How to Transfer Cash to Armenia by Money Transfers

Over $1.4 billion was remitted to Armenia in 2007, making international money transfer increasingly significant to the economy. With over 300,000 citizens in a population of 3 million, 10% is overseas and transferring money to Armenia. This accounts for as much as 15% of the gross domestic product (GDP). Recently, Internet fund transfer utilizing prepaid debit cards has become the most popular option for transferring money to Armenia. Because these cards offer low pricing and ease, it in turn, has a positive impact on the inflow of money.


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


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


Poverty levels have steadily 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 hard to track actual income of the remittance 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 payment more systematically.


Sending money to Armenia is an vital part of the economy. Over 37% of households were estimated to collect a fund transfer. In numerous households, this accounts for 50% of income. Cash transfer to Armenia helps meet up to 77% of basic living needs.


Moving in to the 21st century, the need for more reasonable ways to transfer funds to Armenia has risen. The online renewable ATM card offers convenience, 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 renewed as much as needed.


The online rechargeable ATM card has competitively driven down elevated costs of international fund transfer. Sending funds to Armenia has never been so easy or affordable.

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ATMCASH is easy, convenient, and the best value when sending money across the country or across the world. We ship ATMCASH cards to over 150 countries worldwide. Transfer Money to Armenia


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