Money matters

The official currency is the Armenian dram. Several currencies can be exchanged, but euros and dollars are accepted everywhere. Swiss francs and British pounds can be changed at banks and at some currency exchange outlets. These outlets can be found at many locations in the cities. The rates are clearly indicated, show minor daily fluctuations and are listed on bulletin boards. The rate will be around 550 dram for 1 euro (September 2009).

There is no commission fee. The lowest exchange rates are found at the airport and the major hotels. Euro or dollar banknotes must be relatively new and have no marks or tears. Dollar bills issued before 1996 will not be accepted.

There are ATM machines throughout Yerevan. Only major hotels and car rental agencies will accept VISA and MASTERCARD credit cards.

It is not necessary to change a large bill into smaller ones, for example, if you want to change 20 euros and you hand over a 50-Euro bill, you will receive 30 euros change. Armenian banknotes are issued in denominations of 50,000 dram (rare), 20,000 dram, 10,000 dram, 5,000 dram and 1,000 dram. We recommend that you use smaller denominations, preferably 5,000 or 1,000-dram bills, in addition to coins. It is hard to pay with bigger bills in small shops, kiosks or taxis.

NOTE: There is no limit on the amount of Armenian or foreign currency that can be brought into or out of the country.

Yerevan has a Western Union office for cash transfers.