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 countries. 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 to find the most affordable solution.
Send money to Armenia with WorldRemit
An online money transfer service with cash pick-up, bank account to bank account and airtime transfers available.
Choose how you want to send your money - via bank transfer, cash pickup or mobile money
If you want to send money from Canada to Armenia, you have a couple of options at your disposal. Two notable ways to send money to Armenia include your bank or an online money transfer company.
Banks. Sending funds overseas using your bank can be a convenient option, but it’s important to remember that banks often cost much more than a dedicated money transfer service. They offer sub par exchange rates and charge high fees on transfers, which can cost both you and your recipient more money in the long run.
Money transfer company. If you’re looking for a more affordable option, consider the services provided by a wide range of online money transfer providers like TorFX and WorldRemit. These companies offer quick and affordable transactions to thousands of destinations around the globe, with low fees (typically between $0 and $20) and competitive exchange rates.
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 dedicated money transfer companies to see which one offers the most affordable transfer option. The money will arrive in USD, meaning it will need to be exchanged to the local currency on arrival.
Money transfer company 1
Money transfer company 2
$1 CAD = 0.76 USD
$1 CAD = 0.75 USD
Cash pickup transfer
Cash pickup transfer
One to four days
Anoush realizes that she can save up to $26 in transfer fees by using the first company while also sending an additional US$11 to her mother.
How do I compare transfer companies when transferring money to Armenia?
Exchange rates and fees. Look for the company that regularly offers better exchange rates than its competitors. However, make sure those rates don’t come with hefty fees attached. Compare 3 – 4 services to find the best combination of fees and exchange rates to find the best deal.
Transfer methods.Ask about transfer methods, which can includecash pickups, bank-to-bank transfers and even mobile wallet top-ups, before you settle on a service.
Fast transfer times.Cash transfer services are often able to get your money to your recipient in a matter of minutes, while banks and traditional money transfer services typically take anywhere between one and five business days. Faster transfer speeds will generally incur higher transfer fees.
Bonus features. Check to see whether the provider offers special transfer options, which you can use to save time and money, such as forward contracts and limit orders which allow you to book a lower exchange rate in advance of your transfer.
Customer service. Make sure you can easily access a 24/7 customer support team if you have questions about your transfer.
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 likely transfer funds between the two countries.
Cash pickup transfer companies.MoneyGram and Western Union 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, but make sure to compare quotes from your bank with those from a dedicated money transfer service to find the best deal.
International cheques. Check with your bank to see how much it costs to obtain an international guaranteed cheque, which can be sent through the mail.
Emergency cash transfers in Armenia
In emergency situations, you may 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 a number of ways to send money overseas. Providers like Western Union and MoneyGram 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.
Tips for picking up cash
The Government of Canada recommends that Canadian visitors to Armenia exercise a high degree of caution (as of 02 October 2018). Pickpocketing, mugging and theft from cars and homes occurs regularly. If you do need to collect cash, look for an agent location in a safe neighborhood and call ahead to make sure they’ll have cash on hand. Visit during daylight hours in the company of a good friend and return to your hotel to stow your cash in a safe place as quickly as possible.
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. Specify amount and type of currency, along with filling in recipient details.
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.
Claire Horwood is a writer at Finder, specializing in credit cards, loans and other financial products. She has a Bachelor of Arts in Gender Studies from the University of Victoria, along with an Associate's Degree in Science from Camosun College. Much of Claire's coursework has focused on writing and statistics, with a healthy dose of social and cultural analysis mixed in for good measure. She has also worked extensively in the field of "Blended Finance" with the Canadian government. In her spare time, Claire loves rock climbing, travelling and drinking inordinate amounts of coffee.
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