ERN – Eritrean Nakfa
ERN is considered to be a restricted currency, which implies an inherent limitation to the tradability of this currency. Fund transfers in this currency are not allowed outside of Eritrean.
Besides this limitation, this currency is considered to be complex (multiple information to be provided and complex processing).
- Currency Guidelines
Besides the standard information, the full name (written out in full, without initials, abbreviations or acronyms) and the physical full address of the beneficiary are mandatory.
A clear reason / purpose of payment is mandatory and consists of a full written description (in English) of the nature of payment to be provided in the remittance information. For example: providing an invoice number without guiding text is considered as insufficient and can result in errors or delays.
Example: Payment of travel expenses – invoice n° 123456789
Moreover, the full address (exact branch location) or branch name of the beneficiary’s bank is mandatory and to be provided in the remittance information.
- Instructions, technical guidelines & more
To consult the Technical Guidelines of this currency, click hereTECHNICAL GUIDELINES
- Additional information
• Available charge option: OUR/SHA/BEN