Armenian currency is called the Dram, and has been since the country gained independence from what was the USSR at the time. That was about 15 years ago, and this currency has only grown more stable over time. Right now, $ 1 USD equals about 386 Drams. Of course, this number changes daily so be sure to look it up before you send money to Armenia in order to send the correct amount.
One of the first places you might turn to when you want to transfer money is the bank. You could consider using your own bank, but you should also shop around to compare the rates for wire transfers at different banks. Bank of America charges $ 45 for customers to initiate an international wire transfer in American dollars, and $ 35 to do it in Armenian Drams. You must know the recipient’s name, bank name and address, and account number, and they may be charged a fee to receive the money, depending on their bank. To send money to Armenia through Bank of America, you will also need to let bank officials know the purpose for the remittance, and specify whether the recipient is a company or private individual. The money should arrive in one to three business days in most cases.
Before you send any money, you should consider the number of banks in the area. Make sure that the bank you decide to use can transfer the money to your relative’s bank. HSBC Bank Armenia is an example of a bank that exists in both the United States and Armenia, but there are also financial institutions that are specific to the area, such as Central Bank of Armenia, Anelik Bank, Araratbank, ProCredit Bank, and Unibank, to name a few. Find out which bank your relative uses, if any, before you decide to go this route.
If you want to bypass banks altogether, you can use a prepaid debit card to transfer money. You would simply send your relative a card, and then pay a fee of $ 5 each time you add money. You can add up to $ 1000 each time, which translates to about 386,000 Drams. This should be enough to at least start helping your relatives out, and as soon as they receive the card in the mail and you add money, they can start using it at stores that accept cards. They can also withdraw cash from any ATM, but first make sure there are several ATMs and retailers that take cards in the surrounding area.
These are just some of the popular choices that make it easy to help out your relatives in Armenia. Just because you are thousands of miles away does not mean that you are helpless when they need assistance. Finding an easy way to send money to Armenia quickly and cheaply is sure to put both you and your relatives at ease.
For more information on how to send money visit the http://www.sendmoney101.com home page and learn how to send money almost anywhere in the world.
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