Sending and receiving money in Armenia has never been easier, thanks to MoneyGram's extensive network of locations across the country. MoneyGram has over 100 locations in Armenia, making it convenient for people to send and receive money from anywhere.
You can send money to Armenia using various methods, including online, by phone, or in person at a MoneyGram location. Online transactions are processed quickly, usually within minutes.
To receive money in Armenia, you'll need to provide a valid ID and the Money Transfer Control Number (MTCN) given to the sender. This ensures that the money is transferred to the right person.
MoneyGram's services are available 24/7, allowing you to send and receive money at your convenience.
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Sending Money
VTB Bank (Armenia) started servicing MoneyGram transfers in USD and EUR, and MoneyGram services are available in any of 74 branches of VTB Bank (Armenia).
To make a sizable money transfer to Armenia, consider using a provider such as Xe, which can help you benefit from its expertise in handling larger transfer amounts. Large transfers to Armenia may have tax implications for you or your recipient, so a transfer specialist can help guide you through the process.
Check this out: Central Bank of Armenia
MoneyGram and other providers offer advanced tools such as foreign exchange (forex) tools, which can help you lock in the AMD exchange rate you want. Some money transfer providers also assign a personal account manager who can help and advise you on your transfer needs.
Bank transfers are typically the cheapest way to get your money to Armenia, but it's essential to compare the overall cost of your transfer, including transfer fees and exchange rates.
VTB Bank Starts USD and EUR Transfers
VTB Bank (Armenia) started servicing MoneyGram transfers in USD and EUR.
This is a big deal for people who need to send money abroad. VTB Bank (Armenia) started servicing MoneyGram money transfers in USD and EUR in 2009.
At the time, General Director Valeri Ovsyannikov noted that MoneyGram stood out for its more developed network and the speed of realizing operations.
Today, MoneyGram services are available in any of the 74 branches of VTB Bank (Armenia).
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Receive from Agent
To receive money from an agent location, you'll need a few things. You'll need government-issued identification that displays your legal name, and the reference number from the person who sent you the money transfer.
The reference number is usually provided by the sender, and it's essential to have it with you when you visit the MoneyGram location. Requirements vary by country, so it's a good idea to ask your local agent about their process and procedures.
You'll also need to provide personal identification, which can be a passport, driving license, national identity card, or government-issued identification. Some agents may require proof of address as well.
To find an agent location near you, use MoneyGram's locator tool. Once you've found a location, you can follow these steps:
- Ask for the reference number associated with your transfer.
- Visit a MoneyGram location and bring your reference number and personal identification.
- Complete the receiver form at the location and hand it to the MoneyGram agent.
Money is typically ready for cash pickup within minutes after the transfer has been sent successfully, but this may be subject to agent operating hours and compliance requirements.
How to Send Money
To send money to Armenia, you have several options. Online money transfer providers offer better rates and cheaper fees than local banks. Bank transfers are an easy way to send money, but they charge extra for the convenience and are often slower than other methods.
Some online providers can offer transfers to Armenia within minutes, although you'll likely pay a premium for the convenience. MoneyGram, for example, offers instant cash pickups but may charge more. Actual transfer times from the United States to Armenia can depend on several factors, including transfer amount, payment method, and currency.
To choose the best money transfer provider, compare the exchange rates and fees. Look for the smallest difference between the exchange rate offered and the mid-market rate. Transfer fees can be a flat fee or a percentage of your transfer amount. Some providers may offer a free transfer simply for signing up, or a discount if you transfer more than a specific amount of Armenian drams.
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Here are some popular transfer types to consider:
- Instant cash pickups: tend to be more expensive than bank transfers.
- Bank transfers: often slower than other methods, but can be cheaper.
- Cash pickup: gives your recipient instant access to the money when they collect it from an agent location in Armenia.
- Mobile wallet: allows users to store, send, and receive eligible currencies using their phone, often with fees attached.
- Home delivery: can be a convenient option if your recipient struggles to get to a cash pickup location.
Remember to research the transfer service and read reviews to ensure it's registered with the relevant regulators and complies with laws and regulations.
Large Transfers
Sending large amounts of money to Armenia can be a bit more complicated than transferring smaller amounts.
If you need to make a sizable money transfer to Armenia, consider using a provider such as Xe to benefit from its expertise in handling larger transfer amounts. Tax guidance is also crucial, and a transfer specialist can help you get up to speed on the IRS's latest advice.
You can use advanced foreign exchange tools, such as forward contracts, limit orders, and stop-loss orders, to help you lock in the AMD exchange rate you want.
Having a personal account manager can be a huge help in navigating the transfer process. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
If you prefer to talk through your transfer with someone, providers such as MoneyGram and Airwallex can give you support over the phone.
Here are some features to look for in a money transfer provider for large transfers:
- Tax guidance
- Foreign exchange (forex) tools
- Account manager
- Phone service
Large Transfers
Large transfers to Armenia require some extra care. Consider using a provider like Xe to handle larger transfer amounts, as they have expertise in this area.
If you're making a large transfer, you'll want to be aware of the tax implications. A transfer specialist can help you understand the IRS's latest advice on tax obligations.
You can use advanced tools like forward contracts, limit orders, and stop-loss orders to lock in the AMD exchange rate you want. These tools can be found with providers like Xe.
Having a personal account manager can be a big help when making a large transfer. They can advise you on your transfer needs and provide guidance throughout the process.
If you prefer to talk through your transfer needs over the phone, providers like MoneyGram and Airwallex offer phone support.
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MoneyGram Awards and Recognition
VTB Bank (Armenia) was granted MoneyGram's For Significant Growth award for 10% growth in 2013.
The bank's high quality of services and large branch network are key factors in its successful development and expansion of its clientele.
MoneyGram's Regional Director Evgeny Butyugin praised the bank's partnership with MoneyGram, saying that it has helped VTB Bank (Armenia) to enlarge its clientele.
VTB Bank (Armenia) has been using MoneyGram's services since 2009, and its customers can transfer money in USD to 200 countries at low tariffs.
The bank's customers can also receive funds in EUR and USD and convert them on preferential terms.
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