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Main

Opening a bank account is the first step towards managing your company’s finance. We are here by your side to provide the required innovative services, to support your company’s uninterrupted activities and growth.

The following entities incorporated/established both in Armenia and abroad are eligible for opening an account with us:

private entrepreneurs
unincorporated entities
international organizations
branches and/or representative offices of organizations
stand-alone subdivisions of legal entities
organizations with different statuses

Individual accounts are managed by the account holder alone or by another party, based on the power of attorney issued by the account holder.

For the purpose of management of the funds available on the account, the specimen signature/ seal (if any) card is approved, as well as the order-instruction specifying the authorized signatories, which are valid for an indefinite period of time.

Free of charge

Opening an account in AMD or foreign currency

Minimum balance

N/A

Free of charge

Քաղվածքների տրամադրում՝ մինչև 1 տարի վաղեմության համար

Advantages

Remote account management

You can perform the financial transactions of your company via Online Banking system, without visiting the Bank, and thus save your precious time.

Learn more

Special-purpose accounts

Accounts of this type are designed for opening accounts for special purposes, such as escrow accounts, insolvency accounts, etc.

Learn more

Accounts in the currency you need

You can open accounts with us in the following currencies: AMD, USD, EUR, RUB, CHF, GDP, CAD, JPY, AED, and metal accounts (999.9 purity gold).

Cash Transaction Rates

Term	Rate
1. Rate applicable in case of cash deposit
RUB	3%
British pound, Swiss franc, Canadian dollar, Australian dollar	3%
Japanese yen	1%
2. Rate applicable in case of cash withdrawal
Cash withdrawal from the account funds generated from non-cash sources (other than AMD and RUB)	3%, min. AMD 1,000

Terms and conditions

1. For Private Entrepreneurs, Individuals Assigned TIN under Armenian Legislation and Notaries Documents and information provided by client

ID,
Personal public service number
Extract from unified state register (not applicable to notaries),
Document certifying tax identification number (TIN) (not required if TIN is specified in the extract from unified state register)
IDs of the persons authorized to operate the account (authorized signatories)
Service certificate and (or) appointment order for notaries

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank),
Instruction to perform transactions through the account, containing specimens of signature and seal.

2. For non-citizen private entrepreneurs :

Utility payment receipt, reference from the place of residence or some other equivalent document containing the registration/actual residence address of the individual.

Additional
In case of having an account at another bank – account statements (minimum for 1 year),
In case of having an account at another bank – account statements (minimum for 1 year),
Real estate ownership certificate, if any, and/or evidencing documents for business activity.

3. For Resident Legal Entities and Offices of Foreign Legal Entities Incorporated in Armenia Documents and information provided by client.

Documents and information provided by client

Charter, Armenia-based separate offices of foreign legal entities should also provide the charter of the parent foreign legal entity or other equivalent document, and a power of attorney granted by the head of executive body of a foreign legal entity to the executive of the separate office latter is not required if the executive of the separate office and the head of the executive body of the foreign parent company is one and the same person)
Extract from unified state register, including information about the head(s) of the entity’s executive body,
Document certifying the taxpayer’s identification number (not required if TIN is specified in the extract from unified state register)
IDs of the head(s) of the executive body and persons authorized to operate the account (authorized signatories),
Information on shareholders, participants holding 10 percent or more of the legal entity’s voting shares or stock (if not available in the charter) issued by a competent authority (registry or another record-keeping office), including the copies of the IDs. This information is not required for publicly traded companies provided that the latter submit a proof of being listed on the exchange
Copies of IDs of the beneficial owners.

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account, containing specimens of signature and seal.

4. For Foundations, NGOs, Associations

Documents and information provided by client

Charter
Extract from unified state register, including information about the head(s) of the entity’s executive body
Document certifying the taxpayer’s identification number (not required if TIN is specified in the extract from unified state register)
IDs of the head(s) of the executive body and persons authorized to operate the account (authorized signatories)
Resolution/minutes on incorporation (not required if the charter contains information on the founders)
Information (including copies of the IDs) on the members of the top management body (if such information is not included in the articles of incorporation), i.e. minutes, resolution, declaration
Copy of the ID of the beneficial owner(s).

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account, containing specimens of signature and seal.

