Foreign Exchange Guide to Armenia
The domestic currency in Armenia is the Armenian dram with currency code AMD. Read this foreign exchange guide to Armenia and the Armenian dram with money transfer and travel tips plus Armenian dram exchange cross rates.
In this guide we review :
- Armenian dram info - general info about the Armenian dram
- Armenian dram in the markets - recent AMD moves and predictions from the FX markets
- 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 & historic exchange rates.
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.
What is the Armenian dram currency code and symbol?
The three letter currency code for the Armenian dram is AMD.
Which countries use the Armenian dram?
It is the domestic currency in Armenia.
Armenian dram (AMD) in the markets
The interactive chart below shows the AMD to USD exchange rate for the previous 3 months with rate alerts for days when the exchange rate moved up or down significantly or for 30 day highs and lows.
Travel, Currency and Money saving tips for Armenia
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
- Compare AMD travel cash rates - probably why you are here!
- Search Hotel deals - Save on your accomodation in Armenia
- Lonely Planet - world's best travel guide (coupon and deals)
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.
Travel Money for Armenia
Sending money to Armenia
When searching around for information on how to get a good exchange rate when sending money to Armenia you need to start with finding out the latest Armenian dram foreign-transfer exchange rate.
Then compare your bank's exchange rates to several licensed FX providers exchange rate and fees to see how much you can save (we make that calculation easy here).
Getting a better deal when 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 4 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.
Use our Send to AMD 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!