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The situation in the region and the existing difficulties have essentially impacted the money transfers from Russia to Armenia and vice-versa. A limited number of money transfer options are currently available on the market. Almost all the banks have suspended the cooperation with Unistream.   

In comments to ARMENPRESS, Edgar Aghabekyn, an expert from the Yerevan-based leading think-tank Amberd, cited the Western sanctions as the key factor causing Unistream to be virtually ousted from the Armenian banking system. Hence in order to avoid restrictions and sanctions by the western allies, the Armenian banks will not be able or willing to use that system

"Initially, there was certainly inconvenience  to an extent for those who relied mainly on Unistream to make their money transfers. Yet, Unistream was not the only one; over the past couple of years, we have seen a significant growth in international transfers. At the moment, there are systems that can replace Unistream," the specialist noted.

Apart from banks and rapid transfer systems, the market presently offers fintech digital solutions, combining accessibility, speed and maximum comfort for customers (both senders and recipients, who can now make their transfers just within a matter of seconds via  a mobile app and a phone number).

New features of  money transfer  are becoming increasingly popular. It is possible, for instance, to make a mobile transfer from the Russian Sberbank to a bank account in VTB or to EasyWallet and Telcell accounts (commission: 1%).

The available tools enable also customers in Russia to make transfers to friends and relatives in Armenia via Evoca, ACBA,  Ararat, VTB and Telcell accounts at a commission rate of up to 1.5% by indicating only the telephone number.

Another option is IDpay which enables instant transfers from any  Russian bank card to a credit or debit card issued by an Armenian bank. All you need to transfer money from the Russian Federation to Armenia is the IDpay app attached to a card account in a Russian bank. The application also allows for an option to make remittances to IDBank card and regular checking accounts by entering the recipient's phone number (provided that person is a bank customer/client). The transfers are made only in the Russian Ruble at just a 0.9% commission rate, with the monthly limit reaching up to 1 million Rubles.

The money transfers between Russia and Armenia steadily increased also in 2023, and most importantly, the system put in place offers safeguards against any kind of sanctions, allowing for rapid, reliable, convenient transfers available on a single platform 24/7.