5. For Public (Municipal) Administration Entities and State-Owned Non-Profit Organizations

Documents and information provided by client

Charter
Founder’s decision on establishment of the entity
Extract from unified state register, including information about the head(s) of the executive body
Founder’s or the authorized body’s approval for opening a bank account, if required by charter
Document certifying the taxpayer’s identification number (not required if TIN is specified in the extract from unified state register)
IDs of the head(s) of executive body and persons authorized to operate the account (authorized signatories)
Copy of the ID of the beneficial owner(s).

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account, containing specimens of signature and seal (should be approved by the founder or relevant authority if required so by charter).

6. List of Documents Required for Bankruptcy Account Opening (in addition to the documents otherwise filed by the legal entity)

Documents and information provided by client

Bankruptcy order issued by court
Court order on appointing a bankruptcy administrator
IDs of the bankruptcy administrator and persons authorized to operate the account (authorized signatories).

Documents to be filled in on the Bank template

Application-agreement
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account , containing specimens of signatures of the bankruptcy administrator and authorized signatories, as well as the bankruptcy administrator’s seal . The instruction must be verified by the respective state authorities.

7. For Non-Resident Legal Entities

Documents and information provided by the client

Charter or equivalent document,
Incorporation certificate issued by the competent authority of the respective country
Corporate resolutions or authorization to make transactions through the account (not required if the account transactions will be performed by the executives authorized so in the articles of incorporation)
IDs of executives and persons authorized to operate the account (authorized signatories)
Certificate about the head(s) of the entity’s executive body, shareholders holding 10 percent or more of the entity’s voting shares or stock issued by the registering agency or Certificate of Incumbency, /Certificate of Good Standing/Limited Partnership Statement (LP6) containing such information (issued maximum 3 months before)

Copies of documents required for identification of persons holding 10 percent or more of the legal entity’s voting shares or stock and beneficial owners (ID for individual clients2 , charter or other equivalent document and state registration certificate or proof of registration issued by an authorized body – for legal entities)
Certificates on participation of shareholders/participants in the equity of the legal entity or other equivalent documents, if required by the laws of the country of incorporation
Copies of licenses required for the respective type of activity, if applicable
The organization chart approved by the authorized body or another equivalent document, if required by the laws of the country of incorporation
Trust declaration issued by the nominee shareholder, if any
CVs of beneficial owners and authorized persons (if any)
Detailed description of the activity (preferably, a business plan), information about intended actions, including projects.

Additional Information

Documents evidencing rights towards the actual place of activity (e.g. ownership certificate, rent agreement, utility payment receipts, etc.)
In case of having an account at another bank – account statements (minimum for 1 year)
Receipts for payment of state duties or taxes or other payment documents (no notarization required)
Utility payment receipts or other documents containing the registration address of the executive officers, individual participants, authorized persons and beneficial owners, if any
Reference letters on having bank accounts issued by the banks where executive officers, individual participants, authorized persons and/or beneficial owners hold bank accounts
Financial statements of the company (minimum for the last one year, as well as the financial statements for the latest time period) ü Independent auditor’s opinion (minimum for the last one year)
List of the major partners ü Information about the expected transactions
Copies of employment agreements signed with the company’s employees (on request)

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account, containing specimens of signatures and seal
Beneficial owners information form.

8. For Embassies and Consulates of Foreign States in Armenia

Documents and information provided by client

Document certifying diplomatic accreditation to Armenia/letters of credence
Resolution on appointment of the ambassador or consul (if such information is not available in accreditation documents)
IDs of the ambassador or consul and authorized signatory.

Documents to be filled in on the Bank template

Application-agreement (or agreement)
Client data sheet, communication instruction (first time you apply to the Bank)
Instruction to perform transactions through the account, containing specimens of signature and seal

Tariffs for services provided to corporate clients are available here.

