Open a Bank Account in Armenia: Legal Guidance for Foreigners
Armenia has 17 licensed banks, and no published rule makes Armenian residence a condition of holding an account. What decides an application is the KYC file. We select the bank, register your Public Service Number, assemble the documents, and hand the compliance officer a file with nothing left to ask about.
Banking in Armenia at a Glance
Who We Help With Armenian Banking
Whether you need a personal account for daily expenses or a corporate account for your Armenian LLC, we work with foreign clients across every common scenario:
Why Opening a Bank Account in Armenia Is Harder Than It Looks
Armenia’s 17 licensed banks accept foreign clients and are all supervised by the Central Bank. The account-opening process is no longer as simple as walking in with a passport. Since 2024 the banks have tightened their Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, driven by Armenia’s entry into the Common Reporting Standard for automatic exchange of financial information and by scrutiny from international correspondent banks.
Here is what foreigners commonly run into:
Banks require more than a passport: source of funds, proof of address, and for corporate accounts, apostilled and translated charters, UBO declarations, and financial statements. Missing a single item means rejection or weeks of back-and-forth.
Most banks require an Armenian PSN (the local equivalent of a tax ID or social security number) before they will open an account. Many foreigners don’t realize this until they are sitting at the bank.
Each bank has its own risk appetite and unwritten preferences. Some are friendly to tech companies but cautious with investors. Others welcome large deposits but reject freelancers. Applying to the wrong bank wastes time.
Several banks advertise remote account opening for non-residents. In practice most require proof of a local tie: property ownership, an employment contract, or a large initial deposit. The fine print disqualifies the majority of applicants.
Mobile apps and customer support are primarily in Armenian and Russian. Forms, contracts and compliance questionnaires are difficult without local assistance, and errors during KYC lead to delays.
How Vardanyan & Partners Helps
Armenian banks make their own independent compliance decisions. We prepare a “banker-ready” file: a complete, properly structured application that answers every question a compliance officer will ask, before they ask it.
The decision turns on KYC quality, source-of-funds clarity, ownership structure, expected activity and document consistency. Each of those is a question the file has to answer in writing before it reaches the compliance desk.
What’s Included in Our Banking Service
How the Process Works
Initial Consultation
We assess your situation: nationality, residency status, purpose of the account, expected transaction volume, and any special requirements (remote opening, corporate structure, investment goals).
Bank Selection & PSN Registration
We match you with banks whose current risk appetite fits your profile. If you need a Public Service Number, we help you obtain it. The Migration and Citizenship Service issues the PSN, charges no state fee, and books applicants by appointment; Government Decision 419-N requires issuance within one working day of filing. A foreign national without Armenian residence status files a passport together with a notarised Armenian translation, while a residence-status holder files the residence document.
Document Preparation & KYC File Assembly
We review and organize all required documents, arrange certified Armenian translations, prepare a source-of-funds narrative, and for corporate accounts, ensure your UBO declarations align with the Armenian state register. The goal: a complete, consistent file with zero gaps.
Bank Visit & Follow-Up
We accompany you to the bank (or, where the bank allows it, act via Power of Attorney). After submission, we follow up with the bank’s compliance team until your account is activated and your cards are issued.
Personal vs. Corporate Accounts
The process, documents and timeline differ depending on whether you need a personal account or a corporate (business) account.
| Personal Account | Corporate Account | |
|---|---|---|
| Who it’s for | Individuals: expats, nomads, investors and diaspora | Armenian LLCs, JSCs, branches, representative offices |
| Key documents | Passport, PSN, proof of address, source of income/funds | Apostilled charter, state registration certificate, director IDs, UBO declarations, financial statements, PSN |
| Typical timeline | 1–5 business days | 1–3 weeks (compliance review is longer) |
| In-person required? | Usually yes; some banks allow remote for qualifying profiles | Director typically must appear in person for KYC |
| Currencies | Multi-currency: AMD, USD, EUR, RUB, GBP, and others | Multi-currency: AMD, USD, EUR, RUB, GBP, and others |
| Common challenges | Source of funds for large deposits; proof of address for non-residents | UBO alignment with state register; apostille and translation of foreign docs; justifying business activity |
| Minimum deposit | Often $0 for current accounts; ~$125–$250 for savings | Varies by bank and account type |
Document Requirements
Every bank has its own specific list, but the following covers what you should expect. We review your full document set and ensure nothing is missing before you approach the bank.
