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 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.
Compare Money Transfer Services
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With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:
- Buying property abroad
- Regular overseas payments
- Risk management
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 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|
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 hefty 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 Australia?
- Specialist transfer providers. Research your options to find out which companies offer transfers between Armenia and Australia.
- 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 Australia?
- Specialist transfer providers. Search around for a specialist transfer company that can send funds from Armenia to Australia.
- Cash pickup transfer companies. Start searching now for a cash pickup company that offers a transfer location close to you.
- Bank transfers. Another option is to receive a transfer in your Australian 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.
Emergency cash transfers in Armenia
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.
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.