Armenian dram (AMD): currency and money guide
The Armenian dram: basics
The Armenian dram (symbol: ֏, ISO code: AMD) is the sole legal currency of the Republic of Armenia. It has been in use since 1993, replacing the Soviet ruble after independence.
Current exchange rate (April 2026 snapshot):
- 1 EUR = approximately 410 AMD
- 1 USD = approximately 385 AMD
- 1 GBP = approximately 490 AMD
- 1 CHF = approximately 430 AMD
These rates are snapshots and fluctuate. For the latest rate before your trip, check the Central Bank of Armenia (cba.am) or a reliable financial data source. The AMD has been relatively stable against the EUR and USD over the past two years but has experienced some volatility linked to regional factors.
Banknotes in circulation: 1,000 — 2,000 — 5,000 — 10,000 — 20,000 — 50,000 AMD
Coins: 10, 20, 50, 100, 200, 500 AMD (coins are rarely used in daily transactions above 500 AMD)
Where to exchange money in Yerevan
Bank branches (best rates, safest)
Armenian banks offer the best exchange rates with no commission. The most traveller-friendly branches:
- Inecobank — multiple branches in Yerevan, including near Republic Square and Northern Avenue. English-speaking staff at main branches.
- Ameriabank — excellent rates, modern branches, widely distributed.
- ACBA Bank — strong rates, good ATM network.
- VTB Bank Armenia — convenient for those with VTB accounts, but available to anyone for cash exchange.
Bank hours are typically Monday–Friday 09:00–17:00, some Saturday until 14:00. Banks are closed on Armenian public holidays. Bring your passport — it is required for currency exchange.
Licensed exchange counters (“Match” and similar)
Yerevan has dozens of licensed private exchange counters. The “Match” brand is one of the most visible, with booths near Northern Avenue, Abovyan Street, and the metro stations. These are legal and generally offer rates very close to bank rates — the spread (difference between buy and sell) is how they earn their margin. Check the posted rate board before exchanging.
Rule of thumb: If the rate seems suspiciously good (more than 5–10 AMD per EUR better than competitors), ask for a full transaction receipt before handing over cash.
ATMs (most convenient)
ATMs are the simplest option for most travellers. Always use ATMs attached to named Armenian banks rather than standalone third-party machines, which charge higher fees. The following bank ATMs are recommended:
- Inecobank ATMs — low fees (typically 500–1,000 AMD per withdrawal), good rates
- Ameriabank ATMs — similar fee structure, widely available
- ACBA Bank ATMs — reliable, found in many commercial districts
ATM network coverage: Good in Yerevan and regional capitals (Gyumri, Vanadzor, Goris). Patchy in smaller towns. Non-existent at remote monasteries and villages. Always carry cash when leaving urban areas.
What to avoid
Zvartnots Airport exchange desks: The desks in the arrivals hall are convenient but typically offer rates 5–10% worse than city banks. Exchange only a small amount at the airport — enough for your taxi to the hotel — and get proper rates once in the city.
Street money changers: Unlicensed changers occasionally approach tourists near the Vernissage market or central streets. Never exchange money on the street. Counterfeit AMD banknotes have been reported in these transactions.
How to pay: cards vs. cash
Where cards work
Mastercard and Visa are widely accepted at:
- 3-star and above hotels in Yerevan
- Most restaurants and cafés in Yerevan’s tourist areas
- Supermarkets (SAS, Yerevan City)
- Larger shops
- Some tour operators
- Zvartnots Airport shops and restaurants
American Express is accepted at some premium hotels but is not reliable elsewhere.
Where you need cash
Cash (AMD) is essential for:
- Marshrutkas (all routes)
- Taxis (if not using GG Taxi app with card payment)
- Market vendors (Vernissage, GUM market)
- Village guesthouses and rural accommodation
- Church entrance fees where charged
- Monastery shops and gift stalls
- Small local restaurants outside Yerevan
- Petrol stations in rural areas
Practical rule: Withdraw sufficient cash for multi-day excursions away from Yerevan. Lake Sevan, Dilijan, and Goris have ATMs, but coverage becomes unreliable further south in Syunik or in Aragatsotn.
Contactless and mobile payments
Contactless (NFC) card payments are accepted at the same locations as chip-and-PIN. Apple Pay and Google Pay are increasingly accepted at Yerevan shops and restaurants that display the contactless symbol. This is expanding but not yet universal.
Sending money and remittances
Armenia has one of the highest remittance-to-GDP ratios in the world — a large diaspora sends money home regularly. Western Union, MoneyGram, and local services like IDram and Arca are available. For travellers, this is rarely relevant, but if you run short of funds, a Western Union transfer from home to a Yerevan branch can be received within minutes.
IDram is Armenia’s leading digital wallet, but it requires an Armenian bank account and phone number — not accessible to tourists without local setup.
Tipping and small change
Small denomination AMD notes (1,000 and 2,000 AMD) are useful for tips, small purchases, and buses. When receiving change at local shops, you may receive fewer small coins than expected — rounding is common. A 1,000 AMD bill (approximately 2.44 EUR) is a practical unit for daily transactions.
