Foreign exchange guide to Armenia and the Armenian dram
What's in this Armenia currency guide?
The official currency of Armenia (country code: AM) is the Armenian dram, with symbol and currency code AMD.
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.
As mentioned above, the Armenian dram is a closed currency. Which means that you may find it difficult (or be permitted) to purchase the currency (AMD) before departure and will need to buy it upon arrival in .
For these types of destinations, using a pre-paid travel card is a good solution. As no travel cards support loading closed currencies like the AMD you will incur currency conversion or foreign transaction fees if you use a travel money card in .
However, using a pre-paid travel card is still a good idea as you can avoid ATM fees and also you can avoid using (and losing!) your main bank or debit/credit card.
Armenia is a country located in the South Caucasus region of Eurasia. It is bordered by Georgia to the north, Azerbaijan to the east, Iran to the south, and Turkey to the west. The capital of Armenia is Yerevan. The official language is Armenian, and the currency is the Armenian dram. The population of Armenia is about 3 million people. The country has a rich and ancient history, and its culture is influenced by a mix of European and Asian traditions. Christianity is the main religion in Armenia, and the Armenian Apostolic Church is an important part of the country's cultural identity. The economy of Armenia is based on agriculture, industry, and services. The main industries include textiles, food processing, and machinery.
Here are some travel tips for visiting Armenia:
Bring sunscreen and a hat, as the sun can be strong in Armenia, especially in the summer months.
Bring a light jacket or sweater, as the evenings can be cool, even in the summer.
Make sure to try some of the local food, such as khorovats (grilled meat), dolma (stuffed grape leaves), and lavash (flatbread).
If you plan on visiting churches or monasteries, be sure to dress modestly and cover your shoulders and knees.
It is a good idea to bring a power adapter, as the outlets in Armenia use a different type of plug than those used in many other countries.
It is recommended to have some local currency (Armenian drams) on hand, as not all places accept credit cards.
If you plan on traveling outside of the city, it is a good idea to rent a car or hire a taxi, as public transportation outside of Yerevan can be limited.
If you are planning to visit from May to October, be aware that the high season for tourism in Armenia is during these months, and prices for flights and accommodations may be higher.
Don't forget to try some of the local Armenian brandy, known as "cognac," which is widely available and highly regarded.
The domestic currency in Armenia is the Armenian dram.
The three letter currency code for the Armenian dram is AMD.
It is the domestic currency in   Armenia.
Yes the Armenian dram is a closed currency. Which means that you may find it difficult to purchase the currency (AMD) before departure and will probably need to buy it upon arrival. If you do manage to buy some of the currency or have some left over from a previous trip, make sure you are aware if you are allowed to bring this closed currency into the country.
For more information and a full list of closed currencies please refer to our guide: What is a closed currency?
To get a good (and fair) exchange rate when sending money to Armenia you need to find and compare exchange rates for International Money Transfers (IMTs).
The available FX rates for sending money abroad can be very different to the mid-market (wholesale) rate which you see reported online and in the News.
You should especially compare your own bank's exchange rates to those available from Money Transfer specialists to see how much you can save - we make that calculation easy in the below table.
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 4 simple steps :
Use the above calculator to compare the exchange 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 and less margins and fees kept by the banks!
Managing your money effectively while living and working abroad can be challenging, but there are several steps you can take to ensure that your finances are in order.
By following these tips and managing your money effectively, you can reduce financial stress and enjoy your experience living or doing business in Armenia.
Here are a few things to consider when doing business in Armenia:
It is important to build relationships and establish trust with business partners in Armenia. This can take time, so it is important to be patient and considerate.
It is a good idea to research the local market and understand the competitive landscape before entering the market.
It is recommended to work with a local partner or lawyer who can help navigate the local business environment and regulations.
It is common to give gifts during business meetings in Armenia. It is a good idea to bring a small gift, such as a box of chocolates or a bottle of wine, to show appreciation.
Business meetings in Armenia may start with small talk and personal questions, so it is important to be patient and build rapport with your counterparts.
It is important to be punctual for business meetings in Armenia.
The official language of business in Armenia is Armenian, but many businesspeople also speak English.
The currency of Armenia is the Armenian dram (AMD). It is a good idea to exchange some of your home currency for AMD before arriving in the country.
It is important to be aware of and comply with local laws and regulations when doing business in Armenia.
Here we list some key points for expats and businesses to consider when managing financial dealings in Armenia:
Understand Armenian dram currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the AMD exchange rate and consider using a currency exchange service or a credit card that does not charge foreign transaction fees to get the best exchange rate.
Use a local Armenian dram bank account: A local AMD bank account can make it easier for you to manage your finances and pay bills while you are in Armenia. It may also be more convenient to use a local AMD bank account to make purchases and withdraw cash.
Research local laws and regulations: It is important to understand the local laws and regulations that apply to financial transactions in Armenia. This can help you avoid legal issues and ensure that you are complying with local requirements.
Consider the tax implications: It is important to understand the tax implications of living or doing business in Armenia. This can help you plan your finances and ensure that you are paying the correct amount of tax.
Seek financial advice: If you are unsure of how to manage your finances in Armenia, it is a good idea to seek the advice of a financial professional who is familiar with the local financial system. This can help you make informed decisions and avoid financial pitfalls.