There are seventeen banks in Armenia offering banking services to individual and corporate clients, both resident and non-resident. All the banks are privately owned and regulated by the Central Bank. In addition to the well-known HSBC international bank, many local banks are with foreign capital from Russia (VTB Bank), France (ACBA-Credit Agricole Bank), Lebanon (Byblos Bank, Anelik Bank), Argentina (Converse Bank), Iran (Mellat Bank) and other countries.

Modern Banking Services

Armenian banks offer excellent customer service, low charges, enhanced privacy and a wide range of modern banking services, including:

• Online and mobile banking, phone banking;
• Debit and credit cards (Visa, MasterCard, AmEx);
• International bank transfers and money remittance services;
• Accounts in USD, EUR, CHF, GBP, CAD, AED, RUR, JPY;
• Gold accounts;
• Wealth management and private banking;
• Deposit boxes etc.

Remote Opening of Bank Accounts

It is possible to open a bank account in Armenia remotely and save on travel expenses. This can be done by giving us a power of attorney to open the bank account. A video-conference with a bank manager can also be sufficient.

Bank Secrecy

Bank secrecy is strictly protected by law. Disclosing bank secrets is a crime punishable by imprisonment and monetary fines. Armenia does not participate in AEOI/CRS and other information exchange programs, except FATCA.

Safety

All banks are licensed and closely regulated by the Central Bank of Armenia. A deposit insurance system is also in place but it has never been used as there have been no bank runs in the recent history.

High Return

Interest paid on deposits is relatively high with rates of up to 10% for deposits in local currency and 5% for deposits in USD. In addition to bank deposits, investment services are provided by a number of investment companies, also licensed by the Central Bank. Armenian banks generally do not have minimum deposit requirements and charge only minimum fees for maintaining a bank account.

Iranian & Syrian Clients

Banking services are also available for clients from Iran and Syria.

Debit & Credit Cards

All banks issue international payment cards (VISA, MasterCard etc.) to their corporate and individual clients. Premium cards, such as VISA Gold or Infinite are also available. Cards issued by Armenian banks may be used all over the world and text messages may be sent to your cell phone to confirm transactions.

Merchant Accounts

Merchant account and Internet acquiring services are available. These services allow merchants can accept online payments made with VISA and MasterCard cards through their websites. Banks provide the required software free of charge and the merchant does not have to incur additional expenses on programming, certification procedures etc.

Payment Gateways

Payment gateways such as 2checkout work with Armenian bank accounts.

FAQ