Foreign Exchange Guide to Armenia
In this guide we review :
- Armenian dram info - general info about the Armenian dram
- Travelling in Armenia - currency & money saving tips
- Buying Armenian dram cash online - travel money for Armenia
- Sending money to Armenia - save on Armenian dram bank transfers to Armenia
- Armenian dram exchange rates - latest info & charts.
Armenian dram (AMD) general currency information
The dram (Armenian: Դրամ; code: AMD) is the monetary unit of Armenia and the neighboring unrecognized Republic of Artsakh. It is subdivided into 100 luma (Armenian: լումա). The word dram translates into English as money and has the same linguistic derivation with the Greek drachma and the Arabic dirham. The first instance of a dram currency was in the period from 1199 to 1375, when silver coins called dram were issued.
Armenia currency and money saving tips
Armenia's currency is the Armenian Dram (AMD). US Dollars, Euro and Russian Roubles are widely used and often prices for goods and services are quoted in these currencies but by law, payment must be made in Armenian Dram.
There are many ATMs in Yerevan which accept major credit cards and debit cards with the Maestro/Cirrus or Visa sign displayed on the card. Outside the capital however you will need to carry sufficient local currency. Take note Western Union does not operate in Armenia, however, MoneyGram currently does.
Armenia Trip Checklist
Travel money for Armenia
Save money and time by Ordering your Armenian dram online from Travelex, you get better rates and can pick up the AMD cash locally or even on travel day at the airport.
Another popular option is to use a Pre-paid Travel Card. Your Debit/Credit Card provider will charge you 2% from market mid-rate, but your bank may also charge an extra 3% as an “Overseas Transaction Charge” plus “Overseas ATM” fees for withdrawing cash.
For card purchases if offered a choice of currencies always select to Pay in Armenian dram otherwise you may get much worst exchange rates.
Sending money to Armenia
When sending money to Armenia it’s important to compare your bank’s rates & fees with those we have negotiated with our partner money transfer providers. To get a better deal you should follow these 3 simple steps :
- Open an account with a BER reviewed FX provider (id docs may be required)
- You specify the local or Armenian dram amount you want to transfer
- Make a local currency domestic transfer for the requested amount to the provider's bank account in your country
- Once your funds are received by the provider the converted AMD amount will be transfered to the recipient account you specify in Armenia.
By comparing the rates of FX specialist providers rates versus your bank's standard rates you can hopefully save around 5% and maybe more - end result is more Armenian dram deposited into the recipient bank account in Armenia and less margins and fees kept by the banks!