subject: Consider Your Options and the Statistics Before You Send Money to Armenia [print this page] Consider Your Options and the Statistics Before You Send Money to Armenia
Though money transfers to most countries have grown throughout the years in general, the number of people who send money to Armenia has increased exponentially in the past decade. In 1995, a mere $65 million was sent to the area, and that number stayed about the same until about 2003. Most countries show a gradual increase in remittances, but Armenia's pattern shows a huge increase in 2003, at which time remittances skyrocketed to about $700 million. That is when the gradual growth was witnessed, as it rose to $800 million in 2004, $900 million in 2005, and just over $1 billion in 2006. Unlike in many other countries, not all of this money was sent from the United States. In fact, studies show that most Armenian immigrants moved to Russia, with some moving to other areas like Georgia, Greece, France, India, and the United States, to name a few.
Similar to the pattern in many other countries, those who send money to Armenia have been sending less money, less often in the last few years. This is not surprising given that the economy of the United States is not the only one that is going through difficult times. Fortunately, money transfer service officials understand that there is still somewhat of a need to send money to Armenia and other countries, which is why there are several options available.
You can still take the traditional route of transferring money through your bank, or perhaps a bank that offers the lowest remittance rates available. You may also use a money transfer service that either sends the money to your relative's bank account, or sends cash to a specified location for pickup. The only issues may arise if your relative does not have a bank account, and does not have transportation or time to get to the pickup location. In this case, a prepaid debit card mailed directly to their house might be the best decision. This way, you can add funds when they need them for a fee of $5, and your relative can then use the card at either retailers or ATMs. This method is known for being inexpensive, convenient, and fast.
No matter what you choose, make sure both you and your relative are happy with it. This is especially true if you will need to send money to Armenia often, as paying fees as high as $45 per transfer is not unheard of when you use banks, and it can clearly exhaust your wallet. Putting some time and effort into research before you choose how to send money to Armenia should result in a positive outcome for you and your relative
welcome to Insurances.net (https://www.insurances.net)
