Established since 1910, this bank in Armenia selected by our specialists for international cooperation is very well-positioned to meet all types of personal and business requirements of its customers. One of the largest universal banks of the Republic of Armenia, the bank is distinguished by an exclusively individual approach, which allows you to choose financial instruments and alternative solutions tailored to your specific business or individual purposes. In servicing personal accounts of non-residents, Armenian financial institutions are guided not only by the need for clients to easily manage funds, but also use alternative solutions combined with modern technologies.
We suggest opening a personal account of a non-resident in the Armenian bank under consideration with the help of our lawyers. A one-time visit to Armenia is required at the stage of signing bank documents after preliminary approval (1-2 business days). The cost of the service is from 400 EUR. Please note that we are not positioned to provide a 100% guarantee of approval by the bank as the financial institution may reject your application following the due diligence to confirm the origin of the funds.
Opening an individual account in an Armenian bank – stable position of the bank in the Armenian banking sector
In search of a reliable financial institution, foreign investors and businessmen, first of all, study the stability and security of the institution. In this matter, the bank chosen by our lawyers can boast of a stable position, which is confirmed by the S & P rating (long-term – B +, short-term – B ).
By opening a personal account with the bank you will receive access to large scope of financial and banking instruments, as well as complete protection of your own assets. Bank secrecy in Armenia is protected by law, is not subject to disclosure, so customers are completely safe.
The main advantages of the institution are worth noting:
- a large number of branches, ATMs, POS- terminals;
- net profit of the bank is 14.4% (based on the results of 2019);
- This financial institution is among the leading first five retail banks of Armenia in terms of the loan portfolio of small and medium-sized businesses, as well as retail trade;
- enhanced opportunities for cooperation with large business combined with access to alternative solutions offering new, effective tools for managing funds.
Open a personal account with the Armenian bank under consideration – what are the conditions offered by this reliable financial institution to its customers?
Foreigners who are planning to relocate to Armenia for permanent residence, or the location of their vital interests is in Armenia, may need to open non-resident’s personal account in an Armenian bank. For most foreigners, currency exchange is a major issue, as exchange offices do not always offer a favorable rate.
The bank, on the other hand, as one of the largest financial institutions involves opening personal accounts in various currencies, including USD , EUR , AMD , RUR , etc. Additionally, the institution allows its customers to withdraw cash currency at the bank’s cash desks without a commission. Оnce you decide to open a personal account with the bank in Armenia, you are confident to be gaining a solid and reliable partnership with a financial institution in the long run. Let us now consider what kind of accounts can be opened at this financial institution.
Non-residents of Armenia can open the following types of accounts:
- personal account – for personal asset management (or by proxy to a third party);
- General account for maintaining accounts by several individuals;
- Accounts in the name of a third party (used for time deposits);
- target account – for settlements on the property (escrow), savings for children, etc.
Additionally, the institution opens savings accounts, however, there are some restrictions in terms of the available types of currencies – it is possible to open savings accounts in Euros, US dollars, Armenian drams or Russian rubles. In other cases, you can also open accounts in British pounds, Australian dollars, 999.9 gold, UAE dirhams, Canadian dollars, and other currencies that are quoted at the financial institution.
Opening a personal account with this bank in Armenia provides another privilege in the form of remote management of your funds. While other banks offer online banking services to its customers only in the territory of the Republic of Armenia, this institution allows you to use Internet banking anywhere in the world with the help of a token (a password generator for entering the system is issued when opening accounts).
Opening a personal account with the Armenian bank under consideration – terms and conditions for individuals
In case of withdrawal of cash in one of the best banks in Armenia, the terms are as follows:
|Head Office / Branch||Without prior request||By prior request|
|Cash amount||Amount requested||Request submitted before 13:00||Request submitted after 13:00|
|Head office||Up to 30 million Armenian Drams (AMD), 100,000 US dollars and 30,000 euros||Over 30 million Armenian Drams (AMD), 100,000 US dollars and 30,000 euros||1 day||2 days|
|Branches in Yerevan||Up to 20 million Armenian Drams (AMD), 25,000 US dollars and 15,000 euros||Over 20 million Armenian Drams (AMD), 25,000 US dollars and 15,000 euros||1 day||2 days|
|Branches outside Yerevan||Up to 10 million Armenian Drams (AMD), 20,000 US dollars and 10,000 euros||More than 10 million Armenian Drams (AMD), 20,000 US dollars and 10,000 euros||5 days|
Remote account control is possible with the help of Internet, mobile banking, as well as through the Phone-Bank system. In this case, customers are able to perform the following operations:
- transfers and payments;
- opening additional accounts;
- payment of utility bills;
- orders, reissues of payment cards;
- registration and replenishment of deposits;
- closing accounts, deposits, cards;
- cancellation of orders to the bank;
- approval of a currency conversion transaction;
- receiving information on account status, transactions;
- modifications in transaction orders.
