This website aims to keep informed the migrants and representatives of diaspora about costs of remittances from abroad to Armenia via different banks and money-transfer (remittance) systems (RSPs): The database of this website includes various banks and remittance systems, however it does not aim to advertise any of them.
Historically Armenia has a large and sustainable diaspora. In addition large number of migrants from Armenia currently live abroad. Armenia receives large-scale remittance flows from diaspora and migrants living abroad. Annual average volume of remittances sent by individuals via Armenian banks for nonprofit purposes amounts to US $2 billion (around 20% of GDP).
Send money Armenia allows to compare the costs of remittances from various countries to Armenia via different RSPs.
Considering the amount of money transfers to Armenia by individuals, which indicate indirectly the number of Armenian migrants in particular country, 8 sending countries have been selected for Armenia: Russia, the USA, Kazakhstan, the Ukraine, France, Germany, Great Britain and Spain.
The website database includes banks and remittance systems which implement significant weight remains of remittances in the common remittance market from sending country.
The information applies to costs of relatively small remittances particularly US$200 and US$500.
Web database of Send money Armenia contains useful information about remittance methods, such as which way to send money, how long it takes to transfer, available cities to receive money, exchange rate used for transfer etc. This information surely will help to compare services, fees, transfer speed and chose the RSP, which is most suitable to personal needs.
In many cases money transfer fees/costs are considerable for seasonal work migrants taking into account the small income of their family members living in home country. From this viewpoint any cost-cutting measure will help them to save more money with the result that money recipients in home country will have an opportunity to consume and save more as well as make an investment in local economy.
Cost cutting measures are important not only for Armenia but also for other countries who are concerned about this issue. Moreover, it was discussed at the global level to reduce the costs of remittance services by 5% in 5 years, which was approved by G8 summit.
At a global level remittance fee amounts approximately to 8,58% of transferred money. “5×5 purpose” will cut the fees of remittances, with the result that the migrants will save US$16 billion annually.
What about Armenia reduction of costs of remittance services by 5 % in 5 years will create an opportunity for Armenian migrants to save US$ 20 million annually.
Finally, transparency intensifies competition between banks when it comes to reducing remittance costs and providing more effective services.
This website was created within a framework of the European Union’s project “Targeted initiative for Armenia”.
The website was initially operated by the expert group of German Agency for International Cooperation (Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ)).
Currently the website is operated by the State Migration Service of RA MTAD.
The expert group follows concept on creating the website developed by GIZ Armenian office taking into account the standards of the website created by the World Bank for the migrants. (http://remittanceprices.worldbank.org).
Redesign of the website is made by the assistance of EU founded “Support to Migration and Border Management in Armenia” (MIBMA) project which is implemented by the International Center for Migration Policy Development (ICMPD).