BANK ACCOUNT OPENING AND MANAGEMENT

	Fee
1. Account opening + service package (package includes one account in AMD and/or accounts in foreign currencies, Internet Bank/Mobile Bank – free of charge; one VISA Business or MasterCard Business card – without annual service fee for the first year1 ) [1]	AMD 40,000
2. Remote account opening through the ecosystem for legal entities and individual entrepreneurs + service package1 . The package includes: Account(s) in AMD, USD, EUR or RUR (one account per currency) Internet Bank/Mobile Banking with Ameria Token app code, Up to three payment cards (VISA Business, MasterCard Business and/or ArCa Customs Card)	Free
3. Account (AMD and/or other currency) opening, including metal accouns in gold (999.9) [2]	Free
4. Minimum account balance	N/A
5. Account management[3]
5.1. For resident legal entities
5.1.1. At least AMD 300,000 cash flows on bank accounts or above AMD 100,000 average daily balance on the accounts during calendar half-year	Free
5.1.2. Less than AMD 300,000 cash flows on bank accounts or less than AMD 100,000 average daily balance on the accounts during calendar half-year	AMD 10,000 per calendar half-year
5.2. For non-resident legal entities [4]	AMD 25,000 monthly
5.3. Account closing upon request of client
5.3.1. During the first year after account opening date (if more than one accounts are closed at a time, one account closing fee is charged)	AMD 10,000
5.3.2. A year or more after account opening date	Free
6. Distance banking[5]
6.1. Via Bank-Client	AMD 10,000 monthly (chargeable on a quarterly basis, during the first week following calendar quarter)
6.2. Internet/Mobile Banking
6.2.1. Viewing account statements and operations	free
6.2.2. Up to 2 users
6.2.2.1. Any two tokens generating one-time password to authorize transactions or two Ameria Token codes[6]	AMD 10,000 annually or AMD 1,000 monthly, VAT included
6.2.3. For additional users (3rd and more) 6	AMD 1,000 monthly (including one token generating one-time password to log into system and authorize transactions, or one code for Ameria Token app, whichever the client chooses)
6.2.4. Provision or replacement of token (in case of loss or damage)	AMD 3,000, VAT included
6.2.5. Recovery of Internet/Mobile Banking password at the Bank branch premises	AMD 1,000, VAT included

[1] Package available only for legal entities resident in Armenia. In case of refusal to use one or several services, the price does not change. If the client refuses from certain services but applies for them later, such services will be chargeable pursuant to their respective tariffs. The package is applicable also to existing clients.

[2] To perform banking transactions, it is required to open an AMD account.

[3] Turnover on any bank account of client (including card accounts) applies to all other accounts of that client (this provision is applicable only for the purposes of charging commissions). Commissions are charged within two weeks following each calendar half-year. Where there is no activity on accounts during the most recent 12 months, the account is restricted for debiting (this is done within two weeks following each calendar quarter for accounts qualifying for restriction at that time) and an account data update is required. Where there is no activity on all accounts during the most recent 12 months and account balances are zero, accounts are closed (this is done within two weeks following each calendar half-year for accounts qualifying for closing at that time). This does not apply to the accounts that are required in the scope of other services provided to the client by the Bank. Account maintenance fee shall not be charged (i) from the clients having only brokerage accounts and/or (ii) if a bank account has been opened and is maintained for provision of the safe deposit box service

[4] 4 The Bank may charge a different fee on contractual bases.

[5] The Bank defines currency exchange rates every business day, the rates remaining effective during open hours of the Bank. The Bank is entitled to reject exchange applications received via distance banking systems out of business hours (before 09.30 a.m. and after 5:00 p.m.) and on nonbusiness days (including Saturdays).

[6] The first fee is charged upfront at the time of the provision of the service (token, app). All subsequent fees are charged monthly on the respective date of each month (the same day in the month when the first fee was charged). Furthermore, if such date is missing in any month, the fee will be charged on the last day of such month.

For clients having used the service before September 1, 2019 (inclusive) the described charging process will apply starting from September 1, 2019, and all the subsequent fees will be charged on the 1st day of each month accordingly.

Tariffs for services provided to corporate clients are available here.

These Terms and Conditions shall apply to all your accounts with the Bank, irrespective of currency and type.

