Updated: 7 September 2025 • Audience: Foreign individual investors (non-residents)
Source of rates: AFM marketplace + bank sites cross-checked as of the date above. Always reconfirm before funding.
Why Armenia — at a glance
Market-leading yields
AMD 9.75–10.75% p.a. (typ.), USD 4.75–5.25% p.a., EUR up to 3.25% p.a.
Open to non-residents
All banks accept foreign individuals; liberal FX regime (no capital controls).
Deposit insurance
Up to AMD 16m (≈$40k) for AMD or AMD 7m (≈$17.5k) for FX per depositor per bank.
Simple tax
10% withholding on interest (bank handles it). Treaty rates may reduce to 5% or 0%.
Digital advantage
Online/app deposits often pay +15–25 bp vs branch; some allow remote onboarding.
Start here: 60-second decision helper
Pick currency ➝ Pick term ➝ Pick access ➝ Check insurance ➝ Fund (OUR)
Currency
Want the highest return and can tolerate FX risk? ➝ AMD (target 9.75–10.75%)
Prefer stability in home-currency terms? ➝ USD (target 4.75–5.25%) or EUR (up to 3.25%)
Not sure? Blend (e.g., 60% AMD / 40% USD)
Term
Need liquidity < 12 months? Prefer USD; AMD short terms may not beat FX swings.
Can commit 12–36 months? Lock AMD (peak rates), USD 24–36m for 5% tier.
Access & Insurance
Remote: Evocabank (app) is the most mature.
In-person / PoA: All banks; digital channels still pay higher.
Insurance: Keep each bank's AMD chunk ≤ 16m and USD/EUR chunk ≤ 7m AMD equiv (~$17.5k) for full coverage.
Funding
Use SWIFT OUR (sender pays all fees) to ensure the deposit receives the exact amount.
Best current* offers by currency and term
(*Verified 7 Sep 2025; reconfirm with the bank.)
AMD (Armenian Dram)
| Bank / Product | Term | Min | Nominal | Payout | Flex | Remote | Insurance |
|---|---|---|---|---|---|---|---|
| AMIO Bank – "Profitable" (App) | 12m | AMD 100k | 10.25% | At maturity (cap.) | No early exit | Partially (existing app client) | Up to AMD 16m |
| AMIO – "Profitable" (Std) | 12m | AMD 100k | 10.00% | Monthly | No early exit | Branch / PoA | Up to AMD 16m |
| Evocabank – "Symphonic" | 12m | AMD 100k | 9.75% | Monthly (0.25% to charity) | Early exit: penalty | In-person / online mgmt | Up to AMD 16m |
| Artsakhbank – Term | 12m | AMD 50k | 10.00% | At maturity | Partial withdrawal ≤20%; early exit 1% p.a. | Branch | Up to AMD 16m |
| AraratBank – Term | 24–36m | AMD 100k | Up to 9.50% | Monthly | Early exit 0.1% p.a. | Branch | Up to AMD 16m |
Tip: App/online products pay more; highest rates typically forbid early withdrawal. Plan to hold to maturity.
