Heading to Azerbaijan and unsure about the best currency to carry? Although the Azerbaijani Manat (AZN) is the official currency, it’s not the smartest choice to buy it in India. Since Azerbaijan is an underrated tourist destination, the Manat is less common here, making it difficult to find and often expensive even if you did. So, what is the best currency for Indian travellers to Azerbaijan? The US Dollar!
Why Choose US Dollars Over Azerbaijani Manat?
The best currency to take to Azerbaijan is the US Dollar. It’s easier to buy in India at an affordable rate than the Azerbaijani Manat, and it’s widely accepted for currency exchange in Azerbaijan. US Dollars provide more flexibility and are readily exchangeable at multiple locations throughout Azerbaijan. Carrying US Dollars as cash or loading them onto a Forex card from a trusted provider like ExTravelMoney ensures a smooth and cost-effective trip.
How to Buy US Dollars in India?
Buying US Dollars at Indian airports can be quite costly due to high premiums charged for last-minute foreign currency needs. To save money, purchase the required currency and forex cards from a forex service provider in India, preferably through an online platform like ExTravelMoney.
Currency:
- The US Dollar is a widely recognized global currency and is available in India at competitive exchange rates. To keep your costs down, buy Dollar notes from a reputable forex provider.
Forex Card:
- In India, you can’t directly load a forex card with Azerbaijani Manat. Instead, you can load it with US Dollars and then withdraw Manat from ATMs in Azerbaijan or use it for payments.
- You can lock the exchange rate when loading USD onto the card. The rate lock feature protects your loaded USD from exchange rate fluctuations.
- It’s wise to carry only a small amount of Dollars in cash and load the rest onto a single-currency forex card. These cards do not incur cross-currency conversion fees, unlike multi-currency forex cards, which typically charge 3-5%.
- Single currency forex cards only charge a withdrawal fee of USD 2-3 per transaction and no other fees.
Pro Tip: To avoid any last-minute rush, make sure to buy the necessary forex products at least three days before your trip.
Should I Exchange Currency at the Airport?
While Azerbaijani airports offer currency exchange services, it’s not advisable to exchange the full amount there due to high exchange rates and commissions. Upon arrival, visit a forex vendor to exchange just enough Azerbaijani Manat for immediate needs, like a taxi ride or a quick meal. You can exchange the rest of your money later using more cost-effective methods.
Pro Tip: Keep an eye on the mid-market exchange rate, which is the rate displayed on Google and reflects the true value of a currency. This rate represents the midpoint between the buying and selling prices of two currencies at a specific time. Knowing this rate helps you assess whether the markup (the additional fee charged by forex vendors) is reasonable.
Where to Exchange Currency in Azerbaijan?
Although hotels and restaurants in the capital city of Baku accept cards for payment, Azerbaijan is typically a cash based society. Therefore, have a sufficient amount of Manat as cash for shopping and dining. Manat can be withdrawn in the following places-
ATMs:
- ATMs are widely available throughout Azerbaijan, especially in the capital city of Baku. They accept single-currency forex, debit, or credit cards.
- To find the nearest ATM, use the MasterCard Locator or Visa ATM Locator. It’s 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, Indian banks and forex card providers may apply fees. To minimize these costs, limit the number of withdrawals and increase the amount withdrawn each time.
- Always choose Azerbaijani Manat for withdrawal and not US Dollars or Euros so that you can skip unwanted charges and poor exchange rates.
Foreign Exchange Centers:
- Be cautious and avoid unauthorized centers with temporary stalls, as they are likely to be scams. Always choose exchange houses with a license and proper authorization displayed to avoid excessive markups and counterfeit Manat notes.
Banks:
- Banks 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 on weekdays are around 9:00AM to 5:30PM. Saturdays shall be a half-day and Sundays shall be a bank holiday.
Pro Tip: Always keep your passport and visa handy as it might be asked at foreign exchange centers and banks as identity proofs.
Can I Use My Indian Debit and Credit Cards in Azerbaijan?
