Top 5 currency exchange methods - Move2Armenia

Top 5 ways to exchange currency

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Top 5 ways to exchange currency
12.01.2023
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The state currency in Armenia is the dram; accordingly, all transactions on the territory of the Republic of Armenia are carried out exclusively through drams. What is the best way to exchange the currency you have for drams? We have studied all possible options and offer you the most convenient and profitable ones.

It is best to follow the real and current exchange rate on the website rate.am or in the application. Site rate.am works in three languages. Here on the main page you can see which bank or an exchanger on the territory of Armenia what is the dram exchange rate right now. Three currencies are immediately shown: — RUR, EUR, USD. For other currencies you will have to choose from the proposed 16 options. Be careful and be sure to check the box next to the exchange method that interests you (cash or non-cash).

The first method of exchanging money for drams is suitable for those who do not have a physical plastic card.

Cash can be withdrawn through online money transfer services. For example, through UNISTREAM.

To do this, follow the algorithm:

  1. Download the UnistreamMT app.
  2. Connect the card you want to make a transfer from.
  3. Transfer cash to Armenia in the currency of your choice (RU, AMD, EUR or USD).
  4. Pick up cash with a passport and transfer number at any convenient pickup point. All addresses and opening hours are easy to find on the map in the app.

We talked more about transfers using Unistream in FAQ article.

Important! The RU->AMD transfer is carried out without a commission, but the conversion itself takes place at the Unistream rate, which, alas, is not the most profitable.

Decision: in this situation, it is best to translate RU—>RU; in this case the commission will be 1.7%. But you can also choose a bank with the most favorable rate on rate.am (Acba Bank, VTB Armenia, Ararat Bank or Unibank), go there and receive a transfer from Unistream to AMD (and the bank will exchange RU for AMD at the time of issue).

If you have a physical bank card, then method number 2 is your case.

You can withdraw cash from an ATM. Any local bank accepts Visa and Mastercard cards issued by issuing banks not from Russia. From March 30, 2024, MIR cards only accept VTB Armenia.

  1. The ATM will issue AMD (conversion to drams is carried out from any currency).
  2. The conversion will be carried out at the rate of the issuing bank that issued your card (check the current rate on your bank’s website or app). We wrote about the commission of Russian banks separate article.

Important! There may be a commission or limit on cash withdrawals, so carefully study the terms of service and tariffs of the bank card from which you want to withdraw money.

The third method is relevant for paying for Yandex.Taxi and purchases on Wildberries and Ozon. In the listed services you can link a Russian MIR card and even Mastercard and Visa. When paying in drams, conversion will be carried out at the rate of your bank.

The fourth method is useful for those who have cash with them. 

Choose the exchanger closest to you with the most favorable rate - you can also find it in the relevant section site rate.am. The main thing is to remember to change the exchange types from “Cashless” to “Cash”. Here you can also find all the information about addresses and opening hours. So, you come to the exchanger and ask to exchange cash for the currency you need. As a rule, RU, AMD, USD and EUR are represented everywhere, but it is better to check about the availability of other currencies before visiting the exchange office.

Important! As a rule, exchangers have a limit on conversion without an identity document. This limit is not uniform throughout the Republic of Armenia and depends on the internal rules of the exchanger; as a rule, it starts from an amount of 250$.

We answered the most common questions about exchanging money in FAQ article.

Also, cash can be exchanged at the cash desk of any bank, about this method number 5. Also look for information about rates, addresses and working hours of banks in the relevant section of the site. rate.am. To save time waiting in line, you can install the application in advance earlyone and register there, and then come at a certain time. As a rule, the most favorable exchange rate for rubles to drams is in these four banks: Evoca bank, ACBA, AEB and Ardshinbank, and the worst is HSBC bank, Byblos bank, Ameriabank. In addition, there is a network of ATMs and currency exchange terminals at the bank Evoca bank; you enter cash currency into the ATM and receive cash drams at the bank rate. You can find the nearest terminal on the bank's website.

Important! If you need to exchange a large amount (six figures or more), you will have to order it in advance and probably wait a few days.

Decision: To do this, call the selected bank and clarify the details.

Important! In addition, if you suddenly need to exchange banknotes that have already gone out of circulation in the territory of the Republic of Armenia, keep in mind that this will not be possible everywhere. 

Decision: so, for example, 500 EUR banknotes in Armenia can only be exchanged at the head office of Ameria Bank. You will have to pay a fee of 2% for this service.

Addition: The MIR payment system sets the rate itself. For example, Sberbank cards with the MIR payment system are subject to the rate indicated on the payment system website. Thus, when withdrawing money from an ATM in Armenia, the rate will be calculated not according to the one established in the local bank, but according to the one established by the MIR payment system. Here you can get acquainted with the current exchange rate set by the MIR payment system.

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Top 5 ways to exchange currency
  • Վահե Պողոսյան
    04.09.2023 в 15:05

    Բարև ձեզ. ինչպես կարող եմ Լեհական զլոտին(դրամը) և Ուկրաինական գրիվնին փոխան ակել հայկական դրամի

    • Move2Armenia_support
      05.09.2023 в 12:40

      Բարեւ Ձեզ! Դուք կարող եք փոխանակել չեյնջ-կետերում կամ բանկերում:

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