Thousands of Armenian migrants abroad as well as the representatives of diaspora regularly transfer funds to Armenia. At the same time the calculation of total costs in remittance market are sometimes unclear for them, since these costs are generated from different variables.
Those who send founds to Armenia from abroad naturally try to find relatively cheap and quick way for money transfers.
From this outlook the informed choice of various banks and money-transfer (remittance) systems by migrants is quite important.
www.sendmoneyarmenia.am allows to compare costs of different banks and money-transfer systems, speed of transfers and other parameters by selecting the country (corridor) where the funds are sent from, which makes it possible to choose the most suitable option of remittance.
Below you can find detailed information about the methodology used in database formation.
Remittance value: Considering the guidelines of World Bank (at least 2 values) nominated remittance values are US$200 and US$500 or equal currency of sending country based on international practice, which shows that these are most frequently transferred values by migrants.
Firm: This column of database includes banks and money-transfer systems (RSP) which play a significant role in common remittance market of sending country and Armenia. Money-transfer systems can often be identical.
Product: The database includes various methods of remittance, which can affect the costs. In case of two and more methods, they are marked on separate lines if the speed is different depending on the method selected. Products are pictured in the form of suitable icons. You can find description of these icons at the bottom of the tabular database.
(Fee): This is the most outstanding component of costs and it may vary significantly among the RSPs. As a rule this component indicates the levy charged from sender at the time of transfer. The amount of levy depends on the amount of money transferred, within certain boundaries.
Exchange rate margin(%): This component indicates the interbank exchange rate. Besides the fees levied for money transfer, the RSPs get income also from exchange rate differences. Among the countries involved in the system Armenia transfers money with national currency or Dollars, however it receives money with the same currency as it was sent, consequently the estimated value is equal to 0.
Total cost percent (%): It indicates the percentage of total costs in terms of transferred money.
Total cost: This component indicates the amount of total costs.
Transfer Speed: The special signs indicate the time required to deliver money to recipient. This information is also important since the speed of transaction can affect the costs. The transfer speed is mentioned for every product. It has been standardized in 6 categories: less than an hour, same day, next day, in 2 days, 3-5 days, 6 days and more.
Network coverage: This subsidiary component accomplishes total cost figures as well as the convenience of services offered by each RSP. In recipient countries the available coverage/broadband to receive money is standardized in 5 categories: capital, major cities, throughout the country, in villages only, in cities only.
The database is programed the way that the columns can be arranged by ascending and descending order.
The website does not take the responsibility for the accuracy of presented data.
Cost details indicated in Database are aimed to give common understanding on costs of remittances at certain date and time. Actual costs may vary. According to World Bank Standards such websites neither directly nor indirectly are required to guarantee the accuracy and complicity of published information. It’s possible to get actual information about the costs directly from service providers.
Link to the menu <Corridors>.