before the validation of each of your transactions.
Receive Payments in Sierra Leonean Leone (SLL)
It is currently not possible to receive payments in SLL.
Mondial Change Answers All Your Questions About Payments in Sierra Leonean Leones (SLL)
What is the timeframe for a payment in SLL to be credited to the beneficiary's account?
It generally takes a minimum of 2 business days for a transfer in Sierra Leonean Leone to be credited to the beneficiary's account. However, these timeframes are not contractual, and our partners responsible for the execution and routing of payments cannot be held liable if payments in SLL are credited beyond 2 business days to the beneficiary's account. External events such as processing delays by intermediary banks, public holidays, execution time, or compliance checks can have a significant impact on the payment receipt timeframes.
What are the fees for a payment in Sierra Leonean Leone (SLL)?
The fees applied to transfers in Sierra Leonean Leone (SLL) generally vary from 0 to 10 euros depending on the agreement with Mondial Change's trading desk. The rate mainly depends on your annual SLL exchange volume and the number of Sierra Leonean Leone payments made during the year.
Are there minimum or maximum amounts for payments in Sierra Leonean Leone (SLL)?
Mondial Change and its partners verify that your flows in Sierra Leonean Leone are consistent with the data declared during account opening and consistent with your activity volume to ensure compliance and security. If restrictions apply to transaction volumes, they will be communicated to you well before the validation of your operations.
What are the specific rules for executing a payment in Sierra Leonean Leone (SLL)?
For payments in SLL via the SWIFT network, the following information must be provided at a minimum:
• Full name of the beneficiary
• Full address of the beneficiary
• Local account number
• SWIFT code of the beneficiary's bank
Is it possible to modify a payment in Sierra Leonean Leone (SLL) after it has been executed?
Yes, it is possible with some of our partners to modify a payment in Sierra Leonean Leone (SLL) even after it has been sent in SWIFT. If you have, for example, made an error in the beneficiary's name or account number, the correction is made through a SWIFT amendment. If the payment has not been executed via the SWIFT network, then it is not possible to make such amendments, and you must wait for the payment to be returned if applicable.
What are the public holidays when payments in Sierra Leonean Leone (SLL) cannot be executed?
January 1st: New Year’s Day
Variable date: Eid al-Fitr (end of Ramadan)
Variable date: Eid al-Adha (Feast of Sacrifice)
Variable date: Mawlid (Birth of Prophet Muhammad)
Variable date: Good Friday
Variable date: Easter Monday
April 27th: Independence Day
Variable date: Peace and Reconciliation Day (as proclaimed)
December 25th: Christmas Day
History of the Sierra Leonean Leone
The leone (SLL) has been the official currency of Sierra Leone since 1964, replacing the British pound. The name "leone" is derived from the country's name. The SLL has undergone numerous periods of economic instability, particularly during the civil war of the 1990s. Banknotes and coins have been regularly redesigned to combat counterfeiting and reflect national symbols. In 2022, a monetary reform introduced the new leone, removing three zeros from the old unit.
Monetary Policy of the Sierra Leonean Leone
The Bank of Sierra Leone is the institution responsible for monetary policy. It aims to maintain price stability, control inflation, and ensure a sound financial system. The central bank regularly adjusts its key interest rate, intervenes in the foreign exchange market, and manages national reserves. Dependence on imports and raw materials makes monetary stability fragile, but reforms are underway to strengthen the independence and effectiveness of monetary policy.
Characteristics of the Sierra Leonean Leone
The Sierra Leonean leone is a locally used currency, rarely exchanged internationally. However, it is central to the domestic economy. The SLL is divided into 100 cents, but cents are rarely used due to inflation. The recent transition to the new leone aims to facilitate transactions and strengthen confidence in the currency. The banknotes feature patriotic visuals and modern security features to limit counterfeiting.