General questions about TMT

Is TMT part of Himbol Financial Service?
No, TMT is a US licensed and privately owned company that works in partnership with Himbol and other financial institutions to provide remittance service to many countries.

Why do I have to notarize a form when I send more than $1000?
Current US compliance regulations requires that we positively identify your identity. Notarizing a money order form is one of the ID verificationsteps TMT takes to assure your identity.

Why do I have to give more information when I send more than $3000?
Current US compliance regulations requires that we maintain more information about every sender.

Is my personal information secure in TMT hands?
TMT takes protecting your personal information seriously. We do not share your information for any commercial purposes. Your information is entered in a secure and safe computing system and can only be shared with government agencies upon request as per the applicable laws and regulations.

Can I send money outside Asmara?
Himbol has extended network of payout locations in Eritrea and we can deliver money to any major city in Eritrea.

Does TMT determines what the exchange rate is?
No, TMT does not play any role in determination of exchange rates. TMT does also not benefit from any exchange rate differences.

Why Does TMT not charge a fee for transferring money to Eritrea?
TMT as per the agreement with Himbol Financial Services does not charge any money transfer fee. Other charges however may apply.

What do I do if I have compliants about TMT?
If your complaints is about:

• how we treated you as a customer, please call us and ask to speak with the manager of TMT.
  
• illigal activities or complaints about our company, and want to file a complaint with the Department of Financial Institutions, you can call 360-9028703.

How does money transfer payable in Nakfa in Eritrea work?

If you want your family to receive the money in Nakfa, then we will use a preferential exchange rate that is only valid for Eritreans. This exchange rate currently is 15 Nakfa to one dollar.

How much does TMT charge for Nakfa transfer?

To send money in Nakfa there is no charge. It is free.

How long does it take to receive the money in Eritrea?

Your family in Eritrea can receive the money within 24 hours after we receive your payment.

How does Dollar Remittance to Eritrea work?

If the recipient has a dollar bank account in Eritrea and needs to receive them money in dollars, we will deposit the money you sent in the bank account of the recipient within 24 hours.

If your relatives have no dollar account in Eritrea and needs to open one, TMT& HFS will open a dollar bank account for your family in Eritrea. Your family can then receive the money you send through TMT in his/her dollar bank account.

Note that the new bank regulation doesn't allow residents of Eritrea to withdraw dollars without justification that is authorized by the bank. This rule doesn't apply to Eritreans who live outside Eritrea. Eritreans who live outside Eritrea can withdraw any amount of money from their bank account in dollars. Read regulations

How much does TMT charge for Dollar transfer?

The charges for sending dollar to Eritrea vary from $10 to maximum $35. Please call us to learn the details.

How long does it take to receive the money in Eritrea?

Your family in Eritrea can receive the money within 24 hours after we receive your payment.

How do I open a dollar or Nakfa bank account in Eritrea?

If you reside in the USA, opening a dollar/Nakfa saving account in Eritrea is easy. Contact us and we will send you the required forms that you need to fill out. TMT will process your application and open an account for you immediately. To open an account you will need to deposit one hundred dollar on your new account.

How much does TMT charge for processing my application to open an account?

The charges to process the application for opening a bank account is $15. This applies only to Eritreans residing in USA.

How long does it take to open a dollar account?

Opening an account should not take longer than three days. Once we receive your request we will mail your bank account and bank book within two days by priority mail.

How do I withdraw money from my bank account?

Fill out a withdrawal form that you receive from TMT and send it or fax it to TMT. TMT will verify your identity and signature and will process your request. When your request is approved, TMT will mail you a check for the approved amount or will deposit it on your bank account in USA.

How much does TMT charge for processing a withdrawal?

The charges for withdrawal is $15 per transaction.

How long does it take to withdraw money from my bank account?

Typically it shouldn't take more than a week after we receive your withdrawal request.

Why do I have to send money through TMT and Himbol?

• TMT is the only company that has both legal status in Eritrea as well as in the USA. Sending money through other unauthorized companies can cost you your money. The strict anti money laundering regulation in the US does not tolerate illegal money transfers.
• TMT is licensed in the USA and all our transfers are insured against losses or claims from third parties. Equally Himbol Financial Services is licensed in Eritrea and your money is safe on both ends.
• No other bank or financial institution can deposit money in your account faster than TMT and Himbol.
• The service charge you pay helps Eritrea.