Bank will open a bank account for you on the basis of the application (application-agreement) filled in by you on the Bank template form.
Current accounts may be opened in Armenian drams, US dollars, euros, Russian rubles, Swiss francs, British pounds sterling, Canadian dollars, Japanese yens, Australian dollars, UAE dirhams, paper gold (999.9 purity), and other currencies quoted by the Bank
Your right to manage the funds on your accounts may be restricted only if (i) there is a lien on your account subject to Armenian legislation, (ii) account transactions have been terminated or (iii) in other cases defined by contract or prescribed under the Armenian legislation and/or the Terms and Conditions.
Bank will define the procedure for transfer of funds from your accounts at our discretion unless otherwise required by Armenian legislation. Unless otherwise prescribed under the Armenian legislation, the Terms and Conditions or the agreement between you and Bank, your instructions given to the Bank will be executed on a "first come first served" basis (calendar sequence) if there is sufficient balance on your account. Such instructions shall be further separated according to the way received (separate group for each distance banking channel and for the instructions given in person at our premises). If you submit a group order or several instructions at the same time, Bank will define the priority of their execution at our sole discretion unless otherwise instructed by you.
Bank will accept your instructions during operational hours defined by the Bank.
FX transactions or paper gold purchase transactions based on your payment orders, including those filed online, will be executed by us at the exchange rates effective at the transaction execution moment irrespective of when we have received your payment order. Bank may decline currency exchange or paper gold purchase orders we receive out of business hours or on weekends and public holidays.
Your payment orders will be processed during the following hours:
1. In-house transfers: during the operational day when the instruction was received unless otherwise instructed by you
2. Transfers to other bank accounts: a same day transfer if the instruction was received:
  1. by 1:00 p.m. if received at the Bank premises, by 2:00 if received by distance banking channels (for AMDdenominated payment orders),
  2. by 4:00 p.m. if received at the Bank premises, by 5:00 if received by distance banking channels (for USDdenominated payment orders),
  3. by 3:00 p.m. if received at the Bank premises, by 4:00 if received by distance banking channels (for payment orders in other currencies or in paper gold).
Any payment order submitted after the specified hours shall be processed on the next business day. The procedure of payment order processing and withdrawing of funds from the client accounts is subject to the internal regulations of the Bank.

The timing for execution of payment orders may differ from the terms specified above if defined so in the Tariffs.
The language of your payment order should be:
1. Armenian, or English, as the case may require, or any other language agreed between the Parties, if the payment order is to be executed via Armenia-based local payment systems,
2. English in case of international money transfers. This does not refer to RUB-denominated transfers in which case the language is Russian.
If the payment order has not been accepted by close of the fifth business day following execution of the payment order or actual payment, such payment order not accepted by us will be canceled.
Cash funds will be deposited into your account at the moment presented. Noncash funds will be credited if there is enough documentary proof from a correspondent bank.
Cash may be provided to you on the basis of your application subject to the timing and amount limitations specified below:

Branch office	Cash withdrawal without pre-order	Cash withdrawal based on pre-order
Branch office	Amount requested (delivered within the same operational day)	Amount requested	If pre-order was submitted before 01:00 p.m.	If pre-order was submitted after 01:00 p.m.
Kamar branch Head office	Up to AMD 30 million, USD 50,000, EUR 30,000 and 1 million AMD equivalent in other currency	More than AMD 30 million, USD 50,000 and EUR 30,000	Within up to 3 operational day	Within up to 4 operational days
Yerevan-based branch offices, other than Kamar	Up AMD 20 million, USD 25,000 and EUR 15,000	More than AMD 20 million, USD 25,000 and EUR 15,000	Within up to 3 operational day	Within up to 4 operational days
Branch offices outside Yerevan	Up to AMD 10 million, USD 10,000 and EUR 10,000	More than AMD 10 million, USD 10,000 and EUR 10,000	Within up to 5 operational days

At your request, Bank may provide you check books for specific types of bank accounts. Whenever you draw a check, please abide by the rules set by Bank:

checks drawn in territory of Armenia should be cashed within 10 (ten) calendar days starting from the date of drawing;
checks drawn outside Armenia should be cashed within 30 (thirty) calendar days starting from the date of drawing.

Bank will execute your payment orders if there is enough amount on your accounts free and clear of other liabilities.
The Client shall be informed about wire transfers from other banks based on payment orders via account statement which shall be provided to the Client via the communication means and at the frequency specified by the Client.
The Bank shall not be liable for:

any losses and damages you may suffer if your payment order is not processed due to absence of sufficient funds on your account,
any costs, losses or damages you may incur or suffer as a result of payment orders given by you by mistake, or payment orders lacking precision or clarity,
costs, losses and damages you may incur if a beneficiary or intermediary bank requires additional information in respect of the payment order posted by you, suspends the remittance or blocks your amounts or doesn't process the remittance