USD
| Bank / Product | Term | Min | Nominal | Payout | Notes | Remote | Insurance |
|---|---|---|---|---|---|---|---|
| Evocabank – Online | 24–36m | $200 | 5.25% | At maturity (cap.) | +0.25% for >12m | Yes (app) | Up to AMD 7m (~$17.5k) |
| Artsakhbank – Term | 24–36m | $150 | 5.12% | At maturity | Partial early allowed; recalculation | Branch | Up to AMD 7m |
| Byblos Bank – Term | 24m | $3,000 (foreign min $30k) | 4.75% | At maturity | In-person; high min for foreigners | Branch | Up to AMD 7m |
| AraratBank – Term | 12m | $250 | 3.25% | Monthly | Early exit 0.1% | Branch | Up to AMD 7m |
| Ardshinbank – Standard | 12–36m | $500 | 0.40–3.75% | Mostly monthly | Big-bank baseline | Branch | Up to AMD 7m |
EUR
| Bank / Product | Term | Min | Nominal | Payout | Notes | Remote | Insurance |
|---|---|---|---|---|---|---|---|
| Evocabank – Online | 24–36m | €200 | 3.25% | At maturity (cap.) | +0.25% for >12m | Yes (app) | Up to AMD 7m |
| Byblos Bank – Term | 24m | €3,000 (foreign min €30k) | 2.75% | At maturity | In-person | Branch | Up to AMD 7m |
| Armeconombank – Classic | 24–36m | €200 | 2.75% | At maturity | Replenishment allowed; free card | Branch | Up to AMD 7m |
| ArmSwissBank – Standard | 24–36m | €20k | 2.75% | At maturity | New clients via deposit | Branch | Up to AMD 7m |
| AraratBank – Term | 12m | €250 | 1.75% | Monthly | Early exit 0.1% | Branch | Up to AMD 7m |
Deposit insurance — how much is really covered?
Per depositor, per bank
AMD-only deposits: up to AMD 16,000,000
FX-only deposits: up to AMD 7,000,000
Both AMD + FX at same bank: special rule (max AMD 16m if you hold AMD; otherwise AMD 7m)
Illustrations (simplified):
| Scenario | AMD balance | FX balance (AMD-equiv) | Covered AMD | Covered FX | Total covered |
|---|---|---|---|---|---|
| AMD-only | 20m | 0 | 16m | 0 | 16m |
| FX-only | 0 | 10m | 0 | 7m | 7m |
| AMD>7m + FX | 12m | 4m | 12m | 0 | 12m |
| AMD<7m + FX | 5m | 8m | 5m | 2m (7m–5m) | 7m |
| Small AMD + small FX | 3m | 3m | 3m | 3m | 6m |
Payouts are in AMD at the CBA rate on the compensation date. Coverage applies to principal + accrued interest within limits.
Action: For balances above limits, split across banks (and across AMD vs USD/EUR across banks) to multiply coverage.
Tax & reporting
Withholding tax
10% on deposit interest (bank withholds; no filing in Armenia if correctly withheld).
Treaties
May reduce withholding to 5% (UK, DE, CY, SG) or 0% (UAE). Provide a tax residency certificate up front if you want treaty rates.
CRS
Armenia exchanges account and interest info with ~120 jurisdictions from 2025 onward.
US persons
Expect FATCA/KYC forms (W-9); self-reporting (FBAR etc.) still applies.
Tip: Even if you keep the default 10% WHT, you can usually claim a foreign tax credit at home; confirm locally.
Opening an account (non-resident)
Remote (best-in-class)
Evocabank — full digital onboarding (video KYC) subject to conditions (e.g., sizeable balance or local ties) and premium fees (AMD 50k opening; AMD 250k annual for remote package).
In-person / PoA
All banks. Many complete same-day; some 1–3 business days for non-residents.
Typical documents
- Passport (6+ months validity)
- Proof of address (utility, bank statement)
- Armenian Social Services Number (bank can help; ~1 day)
- Source-of-funds (employment/statement/sale contract)
- FATCA forms for US persons
- Local SIM recommended (OTP/SMS)
Indicative fees (non-resident accounts)
| Bank | Opening (one-off) | Maintenance |
|---|---|---|
| Ameriabank | AMD 30,000 | AMD 12,000 / year |
| Ardshinbank | AMD 20,000 | AMD 10,000 / year |
| ACBA | AMD 15,000–30,000 | up to AMD 36,000 / year |
| Evocabank (remote pkg) | AMD 50,000 | AMD 250,000 / year |
(Tariffs vary by package; many waive with balances.)
Funding & repatriation (SWIFT)
Always fund with "OUR" (sender pays all fees) so your deposit receives the exact required amount.