For the full tipping etiquette guide, see Tipping in Armenia: when, how much, and why.
Currency at borders
Crossing from Georgia (Bagratashen)
The Georgian lari (GEL) is the currency in Georgia. At the Bagratashen–Sadakhlo border crossing, there are often informal exchange booths on both sides. Rates at borders are typically worse than in cities. Georgian ATMs are available in Sadakhlo. If crossing into Armenia, change your GEL at a Yerevan bank rather than at the border.
What currency to bring from home
Euros and US dollars are the most practical foreign currencies to bring to Armenia. They are accepted at all exchange counters and banks without issues. British pounds are accepted at most banks but less widely at smaller counters. Other currencies (CHF, JPY) are generally exchangeable at main bank branches but not at all exchange counters.
Budgeting tips for different travel styles
Backpacker tip: Withdraw a larger sum at once to minimise ATM fees. The per-transaction fee at Inecobank is typically 500 AMD regardless of the amount — withdraw 100,000 AMD (244 EUR) rather than 20,000 AMD five times.
Mid-range tip: Keep a mix of card (for hotels and restaurants) and cash (for transport and markets). A daily cash float of 15,000–25,000 AMD is practical.
Luxury tip: Premium hotels and private guides can be paid by card. However, always have AMD cash for tips — guides and drivers strongly prefer cash tips over card gratuities.
For the full daily cost breakdown, see our Armenia budget travel guide.
International money transfer and fintech options
Wise (TransferWise)
Wise is widely used by travellers and expats for sending money internationally and for its multi-currency account. Armenian AMD is not available as a balance currency in Wise, but you can send EUR, USD, or GBP to a Wise account and withdraw from Armenian ATMs at mid-market rates. The Wise card charges a small withdrawal fee after the first free monthly amount.
Revolut
Revolut supports AMD exchange and works well in Armenia for card payments at establishments that accept Mastercard. ATM withdrawals with Revolut are subject to the standard monthly fee-free limit (varies by plan). Beyond the free limit, a fee applies. For multi-week stays, a local SIM and Inecobank ATM withdrawals typically outperform Revolut on overall cost.
PayPal
Not widely accepted by Armenian businesses. Useful for sending money to and from Armenian contacts who have accounts, but not a practical daily payment tool.
Spending patterns in Yerevan vs rural Armenia
Understanding where cash is truly essential vs. where cards work helps you plan withdrawal strategy:
Yerevan card-friendly zones (carry 5,000–10,000 AMD as backup):
- Hotel payment at 3-star and above
- Restaurant payment in tourist areas (Northern Avenue, Cascade vicinity)
- SAS and Yerevan City supermarkets
- Northern Avenue shops and boutiques
Always use cash:
- Kilikia marshrutka station and marshrutka fares
- Vernissage and GUM market
- Monastery gift shops
- Village guesthouses and local restaurants outside Yerevan
- Any site more than 50 km from Yerevan centre
Cash cash cash (no card infrastructure whatsoever):
- Mountain trails, hiking starting points
- Remote monastery car parks
- Village wells, fruit sellers on the road
Dealing with large bills
A 50,000 AMD note (approximately 122 EUR) is a real inconvenience at a market stall or local café. When withdrawing from ATMs, try to get a mix of denominations. Some ATMs allow you to specify the denomination mix; others default to the largest notes available. If you receive large notes, break them at a SAS supermarket or larger restaurant before heading to markets.
Coin etiquette: Coins are technically in use but rarely encountered. Prices are routinely rounded to the nearest 100 or 500 AMD. Do not worry about coins — you will rarely see them in daily transactions.
Frequently asked questions about Armenian currency
Can I use euros or dollars directly in Armenia?
In practice, some larger hotels and tour operators quote prices in EUR or USD and accept them directly. However, change is given in AMD at whatever rate the vendor sets (often unfavourable). For day-to-day transactions, AMD is what you need.
Is it better to exchange money before arriving in Armenia?
Not necessarily. AMD is not widely available outside Armenia, so you would typically exchange a foreign currency anyway. Bringing EUR or USD from home and exchanging at an Yerevan bank is the standard and most practical approach.
Are there any limits on how much cash I can bring into Armenia?
You may bring up to $10,000 USD equivalent in cash without declaration. Amounts above this must be declared at customs on arrival. There is no limit on how much you can withdraw from ATMs during your stay.
Is the Armenian dram worth anything outside Armenia?
Very little. Exchange your remaining AMD back to EUR or USD before leaving at an Armenian bank. Leftover AMD is difficult to exchange elsewhere. Keep this in mind and plan your cash withdrawals to avoid a large surplus at departure.
Can I get AMD at an international airport in my home country?
Most international banks and airports do not stock AMD. You will need to exchange on arrival in Yerevan or withdraw from an ATM there. This is perfectly practical — Inecobank and Ameriabank ATMs are in the arrivals area at Zvartnots Airport.
Does Armenia have a black market for currency?
No meaningful black market exists. The official rate at licensed exchange counters is competitive, and there is no gap wide enough to make unofficial exchange worthwhile. Stick to banks and licensed counters.