Open an individual account in an Armenian bank with a personal visit

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:

1. 0.5% for USD;
2. 0.1% for EUR;
3. 1.5% for RUB;
4. 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 info@offshore-pro.info. 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.