Send money internationally to Azerbaijan (AZN) using the mid-market exchange rate. Check and compare the rates from the major financial providers.
Send money to Azerbaijan
What is the best AZN exchange rate today?
How much does it cost to send money to Azerbaijan?
- International money transfers shouldn’t be expensive.
- Make sure your provider doesn’t add hidden fees or bad exchange rates to your money transfer.
- You should choose a provider that uses the mid-market exchange rate to convert your money.
What are the solutions to send money to Azerbaijan?
Most of remittances sent to Azerbaijan come from Russia because Russia is the country where Azerbaijanis are the most present. On the 1.4 billion of US dollars sent to Azerbaijan in 2015, almost 900 million came from Azerbaijanis migrants to Russia who send money back to their family. Then the funds come from neighboring countries such as Armenia (245 million), Ukraine, Kazakhstan and Uzbekistan.
Several ways to send money to your loved ones in Azerbaijan are possible. Banks are the most-used option even if not the cheapest. Most people don't even know that other options exist besides banks for a bank-to-bank transfer. Brokers and online providers offer money transfers to the country at better rates than banks. At last there are the international cash systems which are used a lot as Azerbaijan is still primarily a 'cash' economy.
Cash options are a good solution for Azerbaijanis abroad who send money to their country of origin whereas online solutions are a good solution for companies or individuals in business with Azerbaijan, especially in the petroleum sector.
How to choose the best solution?
The important point is to compare all the solutions. What should be compared is:
- The transaction fee: each transfer has an upfront transaction, more or less important depending on the amount.
- The exchange rate used: don't think you'll get a transfer with the mid-market exchange rate. Both banks and operators use an exchange rate lower than the real one. You have to check which offer is the best rate.
- Speed of transfer: depending on several reasons the transfer delay will differ. The providers all have their delays to process.
- Payment method: check if the operator offer several ways to pay, or at least the one you need.
- Delivery method: look at which operator provides the reception method your recipient needs.
- Customer service: very important criteria when it comes to money transfers.
- The easiness of the solution: check if the solution is easy to use or if too many documents are required or if it is too long to process.
Once all these criteria are compared, choose the operator which gives you the best rate of the market.