Personal Account Documents
- 📄 Valid passport (original); PSN registration also requires a notarised Armenian translation if you do not hold Armenian residence status
- 📄 Armenian PSN, or a statement of absence issued by the Migration and Citizenship Service
- 📄 Proof of address (rental agreement, utility bill, or residency card)
- 📄 Source of income documentation (employment contract, tax return, business ownership proof)
- 📄 Source of funds for large deposits (bank statements, sale agreements, investment records)
- 📄 CRS self-certification form (provided by the bank)
- 📄 FATCA forms (W-9 or W-8BEN for US-connected persons)
Corporate Account Documents
- 📄 Company charter (apostilled, Armenian-certified translation)
- 📄 State registration certificate
- 📄 Tax identification number (TIN)
- 📄 Director/signatory passports + appointment documents
- 📄 Ultimate Beneficial Owner (UBO) identity documents and declarations
- 📄 Financial statements and/or auditor’s opinion (prior year)
- 📄 Business activity description and expected transaction profile
- 📄 Licenses (if the activity is regulated)
- 📄 Board resolution authorizing account opening and designating signatories
Can You Open a Bank Account Remotely?
Several Armenian banks advertise remote or online account opening for non-residents. In practice, most of these programs have strict eligibility conditions that disqualify the majority of foreign applicants. Common requirements include owning real property in Armenia, holding an active Armenian employment contract, or placing a substantial initial deposit (often $20,000+ with a 6-month lock-in). Evoca Bank, for example, publishes a remote service for qualifying non-resident clients living outside Armenia, with criteria covering Armenian property, an entrepreneurial or company link, or a qualifying deposit.
For clients who cannot meet these conditions, there are two practical paths:
Option 1: In-Person Visit
We prepare everything in advance so the bank visit takes a single appointment. PSN registration, document prep, and bank selection are done before you arrive.
Option 2: Power of Attorney
Where the bank permits it, we can initiate the process using a properly drafted Power of Attorney (apostilled in your home jurisdiction under the Hague Convention). Note: banks may still require direct identification of the account holder via video call. PSN registration is a separate administrative procedure with lighter formalities: Decision 419-N permits collection by an authorised representative, and Article 23 of the Law on Fundamentals of Administration and Administrative Proceedings does not require the power of attorney to be notarised. Whether a first-time PSN can be issued without the applicant’s lawful presence in Armenia is not settled by the published rules.
Term Deposits, Bonds & Investment Products
Once the account is open, Armenian banks give access to term deposits, government bonds and brokerage services. Central Bank figures for July 2026 put the weighted-average AMD deposit rate at 7.88% for terms up to one year and 9.55% for terms over one year.
Term Deposits
The Central Bank publishes monthly weighted averages for deposits attracted from households and legal entities. Its July 2026 observations, as annual rates, are:
| Term | AMD | USD |
|---|---|---|
| Up to 1 year (excluding demand deposits) | 7.88% | 2.63% |
| 181 days to 1 year | 8.80% | 2.96% |
| Over 1 year | 9.55% | 4.47% |
These are system-wide weighted averages, not advertised retail offers. Individual bank tariffs run higher: Evoca’s online deposit terms, updated 18 August 2026, quote AMD 8.00% and USD 3.00% at 271 to 365 days, and AMD 10.75% and USD 5.25% at 731 to 1,825 days, with interest paid at maturity.
Bonds
Foreign investors can access Armenian bonds through bank brokerage and custody services. The main categories are:
Issued by the Ministry of Finance and placed through auctions at the Armenia Stock Exchange. The Central Bank’s modelled yield curve for 4 September 2026 shows 6.80% on a 365-day treasury bill, 6.72% at one year, 7.48% at five years, 8.04% at ten years and 8.80% at thirty years. Primary-auction placement is a separate series: the July 2026 weighted average on 364-day bills was 6.74%.
