1. What is the official currency of Armenia?

The official currency of Armenia is the Armenian dram (AMD).

2. Are there any restrictions on foreign currency transactions in Armenia?

Yes, there are certain restrictions on foreign currency transactions in Armenia. These include:

1. Limitations on Currency Conversion: Non-residents are allowed to freely convert their local currency (Armenian Dram) into foreign currencies and vice versa, but there are limits on the amount that can be converted in a single transaction. For example, individuals are limited to converting up to $10,000 USD per month without providing supporting documents, while legal entities are limited to converting up to $100,000 USD per day without providing supporting documents.

2. Ban on Certain Transactions: The Central Bank of Armenia has the authority to ban or limit specific transactions involving certain currencies if it is deemed necessary for the stability of the national currency or for the overall economy.

3. Reporting Requirements: Banks and other financial institutions in Armenia are required to report all foreign currency transactions exceeding a certain threshold (currently set at $5,000 USD) to the Central Bank of Armenia.

4. Restrictions on Cash Withdrawals: Individuals can only withdraw up to $10,000 USD in cash from their bank accounts per day, while legal entities can withdraw up to $100,000 USD.

5. Restrictions on Capital Movements: Non-residents must obtain permission from the Central Bank before transferring funds out of Armenia if the amount is more than $10 million AMD (approximately $21,000 USD).

6. Prohibition of Foreign Currency Loans: Armenian banks are not permitted to lend in foreign currencies unless they have obtained a special license from the Central Bank.

7. Special Regulations for Residents and Non-Residents: Different regulations may apply depending on whether you are a resident or non-resident of Armenia.

It is advisable to consult with your bank or financial institution before conducting any significant foreign currency transactions in Armenia to ensure compliance with these restrictions and regulations.

3. What is the current exchange rate for local currency to US dollar in Armenia?

As of December 2021, the current exchange rate for Armenian Dram (AMD) to US Dollar (USD) is approximately 478.40 AMD per 1 USD. This exchange rate is subject to change daily due to market fluctuations. It is recommended to check with a currency exchange service or financial institution for the most up-to-date exchange rate.

4. Is it better to use cash or credit cards for purchases in Armenia?

It is generally recommended to use credit cards for purchases in Armenia, as they are widely accepted and offer better security against fraud and theft compared to carrying large amounts of cash. However, it is always a good idea to have some local currency on hand for smaller transactions or in case of emergency.

5. Do businesses in Armenia typically accept US dollars or do they prefer local currency?

Businesses in Armenia generally prefer to transact in local currency, the Armenian dram (AMD). While some businesses may accept US dollars, it is not recommended to rely on using USD for daily transactions. It is a good idea to exchange your US dollars into AMD at a bank or currency exchange before conducting business transactions in Armenia.

6. Are there any hidden fees or charges when exchanging money in Armenia?

There may be fees or charges associated with exchanging money in Armenia, such as transaction fees, service charges, and exchange rate margins. It is important to inquire about these fees before making a transaction so that you are aware of the total cost. Additionally, some banks or exchange offices may have minimum or maximum exchange amounts which could affect the final cost. It is always a good idea to shop around for the best rates and compare fees before making an exchange.

7. Can I use ATMs from my home country bank in Armenia to withdraw money?

It is possible to use ATMs from your home country bank in Armenia to withdraw money, but it is not guaranteed. Some banks may have partnerships or agreements with foreign banks that allow for free or low-cost ATM withdrawals, while others may charge higher fees for using a non-affiliated ATM. It is best to check with your home bank before traveling to see what their policies and fees are for using international ATMs. Additionally, there may be language barriers and different banking systems in place, so it is recommended to carry some cash or have backup card options in case the ATM does not work properly.

8. Is it necessary to tip service workers and what is the customary amount in Armenia?

It is not mandatory to tip service workers in Armenia, but it is appreciated. If you are satisfied with the service, a tip of 10% – 15% of the bill is considered customary. In restaurants and cafes, there may be a line on the bill for “service charge,” which goes directly to the server. In this case, additional tipping is not necessary. It is also common to leave spare change as a tip for taxi drivers or hotel staff.

9. Can I purchase traveler’s checks before traveling to Armenia, and are they widely accepted?

Yes, traveler’s checks can be purchased before traveling to Armenia. They are widely accepted in major cities and tourist areas, but may be difficult to use in rural or remote areas. It is recommended to carry a mix of traveler’s checks and cash in Armenian Dram for convenience.

10. Are there any restrictions or limits on bringing foreign currency into or out of Armenia?

According to the Central Bank of Armenia, there are no restrictions on bringing foreign currency into or out of the country. However, amounts exceeding $10,000 (or its equivalent in other currencies) must be declared at customs.

11. Do major hotels and restaurants accept credit cards, and if so, which types are most commonly accepted?

Yes, most major hotels and restaurants accept credit cards. The types of credit cards commonly accepted depend on the establishment, but some of the most commonly accepted are Visa, Mastercard, American Express, and Discover. It is always best to check with the specific hotel or restaurant beforehand to determine which types of credit cards they accept.

12. Are there any unique features of the currency used in Armenia, such as coins with different values or special designs?

Yes, the currency used in Armenia has several unique features:

1. Armenian Dram: The official currency of Armenia is the Armenian Dram (AMD), which is subdivided into 100 luma.

2. Coins: The coins in circulation are 10, 20, 50, 100, and 200 dram. These are all circular in shape, with varying designs on the front and back featuring national symbols and historic figures.

3. Banknotes: The banknotes currently in circulation are 1,000; 5,000; 10,000; 20,000; and 50,000 dram. They have vibrant colors and detailed designs showcasing Armenian history and culture.

