SWIFT/BIC codes in Eritrea

Finding a SWIFT code in Eritrea

Here you will find codes for 3 banks in Eritrea – 3 codes altogether. Every code identifies a bank or a specific branch or department, so a payment from abroad reaches the right place.

Choose a bank below to view its head office code and its other codes. The sections below covers how the codes work, the cost of transfers and the checks worth doing before you send money.

Check the code before you pay

The most reliable source for the BIC is the bank details provided by the recipient: an invoice, a statement or their online banking. If the code you have differs from the code listed here, stop and ask: check with the recipient or the bank.

The directory on GoldexPay is compiled from publicly available sources and is updated regularly. Even so, banks merge or retire codes, so information can be out of date. For any payment that matters, confirm the BIC with the recipient’s bank. GoldexPay is an independent comparison site and has no link to the banks in this list.

Watch out for payment requests containing a new account. Before paying, verify changed details through a separate channel on a number you know.

Tracking a payment to Eritrea

An international transfer to Eritrea usually takes anywhere from one to several business days. Public holidays in Eritrea or in the sending country can add a day or more to the journey.

When a payment takes longer than expected, ask the sender to contact their own bank for a trace. Money transfer services usually show tracking online.

Receiving money in Eritrea from abroad

To receive an international payment into a Eritrea account, the person paying you needs not just the BIC. In practice that means: your name exactly as it appears on the account, your account number or IBAN, the SWIFT/BIC code of your bank and usually your address.

Look up your bank in the list on this page to check its code – your bank statement is the final word. Certain banks also want the name and address of your bank; it does no harm to include it.

Expect that the incoming amount is below the amount on the sender’s receipt. Fees for incoming transfers differ per bank. On invoices, state how the fees are split.

Bank or transfer service for Eritrea?

When you send money to Eritrea with a regular bank, the fee you see is rarely all of the cost. You pay a transfer fee, sometimes charges from intermediary banks and, most importantly, the margin on the exchange rate when currencies differ.

The real cost is often in the rate, rather than in the fee: banks convert at a rate with a margin built in. A simple test: put the rate you get next to the mid-market rate and look at the difference.

For a lot of routes, a specialist provider is cheaper than a traditional bank transfer, mainly because of the rate. GoldexPay compares these providers side by side, showing what actually arrives in Eritrea for the same amount sent.

What the letters in a Eritrea BIC mean

Every SWIFT/BIC code consists of 8 or 11 characters in a fixed order. It starts with a four-letter bank code, followed by two letters for the country and a two-character location code.

In every code from Eritrea, letters five and six are the ISO country code of Eritrea. A code with other letters in that position belong to another country – a quick way to catch mistakes.

If the last three are XXX, it means the main office and the short version works just as well. For most transfers the head office code is fine unless the recipient asks for a specific branch.

Bank of Eritrea and its SWIFT codes

In our data, Bank of Eritrea holds the largest number of SWIFT/BIC codes in Eritrea. Its head office code is BOERERAIXXX – the code most transfers need.

Practice differs in how many codes they register – a high count is not a measure of size. Paying someone at Bank of Eritrea? Use BOERERAIXXX except when the recipient gives you a branch code.

Paying a bank in Eritrea from abroad

Eritrea is outside the SEPA area, so European euro rules do not apply. Payments from abroad normally travel over the SWIFT network.

Depending on the country, accounts are identified by a domestic account number rather than an IBAN. The recipient’s bank often provides instructions for incoming international payments. Before it arrives, a payment may go through correspondent banks that take a fee.