How to send money to Armenia
Discover how to send money to Armenia at the lowest cost in 4 easy steps
1. Make sure the AMD exchange rate is interesting
Even though the currency market is impossible to predict, it is a good idea to keep an eye on it so that you can optimize how much you will get for your money. Monitor the mid-market exchange rate and transfer your money when the rate is at its highest level of the past days.
2. Compare 7 money transfer companies available for transfers to Armenia and select the best provider.
Monito lists 7 companies able to send money to Armenia, such as TransferWise, MoneyGram, Xendpay, Azimo, WorldRemit. Using the right provider from the available options is the best way to save on fees and exchange rate.
3. Select the best option based on your criteria
What is the most important for you? Exchange rate and fees, speed, number of positive evaluations? Evaluate the pros and cons of the different options before making your choice.
Another important aspect is to have a look at the pay-in and pay-out methods. You can often have providers offering to you the option to pay by bank transfer, some will also give you the option to pay by debit and credit cards. In Armenia, choose if you need the amount in AMD to be deposited on a local bank account or be available for cash pick-up.
4. Sign up and get started wih your money transfer to Armenia with the money transfer provider of your choice
The last step is to fill the sign-up form on the provider's website (you most of the time have to upload information to prove your identity), and configure your transaction.