Process of opening a bank account in Armenia for foreigners in 2025

Benefits of Opening a Bank Account in Armenia for Foreigners in 2025

Foreigners who are already residing in Armenia or dreaming of moving here, get ready for an incredible opportunity! Whether you're thinking about starting a new adventure or relocating your business to Armenia, opening a bank account in 2025 is an exhilarating step towards securing your financial future and fueling your business growth. Opening a bank account in Armenia presents several advantages for foreigners, and these benefits have notably increased in recent years. This development offers a more favorable environment for managing financial needs in Armenia, ensuring accessibility and a supportive banking experience for expatriates. In particular:

• A streamlined process for opening a bank account.

• Competitive commission fees associated with banking transactions and account maintenance.

• A stable and secure banking framework.

• Diverse options for international money transfers, foreign currency accounts, and online banking services.

• Opportunities for investment in emerging sectors, including real estate and information technology.

• A favorable tax environment, particularly for the information technology sector.

• The capability to maintain accounts in various currencies.

• Access to a wide range of loan products, including consumer loans, mortgages, and credit card services.

• Availability of bank vaults for the secure safekeeping of valuables and important documents.

Furthermore, starting a business in Armenia in 2025 is both straightforward and cost-effective. Once your company is established, opening a bank account for a resident company in Armenia is quick and easy. Securing a bank account in Armenia in 2025 will not only enhance your financial stability but also open up numerous growth opportunities.

Opening remote accounts for foreign nationals

The process of remotely opening an account can spare time both for RA citizens and also provides several conveniences to foreign nationals who can open a bank account in Armenia while abroad. Specifically, opening a bank account remotely or online is achieved through the following simple steps:

1. To begin, visit the website of your chosen bank and complete an application form for opening a bank account on the designated webpage. The bank will then request that you send the required documents, such as a photocopy of your identity document, to the specified email address.

2. During this phase, the majority of banks will review the documents you have submitted and propose a convenient time for authentication. They will provide an electronic platform for a video call to verify your identity. Following authentication, the bank may also request additional documents if necessary.

3. Following successful authentication, certain banks may require transferring a specific sum to the newly opened bank account to activate it. Subsequently, the bank will remotely send all concluded contracts to the specified email address. Relying on the provided information, the system will enable you to use the bank’s online banking application free of charge.

It is worth noting that numerous banks, considering the workload of their branches, provide more cost-effective terms for opening bank accounts remotely. For instance, opening the same type of bank account online may be free of charge, but a fee might be charged in case you opt to visit the bank.

Key takeaways

Not only RA citizens, but also foreigners can open accounts remotely, and this procedure is simple, fast and often free of charge.

Cost of Opening a Bank Account

Disclaimer: The tariffs presented have been derived from the websites of various banks that operate within Armenia and are provided for informational purposes only. These values are based on approximations and are subject to change over time. It is important to note that these averages serve as a general guide only and may not reflect the exact pricing structure of each bank. It is recommended that individuals seeking specific information regarding bank tariffs consult with each respective Bank directly.

Opening Bank Accounts for Russian Citizens in Armenia

According to the Federal Service for State Statistics of the Russian Federation, approximately 49,000 Russian citizens relocated to Armenia in the sole year of 2022. Additionally, data from 2023 indicates that over 3,400 companies of Russian origin were established in Armenia. Given these figures, it's evident that a considerable number of Russian citizens currently have a need for banking services for both professional and personal purposes.Considering all the data and prerequisites for opening bank accounts for Russian citizens in Armenian banks, the following list outlines the documents that should be provided to a bank for opening a relevant bank account:

1. An identity document (most banks accept the original, but it is feasible that some banks require a translation certified by a notary seal),

2. The objective of residence in Armenia, i.e. the “centre of vital interests”, can be verified by the following:

• in case of owning real estate in Armenia: a copy of the certificate of ownership,

• in case of rented property: a rental agreement, or in its absence - receipts for payment of utility bills for the address of the apartment,

3. In case of having an income in Armenia: a document confirming the source of this income.

In other words, first of all, you should pay attention to the objective residence in Armenia, and to the fact whether documents confirming the centreofvitalinterestsand documents confirming the source of income are available.

We would like to add that Russian citizens may be charged an account opening fee of 20,000 AMD or more for opening a certain type of bank account in most banks.

Key takeaways

In order to open a bank account in Armenia, citizens of the Russian Federation must submit documents certifying the purpose of settling in Armenia, interest and source of income.

