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.
Send money to Armenia with WorldRemit
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Send money to Armenia with WorldRemit
Send money to 110+ countries for bank deposit, instant e-wallet, mobile top-up or cash pickup at 30,000+ agent locations worldwide.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
Banks versus money transfer companies
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 Sends Money to Armenia
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.
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.
Cash pickup locations in Armenia/ MoneyGram branches in Armenia
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.
VTB Armenia Mashtoc 10 N23 10-1 Yerevan, 0015 Open 9:15am to 5pm Monday to Friday, 10:45am to 3pm Saturday 0037410539861
Armenian Development Bank
Paronyan Str. 21/1 Yerevan, 375000 Open 9:30am to 4:30pm Monday to Friday 37410591400
Anelik Bank Ankakhutyan Sq 6 Gyumri, 3101 Open 10am to 4pm Monday to Friday 10283824
Armenian Development Bank
Gorki Str 73/3 Gyumri, 377500 Open 9:30am to 4:30pm Monday to Friday 31256575
Tips for picking up cash in Armenia
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:
Take a friend along for added protection
Only visit pickup locations in areas where you feel safe
Avoid high-crime areas and flashing your cash in public
Deposit the money somewhere safe as soon as you can
What are the steps to send money to Armenia?
The transfer process varies from one provider to the next but you will generally need to:
Sign up for a free online account. You will need to provide your name, proof of ID and contact information.
Provide your transaction details. Where are you sending the money? Who will receive the money? How much are you sending and in what currency?
Finalise your transaction. Review the cost of your transfer and then submit your transfer request. Most providers will also allow you to track the progress of your funds online.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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