Foreign exchange guide to Azerbaijan and the Azerbaijani manat
What's in this Azerbaijan currency guide?
The official currency of Azerbaijan (country code: AZ) is the Azerbaijani manat, with symbol and currency code AZN.
The currency code "AZN" refers to the Azerbaijani manat, which is the official currency of Azerbaijan. It is represented by the symbol "₼" and is abbreviated as AZN. The physical currency consists of coins and banknotes. The coins come in denominations of 1 qapik, 5 qapik, 10 qapik, 25 qapik, and 50 qapik. The banknotes come in denominations of 1 manat, 5 manat, 10 manat, 20 manat, 50 manat, and 100 manat.
The banknotes feature images of famous Azerbaijani historical figures, such as Nizami Ganjavi, Mirza Fatali Akhundov, and Heydar Aliyev. The design of the currency is constantly being updated, so the physical appearance of the coins and banknotes may vary slightly over time.
Save money and time by Ordering your Azerbaijani manat online from Travelex, you get better rates and can pick up the AZN 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 Azerbaijani manat otherwise you may get much worst exchange rates.
Azerbaijan is a country in the Caucasus region of Eurasia. It is located at the crossroads of Eastern Europe and Western Asia, and shares borders with Russia, Georgia, Armenia, Iran, and Turkey. The country has a population of around 10 million people, and the official language is Azerbaijani. The capital of Azerbaijan is Baku, which is also the largest city in the country. The official currency is the Azerbaijani manat. The country has a rich cultural heritage, with influences from a variety of neighboring countries and empires. It is known for its oil reserves, which have played a significant role in its economic development.
There are many things to do and see in Azerbaijan, here are a few suggestions:
Visit Baku: The capital city of Baku is home to a variety of attractions, including the Old City, which is a UNESCO World Heritage Site. The Old City is home to the Palace of the Shirvanshahs, which is a well-preserved 15th-century palace.
Explore the Caucasus Mountains: Azerbaijan is home to the Greater Caucasus mountain range, which offers excellent opportunities for hiking and mountain climbing.
Visit the Mud Volcanoes: Azerbaijan is home to over 300 mud volcanoes, which are formed by the eruption of mud, rather than lava. These unique geological formations are found mainly in the Absheron Peninsula, near Baku.
Relax at the Thermal Springs: Azerbaijan is home to a number of thermal springs, which are believed to have healing properties. The country's thermal springs are a popular destination for tourists seeking to relax and rejuvenate.
Visit the Gobustan Rock Art Cultural Landscape: This UNESCO World Heritage Site is located about 60 kilometers southwest of Baku and features over 6,000 rock carvings and paintings that date back to the Paleolithic period.
Visit the Ateshgah Temple: Located in the Surakhani district, this temple is a popular tourist destination. It was built in the 17th century and was used by Hindus and Zoroastrians as a place of worship.
Take a trip to the Absheron Peninsula: This peninsula is home to a number of attractions, including the Yanar Dag natural gas fire, which has been burning for over 50 years. The peninsula is also home to a number of beaches, which are popular in the summer months.
There are several ways to pay for goods and services in Azerbaijan:
Cash: Cash is widely accepted in Azerbaijan, and you can use the local currency, the Azerbaijani manat, to make purchases.
Credit and debit cards: Major credit cards, such as Visa and Mastercard, are accepted at most large stores and hotels. Debit cards are also widely accepted.
Mobile payments: Mobile payment platforms, such as Apple Pay and Google Pay, are becoming more popular in Azerbaijan and can be used at many locations.
Bank transfers: You can also make payments by transferring money from your bank account to the recipient's account. This is a common method for paying bills, such as utilities and rent.
Traveler's checks: Traveler's checks are not very widely accepted in Azerbaijan and are not a common method of payment. It is best to use cash or a card instead.
The domestic currency in Azerbaijan is the Azerbaijani manat.
The three letter currency code for the Azerbaijani manat is AZN.
It is the domestic currency in   Azerbaijan.
No, the Azerbaijani manat is freely available and convertible. See guide: What is a closed currency?
To get a good (and fair) exchange rate when sending money to Azerbaijan 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 Azerbaijan 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 Azerbaijani manat 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 Azerbaijan.
The economy of Azerbaijan is a mixed, upper-middle-income economy with a strong focus on energy. The country is the largest producer of oil and natural gas in the South Caucasus region and has significant reserves of oil and natural gas. The energy sector accounts for a large portion of Azerbaijan's GDP and exports. In recent years, the government has made efforts to diversify the economy and reduce its reliance on the energy sector. This has included investing in infrastructure, education, and other sectors such as agriculture and tourism.
Azerbaijan has experienced strong economic growth in recent years, although this growth has slowed somewhat in recent years due to lower energy prices and other economic challenges. The country's GDP per capita is relatively high compared to other countries in the region, although there are significant disparities in wealth within the population. Unemployment in Azerbaijan is relatively low, although it is higher among certain groups such as youth and women.
Azerbaijan is a member of the World Trade Organization and has made efforts to improve its business climate and attract foreign investment. The country has also made progress in developing its infrastructure, including improving its transportation and communication systems. However, corruption remains a challenge and the country ranks poorly in global indices of press freedom and human rights.
Expat life in Azerbaijan can vary depending on an individual's circumstances and the purpose of their stay. Some expats may find living in Azerbaijan to be a rewarding and enjoyable experience, while others may find it more challenging.
One of the main draws of Azerbaijan for expats is the country's strong economy and relatively high standard of living. The cost of living in Azerbaijan is lower than in many other countries, and the country has a developed infrastructure and modern amenities. There are also a number of international schools and healthcare facilities in the country, which can be attractive to expats with families.
However, there are also a number of challenges that expats may face while living in Azerbaijan. The country has a relatively closed society, and it can be difficult for foreigners to fully integrate into local communities. Language can also be a barrier, as English is not widely spoken outside of major cities. Additionally, the country has a poor record on human rights and press freedom, and corruption is a problem.
Overall, the experience of living in Azerbaijan as an expat will depend on an individual's circumstances and personal preferences. It is important for expats to do their research and be prepared for the challenges they may face while living in the country.
Here we list some key points for expats and businesses to consider when managing financial dealings in Azerbaijan:
Understand Azerbaijani manat currency exchange rates: Exchange rates can have a big impact on your finances, so it is important to keep an eye on the AZN 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 Azerbaijani manat bank account: A local AZN bank account can make it easier for you to manage your finances and pay bills while you are in Azerbaijan. It may also be more convenient to use a local AZN 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 Azerbaijan. 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 Azerbaijan. 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 Azerbaijan, 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.