When traveling to Armenia or doing business with Armenian companies, it’s essential to understand the local currency and exchange rates. The national currency of Armenia is the dram (AMD), which is divided into 100 luma. This article provides an overview of the Armenian dram, exchange rates between the US dollar (USD) and dram, and tips for getting the best currency conversion deals.
Armenian Dram (AMD) Overview
The Armenian dram (֏) was first issued on November 22, 1993, replacing the Soviet ruble. The name “dram” comes from the Greek word meaning “money” and was first used in the 12th century for silver coins in Armenia.
The dram is available in both coins and banknotes:
- Coins: 10, 20, 50, 100, 200, 500 dram
- Banknotes: 1,000, 5,000, 10,000, 20,000, 50,000, 100,000 dram
The current series of banknotes has been in circulation since 1998 and was designed by experts from Germany and England. Each note features historical and cultural monuments of Armenia. In 2001, the 50,000 dram note was changed to honor the 1700th anniversary of the adoption of Christianity in Armenia.
USD to AMD Exchange Rate
As of June 19, 2024, the exchange rate between the US dollar and Armenian dram is:
- 1 USD = 386.175 AMD
- 1 AMD = 0.0025895 USD
Over the past 30 days, the exchange rate has fluctuated:
- Highest rate: 1 USD = 388.75 AMD
- Lowest rate: 1 USD = 385.15 AMD
- Average rate: 1 USD = 386.27 AMD
Getting the Best Exchange Rates
When converting USD to AMD or vice versa, it’s important to compare exchange rates from different providers to ensure you’re getting the best deal. Banks often charge hidden markups on exchange rates, so it pays to shop around.
Wise is a popular currency conversion service that offers real exchange rates without hidden fees. They use efficient technology to provide better rates compared to many competitors. Wise also offers a user-friendly currency converter app with features like rate alerts and charts.
Other well-known currency exchange rate providers include Xe, which offers services like money transfers, a currency converter, charts, rate alerts, and a currency data API.
Conclusion
When dealing with Armenian currency, it’s crucial to stay informed about current exchange rates and choose a reputable provider for your currency conversion needs. By understanding the basics of the dram and comparing rates from different sources, you can ensure you get the most value for your money while exploring the rich history and culture of Armenia.
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