Multi-Currency Accounts in Armenia

Managing money across AMD, USD, EUR and RUB in one place is increasingly important for investors, expats and cross-border businesses in Armenia. Below we explain how multi-currency accounts work at Armenian banks, what they cost, where the real fees hide, and how non-residents can open accounts — so you can move funds efficiently and avoid unnecessary spreads and charges.

What multi-currency accounts are and which Armenian banks offer them

A multi-currency setup in Armenia means you open one client profile and maintain several current accounts in different currencies under that profile. Armenian banks allow customers to hold multiple foreign-currency and AMD accounts simultaneously, streamlining international receipts and payments under one login and KYC record.

Armenian law permits opening and operating foreign-currency accounts and conducting foreign-exchange transactions within the national currency regulation framework. In practice, most of the country’s banks offer accounts in AMD, USD and EUR, and many also support RUB and GBP.

Banks offering multi-currency accounts

The following banks are confirmed to offer multi-currency accounts in AMD, USD, EUR and RUB as of 2026:

• Evocabank — AMD, USD, EUR, RUB, GBP. Offers remote account opening for non-residents. English-language mobile app available.
• Byblos Bank Armenia — AMD, USD, EUR, RUB, GBP. Published tariffs cover all five currencies.
• AraratBank — AMD, USD, EUR, RUB. Confirmed RUB cash operations with published fee schedule.
• Ameriabank — AMD, USD, EUR and additional currencies. Activity-based fee model with potential zero-cost maintenance.
• Ardshinbank — AMD, USD, EUR and additional currencies.
• Converse Bank — AMD, USD, EUR, RUB. Published tariffs include RUB cash operations.

Other Armenian banks may also support multi-currency accounts. Always confirm your target currencies and current fee schedules directly with the bank before opening.

Which currencies you can hold

AMD (Armenian dram)

AMD is Armenia’s national currency and the base for all domestic payments, salary credits and cash operations. Cash handling is straightforward and typically fee-free. AMD balances also receive the highest deposit insurance coverage — up to AMD 16,000,000 (~USD 43,000) per person.

USD (US dollar)

USD accounts are widely offered and convenient for international transfers and card spending. As with AMD, most banks accept USD cash deposits and permit withdrawals without counter fees. The main cost driver is currency conversion when moving between USD and AMD — typical retail banking spreads are about 1.0–1.3 % each way.

EUR (euro)

EUR accounts are standard at Armenian banks and handled similarly to USD: cash deposits and withdrawals are typically free at the counter.

RUB (Russian ruble)

RUB is frequently available for clients with Russia-linked inflows and outflows. However, RUB cash handling is priced differently than other currencies: expect around 1.5 % for RUB cash deposits and about 0.5 % for RUB cash withdrawals at the counter. Specific bank rates range from 0.5 % (AraratBank) to 2 % (Byblos Bank) for deposits.

GBP (British pound)

GBP accounts are offered by select banks. Evocabank and Byblos Bank Armenia both support GBP current accounts for individuals. Availability at other banks should be confirmed directly.

Note that all foreign-currency balances (USD, EUR, RUB, GBP) share a single insurance cap of AMD 7,000,000 (~USD 19,000) equivalent per person. For the full deposit insurance rules, see the deposit insurance section below.

How to open a multi-currency account in Armenia

Who can open an account

Both Armenian residents and non-residents can open multi-currency accounts. A residence permit is not required — foreign passport holders, including tourists and visa holders, are eligible. Banks register such clients as non-residents.

Documents typically required

The core document is a valid foreign passport. Depending on the bank, you may also need one or more of the following:

• Proof of ties to Armenia — a rental agreement, property registration or employment contract
• Source-of-funds documentation
• Readiness to place a minimum deposit (for example, Evocabank requires a USD 50 activation wire for remote openings)

If you are also establishing a business presence, see our guides on business registration in Armenia and residence permits.

Remote account opening

Most Armenian banks still require an in-person branch visit for KYC verification. However, Evocabank offers a fully remote process for both residents and non-residents: submit your documents online, complete a video-call identity verification, pass compliance review, and fund the account with a minimum USD 50 wire. The bank’s mobile app is available in Armenian, English and Russian.

Ameriabank offers a fast online “SMART account” for Armenian residents (~5 minutes), but non-residents must visit a branch in person.

Account maintenance fees

Annual fees are modest by regional standards. Published tariffs include:

Fees are subject to change. Always confirm the current tariff directly with the bank before opening an account.

Cash deposit and withdrawal fees by currency

Cash handling is where RUB differs materially from AMD, USD and EUR. At most counters, AMD, USD and EUR deposits and withdrawals are free, while RUB carries explicit percentage fees.

Cash deposit fees

Cash withdrawal fees

At the cash desk, AMD, USD and EUR withdrawals are generally fee-free. RUB withdrawals typically carry about 0.5 % — though some banks waive this entirely. AraratBank and Converse Bank charge 0 % for RUB withdrawals, while Byblos Bank charges 0.5 % on non-cash-originated credits. ATM fees and limits depend on your card program, so check your specific card tariff if you plan to withdraw large amounts.

Currency conversion spreads and the real cost of moving money

Beyond explicit cash fees, the biggest cost is often the FX spread charged when you convert between currencies inside your bank. For retail banking clients, the typical spread on USD/AMD conversions is about 1.0–1.3 %. Based on actual June 2026 bank rates, spreads ranged from 1.09 % (ArmSwissBank) to 1.36 % (Ameriabank, Inecobank, AraratBank, Acba bank).

Example: If you convert USD 10,000 to AMD for local expenses and later convert AMD back to USD, you could incur roughly 1.0–1.3 % each way — about USD 100–130 per conversion. A round trip would cost roughly USD 200–260 in spread costs alone.

For investors aligning treasury and tax strategy, coordinate FX timing with your Armenia tax planning. Foreign-exchange operations and holding foreign-currency accounts are permitted and regulated under Armenian currency regulation law — always transact within bank channels that apply officially published rates and spreads.

Deposit insurance for multi-currency accounts

Armenia’s Deposit Guarantee Fund (ADGF), supervised by the Central Bank of Armenia, protects individual depositors with the following limits:

These limits have been in effect since December 1, 2020, and remain unchanged as of 2026. Key details to note:

• If your AMD deposit exceeds AMD 7,000,000 (~USD 19,000), only the AMD deposit is guaranteed (up to AMD 16,000,000 / ~USD 43,000) — any foreign-currency deposit at the same bank would not be covered.
• If your AMD deposit is below AMD 7,000,000 (~USD 19,000), the AMD portion is guaranteed in full, and the foreign-currency deposit is guaranteed up to the difference between AMD 7,000,000 (~USD 19,000) and your AMD deposit amount.
• Coverage applies per depositor, per bank — holding accounts at multiple banks provides separate coverage at each institution.
• In the event of a payout, FX deposits are converted to AMD at the CBA average rate on the payout date.

For a broader overview of banking services including corporate bank account opening, see our banking services guide.

Frequently asked questions