Take advantage of low fees and competitive exchange rates when sending money to Azerbaijan.
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Compare money transfer services to Azerbaijan
Case Study: Money transfer providers comparison
Jason is a local from Atlanta, Georgia, and has long planned to take a trip starting in Ukraine, going through Turkey, and ending in the city of Baku, Azerbaijan.
Jason researches the best way to transfer funds to Azerbaijan in case of an emergency. See what he learned below:
|Money transfer company A||Money transfer company B|
|Exchange rate||1 USD = 1.668 AZN||1 AUD = 1.698 AZN|
|Transfer fee||45 USD||0 USD|
|Amount for $1,000 USD||1,593 AZN||1,698 AZN|
|Transfer time||1 day||1 day|
|Transfer options||Online, bank account to bank account||Online|
How did Jason compare transfer companies when transferring money between Azerbaijan and the U.S.?
- Exchange rates. Nearly all providers skew exchange rates for a profit. Compare the rate you’re offered to the mid-market rate — the rate banks and transfer services use when they trade among themselves — and look for the smallest margin between them.
- Payment and delivery options. Some transfer companies allow you to pay with a credit card online, by phone or through an app. Others offer agent locations for cash payments and pickups. Also ask how your recipient can receive your funds: bank account, cash pickup, mobile wallet and more.
- Fees. Find out whether the provider charges a flat fee or a percentage of your transfer. If you’re sending a large amount, ask whether you qualify for a fee-free transfer.
- Turnaround time. If it needs to be there fast, companies like Western Union and MoneyGram allow for quick cash pickups, often in minutes. If you have more time, you’ll get better rates and fees with an independent provider.
- Transfer options. Some options included are regular payments, once-off payments, market orders, and forward contracts.
- Customer Service. Most companies offer customer service by internet chat, phone, in person or by email. Make sure help will be available if you need it.
How do I send money to Azerbaijan from the U.S.?
- Bank transfers. Many major U.S. banks can safely wire your funds to countries around the world. Banks rely on existing links between banks and banking systems worldwide. However, a downside is the frustratingly high fees and weaker exchange rates you’ll receive by going through your bank.
- Online money transfer services. These specialists offer more affordable transfers than banks do, allowing you to quickly and easily manage your transactions from home. With competitive exchange rates and lower fees, you can send funds from your bank account. Many also allow you to pay with a credit or debit card. Keep in mind that if you pay for a money transfer with a credit card, you credit card company may impose a higher cash withdrawal APR.
- Providers with cash pickup. Trusted providers like Western Union and MoneyGram offer the key advantage of giving your recipient fast access to the cash you send — sometimes within minutes. You can often pay online or at one of thousands of agent locations worldwide. However, services typically cost more than an online transfer specialist and vary by where you’re transferring your money and how you’re paying for it.
- PayPal transfers. Not just for online purchases, PayPal offers transfers to more than 100 countries and supports multiple currencies. Its exchange rates are often better than those you’ll get from a bank but not quite as strong as rates from money transfer companies. PayPal calculates its transfer fee as a percentage of the amount you’re sending — meaning it’s often better for sending smaller amounts of money.
- International money order. You can get this type of money order from your bank and send it overseas to your recipient, who then cashes it at their own bank. While more secure than a personal check, it’s a slower option than using an electronic transfer. It also costs a little more — you’ll have to purchase the check, and your recipient may be charged a fee by their own bank cashed.
Steps to transfer money to Azerbaijan
- Choose a money transfer provider from our comparison table above, considering rates, fees and speed of delivery.
- Go to the provider’s site and create an account including your name, contact information, date of birth and proof of ID.
- Provide your recipient’s name and information and complete your transfer.
- Save any tracking number or receipt in order to track the progress of your transfer.
Foreign exchange rates explainedThe exchange rate determines how much one country’s currency is worth in another currency. A strong currency will yield more money when exchanged for a weak currency. As of January 2018, the US dollar was worth approximately 1.69 Azerbaijani manats. Like most countries, Azerbaijan’s exchange rates is flexible and can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Azerbaijan
Same-day cash transfers to Azerbaijan
You might need to send an emergency cash transfer to Azerbaijan — for example, if a friend traveling through the country loses their wallet. When you need to transfer funds urgently, your fastest possible transfer will often be your most expensive option. Carefully review the exchange rate and transfer fee against your needs so that you understand exactly how much it will cost you.
Useful tips for picking up cash in Azerbaijan
Whether picking up funds in Azerbaigan or anywhere else around the world, take a few simple safety precautions to prevent yourself becoming a target for thieves.
- Call ahead. Learn the company’s business hours and choose a safe time to pick up your cash. Daylight hours are best.
- Bring a friend. Carrying money when alone can be dangerous. Ask a friend to come along.
- Deposit your money immediately. The likelihood of losing your money to theft or simple carelessness grows the longer you have it with you. Go straight to a bank and deposit your cash as soon as possible.
- Keep your cash hidden. Place your money in your purse or wallet before leaving the office. Carrying cash out in the open could make you a target.