Listed on the Armenia Stock Exchange. Rates and risk levels vary by issuer.
Armenia priced USD 750 million of notes on 5 March 2025 and settled them on 12 March 2025, with a 6.75% coupon, maturity on 12 March 2035, an issue price of 97.524 and an issue yield of 7.100%. The notes are listed on the London Stock Exchange and have been available through the Armenia Stock Exchange since July 2025. The 7.100% figure is the yield at issue; the current traded yield moves with the market and is quoted by your broker.
Deposits vs. Bonds: Key Differences
| Term Deposits | Bonds | |
|---|---|---|
| Liquidity | Locked for the term; early withdrawal penalties apply | Can be sold on the secondary market before maturity |
| Returns | Fixed interest rate set at opening | Coupon payments + potential capital gains/losses |
| Deposit insurance | Yes: up to AMD 16M (about USD 44,000) for dram deposits and AMD 7M (about USD 19,240) for foreign currency | No. Bonds are outside the Deposit Guarantee Fund |
| Tax (non-residents) | 10% withholding on interest (Tax Code Article 150(5.1)) | Interest, redemption discount and disposal income on Armenian government bonds, including the sovereign Eurobond, are exempt from Armenian tax under Tax Code Articles 149(1)(1) and 126(5). Other securities are not automatically exempt, and gains on shares or participations in other organisations can attract 18% for a non-resident company without a permanent establishment. |
Deposit Insurance
Armenia’s Deposit Guarantee Fund protects individual deposits (including individual entrepreneurs) in the event of a bank insolvency. Coverage limits depend on the currency of the deposit:
AMD deposits
about USD 44,000
Foreign currency deposits
about USD 19,240
USD equivalents above use the Central Bank reference rate of 363.85 dram to the dollar on 4 September 2026. Where you hold both dram and foreign currency at the same bank, Article 3 of the Law on Guarantee of Remuneration of Bank Deposits of Physical Entities prioritises the dram balance: if it exceeds AMD 7 million, only the dram balance is covered, to a ceiling of AMD 16 million; if it falls below AMD 7 million, the dram balance is covered in full and foreign currency is covered up to the remainder of AMD 7 million. The two ceilings are never added together. Compensation is paid in dram at the Central Bank rate on the date of the insolvency event, and overdue obligations to the bank reduce it. A deposit bearing interest at 1.5 times or more that same bank’s publicly offered rate for a similar deposit at placement is excluded from coverage; the comparator is the bank’s own published rate at the time of placement. Coverage runs per depositor per bank and includes individual entrepreneurs. Legal entities are excluded. An amending law of 3 July 2026 takes effect on 1 January 2027 and leaves these ceilings and this comparator in place.
Tax Compliance: CRS and FATCA
Armenia is not a “secrecy jurisdiction.” Foreign account holders should be aware of two major reporting frameworks that apply to their Armenian bank accounts:
Common Reporting Standard (CRS / AEOI)
Armenia signed the CRS Multilateral Competent Authority Agreement on 12 January 2024, under the Convention on Mutual Administrative Assistance in Tax Matters that has been in force for Armenia since 1 June 2020, and began automatic exchange in January 2025. In the first exchange cycle in September 2025 Armenia exchanged data with 47 partner jurisdictions, with plans to expand to roughly 120. Armenian banks collect a CRS self-certification form at account opening covering your name, tax residence and Taxpayer Identification Number (TIN). Your account balance and certain financial flows are then reported to the Armenian tax authority, which passes the data to the tax authority where you are resident.
Pre-existing accounts, meaning those opened before 1 January 2024, become reportable if flows or balances exceed AMD 250,000 (about USD 690 at the Central Bank rate of 363.85 on 4 September 2026).