In the decision to open an account with the financial institution in Armenia, non-resident individuals also gain access to bank safe deposit boxes, deposits for accumulating funds, and special accounts.
Opening a personal account with the Armenian bank – capital gains through deposits
The range of deposit products of the bank selected by us in Armenia is quite wide – the bank has extensively diversified the traditional methods of depositing funds; it is assumed that the deposit will be selected in accordance with the wishes of the client (the bank has a special deposit selection tool). To open a personal account with the Armenian bank under consideration for storing funds at interest, non-residents can use one of the following programs:
- deposit with interest capitalization (rate 1-3.7% depending on the selected period);
- deposit with the possibility of urgent termination of the deposit (rate from 0.5% to 3.2% depending on the term);
- deposit with the possibility of replenishment (minimum 91 days, rates 1.2-3.4%);
- deposit with the possibility of partial withdrawal of the amount (1.2-3.5%);
- deposits with the possibility of partial withdrawal and early termination (0.7-3%);
- deposits with the possibility of partial replenishment plus partial withdrawal of the amount (0.9-3.10%).
If your plans include the use of a credit line, a financial institution offers customers with fixed deposits renewable and non-renewable credit lines. For example:
- credit in deposit currency with a deposit rate of +4: – coefficient up to 90%;
- credit in a currency other than the deposit currency – up to 70%.
Open a personal account in one of the best banks in Armenia: savings accounts
A savings account with the Armenian bank under consideration is a way to preserve capital and protect savings especially in times of political and economic turbulences. Such accounts are opened to non-residents on the following conditions:
- you may at your discretion replenish and withdraw funds during the entire period of service;
- the minimum deposit amount is 200,000 AMD, 500 USD, 300 EUR or 15,000 RUB;
- the client independently chooses the method of interest accrual/payment (capitalization is also available);
- Based on the minimum amount, the rates are as follows:
- 0.5% for USD;
- 0.1% for EUR;
- 1.5% for RUB;
- 4.0% for AMD (if the balance on the account is less than the required minimum amount for all currencies, the rate will be 0.1%).
Opening a personal account with the Armenian bank under consideration to save savings is beneficial for non-residents who receive any transfers from third parties (they can also be credited to a savings account), and all deposits can be made to a third party.
Tariffs for opening savings and current bank accounts are as follows:
- For Armenian citizens – free of charge;
- For non-residents – 5,000 AMD (excluding term deposits and brokerage accounts);
- if an account is opened in foreign currency – 1,000 AMD for each account opened in the Yerevan branches of the bank;
- 500 AMD for each account opened in foreign currency at a branch outside Yerevan.
Opening a personal account in one of the best banks in Armenia – money transfers in foreign currency
Those planning to open a personal account with the Armenian bank under consideration, should remember that there are fixed rates on transfers in foreign currency. Namely:
|Intrabank||Free of charge|
|Russian ruble:· The costs of all correspondent banks and intermediaries are charged from the transfer amount;· The costs of all correspondent banks and intermediaries are borne by the bank||3000 AMD|
|0.1%, minimum AMD 3,000, maximum AMD 30,000|
|US dollars, Euro:· Costs that are charged from the amount of the transfer, including expenses of correspondent banks;· Upon submission of the order in paper form;· In the case of the submission of an electronic payment order through the Internet Bank / Mobile Banking system||0.1%, minimum 5,000 AMD, but not more than 12,000 AMD|
|0.15%, minimum 7 500, but not more than 50 000 AMD|
|0.1%, minimum 6,000 AMD, but not more than 50,000 AMD|
|In other foreign currency quoted by the institution:· The costs of all correspondent banks and intermediaries are charged from the transfer amount;· In case of submitting a payment order in paper form;· In the case of submitting a payment order through the system or “Internet Bank” and / or “Mobile Banking”||0.1%, minimum 5,000 AMD maximum 12,000 AMD|
|0.15%, minimum 12 000 AMD , maximum 50 000 AMD|
|0.1%, minimum 10,000 AMD, maximum 50,000 AMD|
|Transfers in a currency not quoted by the bank||0.2%, minimum AMD 20,000, maximum AMD 100,000|
Non-residents wishing to a personal account with the Armenian bank under consideration, can also use the services of safe deposit boxes.
