Find a fast, simple and cost-effective way to send money to Armenia using a specialist money transfer company.
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 Canadian travellers have explored. In contrast, there are more than 80,000 Armenian Canadians in Canada. This has created a need for affordable and simple money transfer companies between the two nations.
If you need to send funds between Canada 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.
Compare Money Transfer Services
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 recipient in Armenia get a poor deal.
That’s why you should shop around to see whether a specialist 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 might save you a whole lot of money the next time you need to send funds overseas.
Case study: Anoush Sends Money to Armenia
Anoush wants to send a transfer of $1,000 from her new home in Toronto to her mother in Armenia. Having fallen behind on the rent, Anoush’s mother needs the money as quickly as possible to avoid being evicted. Since her bank doesn’t process exotic currencies, Anoush approaches two specialist money transfer companies to see which one offers the most affordable transfer option. The money will arrive in USD, meaning it must be exchanged to the local currency on arrival.
As the table below shows, Anoush can save CAD$26 in transfer fees by using the first company and also can send an extra US$11 to her mother.
|Money transfer company 1||Money transfer company 2|
|Exchange rate||$1 CAD = 0.76 USD||$1 CAD = 0.75 USD|
|Transfer method||Cash pickup transfer||Cash pickup transfer|
|Processing time||One to four days||Within minutes|
How do I compare transfer companies when transferring and receiving money via Armenia?
- Exchange rates. Look for the company that regularly offers better exchange rates than its competitors. However, make sure those rates don’t come with large fees attached.
- Transfer fees. Don’t forget to read the fine print to check how much you will have to pay in the form of a transaction fee each time you send money overseas.
- Transfer methods. Will you send the transfer online, by visiting a branch, by making a phone call or by using a mobile app?
- Transfer options. Check to see whether the provider offers special transfer options, which you can use to save time and money, such as forward contracts and recurring payment plans.
- Minimum and maximum limits. If a company places limits on the amount you can send per transaction, make sure those limits will not infringe on your regular transfer requirements.
- Processing times. If fast transfers are a must, check to see how long it will take for an average transaction to be completed.
- Pickup options. Will the funds be sent as a bank account transfer, made available for cash pickup or transferred in some other way?
- Customer service. Does the company offer phone support, email support and online help? During which hours can you access customer assistance?
How do I send money to Armenia from Canada?
- Specialist transfer providers. Research your options to find out which companies offer transfers between Armenia and Canada. Companies like WorldRemit will transfer funds between the two nations.
- Cash pickup transfer companies. MoneyGram is one well-known company that offers this service.
- Bank transfers. Ask your bank about the fees and exchange rates they offer on international transfers.
- International cheques. Check with your bank to see how much it costs to obtain an international guaranteed cheque.
How do I receive money from Armenia in Canada?
- Specialist transfer providers. Search around for a specialist transfer company that can send funds from Armenia to Canada. Companies like WorldRemit will transfer funds between the two countries.
- Cash pickup transfer companies. Start searching now for a cash pickup company that offers a transfer location close to you. MoneyGram offers these services from Armenia to Canada.
- Bank transfers. Another option is to receive a transfer in your Canadian bank account from an account in Armenia.
- International cheques. Make sure you’re aware of the fees and charges you’ll have to pay when cashing a cheque from overseas. Keep in mind this is the slowest way possible to send money overseas.
Emergency cash transfers in Armenia
In emergency situations, you will need to send an overseas transfer as quickly as possible. Whether you have a loved one travelling through Armenia and they have their wallet stolen, or you need to get funds to a business partner, there are ways to quickly and affordably send money overseas. There are some providers that can deliver the necessary funds to your recipient within minutes.
The bad news is that these types of transactions tend to attract higher fees and some of the lowest exchange rates 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.
Mashtoc 10 N23 10-1
Open 9:15am to 5pm Monday to Friday, 10:45am to 3pm Saturday
- Armenian Development Bank
Paronyan Str. 21/1
Open 9:30am to 4:30pm Monday to Friday
Ankakhutyan Sq 6
Open 10am to 4pm Monday to Friday
- Armenian Development Bank
Gorki Str 73/3
Open 9:30am to 4:30pm Monday to Friday
Tips for picking up cash in Armenia
According to the Canadian Government, visitors to Armenia should exercise a high degree of caution. 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 showing 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?
- Finalize 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.