Send money to Azerbaijan using an international money transfer service and you could beat the bank’s rates.
Azerbaijan has been one of the fastest growing economies in the last decade, seeing a lot of infrastructure being built thanks to an oil-rich geology.
Despite a recent slump in oil exports, Azerbaijan remains a major exporter of crude petroleum Trans Anatolian Pipeline.
Its wealth has recently attracted a lot of investment, with a lot of money sent in and out of the country.
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Jason, a UK traveller uses two money transfer companies to see what is the cheapest
Jason was born in Cornwall and has never left the UK. Before going to university, he plans to take a trip starting in Ukraine, going through Turkey, and ending in the city of Baku, Azerbaijan.
He made notes of local banks as well as UK banks that might have a reach in Azerbaijan for the extended time he’ll be in Azerbaijan, but couldn’t find comparative data. Instead, Jason used two well-known money transfer companies with one offering him a cash pickup in the case of an emergency. Below is a summary of his findings using £1,000 and after that, you can have a look at the variables he’ll be comparing before his trip.
|Money transfer company A||Money transfer company B|
|Exchange rate||1 GBP = 2.104 AZN||1 GBP = 2.072 AZN|
|Transfer fee||£10 GBP||£30 GBP|
|Amount of 1,132.36 AZN received in Azerbaijan for £1,000 GBP||2,104.00 AZN||2,072.00 AZN|
|Transfer time||2-5 days||10 Minutes|
|Transfer options||Online, Phone, Smartphone App||Agent, Online|
|Difference in X||$32 AZN|
How did Jason compare transfer companies when transferring money between Azerbaijan and the UK?
- Exchange Rates. Exchange rates can vary between two different services. Keep in mind that a service that uses the bank for its exchange rates will get better rates but usually at the cost of more time.
- Pickup Methods. You can choose between bank account transfers and cash pickups.
- Fees. Lower fees in conjunction with, or separate from, a better exchange rate usually result in longer transfer times. This means that high fees are present when the turnaround time is short.
- Bank to Bank Benefits. Citibank has existing branches in Azerbaijan but does not disclose details on benefits when sending money. Visit a Citibank branch to find out whether there are specific benefits attached to sending money to a Citibank account in Azerbaijan. Jason has also added a couple of the local banks to his last to see if it is an option to have a current account in the time that he is in Azerbaijan.
- Turnaround Time. Expect turnaround times ranging from minutes to 5 days. If you need emergency cash in minutes, cash pickups will be the way to go.
- Transfer Methods. Compass Global Markets, World First Foreign Exchange, Citibank and Western Union range between sending money through the following applications: phone, online, agent, branch and bank to bank.
- Transfer Options. Some options included are regular payments, once-off payments, market orders, and forward contracts.
- Minimum/Maximum Transfer Amounts. The minimum amounts of the available services can range from as low as 100 GBP to as high as 5,000 GBP, whilst the max amounts to 15,000 GBP.
- Customer Service. Most of the customer service options available to you will be phone and email. Companies like World First Foreign Exchange offer live chat and Citibank as well in certain cases.
How do I send money to Azerbaijan from the UK?
- Money transfer services – Compass Global Markets, World First Foreign Exchange, and Western Union can send international money transfers from anywhere between 10 minutes to 5 days. Cash pickups are limited to Western Union but Compass Global Markets and World First Foreign Exchange offer features like regular payments, spot contracts, hedging options and booking rates in advance.
How do I receive money from Azerbaijan in the UK?
- Money transfer services – you can use a service like Western Union that has agent locations in Azerbaijan where money can be sent to the UK for a cash pick up.
- Banks – if you have international bank accounts with Citibank, it is possible to transfer money from one account to another. You will first need to make sure this is possible between Azerbaijan and UK Citibank bank accounts.
Emergency cash transfers in Azerbaijan when you need it most
Western Union will allow you to receive emergency cash when you’re visiting an agent location. You will be able to pick up cash within minutes of someone sending it to an agent location near you.
Someone will send you money and you will need to take your photo ID with you along with the tracking or reference number. Even though cash pickups through a service like Western Union are much more expensive than usual money transfers, it adds peace of mind when you are in a country totally alien to you.
Useful tips for picking up cash in Azerbaijan
When expecting money at an agent location, make sure the agent location has the necessary funds and currencies available. You don’t want to find yourself in a pickle when you’re awaiting emergency cash and the agent doesn’t have the grub.
Remember your photo ID to prove you are the recipient along with the tracking or reference number, it will save you big time if there’s a dispute on whose money is whose. As with many countries where you will stick out as a foreigner, double check your locations before going to pick up cash.Back to top
What are the steps to send money to Azerbaijan from the UK?
What will you need to send money using Western Union?
- Send money through an agent using a recipient’s details and agent location close by.
- Send money online by creating an account and following the online steps.
- Pay using a Visa or Mastercard credit and debit card issued by a UK bank.
What will you need to do a cash pickup when in Azerbaijan?
- Photo ID
- Tracking/Reference Number
What will you need to send money with World First Foreign Exchange?
- You will first need to set up an account for the current and all future transactions. Your account setup will require basic details, ID, and payment details.
- The next step is to book a rate at which you want to transfer and to transfer your money at that rate.
- World First Foreign Exchange will then send the money to the recipient after you have supplied all the necessary details.