Opening a Personal Bank Account for a Non-Resident and Obtaining a Card in Armenia
To open a bank account and obtain a card in Armenia, you will need to follow a series of steps. First, choose a bank where you would like to open an account and receive a card. When selecting a bank, it is important to clearly define the main purpose of the account and how you intend to use it — not every bank is suitable for non-residents, especially when it comes to corporate or foreign currency accounts. In recent years, due to the growing number of new clients, banks have been frequently updating their account opening policies. The choice of bank should depend on your specific needs and preferences. Our company can assist you in this process — our financial managers have extensive experience working with banks and are ready to provide expert advice tailored to your financial needs in Armenia.
Which banks open accounts for non-residents in Armenia?
Not all of Armenia’s nearly 20 banks offer services to foreign nationals or non-residents.
The reasons are:
Not every bank is interested in working with citizens and residents of certain countries.
Banks in Armenia are divided into groups, with each occupying its own niche in the financial services market, serving both individuals and legal entities.
How to open a personal bank account in Armenia?
Today, banks approach the issue of account opening with a high degree of responsibility, which means that applicants must understand how to communicate with the bank and which documents they need to provide. Many applicants misunderstand the situation and mistakenly believe that if they are willing to bring their money to a bank, the bank is obligated to open an account for them.
To open a bank account in Armenia, you must first select a bank, then prepare the necessary documents according to the bank’s requirements, review the applicable rates, fees, and conditions — and only after that visit the bank to open the account.
Required documents typically include
Passport of an Armenian citizen, or a foreign passport with a valid Armenian residence permit (if available).
Very few banks open accounts solely based on the presentation of a passport. This matter requires separate and more detailed discussion.
Proof of income
Foreign nationals who are non-residents of Armenia may be required to provide bank statements from their country of residence or documents confirming the legal origin of their funds.
General Terms and Procedures
General conditions vary from bank to bank, but there are some that can be considered standard.
After selecting a bank and preparing the required documents, you should visit the chosen branch. Communication with bank staff is not always straightforward, and in case of refusal, the client often does not understand the reason.
In addition to answering the bank officer’s questions and having the account opening form filled out, clients are required to provide a number of documents — both originals and copies or electronic versions. This is especially relevant when opening corporate accounts for newly registered companies or sole proprietors in Armenia, as well as for foreign currency accounts. In each case, the list of required documents is individual, and banks may have extensive requirements. It’s worth noting that if the client’s background is simple and transparent, banks are generally less strict in their requirements. However, what qualifies as "simple and transparent" in the context of corporate accounts is not always clearly defined.
As a result, you will be presented with a bank agreement to sign. The agreement is usually provided in Armenian only. While it may follow a standard format, it is strongly recommended that you review it carefully to fully understand how the banking system operates in this new jurisdiction — at the very least, pay attention to the fees, interest rates, and service charges. Some banks may offer bilingual agreements, but in Armenia, Armenian remains the legally binding language in case of any dispute. Many clients, especially after a smooth account opening process, tend to overlook the importance of reviewing the agreement thoroughly.
A few days after opening your accounts, you will receive your debit card — or multiple cards — in the currencies you requested.
– Undergo the bank’s internal compliance review, both at the account opening stage and during the course of using the account –Do not fund your account via P2P cryptocurrency transfers. Cryptocurrency transactions are not legalized in the Republic of Armenia, and banks generally take a negative stance toward such operations. And much more!
It is also important to understand that once a bank account is opened, you enter into a partnership with the bank. Both parties are expected to comply with the terms and conditions outlined in the signed agreement. If there is any discrepancy in your information or a violation of the bank’s policies, the bank may request clarification or, based on its internal regulations, close your account — allowing you to withdraw the remaining funds. This is a standard practice followed by banks worldwide. Please treat this process with full responsibility.
We look forward to assisting you
The initial consultation may be either free or paid, depending on the specifics of your case and the time required for review.