4. Unique Designs: Certain denominations of notes have unique designs that commemorate significant events or personalities in Armenian history. For example, the back of the 10,000 dram note features a scene from the epic poem “Sasna Tsrer,” while the front of the 1,000 dram note features Armenian revolutionary leader Andranik Ozanian.

5. Commemorative Coins: In addition to regular coins in circulation, Armenia also issues commemorative coins for special occasions or to honor notable figures. These coins have unique designs and limited mintage numbers.

6. Portrait Orientation: Unlike most countries’ currencies which have a landscape orientation for their banknotes, Armenian banknotes are printed vertically to showcase more space for security features and artistic design elements.

7. Polymer Banknotes: In recent years, Armenia has also introduced polymer banknotes for higher denominations (10,000-50,000 dram). These notes are more durable than paper ones and incorporate advanced security features to combat counterfeiting.

8. Different Languages: All currency notes issued in Armenia feature text in both Armenian (using the Eastern-Armenian script) as well as English languages on them.

9. Unique Material Composition: The materials used in the production of Armenian currency are also unique. For example, the 1,000 dram note is printed on a hybrid paper-polymer substrate.

10. Abundance of Coins: Due to the low purchasing power of coins in Armenia, it is common for individuals to carry large amounts of coins in their wallets and purses as they are frequently used for small transactions.

11. Innovative Anti-Fraud Features: Armenian banknotes have several advanced safety features such as magnetic ink, micro-printing, holographic strips, and more to deter counterfeiting attempts.

12. Commemorative Banknotes: Along with commemorative coins, Armenia also issues special commemorative banknotes to celebrate important events or anniversaries. These notes have unique designs and tend to be popular among collectors and tourists.

13. Is haggling acceptable when making purchases, especially in markets and smaller shops?

Haggling for prices is generally acceptable in markets and smaller shops. It is a common practice in many countries, especially in parts of Asia, Africa, and the Middle East. However, it is not always appropriate or expected in larger retail stores or chain stores. It is important to be respectful and polite when haggling, as it is ultimately up to the seller to decide if they are willing to negotiate on the price.

14. Can I pay for goods and services with a mix of both local currency and US dollars?

It depends on the specific country and business you are dealing with. In some countries, it may be acceptable to pay in a mix of local currency and US dollars, while in others it may not be accepted. It is always best to check with the business beforehand or have enough of both currencies on hand to avoid any inconvenience.

15. What is the most convenient way to exchange money while traveling through different regions of Armenia?

The most convenient way to exchange money while traveling through different regions of Armenia is to use ATMs or currency exchange offices, which can be found in major cities and tourist areas. It is also recommended to exchange small amounts of cash at a time to avoid carrying large sums of money with you.

16. Are there alternative forms of payment in addition to cash and credit cards, such as mobile payments or digital wallets in Armenia?

Yes, alternative forms of payment such as mobile payments and digital wallets are increasingly popular in Armenia. Some examples include:

1. Mobile payments: Mobile network providers like Beeline and VivaCell-MTS offer their own mobile payment services, while banks such as Ameriabank and Armbusinessbank have also introduced their own apps for mobile payments. These services allow users to make purchases or transfer money using their mobile phones.

2. Digital wallets: Popular digital wallets in Armenia include IDram, iPay, and WebMoney. These platforms allow users to store funds and make online purchases without needing a credit card.

3. QR-code payments: Some businesses in Armenia have started accepting payments through scanning QR-codes using various apps on users’ smartphones.

4. Cryptocurrencies: While not widely accepted yet, cryptocurrencies such as Bitcoin can be used for certain transactions in Armenia through platforms like Openledger.

It’s worth noting that these alternative forms of payment may not be accepted by all merchants in Armenia, so it’s best to check with the establishment beforehand or carry cash/credit cards as a backup.

17. Is tipping expected during taxi rides, at hotels, or at other specific locations like spas or salons in Armenia?

Tipping in Armenia is not expected or customary, but it is appreciated for good service. It is not expected during taxi rides, but you can round up the fare to the nearest whole number as a gesture of appreciation. At hotels, it is not necessary to tip unless you have received exceptional service. In spas or salons, a small tip of 10% is appreciated for good service. However, tipping for any other service or location is not expected or necessary.

18. Are there certain stores where tourists can receive tax refunds on their purchases before leaving Armenia?

Yes, tourists can receive tax refunds on their purchases at certain stores in Armenia through the “Tax Free” program. The participating stores are usually located in popular shopping areas and tourist destinations such as Yerevan city center, Vernissage market, and major malls. Tourists must present a completed Tax Free form, along with their passport and purchase receipts, at the airport or border control when leaving the country in order to receive their refund.

19..How should I handle my leftover foreign currency when departing from Armenia, including coins and smaller bills?

When departing from Armenia, it is recommended to exchange your leftover foreign currency back into Armenian Dram (AMD) before leaving the country. This can be done at banks, exchange offices or at the airport. Keep in mind that most banks and exchange offices may not accept coins, so it is best to spend those before leaving.

However, if you are unable to exchange your coins and smaller bills, you can consider using them to make small purchases at the airport or giving them as tips to service workers.

If you do not plan on returning to Armenia in the future and have a large amount of leftover foreign currency, you may also consider donating it to charity organizations or giving it as gifts to local friends or acquaintances.

20. Is there a limit on the amount of local currency I can withdraw from ATMs in Armenia each day?

The specific limit for ATM withdrawals in Armenia may vary depending on your bank, account type, and daily transaction limits set by the bank. It is usually a maximum of 100000 AMD per transaction, with a daily limit of 200000 or 300000 AMD. You will need to check with your bank for their specific withdrawal limits.