Bringing Money to Azerbaijan?
Azerbaijan is a Central Asia country that consistently registers surplus trade, especially from the oil industry. The former Soviet Republic is a rising country in the region.
The oil industry is the mainstay of the county's economy, but with the prevailing democratic space in the region, there is also an influx of revenue from other resources, such as tourism. The oil industry has raised the bar when it comes to money transfer services in the country.
Azerbaijan Brief Economic Trend?
Azerbaijan is one of the fastest growing nations in the world. The country had a slight economic decline recently due to lower oil prices and the overall world mild recession. The problems contributed to a decline in the economy of the country by 3.8% in the past year.
This status of affairs is predicted to get a little worse with 1.1% economic contraction in 2017. These bleak economic conditions are estimated to be over in 2018 along with the gradual increase of oil prices.
Substitute Currencies in Azerbaijan and Why?
Foreign currency, mainly hard money such as the US dollar, is always accepted in the region. The American dollar has a higher rate compared to the local currency of Azerbaijani Manat.
Visitors are encouraged to change their countries currencies for the local currencies as this makes their daily shopping activities easier. There are lots of money changers in Baku, the capital, but visitors are advised
to use the services of certain official banks for safety and fairness reasons.
Restrictions and Issues in Bringing in Money into Azerbaijan?
A money transfer card is not such a welcome idea in the country. Even though the money delivery system is well-known all over the world, it will not work well in the country. Credit cards are applicable, but only in certain places such as large hotels and restaurants. Likewise, Travelers Checks are not received well enough in Azerbaijan, as the country is almost a kind of a cash country.
The Main Banks in Azerbaijan?
Azerbaijan has numerous official and commercial banks. The Central Bank of Azerbaijan is the country's National Bank. When visitors want to send or draw money, they could go to commercial banks such as Bank of Baku,
Kapital Bank, or VTB Bank Azerbaijan.
Credit card issues in Azerbaijan?
You might think that sending your recipient a pre paid credit card is a wise choice. While this is a widely used method to send money to recipients all over the world it is not so much of a good idea for recipients who are in Azerbaijan. Unfortunately, credit cards are not accepted in many places which means that unless your recipient wants to spend their money in larger hotels or in restaurants sending one would be pointless. Instead look towards a currency transfer to Azerbaijan, that way your recipient will be able to get their money much easier.
Problems with ATMs in Azerbaijan?
As Azerbaijan is very much a cash only country your recipient will need to be able to get the Azerbaijani Manat from their bank rather than from an ATM. Sending foreign currency for exchange at a bank, airport, hotel or bureau de change is not encouraged as it can easily go missing in the postal system.
Anyone who chooses to transfer money to Azerbaijan will find that they are able to save their recipient time as they will not have to search for an ATM to withdraw their funds.
Travellers cheques are not widely accepted in Azerbaijan?
If you are thinking of sending travellers cheques to someone in Azerbaijan you will have to think again. They are not widely accepted and the exchange rate that your recipient might be offered for them could be very low. Avoid these problems by using an online tool to see the currency rate Azerbaijan currency attracts and get more for your money by transferring funds.