The stability of the Armenian economy greatly depends on the country’s banking sector. The banking system in the jurisdiction is secure, so opening a personal account is a good decision for new residents. Because of their attractive prices, simple tax policies and excellent online services, Armenian banks offer favorable conditions for account holders this year. Having innovative banking services, better tax conditions and a favorable business climate, making a personal bank account in Armenia is wise for good financial management and accessing all economic opportunities when starting up or moving to Armenia.
Streamlined and fast opening of bank accounts is an important benefit for people interested in doing business in Armenia. Unlike in some other states, the process in Armenia is easy and can be finished within a few days by going there in person.
You should consider holding a bank account in Armenia: here’s the reason
The fees charged by Armenian banks for opening accounts, maintenance and different transactions are both reasonable and clear. There is no minimum share capital needed when opening an account at Evocabank and their online banking, account maintenance and monthly services are all free of charge.
It is also worth noting that Armenia’s tax system is straightforward and allows foreigners to follow local guidelines with ease. In 2023, Armenia kept its income tax rate at 20% and it has inked double taxation treaties with many countries, making it attractive for businesses.
As it is located between Europe and Asia, Armenia helps you access new and promising markets. Companies that wish to expand in the region find it useful to set up a bank account in Armenia because it belongs to the Eurasian Economic Union which makes it easier to do business with other markets there and globally.
Also, Armenian banks make it easy for foreigners to control their account and carry out transactions using online and mobile services. Therefore, Ameriabank, another recognized bank in Armenia, supplies its customers with a mobile app, a Visa card and a 24/7 call center for easy financial handling.
What is necessary to set up a bank account in Armenia
Requirements to open a bank account in Armenia are not the same for all banks and kinds of accounts. However, most of the time, foreigners have to hand over these documents:
- photocopies of their passports
- a document that shows your address, not older than six months, for example a bank statement
- detailed CV
- KYC stands for Know Your Customer which is the form required.
- People may complete the application form either on the website or in person.
It is possible that certain banks might require more paperwork (such as a letter from your current bank, your proof of income or a business plan). So, it is wiser to discuss requirements with the selected bank beforehand and prepare the requested documents.
Procedures to set up a bank account in Armenia
Opening a bank account in Armenia is meant to be easy and open to everyone.
- Find a bank and decide on what account you want
Choose a bank and pick an account according to what you hope to do with your money. If you need support, professional advisors can give advice.
- Telephone the bank you picked and arrange an appointment.
If you would like to open your account in Armenia, either visit the bank or complete the application form available online and send supporting documents by email if it is an option for you.
- Pay a visit to the branch if you prefer to handle services face to face.
Hand your papers to the officer from the bank, who will confirm your information and your identity as well as ask about your background and the reasons for opening the account.
- After the agreement is completed, you will be able to get your credentials.
After agreeing to the contract, receive your account number and any bank cards and learn the rules, fees and conditions of your account.
- Sign in and make use of your account.
You can add money to your account by paying it in cash, wire transfer or with a cheque. Get into your account on your computer or through the company’s mobile app to make your first online transaction.
The time it takes can differ, going from a day up to two weeks. In the end, it comes down to what bank and account you have. Usually, banks can finish the account opening process quickly if all the paperwork is handed over beforehand.
Steps required to open a bank account in Armenia
The procedure is normally as simple as going through the letters ABC. Here are the actions you can take to make the process more straightforward and guarantee a simple banking experience there:
Go for a respectable Armenian bank that has demonstrated its reliability over time. Consult what users have said about these banks and request advice from others who started their banking journey in Armenia.
- Pick an Account Type that Goes with your Business: Pick a bank account type suitable for your company’s needs and aims. In fact, the type of account doesn’t make a difference here as long as it is a current account, a savings account, a deposit account or a multi-currency account.
- Select the Right Account Type: Pick a currency that makes it simpler for you to conduct transactions which can be Armenian drams or a different major currency. Find out if the bank offers services to exchange your currency.
- Choose a Branch That’s Close to You: Opt for a branch that is just a short trip from you. Visit the bank’s ATMs or nearby ATMs from their network to avoid inconvenience.
- Hire legal experts: It is important to use professionals who can advise you on legal matters.
It is simple to do personal and business banking with International Wealth.
We help our customers open personal or corporate bank accounts in Armenia and in other countries without any hassle. When you have an expert advisor, they can take care of all the details required for bank documentation. By partnering with many Armenian banks, we will help you meet all your financial goals. People who need personal accounts and businesses looking to set up their finances will both be fully satisfied with what International Wealth offers. Because we uphold efficiency, compliance and international expertise in banking, you can turn to us for the best banking in Armenia or other places. Contact International Wealth consultants whenever you face problems and we will work hard to ensure all your business, immigration or financial goals are met quickly.