Indicative outgoing fees
| Bank | SHA | OUR | Notes |
|---|---|---|---|
| Ameriabank | 0.10% (min AMD 5k, max 12k) | 0.15% (min 7.5k, max 50k) | Paper vs online may differ |
| AraratBank | 0.10% (min 5.5k, max 15k) | 0.15% (min 15k, max 55k) | USD example |
| Byblos | 0.15% (min 5k, max 40k) | 0.15% (min 5k, max 60k) | USD/EUR |
| Evocabank | BEN 5k | 0.15% (min 7k, max 70k) | excl. RU/BY corridors |
FX spreads: Expect ~1.0–1.3% on USD/AMD retail. Converting in and out effectively doubles the FX cost; include this in your net return math.
FX risk — simple scenario check (1-year)
Assume AMD deposit 10% gross (~9% net after tax), USD deposit 4% gross (~3.6% net), start at 385 AMD/USD:
| AMD move vs USD | AMD deposit (net, USD terms) | USD deposit (net) |
|---|---|---|
| -10% (to ~424) | ≈ -1% (interest mostly offset by FX) | +3.6% |
| 0% | +9% | +3.6% |
| +10% (to ~347) | +~19% (interest + FX gain) | +3.6% |
Practical takeaways
- Comfortable with AMD risk? Tilt AMD (and consider compounding).
- Want certainty? Favor USD (24–36m for peak 5% tier).
- Unsure? Blend (e.g., 60% AMD / 40% USD) and ladder to tame timing risk.
Strategies that work
1) Laddering (liquidity + yield)
USD ladder (conservative): e.g., $30k split into 6m / 12m / 24m; roll each at maturity.
AMD ladder (balanced): 12m / 24m / 36m to average rates and reinvest opportunities.
Mixed ladder: 60% AMD (12–24m), 40% USD (24–36m) to balance FX and income.
2) Insurance optimization
Keep each bank exposure ≤ AMD 16m (AMD) or AMD 7m (FX) including accrued interest.
Larger portfolios? Split across 3–6 banks to fully insure everything.
3) Compounding and payout choice
Don't need income? Prefer capitalization / at-maturity to squeeze extra APY.
Need cashflow? Monthly payout is fine—just know APY is lower unless you reinvest payouts.
Worked examples (after tax & fees)
AMD 5,000,000 @ 10% (12m, monthly payout)
- Gross monthly ≈ AMD 41,667 → AMD 37,500 net (10% WHT)
- Total net interest ≈ AMD 450,000 (~9% net)
- Fully insured (≤ AMD 16m)
USD $50,000 @ 4% (6m, at maturity)
- Gross $1,000 → $900 net (10% WHT)
- Outgoing wire fees ≈ $50–70 (OUR) → net ≈ $830
- (1.66% in 6m; ~3.3% annualized)
Insurance split idea (USD $75,000)
Place ~$17.5k in each of 4–5 banks to fully insure USD amounts (AMD 7m cap per bank).
For AMD positions, cap each bank around AMD 16m.
Profile-based recommendations
Conservative USD saver (needs access)
Focus USD 24–36m deposits at ~5% (Evocabank app; Artsakhbank). Ladder 6–12–24m. Monthly payout for income; stay within FX insurance cap.
AMD yield maximizer (accepts FX risk)
Lock 10–10.75% in 12–36m AMD (AMIO app, Evoca Online, Ararat 24–36m). Capitalize interest; diversify banks; keep each ≤ AMD 16m.
Euro-area saver (remote-first)
Evocabank EUR 3.25% (24–36m, app). If not feasible, consider Armeconombank EUR 2.75% (in-person).
Diaspora frequent visitor (larger sums)
Open in person; split across Ameria / Ardshin / ACBA / Evoca / Ararat. Use a mixed ladder and keep every deposit fully insured.
Large-balance allocator (> insurance caps)
Multiply coverage across banks + currencies + terms; avoid single-bank concentrations; ladder maturities.
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