Where can I exchange money in Yerevan without commission?

In Yerevan, you can exchange money without commission at bank branches such as Inecobank, Ameriabank, ACBA, and at licensed exchange offices with the 'Match' brand or similar, located in the city center—on Northern Avenue, Abovyan Street, near Republic Square, and by the metro. Exchange rates at the airport are usually 5–10% less favorable. It is not recommended to exchange money with street dealers due to the risk of counterfeit bills. Rates and conditions may change, so check the current information before exchanging.