For the most accurate and up-to-date list of operational banks in Armenia, refer to the official website of the Central Bank of Armenia. Every bank in Armenia has its own website, and most offer built-in English translations.
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Opening a Bank Account in Armenia for Residents and Non-Residents
Armenian banks are generally open to both residents and non-residents. Armenian banks offer a range of financial services, including retail banking, corporate banking, investment services, and online and mobile banking.
This guide answers the most frequently asked questions about opening bank accounts in Armenia.
Opening a Bank Account in Armenia
Step 1
Research Armenian Banks
There are 18 commercial banks in Armenia. Check their websites to learn about their services and to verify whether they can open an account for you, based on your residential status, the account's intended purpose, currency needs, and other relevant factors.
Step 2
Consider Online and Mobile Banking Options
There's a growing trend of offering remote account opening, which can be very convenient for international travelers considering Armenia. Mobile banking makes it easy to manage your finances in Armenia, even when you're abroad.
Step 3
Prepare Your Documents and Open a Bank Account
Armenian banks adhere to KYC regulations, so expect to provide detailed information about your identity and the purpose of your account. Specific requirements and fees can vary between banks, so it's important to research and compare options.
Requirements and Guidelines
Opening a personal bank account in Armenia as a foreign resident involves providing specific documentation that might vary between banks.
- A valid passport.
- Some banks may require a notarized translation of the passport.
- Temporary, permanent, or special residency card.
- Documents verifying your address in Armenia, such as a utility bill or a rental agreement.
- Some banks may request documentation that verifies your source of income.
- Some banks might request your Social Services Number (SSN).
Opening a bank account in Armenia as a non-resident can involve a more thorough documentation process than for residents.
- A valid passport.
- Some banks may require a notarized translation of the passport.
- Proof of purpose/economic ties to Armenia becuase banks need to understand the reason for opening an account.
- Proof of income and source of funds.
- Proof of address, which could be a temporary address in Armenia.
- Banks may request additional documents on a case-by-case basis.
Attention
The requirements can vary depending on the country of origin of the non-resident
Most Armenian banks provide online and mobile banking services, including:
- Account management
- Money transfers (local and international)
- Utility payments
- Currency exchange
- Loan and deposit management
- Card management
- The ability to open accounts remotely
The guide was compiled by the Information Systems Agency of Armenia
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