Yes, Indian debit and credit cards can be used in Azerbaijan at ATMs and POS machines. However, they come with significant charges for international usage. Inform your Indian bank about your travel plans to avoid your card being flagged for suspicious activity.
- Debit Cards: Use your debit card only for emergencies, as they often incur high foreign transaction fees.
- Credit Cards: Credit cards can be used more freely, but they also come with high fees. Always check with your bank regarding any charges or fees before traveling.
Bank Charges for Using Indian Debit and Credit Cards in Azerbaijan
| Card Type | Charge Type | Fee/Percentage of Transacted Amount |
|---|---|---|
| Debit Card | Foreign Transaction Fee | 2.5% – 3.5% |
| Currency Conversion Fee | 1% – 2% | |
| ATM Withdrawal Fee | 4% | |
| Credit Card | Foreign Transaction Fee | 3.5% |
| Overseas ATM Withdrawal Fee | Rs. 125 per transaction |
Pro Tip: Always check with your bank for the most current fees and charges before you travel, as these can vary between banks and card types.
How To Convert Azerbaijani Manat to Indian Rupees?
As you may know, the Azerbaijani Manat has low demand in the Indian foreign exchange market. Consequently, most banks and money exchange vendors in India do not accept them, making it very difficult to sell any leftover Manat once you return.
To avoid this issue, it’s best to exchange your remaining Azerbaijani Manat for Euros or US Dollars while still in Azerbaijan. Once you’re back in India, you can sell these currencies on a forex platform like ExTravelMoney.
Currency Regulations: What You Need to Know
- Bringing Currency into Azerbaijan: The Azerbaijani government does not impose any limits on the amount of foreign currency or Azerbaijani Manat brought into the country.1 However, under the RBI’s Liberalized Remittance Scheme (LRS), there is a maximum limit of USD 3,000 or its equivalent that can be carried in cash from India.2
- Taking Currency Out of Azerbaijan: Upon verbal declaration to the customs officials at the airport, an individual can carry up to USD 10,000 or its equivalent in cash from Azerbaijan to India. For amounts between USD 10,000 and USD 50,000, customs documents and a written declaration proving the money was previously brought into Azerbaijan in cash are required.3
For Indian travelers heading to Azerbaijan, carrying US Dollars is the most practical and cost-effective choice. By preparing ahead and understanding the currency exchange options, you can avoid high fees and make the most of your travel funds. Remember to use trusted forex services like ExTravelMoney for a hassle-free experience!
Also Read: Jio International Roaming Plans For Indians Travelling Abroad
FAQs
1. Is it better to use cash or a forex card in Azerbaijan?
It’s generally better to use a forex card due to lower fees and the ability to lock in exchange rates, but carrying some cash is useful for smaller transactions.
2. Can I use Indian Rupees in Azerbaijan?
No, Indian Rupees are not accepted in Azerbaijan. Even if it is accepted they charge unfair exchange rate.
3. Can I use US Dollars in Azerbaijan?
Azerbaijani Manat is the legal tender of Azerbaijan. Therefore, US Dollars shall not be accepted and even if they did an unfavourable exchange rate shall be charged. It is advised to carry US Dollars to Azerbaijan and convert it to Azerbaijani Manat.
4. How to withdraw Azerbaijani Manat from a forex card at an ATM?
These are the steps to follow to withdraw Manat from your Forex card at an Azerbaijani ATM;
- Load USD in your forex card.
- On reaching Azerbaijan, visit an ATM.
- Insert the forex card.
- Among the cash withdrawal options choose the Checking/Current account. (Click the ‘Credit’ option if not available)
- Enter your PIN and the required amount in Manat.
- The requested amount gets converted from USD in your account to AZN simultaneously in the system.
- Withdraw the converted Manat (AZN).
- State Customs Committee of Azerbaijan ↩︎
- Reserve Bank of India ↩︎
- State Customs Committee of Azerbaijan ↩︎
Ann Mariya Job is the Associate Content Writer at ExTravelMoney.com. Holding a Bachelor’s in Journalism, she excels in creating deeply researched, engaging, and crisp content. Her work helps readers understand the complexities of foreign exchange, overseas money transfers, and international travel.