How to Send Money to Armenia: Methods and Requirements
Navigate international money transfers to Armenia with confidence. Discover secure methods and essential requirements for efficient sending.
Navigate international money transfers to Armenia with confidence. Discover secure methods and essential requirements for efficient sending.
Sending money internationally requires careful consideration of available methods and requirements to ensure funds reach their destination securely and efficiently. This process involves navigating different financial systems and regulations to complete a successful transaction. Being well-informed helps in selecting the most appropriate service.
Several legitimate avenues exist for sending money to Armenia, each with distinct characteristics regarding speed, cost, and how the recipient accesses funds.
Traditional bank wire transfers offer a direct method from your bank account to a recipient’s bank in Armenia. These transfers typically involve higher fixed fees, often ranging from $25 to $50, and may take between one to five business days for funds to become available in the recipient’s account. The exchange rate provided by banks can also include a markup, which is an additional cost embedded in the conversion.
Online money transfer services offer competitive pricing and faster delivery. Remitly, for instance, offers bank deposits and cash pickup. Fees start around $1.99, and promotional exchange rates might be available. Funds often arrive quickly, sometimes within minutes for cash pickup or a few hours for bank deposits. Xoom, a PayPal service, also facilitates transfers with transparent fees and exchange rates, allowing recipients to receive funds via bank deposit or cash pickup at locations like HayPost, Ardshinbank, and Araratbank.
Paysend specializes in direct card transfers, allowing money to be sent in Armenian Dram (AMD) directly to Visa, Mastercard, ArCa, or AmEx cards in Armenia. This method typically has a starting fee around $1.99, and transfers are often processed on the same day. While Wise (formerly TransferWise) supports sending United States Dollars (USD) to Armenia via international wire transfer to bank accounts, it does not currently support sending directly in AMD from the US. Wise aims for mid-market exchange rates but includes a transparent fee, with transfers to bank accounts typically taking four to five business days.
For those prioritizing cash accessibility, MoneyGram offers a broad network of agent locations in Armenia for cash pickup. This option often allows recipients to collect funds within minutes of the transfer being sent, without requiring a bank account. MoneyGram charges fees that vary based on the transfer amount, payment type, and delivery method, and they make money from currency exchange.
Initiating any money transfer requires specific information and documentation from both the sender and the recipient to comply with financial regulations and ensure accuracy.
As the sender, you will need to provide your full legal name, current residential address, and a valid government-issued identification, such as a driver’s license or passport. For larger transfers, services may require proof of funds, like bank statements or receipts, and a Social Security Number (SSN) for reporting. These requirements prevent financial crimes like fraud and money laundering.
Accurate recipient information is equally important to avoid delays. You will need the recipient’s full legal name, matching their government-issued identification, their physical address, and a contact phone number. For bank transfers, provide the recipient’s bank name, account number, and the bank’s SWIFT/BIC (Society for Worldwide Interbank Telecommunication/Bank Identifier Code) code. For cash pickup, specify the preferred pickup location. Double-checking all details before finalizing the transaction ensures a smooth transfer.
Once you select a transfer method and gather the necessary information, sending the money involves several steps.
Begin by signing up for an account with your chosen service, via their website or mobile app. After logging in, navigate to the “send money” or “new transfer” section. Specify Armenia as the destination country and the amount to send. The system will then prompt you to select how the recipient will receive funds, either through direct bank deposit or cash pickup.
Following delivery method selection, input the recipient’s details, ensuring accuracy, including their full name and bank account or preferred pickup location. Choose your payment method from available options, such as a debit card, credit card, or linking your bank account via ACH transfer. After reviewing all transaction details, including fees and the exchange rate, confirm the transfer. Upon successful submission, most services provide a unique tracking number, like a Money Transfer Control Number (MTCN), to monitor transfer status in real-time. Share this tracking number with your recipient, who will need it, along with their identification, to collect cash if that was the chosen delivery method.