Client may cancel your payment order, abiding by the Tariffs. If your payment order has already been executed and money paid to the beneficiary, we shall not be responsible for return of your money.
Bank will have the right to charge the amount of your liabilities to the Bank, the commission fees specified in the Tariffs, as well as the amount of costs incurred by us in connection with your instructions, to your accounts with the Bank, including accounts in foreign currency, without your authorization. Furthermore, such amounts shall be charged in the sequence order defined by us. Furthermore, if you don’t have sufficient funds in your current AMD account to repay your obligations, the amount will be first charged to your current or savings accounts (including in other currencies), and if there are no funds in such accounts, to your other card accounts (including in other currencies).
Bank may debit your bank accounts without your instruction in the cases specified in the written agreement between you and Bank, and when required by law or the Tariffs.
Bank may charge back the amounts deposited into your account by mistake without your instruction if such transactions were the result of software, human or other error, inaccuracy, omission or recipient data coincidence.
Whenever required by the Armenian legislation, bank will have the right to withhold taxes from your accounts without giving prior notice to you.
Bank will accrue interest to your account balances if prescribed so under the Tariffs. The accrued interest will be paid to you in Armenian drams or in the currency of your bank account upon your wish. If you prefer to receive the interest accrued on your foreign currency accounts in AMD, the amount will be converted at the exchange rate prevailing on the FX market on that day
Your paper (non-physical) gold shall be stored on the gold metal account with specification of gold fineness and weight only. A paper gold account may be opened only for 999.9 pure "paper" gold. The gold will be stored at its AMD-denominated book value at the rate declared by the Central Bank of Armenia. The weight will be expressed in grams and measured to the nearest 0.01g.
The following transactions are available through your metal account in gold, if any:

You may deposit paper (non-physical) gold into your account either by buying it from the Bank at the rate quoted by us or making a wire transfer from your or third party metal accounts
You may withdraw paper (non-physical) gold from your account either by selling it to the Bank at the rate quoted by us or making a wire transfer to your or third party metal accounts
You may sell or purchase Gold in an noncash manner which shall be subject to your instruction with specification of such transaction details as the price, date and Gold weight
Your account may be debited without any prior notice to you for recovery of your liabilities to third parties if prescribed so by the Bank's regulations or Armenian legislation

Maintenance of your metal accounts in gold by us does not include registration of your title to gold or gold custody
Bank will provide you with statements through communication means and at frequency agreed between you and us and/or prescribed under the Armenian legislation. No account statement will be provided in the cases defined under the Armenian legislation.
If you contact us and request an account statement at another time, Bank shall provide it to you within a five-day period, in which case you will be charged according to the Bank Tariffs.

If you don't dispute the statement during thirty (30) days after the statement date, it will be deemed accepted by you. Any objections submitted by you during or after the specified period in writing, will be reviewed in accordance with the Armenian legislation and/or our internal regulations.

6.4.1. To holders of 3 and more months old accounts	AMD 3,000, VAT included
6.4.2. To holders of less than 3 months old accounts	AMD 5,000, VAT included
6.4.3.If ordered via Internet/Mobile Banking	AMD 1,000, VAT included
6.5. Reference-guarantees	AMD 10,000, VAT included
6.6. Response to auditor inquiries	AMD 10,000, VAT included
6.7. Account statement delivery
6.7.1.Via electronic means	Free
6.7.2. By post – within Armenia	AMD 1,000 monthly, VAT included
6.7.3. By post – outside Armenia	As per postal service bills
6.8. Provision of information on account turnover by phone	AMD 10,000 annually, VAT included
6.9. Operational SMS notification
6.9.1. Account balance reporting (daily)	AMD 3,000 annually, VAT included
6.9.2. Account balance reporting (at least once a week)	AMD 1,000 annually, VAT included
6.9.3. Brief statement on latest transactions	AMD 3,000 annually, VAT included
6.10. Informational SMS notification
Every change of the Bank’s exchange rates Cash Non-Cash	AMD 10,000 annually, VAT included
6.10.2. Average CBA exchange rates (daily)	AMD 3,000 annually, VAT included

Main terms

Tariffs for services provided to corporate clients are available here.

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.

Account closure

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 Banking Department.

Useful links

Previous Terms

Last updated on 03.11.2022 10:20

Business Account

Business account

Main

Free of charge

Minimum balance

Free of charge

Advantages

Remote account management

Special-purpose accounts

Accounts in the currency you need

Cash Transaction Rates

Terms and conditions

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 closure

Bank Account Opening and Servicing Guide

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