In what currency can you open an account?
Bank accounts are opened in Armenian drams (AMD), US dollars (USD), euros (EUR), Russian rubles (RUB), Swiss francs (CHF), British pounds (GBP), Canadian dollars (CAD), Japanese yens (JPY), Australian dollars (AUD), UAE dirhams (AED) and 999.9 pure paper gold.
Account opening and activation
The bank account or accounts of corporate clients are activated after performing all the necessary actions provided by the procedure, in the absence of circumstances precluding or prohibiting the opening of the account.
Bank account(s) shall be activated once the Bank performs all the actions required under AML/CTF legislation and
internal regulations, provided that there are no restrictions for account opening 1.
If there are no outstanding liabilities to the Bank and/or the Republic of Armenia the accounts will be closed within
maximum the next business day after receiving account closure application.
The client may transfer the amounts available
on the account at the time of account closure (if any) to other bank account or withdraw them within maximum 7 days.
Be aware that turnover on any account of the client (including card accounts) applies to all other accounts of that client (this provision
is applicable only in terms of charging commissions). If the client has a card account linked to an active card, no commission
is charged. If the account is linked to a closed card, the commission is chargeable. Commissions are charged within two
weeks following each calendar half-year.
Where there is no activity on all accounts during the most recent 12 months and account balance is zero, the accounts are
closed (this is done within two weeks following each calendar half-year for accounts qualifying for closing at that time).
Bank Account Opening and Servicing Guide
For more information on current accounts, go to this link.
1 Acting in accordance with the Republic of Armenia Law “On Combating Money Laundering and Terrorism Financing” we
may request you to provide additional information and documents for customer due diligence based on the “Know your
customer” principle, as well as ask you additional questions during verbal communication (if required so).
Agreements, covenants, cooperation or memberships of the Bank, which may have direct impact on the consumers (for
example, according to the agreement executed with the US under the Foreign Account Tax Compliance Act (FATCA) the
financial institution may collect additional information to find out whether you are a US tax payer).
Accounts of the companies incorporated in foreign countries (including legal entities, unions without legal entity status,
international organizations) may be opened solely by the Corporate Customer Service under the Corporate and Investment