If you are looking forward to building a competent strategy for protecting own assets, we offer to remotely open a personal account in an Armenian bank. Why do we recommend starting to build your banking history in this particular country? Owing to its favorable geographical location, wide range of banking services and loyal tariff policy, Armenia has acquired and has been successfully retaining the status of a solid financial center.
Why open a personal account in an Armenian bank remotely?
Having a foreign bank account provides a guarantee to protecting your money honestly earned from political, economic risks, as well as from stringent monetary policies applied in your own country of residence.
Unfortunately, today we are all faced with increasingly more and new types of risks. The COVID-induced crisis has already determined the vector of economic development throughout the world. However, while many of the developed countries, for example, European states, are well-positioned to withstand the recession, there are countries, in particular in post-Soviet area, for which there will be numerous challenges throughout the process.
Exchange rate turbulences, increased government debts, development of production put on halt and lack of stability these are some of the key factors which may negatively impact each and everyone’s welfare personally. And even if you already have an account in a foreign bank, we recommend that you hedge your assets and open a personal account with a bank in Armenia remotely.
Who can open a personal account in an Armenian bank remotely?
Despite the seeming simplicity of service, Armenian banks are highly reliable, which means that the bank treats a potential client and the process of opening a personal account with particular diligence and responsibility.
The client-bank interaction in this case comes down to two simple steps:
- you are required to provide the required package of documents and receive preliminary confirmation to open an account
- bank account is opened remotely
According to the internal policy of our proposed Armenian bank, absolutely all citizens from the CIS countries can open a personal account. Restrictions on establishing business relationships only apply to citizens of Venezuela, Iran and Afghanistan.
What documents are required to open a personal account in an Armenian bank?
The procedure for opening an account is quite simple and requires the provision of a minimum package of documents:
- copy of passport
- confirmed place of actual residence
- confirmed source of origin of funds
Please note that before submitting the package of documents to the bank, they will need to be translated into Armenian, notarized, apostilled or certified by the consulate of Armenia.
How much does it cost to open a personal account in a bank in Armenia remotely?
As of today, the bank has established the following service rates for its clients
|Service||Service cost (€ rate taken as of 30.07.2020)|
|Opening a personal account||120,000 AMD / € 200|
|Expedited account opening (within 1-3 business banking days after receiving the full package of documents)||280,000 AMD / € 500|
|Minimum deposit and account balance||n/a|
|Annual account maintenance fee||150,000 AMD / € 260|
|within the bank||free|
|International transfers are available in the following currencies:||USD, EUR, RUB, GBP and CHF|
Additionally, we would like to draw your attention to the fact that the bank uses 2 languages for customer service – Russian and English. The website for clients is available in Armenian and English.
Can I order an individual bank card?
Yes, it is possible. Armenian bank offers its clients to use individual bank cards for non-cash and cash payments.
About the bank
For 19 years, this Armenian bank has been providing its services to clients operating in the corporate and retail sectors (the institution is licensed since 2001). The bank is regulated by internal regulations, as well as by the KYC policy (know your client) principles, as well as the 4th EU AML Directive (anti-money laundering). The bank’s activities are absolutely transparent.
Today the bank has 51 branches, and its ATM network includes 122 ATMs. The institution is included in the TOP-100 of the taxpayers’ list, and according to the latest data from the Moody’s Investors agency, its rating is stable or B2.
With the professional team with experience in providing banking services in the European area and the territory of the Eurasian Union, you are guaranteed an individual and flexible approach.
Benefits of having a personal account in the Armenian bank
A personal account with a bank in Armenia allows you to benefit from such advantages as:
Bank secrecy – disclosing banking information to third parties is pursued legally and entails even imprisonment and a financial penalty, moreover, Armenia does not participate in AEOI / CRS in 2020 (and has not yet set a date for information exchange) and does not participate in other programs information exchange other than FATCA.
Security – the banking system of Armenia is reliable: absolutely all banks are licensed and strictly regulated by the Central Bank of Armenia. There is also a deposit insurance system in the country, however, it was never used, since in recent history there was not a single bank that would go bankrupt.
High income – the interest offered on deposits is quite attractive, for example, in foreign currency, you can get income up to 5% per annum.
We are happy to offer you our free consultation: contact us at firstname.lastname@example.org, where we will discuss all your questions. To open a personal account in an Armenian bank, you will need to prepare the necessary package of documents, pay for the service in the amount of 1999 EUR, obtain preliminary approval from the bank, open an account and get access to your account immediately.