Information on How to Transfer Funds to Armenia

Over $1.4 billion was sent to Armenia in 2007, making international cash transfer more relevant to the economy.  With over 300,000 migrants in a populace of 3 million, 10% is abroad and transferring money to Armenia. This accounts for as much as 15% of the gross domestic product (GDP).  Recently, Internet fund transfer utilizing prepaid ATM cards has become the most popular choice for sending money to Armenia. Because these cards offer low pricing and ease, it in turn, has a positive impact on the inflow of cash.

The official currency of Armenia is the Dram (AMD). The Dram was reintroduced in 1993 with Armenia's autonomy from the previous USSR.  The coinage follows a fluid rate regime and is mostly governed by the supply and demand of the US dollar.  The currency has steadily grown since it was introduced. The latest currency exchange rate of Drams to US$ is 490 (2000), 504 (2001), 535 (2002),570 (2003), 522 (2004), 459 (2005), and 395 (2006).

Monetary growth has averaged over 13% in recent years. Armenian autonomy in 1991 turned the economy upside-down with a 60% drop in GDP.  Small-scale agriculture came to dominate in place of the previous agro-industrial complexes under Soviet rule. Inflation and unemployment continue to decline.  In 2007, the CIA reports inflation at 4.4% and unemployment at 7.1%.

Poverty levels have progressively declined in the past 3-4 years. From the late '80s to early '90s, poverty reached an all-time high of 55%.  The poverty level has dimished to 25% in 2007. It is difficult to track actual income of the payment receiving households because many of the migrants to Russia do not report it through proper channels. The Central Bank of Armenia has made a recent endeavor to track allowance more carefully.

Transferring funds to Armenia is an vital part of the economy. Over 37% of households were estimated to obtain a cash transfer. In many households, this accounts for 50% of income. Money transfer to Armenia helps meet up to 77% of basic living requirements.

Moving in to the 21st century, the need for more reasonable ways to transfer funds to Armenia has risen. The online rechargeable debit card offers ease, safety and low costs.  To begin the online money transfer process, those interested can sign up via company website or 1800-number. After the sender signs up and deposits money on a debit card, it is then sent to the recipient via rapid mail transport service. After the card is received, it can be refilled as much as needed. 

The online rechargeable debit card has competitively driven down lofty  costs of international fund transfer.  Sending money to Armenia has never been so easy or affordable.