Over $1.4 billion was transferred to Armenia in 2007, making international money transfer increasingly relevant to the economy. With over 300,000 citizens in a population of 3 million, 10% is abroad and sending money to Armenia. This accounts for as much as 15% of the gross domestic product (GDP). Recently, Internet money transfer using 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 independence from the former 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 regime. Inflation and unemployment continue to decrease. In 2007, the CIA reports inflation at 4.4% and unemployment at 7.1%.

Poverty levels have gradually 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 dropped to 25% in 2007. It is difficult to track actual revenue of the payment receiving households because many of the migrants to Russia do not report it through official corridors. The Central Bank of Armenia has made a recent attempt to track remittance more thoroughly.

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

Moving in to the 21st century, the need for more affordable ways to transfer funds to Armenia has risen. The online reusable debit card offers convenience, security 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 ATM 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 ATM card has competitively driven down lofty costs of global fund transfer. Sending funds to Armenia has never been so trouble-free or affordable.

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