Opening Bank Accounts for Iranian Citizens in Armenia

Back in 2016, the termination of the mandatory visa regime between Iran and Armenia contributed to the development of the economy, friendly relations, labor market, and tourism of the two countries (for example, according to 2022 data, about 25,458 Iranian citizens visited Armenia). Taking into account the fact that a large number of Iranians also prefer to continue their lives and careers in Armenia, below we present a list of required documents from Iranian citizens for opening bank accounts in Armenian banks and various monetary transactions:

1. Identity document (most banks require a translation certified by a notary seal),

2. Resident Card issued for residency in Armenia (some banks may consider this document mandatory)

3. The objective of residence in Armenia, i.e. what is the “centre of vital interests” of the person, which can be verified by the following:

• in case of owning real estate in Armenia: a copy of the certificate of ownership,

• in case of rented property: a rental agreement, or in its absence - receipts for payment of utility bills for the address of the apartment,

• in case of employment - employment agreement or other civil law agreement serving as a basis for the person’s employment,

• a deposit made in any Armenian bank for a period of 60 or more years, the minimum amount of which is 20,000 USD,

4. In case of having income in Armenia: a document confirming the source of this income.

It should be noted that some Armenian banks open bank accounts for Iranian citizens only in an Armenian Dram (AMD).

Key takeaways

In order to open a bank account in Armenia, citizens of the Islamic Republic of Iran must submit documents certifying the purpose of settling in Armenia, interest and source of income.

Proof of Address

Banks may frequently request a registration address and a Social (Security) Card when opening bank accounts. While this poses no problem for Armenian citizens, non-residents may encounter difficulties. In such instances, persons without Armenian citizenship have the option of providing the address and details of the hotel of their temporary residence. Although obtaining a Social (Security) Card, also known as a Social Services Number (SSN), is not obligatory in Armenia, most banks consider itarequired document for account opening. To acquire a Social (Security) Card, individuals can simply visit any branch of the RA Migration and Citizenship Service, where they will be assigned a state Social Services Number. The service typically costs 1,000 AMD and takes approximately 15 minutes.

Key takeaways

The cost of obtaining an RA registration number plate is 1000 AMD, and the approximate duration is 15 minutes.

How Much interest you can earn?

It's important to reiterate that when opening savings accounts in banks operating within Armenia, both residents of Armenia and non-residents have the opportunity to earn an annual income of up to 5 percent or more. This interest is calculated based on the positive balance on the account each day. Primarily, nearly all banks offer a guarantee for the savings account and the interest accrued on it. The(possible) reimbursement is carried out by the Deposit Guarantee Fund of Armenia.

Closing a Bank Account

Every client of a bank operating in Armenia has the right to close his/her bank account at any time by giving prior notice to the bank in writing, via Internet banking, or by visiting a branch of the bank and paying off all his/her liabilities to the bank beforehand. The balance of the closing account may be paid to the client in cash at the time of closing or transferred to another account at the client's instruction. In addition to the cases of closing the account based on the client's application, the bank account may also be closed on the bank's initiative in the following cases:

• On the bank's initiative, based on the results of monitoring of accounts and customer base,

• On the bank's initiative, in case of absence of account turnover and zero balance during the previous 12 months.

Key takeaways

Bank accounts are closed based on the client's application or at the initiative of the bank.

Conclusion

In light of the current geopolitical, financial, economic, and contemporary challenges, it's clear that having a bank account is essential. This necessity goes beyond merely securing financial assets; it also plays a vital role in facilitating day-to-day transactions more quickly and efficiently. While banks are actively working to simplify the process of opening bank accounts, understanding the relevant legal provisions in this area is also crucial. This is particularly important for both resident and non-resident legal entities, as well as non-resident individuals as banks often impose stricter requirements on these groups due to certain security considerations.

It is crucial to reiterate that the circulation of financial means of both Armenian and foreign citizens is safeguarded against any risks and losses. This assurance stems from the fact that any bank or payment system operating in Armenia, that facilitates money transactions, is regulated by the Central Bank of Armenia. It's important to note the current global scenario, where banks and payment systems in several countries are facing severe sanctions. This not only disrupts the financial activities of individuals and legal entities but also hinders business expansion opportunities abroad. For instance, recent geopolitical events, such as the military and political developments in 2023, have led to over 36 banks operating in Russia being subjected to sanctions, as per the latest quarterly data. Similarly, economic sanctions imposed on Iran over the past decade, as monitored by the World Bank, have caused aggravated financial hardship for 10 million Iranians.

Drawing from the aforementioned, we can conclude that banks and payment systems in Armenia present expansive opportunities for both business growth and addressing daily concerns for foreigners, and even for citizens of Armenia. We guarantee that our team of professional lawyers will assist you in selecting the most suitable bank for your needs, along with the most effective types of bank accounts, payment cards, and payment systems, all within the shortest possible time frame. With our extensive experience in dealing with banks, we can ensure the swift organization of your preferred banking process within a matter of hours.

Key takeaways

The years of experience of our professional lawyers will be an incentive to organize the process of opening a bank account of your choice in a matter of hours