- Send money online within minutes
- Large range of destinations
- Able to send to cash pickup locations
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Located in the Caucasus region and boasting a history that dates back to at least 4000 BC, the landlocked nation of Armenia is a gem few Australian travellers know about. On the other side of the coin, in the 2011 census there were more than 16,000 Australians of Armenian ancestry.
If you need to send funds between Australia and Armenia for any reason, whether helping out a family member or buying something from an Armenian seller, make sure to compare your money transfer options so that you find the most affordable solution.
The first institution many people think of when they need to send money overseas is their bank. But while sending funds via your bank can be convenient, banks don’t offer their transfer services cheaply. They offer low exchange rates and charge high fees on transfers, which means that both you and your beneficiary in Armenia get a raw deal.
That’s why you should shop around to see whether a dedicated online money transfer company might be able to help. These providers offer superior exchange rates and more affordable fee structures than the banks, so they can save you a whole lot of money the next time you need to send funds overseas.
Jen wants to send a transfer of $1,000 from her new home in Melbourne to her mother in Armenia. Having fallen behind on the rent, Jen’s mother needs the money as quickly as possible to avoid being evicted. Since her bank doesn’t process exotic currencies, Jen approaches two cash pickup transfer companies to see which one offers the most affordable transfer option.
As the table below shows, Jen can save AUD $10 in transfer fees by using the first company and also send an extra USD $5 to her mother.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||1 AUD = 0.674 USD||1 AUD = 0.669 USD|
|Transfer method||Cash pickup transfer||Cash pickup transfer|
|Processing time||Within minutes||Within minutes|
|Amount received (in USD)||$674||$669|
Sometimes you need to send an overseas transfer as quickly as possible, such as if you have a loved one travelling through Armenia and they have their wallet stolen. Happily, there are some providers that can deliver the necessary funds to your beneficiary within minutes.
The bad news is that these types of transactions tend to attract higher fees and some of the lowest exchange rates going around, so you should always confirm the full cost of a transfer before going ahead.
MoneyGram is a cash pickup transfer company with hundreds of thousands of locations around the world, including several in Armenia. You can see the details of some Armenian cash collection spots below. Phone ahead to confirm opening hours before you arrive, and make sure you have photo ID and a transaction ID number with you.
Mashtoc 10 N23 10-1
Open 9:15am to 5pm Monday to Friday, 10:45am to 3pm Saturday
Paronyan Str. 21/1
Open 9:30am to 4:30pm Monday to Friday
Ankakhutyan Sq 6
Open 10am to 4pm Monday to Friday
Gorki Str 73/3
Open 9:30am to 4:30pm Monday to Friday
According to the Australian Government’s Department of Foreign Affairs and Trade, visitors to Armenia should exercise normal safety precautions. So if you’re picking up cash from a transfer agent, make sure to:
The transfer process varies from one provider to the next but you will generally need to:
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Azimo sends money directly to a bank account or over 280,000 cash pick-up points. It also has fast transfers to 50+ countries.
TorFX guarantees to match any competitor's exchange rate. Conditions apply.
TorFX sends money overseas in 30+ currencies, with competitive rates for transfer amounts over $2,000.
New customers get their first transaction for free with code FIRSTFREE. T&Cs apply.
Send money in minutes at competitive exchange rates with this Australian money transfer service.
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