Traveling To Azerbaijan? Here's The Currency You Should Carry

If you're planning a trip to Azerbaijan, it's important to know which currency to take. The official currency in Azerbaijan is the Azerbaijani Manat (AZN), which is the country's legal tender. While other currencies like Euros, British pounds, and US dollars are easily exchanged, it's best to have the local currency on hand for small purchases, tipping, and emergencies. With that in mind, here's some essential information to help you prepare for your trip to Azerbaijan.

Where to exchange currency in Azerbaijan

The official currency of Azerbaijan is the Azerbaijani Manat (AZN), which is divided into 100 qapik. While the Manat is the legal tender, US Dollars are widely accepted for currency exchange in Azerbaijan and can be readily exchanged at multiple locations throughout the country. Pounds Sterling, Euros, and US Dollars are easily exchanged in Azerbaijan, especially in major hotels, supermarkets, and restaurants in Baku.

ATMs are widely available throughout Azerbaijan, especially in Baku, and they accept debit and credit cards. It is best to use ATMs located near banks, so you can easily seek help if there are any technical issues. While Azerbaijani banks generally do not charge fees for ATM withdrawals, your home bank might. To minimize these costs, limit the number of withdrawals and increase the amount withdrawn each time.

Foreign exchange centers are another option for exchanging currency in Azerbaijan. However, be cautious and avoid unauthorized centers with temporary stalls, as they are likely to be scams. Always choose licensed exchange houses with proper authorization displayed to avoid excessive markups and counterfeit Manat notes.

Banks in Azerbaijan are generally reliable and provide reasonable exchange rates, but be prepared for potential queues and slightly higher fees compared to forex centers. The working hours for banks are usually from 9:00 AM to 5:30 PM on weekdays, with Saturdays as a half-day and Sundays as a bank holiday.

Using cards in Azerbaijan

When visiting Azerbaijan, it's important to note that while cards are accepted in major hotels, supermarkets, and restaurants in Baku, Azerbaijan is primarily a cash-based society. Therefore, it is recommended to carry the local currency, the Azerbaijani Manat (AZN), for most transactions. However, if you plan to use your cards, here are some things to keep in mind:

Inform Your Bank:

Before your trip, be sure to inform your bank or card issuer about your travel plans to Azerbaijan. This will help prevent your card from being flagged or blocked for suspicious activity while abroad.

Card Acceptance:

Major hotels, supermarkets, and restaurants in Baku typically accept credit cards. Well-known credit card companies such as Visa and Mastercard are widely accepted. However, it is always a good idea to carry some cash as a backup, especially when visiting smaller shops or local businesses.

ATMs:

ATMs are readily available in most major towns and cities, especially in Baku. You can use these ATMs to withdraw Azerbaijani Manat directly or use your debit or credit card for cash withdrawals. Remember to choose ATMs located near banks for added security and easy access to assistance in case of technical issues.

Transaction Fees and Charges:

Using your cards in Azerbaijan may incur significant charges for international transactions and foreign exchange fees. These fees vary depending on your card issuer and the type of card you have (debit or credit). Be sure to check with your bank or card provider about the specific fees and charges associated with using your cards in Azerbaijan.

Card Safety:

Take extra precautions when using your cards in Azerbaijan, just as you would in any other country. Be cautious when using your cards at ATMs or making payments to avoid card skimming or other fraudulent activities. Always keep your card in sight during transactions, and report any suspicious activity or loss immediately to your card issuer.

Alternative Options:

If you want to avoid high fees associated with using your regular debit or credit card, consider getting a travel money card or a prepaid card specifically for your trip. These cards often offer better exchange rates and lower fees for international transactions. Popular options include Wise, Revolut, Chime, Monzo, and Netspend.

Digital wallets in Azerbaijan

Azerbaijan has been working to improve its financial markets by implementing policies and adopting new technologies. One such strategy has been the introduction of local banking apps and digital wallets to facilitate payments through phones, which has made buying and paying more convenient and boosted the country's e-commerce industry.

AniPay

AniPay is an Instant Payments System launched by the Central Bank of Azerbaijan to make digital payments more convenient. It allows users to conduct payments within seconds at any time and from anywhere. The app also features QR code payment technology, enabling users to make in-store payments.

Kassam Wallet

Kassam Wallet is a digital wallet app that allows users to make electronic payments on the go. Users can make payments for purchases, utilities, or government services. The app also allows users to pay service providers, refill their phone balance, or purchase internet packages. Additionally, Kassam Wallet provides a transaction history and facilitates auto payments.

Azercell Kabinetim

Kabinetim is an all-in-one mobile app that allows users to make secure and reliable payments, including for utilities. Users can also top up their balance or manage their internet subscription packs using the app's QR code scanning process.

Postpay

Postpay is a payment app that allows users to split their payments into three monthly instalments with no interest. Users can add products to their cart and choose Postpay to check out, making it a seamless experience.

