How to Open a Bank Account in Armenia?

There are both local and international banks in Armenia, the latter of which are either fully or partially owned by non-Armenian investors.

All banks have Internet Banking services, which usually requires a one-time payment. Mobile Banking is also extremely common and easier than Web. Most top currencies are handled by all banks, including the Japanese Yen, Swiss Franc, etc. The most commonly used currencies are the AMD, USD, GPB, EUR, and RUB, however. You will have to check individual banks to see what currencies they work with.

Generally it is free to open an account in AMD, though there may be a small cost for other currencies. The maintenance for individuals can range up to 1000 AMD, while it may go up to around 5,000 AMD for legal entities. Closing the account will also be around 1000 AMD for individuals and 2000 AMD for legal entities. Pension, state support and social package accounts have certain interest rates that accrue over time as well. Some banks require a minimum balance in the accounts, while others allow you to keep it at 0.

You can have a bank account open and in service within 30 minutes of you walking into the building, but for residents it is usually said to wait up to 2 days. Non-residents may have to wait up to 2 weeks, especially if done remotely. 

A bank account allows you to pay and get paid, receive a savings interest or open a credit line, pay for utilities and most anything else required in the country. While residents and citizens can open a bank account with only a passport or other simple identification, those of non-Armenian nationalities may be required to provide multiple documents, depending on the bank and the residency of those applying for an account.

This is with the exception of Iranian citizens, where some banks are more lenient in the documentation required. If you leave an account inactive, a bank might decide to close it after 14 months have passed since the last activity. 

Personal and Business Accounts

Documents required to open a bank account, make a deposit, receive a credit/debit card or rent a safe include (for citizens and residents of RA):

- Passport  or ID card, or Residence Permit (1, 5, 10 year permits). 
- Social Security Number (SSN) - if available

- Grantsoum (permanent  or temporary address registration) - if there is no Armenian address, you can show your foreign residence address
- Those under 18 will require an added proof of legal representative’s status in Armenia, as well as written approval by said representative to open the account. 

For foreign citizens, the following documents are required (each banks has its own requirements though, so please check with a bank separately):

Banks have the right to ask the client to provide other documents at its discretion.

If you own a business or legal entity in Armenia, you will need the following documents as a resident:

- ID
- SSN
- Document with Tax identification number
- IDs of those who can operate the account
- Service Certificate/Appointment order for notary
- Application/documentation filled at bank

Information to note:

US Citizens: You will be required to sign a form called a FATCA. In an effort to decrease the number of offshore accounts about which they have no information, the Internal Revenue Service (IRS) of the United States created the Foreign Account Tax Compliance Act, or FATCA.

For jurisdictions (e.g. countries) or banks which agree to the terms set by the IRS, all US citizens who open bank accounts within that jurisdiction or bank are required to fill out a FATCA form. This informs the IRS that a US citizen has a bank account abroad and it can call upon that banking institution to divulge the banking information of that individual if it finds it necessary.