Send Money to Eritrea

Western Union
Margin Rate: 4%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
CurrencyFair
Margin Rate: 3%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
VoltrexFX
Margin Rate: 0.7%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated
RationalFX
Margin Rate: 0.8%
Minimum Transfer: £5000
Transaction Fees: £0
FCA Regualted: FCA Regulated

Countries in Eritrea

Send Money Transfer to Eritrea

The import and the export of all convertible currencies is allowed but sums that exceed the value of US$10000 need to be declared. It is estimated that almost a third of money in Eritrea is the result of transfers from overseas. The local currency the nakfa was only introduced in 1998 following independence and the US dollar is still widely used. There is an active black market that the government has tried to crack down on.

Using a bank transfer is in theory one of the most straight forward ways to transfer funds to Eritrea assuming the recipient has a bank account there. Be sure to check on the exchange rate and for any fees. The process can be longwinded and require patience and be sure to try and use the same correspondent bank to simplify the process.

If you want to send cash without using your bank account or if you do not have one yet, you can opt for a worldwide money transfer service via a Money Sending Bureau. These establishments are found in major cities around the world and are found across Eritrea. With this option however you will need to pay a significant commission on the transfer and it is worth looking around as fees can vary between just a few percent as high as 15% of the sum being sent. These institutions also often comparatively poor exchange rates so again the total costs need to be considered.

The procedure is however relatively simple: You take the money you would like to transfer to an office in cash. You have to fill in a form, pay the service fee, and show a valid ID. Alternatively, you can process your money transfer online. Once this procedure is done, the recipient can pick up the money at another office simply by showing his or her own ID. With the transaction number you receive, you can track the status of your transfer online.

Bank Note System
Nakfa (ERN) = 100 cents. Notes are in denominations of ERN100, 50, 10, 5 and 1. Coins are in denominations of ERN100, 50, 25, 10, 5 and 1.

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