FATCA (US Tax Residents)
Armenia has a Model II Intergovernmental Agreement (IGA) with the United States, signed in February 2018. Armenian banks are required to identify US-connected account holders and may request W-9 or W-8BEN forms. US citizens and tax residents should be aware that their Armenian accounts are reportable to the IRS, and that separate FBAR (FinCEN Form 114) filing obligations may apply for foreign accounts exceeding $10,000 in aggregate value.
We help clients understand these reporting obligations and prepare the necessary forms as part of the account-opening process. For ongoing tax structuring, we work with qualified tax advisors.
Digital Banking & Fintech
Armenian banks have invested heavily in digital infrastructure. Most offer mobile apps with English interfaces, online transfers, and card management. A few things to know:
Payoneer funds can be withdrawn to Armenian bank accounts. Some banks offer direct in-app integration, allowing you to link Payoneer and withdraw from within the mobile banking app.
Armenia is absent from Stripe’s supported-country list for ordinary Stripe Payments merchant accounts, checked on 6 September 2026, so an Armenian-established business cannot open one. Founders commonly incorporate abroad instead, for example a US LLC through Stripe Atlas. A separately established, eligible foreign business is in a different position.
Armenian banks set their own authentication methods, and there is no published sector-wide rule requiring a +374 number. Ameriabank’s individual banking terms, effective 14 August 2025, list a token, an SMS to the number the customer has given, and PIN or biometric methods. Whether a particular bank will deliver one-time passcodes to a foreign number is a question for that bank, so confirm it before you rely on remote access. A local SIM removes the question.
Central Bank Decision N 177-N, adopted on 30 June 2026, published on 22 July and in force from 1 August 2026, amends Regulation 16.02 and repeals Decision N 46-N. Electronic money may now be issued, topped up and redeemed in cash as well as by non-cash means, and the former requirement to tie an e-money record account to an Armenian bank account or payment card, in paragraphs 21 and 24 of the old regulation, is repealed. Customer due diligence on opening the record account remains, as do the issuer’s internal AML and CFT rules. The decision governs electronic money only. It does not touch commercial bank account-opening rules, does not create a right to a bank account, and does not oblige any issuer to onboard a non-resident.
The Law on Crypto-Assets entered into force on 4 July 2025 and the Central Bank’s implementing package took effect on 31 January 2026, when licensing and registration began. The transition deadline of 31 January 2027 applies only to providers already offering crypto-asset services on 4 July 2025; it is no permission for a new entrant to trade unlicensed through 2026. Unlicensed crypto businesses have difficulty opening or keeping Armenian bank accounts. The Central Bank does not publish a running count of licensed providers.
Profiles That May Face Additional Scrutiny
Armenian banks screen all clients against international sanctions lists (UN, US OFAC, EU, UK HM Treasury). Certain profiles face enhanced due diligence or potential refusal:
- Nationals of sanctioned or FATF high-risk jurisdictions (Iran, North Korea, Myanmar, and others)
- Crypto-asset businesses without Central Bank licensing
- Cash-intensive businesses flagged under AML risk guidance
- Complex multi-layered ownership structures with unclear UBO chains
- Clients with inconsistent or undocumented source-of-wealth narratives
- Ownership chains where the residency of beneficial owners and founders cannot be evidenced
MONEYVAL published its sixth-round mutual evaluation of Armenia on 9 July 2026 and placed the country in enhanced follow-up. The report identifies weaknesses in money-laundering convictions, in confiscation and asset recovery, and in the supervision of virtual-asset service providers and non-public investment funds. Its recommended actions ask supervisors to analyse the risk attached to legal persons by reference to the residency of beneficial owners and founders and the country where they are registered, and to check beneficial-owner data against the State Register on a risk basis.
None of that makes Armenian residence a condition of holding a bank account. No published Central Bank rule imposes one and none directs banks to reject non-residents. The AML law requires risk-based identification and verification, and refusal or termination where the required due diligence cannot be completed. What individual banks do ask a non-resident applicant for is evidence of an economic connection to Armenia, such as property, a company or employment link, or a qualifying deposit, and the acceptable package differs from bank to bank.
