Looking for beneficial exchange deals?

/By AzerNews/

By Amina Nazarli

The exchange rate for the national currency is a major question for travelers to another country. Any rise or drop in the financial markets can be beneficial for us, but it also makes us think twice before acquiring cash currency.

The Azerbaijani manat was considered one of the most stable national currencies before its devaluation in early 2015 as a result of fluctuations of oil prices in the world market.

The 34 percent devaluation follows a February 16 decision to shift from a dollar-peg policy to tying the manat to a basket, including the euro.

The exchange of money is well-organized in Azerbaijan and banks carry out sale and purchase operations based on the exchange rate of manat with regard to major hard currencies, which is set by the country's Central Bank.

Azerbaijan’s Central Bank announces the official exchange rate of the manat daily. For instance, U.S. dollar and Euro against to the Azerbaijani manat was set at 1.0489 and 1.1612 manats, respectively as of July 3.

While exchanging money we desire to get the maximum benefit and look for the best bank rates.

People first of all look at the electronic boards displaying the figures. These rates are final and no extra are incurred during the operation.

The AZN.Today services website provides the top five of banks offering the best rates of exchange for hard currency. Last week they were Unibank, Az?r-Türk Bank, Deka bank, International Bank, and Turan bank.

For instance it is more profitable to sell dollars at Unibank. This bank buys this currency at 1.0488 manats per $1, and it is the highest price for the U.S. currency in the national market.

However, it is better to buy dollars in the Az?r-Türk Bank, where the dollar is cheaper than in any other bank of the country, selling it at 1.0507 manats per $1.

With regards to Euro, Deka bank gives you the best deal, offering 1.16 manat per 1 euro.

Unibank is also a good choice for the purchase of European currencies, as here 1 euro can be purchased at 1.1687 manats.

The manat is very similar to the Euro or USD in value and therefore it does not pose difficulties for foreign nationals in assessing the value of goods and services.

Non-cash payments

Although many countries have long ago moved to the credit card system, in Azerbaijan people still prefer to use cash money, due to its convenience in payments for travel fares in public transport.

Credit card machines have not yet been introduced in city buses, which is why people still enjoy the good-old method, using cash to pay for their bus fare. However, the government is planning to implement this system in the coming years.

People generally use social, salary, and pension cards to pay utilities, or pay online bookings in Azerbaijan.

Although bank cards are not as popular in the country, by the 2nd quarter of 2015, Azerbaijan with a population over 9.6 million issued the record number of payment cards. The number of bank cards in the country reached 6,038,000, some 1,281,000 of which are credit cards. Remaining 2,461,000 consist social cards, while salary cards amount of 1,442,000.

The number of ATMs operating in Azerbaijan comprises 2,633 units—some 1,481 have been installed in Baku, while 1,152 operate across the country’s regions.

By April 2015 the number of POS terminals installed in the country stood at 77,631 units. Some 50,229 of these terminals are operating in the capital and 27,402 in the regions.