A local bank account in Armenia makes daily life much easier: paying rent, receiving salary or client payments, paying taxes and using local cards. It is also practically required for your business and, from 1 November 2026, for showing capital or turnover when applying for a residence permit.
Team2B regularly accompanies clients to Armenian banks, so we know what each bank asks for and how to present your case.
What documents do you need to open a bank account?
- Passport (in some banks with a notarized Armenian translation).
- Social card / public service number (PSN) — most banks require it.
- Armenian address — a lease agreement or registration.
- Source of funds — employment contract, invoices, bank statements, sale contract.
- Purpose of the account — salary, freelance income, savings, business.
- Sometimes: a residence permit, tax ID or a reference from your home bank.
Which banks in Armenia are popular with foreigners?
There are about 17–18 banks in Armenia. Banks commonly used by foreigners include:
| Bank | Typical opening fee for non-residents |
|---|---|
| IDBank | 10,000 AMD |
| Ardshinbank | 15,000 AMD |
| ACBA Bank | 15,000 AMD |
| Inecobank | 25,000 AMD |
| Ameriabank | Check current tariff |
| Evocabank | Check current tariff |
| Converse Bank | Check current tariff |
Tariffs change frequently; confirm with the bank before you go.
How do you open a personal bank account step by step?
- Get your PSN (free at any Migration and Citizenship Service office, or via Team2B for 25,000 AMD).
- Rent an apartment and get a lease or address confirmation.
- Prepare documents on your income and source of funds.
- Choose a bank that fits your citizenship and needs.
- Visit the branch, fill in KYC forms and answer questions.
- Wait for the bank’s decision; timing depends on the bank and your profile.
- Receive your card and online banking access.
What will the bank ask you at the interview?
Armenian banks apply know-your-customer (KYC) rules. Be ready to answer:
- Why are you in Armenia, and how long do you plan to stay?
- Where does your money come from (salary, business, savings, sale of property)?
- Which countries will you send money to and receive money from?
- What monthly volume do you expect?
- Are you a politically exposed person, or connected to sanctioned persons or entities?
Answer clearly and consistently with your documents. If you are a freelancer, bring a couple of client contracts or invoices. If you will receive a salary from an Armenian employer, bring the employment contract.
Which account should you open: personal or business?
| Need | Account type |
|---|---|
| Rent, daily spending, savings | Personal account |
| Salary from an Armenian employer | Personal account |
| Invoicing clients as a sole proprietor | Business account of the sole proprietor |
| LLC operations, payroll, dividends | Company account |
| Proving capital or turnover for residence from 1 Nov 2026 | Business account (sole proprietor: at least 1,000,000 AMD balance or turnover in 60 days) |
For a sole proprietor or LLC that will be used as a ground for a residence permit, the business account is essential: from 1 November 2026, sole proprietors must show at least 1,000,000 AMD on the business account or in turnover over the previous 60 days.
Can Russian citizens open an account?
Yes. Russian citizens can open accounts, and a residence permit is not mandatory. Expect detailed questions about sanctions exposure, the origin of money and planned transfers. Clear documents increase your chances significantly.
Why do banks refuse, and how do you avoid it?
Refusals are discretionary and banks rarely explain them. Typical reasons:
- sanctions risk;
- unclear source of funds;
- unclear purpose or expected transactions;
- incomplete or inconsistent documents.
In July 2026 Armenia was placed under MONEYVAL enhanced follow-up, and banks tightened KYC. Since 2025 Armenia also exchanges financial account information under CRS, so information about your accounts may be shared with your country of tax residence.
Tips: bring documents in an organized form, be consistent about your income, and do not overstate expected volumes.
How do you open a business bank account in Armenia?
For an LLC or sole proprietor, the bank reviews the company, its founders, beneficial owners and business model. The director usually has to appear in person, and the review takes 4–14 business days. You will need the registration documents, charter, tax ID and an explanation of the business. See our company registration guide.
Are deposits in Armenia safe?
Deposits are insured by the Deposit Guarantee Fund:
| Deposit currency | Guaranteed amount |
|---|---|
| AMD | up to 16 million AMD |
| Foreign currency | up to 7 million AMD |
Does an Armenian account affect your taxes at home?
Having an account in Armenia does not by itself make you an Armenian tax resident; residency depends on 183+ days in a calendar year or your centre of vital interests (see our taxes in Armenia guide). But because Armenia exchanges account data under CRS since 2025, your home tax authority may receive information about your Armenian accounts. Russian tax residents have their own reporting duties for foreign accounts, and US persons must report foreign accounts too. Keep your declarations in order on both sides.
How can Team2B help?
Our bank escort service costs 25,000 AMD. We help you choose the right bank, prepare documents, translate where needed and go with you to the branch. We can also obtain your PSN and register your business. Contact us or read the full relocation to Armenia guide.
Frequently asked questions
Can a foreigner open a bank account in Armenia without residency?
Yes. A residence permit is not mandatory. Banks usually ask for a passport, a social card (PSN), an Armenian address, and information about your source of funds and the purpose of the account.
How much does it cost to open a bank account in Armenia?
Typical opening fees for non-residents are 10,000 to 25,000 AMD. Examples: IDBank 10,000 AMD, Ardshinbank 15,000 AMD, ACBA 15,000 AMD and Inecobank 25,000 AMD. Tariffs change, so check with the bank.
Can Russian citizens open a bank account in Armenia?
Yes. Russian citizens can open accounts in Armenian banks. Banks apply enhanced checks related to sanctions risk and source of funds, and may refuse at their discretion.
Why do Armenian banks refuse to open accounts?
Refusals are discretionary. Common reasons are sanctions risk, an unclear source of funds, an unclear purpose of the account or incomplete documents. Since July 2026 Armenia is under MONEYVAL enhanced follow-up, so KYC checks are stricter.
Are deposits in Armenian banks insured?
Yes. Deposits are guaranteed up to 16 million AMD for AMD deposits and up to 7 million AMD for foreign currency deposits.
How long does it take to open a company bank account in Armenia?
The director usually has to come in person, and the bank’s review takes 4 to 14 business days.
Sources
free consultation
We will review your case on Telegram or WhatsApp. Mon–Fri 10:00–18:00, 2 Nar-Dos st., Yerevan.