There are 21 Banks in Armenia (all of them are private, some of these banks are international, e.g. ACBA-CREDIT AGRICOLE BANK (French Credit Agricole Banking Group holds 28% of its shares), Areximbank – Gazprombank Group, Bank Anelik (100% of its shares belong to Lebanese Credit Bank), Byblos Bank Armenia (EBRD – 25%+1 share, OFID – 10%, the rest of its shares belong to Lebanese “Byblos Bank” S. A. L), HSBC Bank Armenia (HSBC Group), Mellat Bank (100% of its capital belongs to Iranian “Mellat” state bank), ProCredit Bank (ProCredit Group, Germany), VTB Bank Armenia (Russian state-owned “VTB” OJSC is its sole shareholder)).
Most of the time ID is the only document required from natural persons for opening a bank account in Armenia, whereas resident and non-resident legal persons need to provide Articles of Association (Charter), State Registration Certificate, Taxpayer Identification Number, copies of passports/ID Cards of directors, shareholders, the head accountant, and other documents, depending on the bank and residency of the client. Some Armenian banks open accounts for Iranian citizens as well.
Some banks may open an account remotely (e.g. Armswissbank, Armenian Development Bank), but they may ask for additional fees (depending on the currency of the account) or documents. The minimum balance requirement varies from no charge to $20-$30. The interest paid on the balance is accounted at different rates, from 0% to 5%, depending on the sum and currency of the funds of the account, and other factors determined by the banks.
Internet banking service is provided by almost all the banks, and usually the service costs around $10 per month, although some banks have different rates and terms for individual and corporate clients (ACBA-CREDIT AGRICOLE BANK).
Master/Visa cards, as well as ArCa, American Express, and Diners Club cards are available in Armenia.