The best, fastest & cheapest ways to send money to Eritrea

The exchange rate determines how much ERN the recipient will receive.

For instance, in the past month average exchange rate between the US Dollar and the Nakfa was 0 ERN.

Since USD - ERN exchange rates fluctuate based on market conditions, waiting a few days can result in a better rate and more ERN for your recipient.

If you urgently need the money in Eritrea, we recommend using Wise, which has offered the best ERN exchange rates over the last 6 months.

The cheapest way to fund your transfer to Eritrea is by using a Bank transfer with Wise, which is 0.6% cheaper than the next best option.

How you pay for your transfer impacts the cost, speed, and the amount of ERN received.

Based on a $2,000 transfer to Eritrea using the last 6-months of our data, the options you have are:

• A bank transfer with Remitly will cost you $4.99 in fees and a 1.55% markup

• Debit card transfer with Wise costs $28.57 with 0% markup

• Credit card transfers with costs $0 fee and comes with % markup

We recommend not using Debit card when sending money to Eritrea, as they tend to be the most expensive.

Credit card transfers tend to add cash advance fees and might have higher interest rates on ERN.

For example, charges $0 when paying by credit card, compared to $4.99 via a bank transfer with Remitly.

Whenever possible, avoid sending ERN over the SWIFT network. Despite the name, ERN transfers over SWIFT are slower and come with higher fees.

Money transfer companies will often have minimum and maximum limits on how much ERN you can send.

Often, the amount will also impact the fees and the ERN rate you get.

For example, we found Wise to be the best option for sending large amounts to Eritrea.

There might also be government-imposed restrictions, commercial restrictions, and many more.

This is why it’s important to compare your transfer options to Eritrea.

The speed of transferring ERN to Eritrea depends on several factors, including the amount being sent, the timing of the transfer, and the chosen payment method.

Usually, the quicker you need your ERN, the more it will cost you in fees.

For example, consider a transfer of $2,000 from the US to Eritrea:

• Fastest provider: Among 7 companies servicing Eritrea, Ria Money Transfer consistently offers the quickest delivery times across all deposit methods, appearing in 80% of our searches.

• Bank or debit card deposits: Services like Ria Money Transfer for bank account deposits and Wise for card deposits provide almost instant and cost-effective ERN transfers. Fees are approximately $4 for bank deposits and $Wise for debit card deposits, with a minimal -0.01% markup.

• Credit card transfers: Based on six months of our data, using for sending ERN via CC can take up to a day and incur a fee of $0 with % markup. However, be mindful of potential cash advance fees.

• Urgent transfers: For the fastest possible transfers, we recommend opting for cash pickup services through providers like Western Union or Ria Money.

Avoid making ERN transfers over SWIFT

SWIFT is slower for ERN transfers due to the involvement of intermediary banks in Eritrea, so it’s best to avoid it if speed is your priority.

For ERN transfers, you have the following options:

Money transfer companies

You can send Nakfa via an FX broker (a managed service) or via an online-only company (self-managed).

According to the past six-month analysis, we found that Wise is the overall best way to transfer money to Eritrea, appearing 100% of the time for ERN transfers in our search system.

App

Most money transfer services to Eritrea offer mobile apps, which often provide better ERN exchange rates.

You can check our guide on the best money transfer apps to find one that fits your needs.

In-person

Cash transfers to Eritrea can be made in person through services like Ria Money Transfers or Western Union.

Cash transfers are almost always instant but require the recipient to physically visit the nearest agent to collect ERN.

Bank transfers

We advise you not to use your bank to wire money to ER because of the fees but rather use it to fund your ERN transfer.

There are several ways to receive money in Eritrea, including direct bank deposits, cash pickups, home deliveries, and mobile wallets.

Here are your options:

• Direct bank deposits: to deposit money into the recipient's account in Eritrea, we recommend using Remitly. They appeared in 60% of the searches as the cheapest option for bank transfers to Eritrea.

• Cash pickup: if you need immediate access to cash in Eritrea, consider using cash pickup, but check availability.

• Mobile wallets: you can receive ERN directly into your digital wallet like PayPal, but they come with limitations and higher costs compared to using Wise.

In most cases, ERN will arrive without any involvement from the recipient.

However, if you’re sending Nakfa as cash, or in large amounts, the receiver might need the following*:

• Valid forms of ID: such as passport, or driver’s license.

• Sender's information: the full name and address.

• Transfer details: the amount of ERN to be received.

• Transfer confirmation number: the sender should give it to the recipient.

• SWIFT code / IBAN: sometimes you may need to include IBAN and/or the SWIFT code.

*The exact documents you need might vary by the company you use.

For larger Nakfa transfers, money transfer companies may ask for a source of funds and proof of address. This is done in accordance with AML policies.

If you’re making a large transfer to Eritrea, we recommend using Wise.

There might be tax implications and government-imposed limits when sending Nakfa to Eritrea.

Some ERN transfers may be subject to various taxes, including gift tax and commercial tax.

Even if there are no limits or taxation involved, certain ERN transfers need to be reported to the tax authorities in Eritrea.

When in doubt, please contact a tax professional in Eritrea or in your country.