Opening a personal account in the Armenian bank – rental of safe deposit boxes
Individual safe deposit boxes in one of the best banks in Armenia are a great way to preserve valuables, ensure their integrity and protect against any external influences. Non-residents can rent bank safes in the largest financial institution in Armenia on the following conditions:
|safe deposit box sizes in different branches in the RA||Tariffs (in AMD)|
|Branch ” Komitas “||Branches “Kamar”, “Sayat-Nova”, “Etchmiadzin”||1 month||3 months||6 months||1 year|
|250mmX350mmX90mm||300mmX100mmX460mm||15 thousand||20 thousand||30 thousand||35 thousand|
|250mmX350mmX190mm||300mmX200mmX460mm||20 thousand||30 thousand||40 thousand||60 thousand|
|250mmH350mmH290mm||600mmX200mmX460mm||25 thousand||40 thousand||50 thousand||80 thousand|
|600mmX900mmX460mm||50 thousand||80 thousand||100 thousand||160 thousand|
Non-residents wishing to open a personal account with the Armenian bank under consideration should take into account that the financial institution has special offers for foreigners. For example:
- for residents and permanent residents of the United States loans for the acquisition, reconstruction, repair of real estate of the secondary market of the Republic of Armenia;
- special services for employees of the following sectors of the economy: IТ, audit and accounting, insurance, energy, mining, etc.;
- marketing stocks, cashback stocks;
- special credit conditions for the purchase of KIA and Toyota cars (of certain makes).
If you want to open a personal account in the Armenian bank under consideration, write to our specialists by e-mail email@example.com. The cost of the service starts from 400 EUR. Plan to spend 1-2 business days in Armenia for affixing signatures on bank documents in case of preliminary approval. We will also help you open a corporate account in a reliable Armenian bank for non-resident legal entities, apply for an entry visa and residence permit , register a company in Armenia, and obtain an Armenian passport.
How to open a personal account in a reliable Armenian bank?
To open an account, preliminary preparation of documents with the help of qualified lawyers is required. It should be borne in mind that all documents are submitted only in Armenian, legalization and affixing of the apostille is necessary. You can prepare a package of documents remotely, a personal visit is required only when they are submitted to the bank (the application and other bank forms are signed by the account holder). The approximate duration of stay in Armenia for a meeting with representatives of the bank is 1-3 days. It should be borne in mind that the institution carefully checks the sources of origin of funds and may refuse in case of suspicion of forgery of documents or an attempt to hide illegally earned funds.
What are the conditions for opening and maintenance of personal accounts in the Armenian bank for non-resident individuals?
Regardless of the type of personal account opened in the Armenian bank under consideration, non-residents are completely free to replenish and withdraw funds. The minimum deposit amount for opening a savings account with an Armenian currency bank is:
15 thousand Russian rubles;
500 US dollars;
200 thousand Armenian drams.
If a personal account is opened for transfers and payments, you are able to use remote banking services by means of a token. Additional services include re-issuance and ordering of payment cards, accession of individuals to use one account, currency conversion transactions, etc. There are term deposits and deposits with capitalization of interest.
What additional services does the financial institution of Armenia offer?
One of the largest banks in Armenia has all the instruments available to support corporate and personal accounts of non-residents. You can use the following
services for foreign individuals at the Armenian bank under consideration:
Qualified operational support for regular transfer transactions;
special credit lines for the purchase of real estate, cars, housing reconstruction;
special packages for servicing IT professionals and companies;
special cashback promotions;
attractive credit products when buying cars of certain brands;
automation of regular transactions and payments.
Non-resident individuals can also rent bank safe deposit boxes for long periods.