TuranBank Mobibank

TuranBank Mobibank is a mobile banking app that allows users to view and facilitate payments and transactions from their smartphones. Users can pay utilities, make digital payments for items, make loan payments, and transfer money to other banks. The app facilitates both foreign and local transactions.

BankAvrasiya MobilBank

BankAvrasiya MobilBank is an internet banking app that allows users to link their bank accounts to their phones and pay bills, such as electricity or internet charges. The app also enables users to transfer money from card to card or to other banks, and view balances or statements.

Paysera Wallet

Paysera is a multinational FinTech company that operates in Azerbaijan. Its app, Paysera Wallet, allows users to make electronic payments, pay bills online, request funds, and set up recurring payments, among other features.

Carrying cash in Azerbaijan

The official currency of Azerbaijan is the Azerbaijani Manat (AZN). While it is possible to pay by card in major cities like Baku and Ganja, Azerbaijan is largely a cash-based society, so it is advisable to carry a sufficient amount of Manat as cash for shopping and dining.

Although it is possible to exchange currency at the airport, it is not advisable due to high exchange rates and commissions. Instead, it is recommended to exchange a small amount of money at the airport upon arrival to cover immediate needs, and then exchange the rest at a forex vendor later using more cost-effective methods.

US Dollars are widely accepted for currency exchange in Azerbaijan and can be easily exchanged at multiple locations throughout the country. They can also be loaded onto a Forex card, which is a cost-effective option as it avoids cross-currency conversion fees. However, it is important to note that US Dollars are not accepted as a form of payment in Azerbaijan, and an unfavourable exchange rate will be charged if used directly.

Euros, British pounds, and US Dollars are easily exchanged in Azerbaijan, and major hotels, supermarkets, and restaurants in Baku usually accept credit cards. ATMs are widely available throughout the country, especially in Baku, and they accept single-currency forex, debit, or credit cards. It is recommended to use ATMs located near banks in case of technical issues. While there are generally no fees for ATM withdrawals in Azerbaijan, your home bank may apply fees for international usage, so it is advisable to inform your bank about your travel plans in advance to avoid any issues.

Currency regulations in Azerbaijan

Azerbaijan's national currency is the Azerbaijani Manat (AZN), which is divided into 100 qapik. While the Manat is the official currency, it is not the most convenient choice for travellers to bring with them to Azerbaijan. This is because Azerbaijan is an underrated tourist destination, and the Manat is less common and more expensive to buy outside the country.

The best currency to take to Azerbaijan is the US Dollar, which is widely accepted for currency exchange in the country. Other currencies that are easily exchanged include Euros, British Pounds, and US Dollars.

The Azerbaijani government does not impose any limits on the amount of foreign currency or Azerbaijani Manat brought into the country. However, there are regulations on the amount of currency that can be taken out of the country. Individuals can carry up to USD 10,000 or its equivalent in cash out of Azerbaijan by making a verbal declaration to customs officials at the airport. For amounts between USD 10,000 and USD 50,000, customs documents and a written declaration proving that the money was previously brought into Azerbaijan in cash are required.

Currency Operations

The Central Bank of the Republic of Azerbaijan (CBA) regulates currency operations in the country. The CBA has issued the Rules on Foreign Currency Operations of Residents and Non-Residents in the Republic of Azerbaijan (the Currency Rules), which set the rules for foreign currency operations conducted through banks.

The Currency Rules distinguish between residents and non-residents, with residents defined as individuals having a permanent place of residence in Azerbaijan and legal entities established under Azerbaijani law. Non-residents include foreign entities established in Azerbaijan, such as branches and representative offices.

The Currency Rules allow for currency operations without opening a bank account, but these are limited to resident and non-resident individuals. Outbound money transfers by these individuals are restricted to the equivalent of USD 1,000 per day and USD 10,000 per month. Inbound money transfers have no limitations.

For currency operations through bank accounts, the CBA has abolished the individual permit for offshore payments not listed in the law and has specified a list of allowed bank transfers. These include payments for imported goods or services, payments under re-export contracts, refunds of advance payments under terminated export contracts, payments to foreign representative offices, and various other specified types of payments.

Practical Tips for Travellers

When exchanging currency in Azerbaijan, it is advisable to avoid unauthorised centres with temporary stalls, as they may be scams. Instead, choose licensed exchange houses or banks, which provide reasonable exchange rates.

ATMs are widely available in Azerbaijan, especially in the capital city of Baku, and they accept single-currency forex, debit, or credit cards. It is recommended to use ATMs located near banks in case of technical issues.

While there are no fees for ATM withdrawals in Azerbaijan, your home bank or forex card provider may apply fees. To minimise costs, limit the number of withdrawals and withdraw larger amounts.

Always choose to withdraw Azerbaijani Manat instead of US Dollars or Euros to avoid unwanted charges and poor exchange rates.

Frequently asked questions