Bank account service

Account service fees

TRANSACTION TYPE	RATES*
Opening and closing of bank accounts	Free of charge
Account processing for resident legal entities and private enterprenuers (annual)	AMD 5,000** for all accounts
Account processing for non-resident legal entities and private enterprenuers (annual)	AMD 10,000 ** for all accounts
Annual bank account service fee for resident legal entities and private entrepreneurs where a foreign citizen is a shareholder	AMD 25.000
Annual service fee for each subsequent bank account for resident legal entities and private entrepreneurs where a foreign citizen is a shareholder	AMD 5.000
Processing of account, the opening of which is due to the amount deposited by customer, plastic card issued or gold-backed lending.	Free of charge
Providing account statements and payment documents (upon completion of transaction)***	Free of charge
Required minimum balance
AMD, USD	N/A
Other foreign currency	N/A
Payment of cash from non-cash funds of a customer**
AMD	0,3%
USD	3% (Revised daily)
Euro	4% (Revised daily)
Other foreign currency	At the daily interest rate
Issuing account statements, payment documents, copies, other information and references (upon customer request, for each document)
Up to 1 month	AMD 500*
From 1 to 6 months	AMD 1,500*
From 6 months to 1 year	AMD 2,000*
From 1 year to 2 years	AMD 3,000*
Over 2 years	AMD 5,000*
Issuing account statements based on the accountholders’ (except for banks) written request
to audit companies	AMD 10,000*
Other persons
Up to 30 days inclusive of account opening date	AMD 5,000*
After the 30th day after the account is opened	AMD 3,000*
Providing check-books
1 pages	AMD 600 *
25 pages	AMD 2,000*
50 pages	AMD 3,000*
Checking, packaging and returning bank notes upon customer request
AMD	0.1% of the transaction amount AMD 3,000 minimum AMD 20,000 maximum
USD	0.1% of the transaction amount AMD 3,000 minimum AMD 20,000 maximum
RUB, EUR	0.1% of the transaction amountAMD 3,000 minimum AMD 20,000 maximum
Processing payments in cash without opening an account
Out of the bank system
up to AMD 50,000	AMD 200
From AMD 50,001 to AMD 100,000	AMD 300
From AMD 100,001 to AMD 500,000	AMD 500
From AMD 500,001 to AMD 1,000,000	AMD 1,000
From AMD 1,000,001 to AMD 5,000,000	AMD 1,500
AMD 5,000,001 and over	AMD 3,000
Transfers in AMD
Transfers from account	Free of charge
Crediting of received transfers to account	Free of charge
Intrabank transfers without opening an account	0.1% of the transaction amount AMD 200 minimum AMD 3,000 maximum
Payment for technical supervision coupon (environmental, state duty, technical supervision)
Transfers in foreign currency
In foreign currency on teh RA territory	AMD 5,000
Between bank cardholders (between branches)	Free of charge
Intrabank transfers without opening an account	0.1% of the transaction amount AMD 300 minimum AMD 3,000 maximum

*Including VAT

**Shall not apply to bank accounts of individuals (except for private entrepreneurs), such as cash transactions in terms of credit facilities provided by ARARATBANK OJSC, interests accrued on term deposits and bonds of ARARATBANK OJSC, social package and family capital, as well as deblocked accounts.

Required documents

Resident and non-resident legal entities established and/or operating in the territory of the Republic of Armenia․

Copy of Charter including amendments;
Copy of state registration certificate with inserts;
Copy of document certifying taxpayer identification number (TIN) where TIN is not indicated in the state registration certificate;
Copy of license (where a licensed activity is carried out);
Information on customer participants (founders). Where the customer is a limited liability company, a list of participants indicated in the appendix to the charter or in the insert(s) enclosed to the state registration certificate shall be provided. Where the customer is a joint stock company, a statement issued by shareholder registry keeper on shareholders who own 10% or more shall be provided. Where the participant (founder, shareholder) is a non-resident natural person, the passport shall be translated into Armenian and certified by notary public unless a special RA passport, a residence card or an internationally recognized travel document issued by a competent authority is available;
Copies of documents certifying position of signatories. No grounding document shall be required where the mentioned persons are registered in the insert enclosed to the state registration certificate;
Copies of passports and ID cards of signatories. Where the respective person is non-resident, the passport shall be translated into Armenian and certified by notary public unless a special RA passport, a residence card or an internationally recognized travel document issued by a competent authority is available.

Non-resident legal entities established and/or operating outside of the territory of the Republic of Armenia

Package of customer founding documents with original copies of translated materials into Armenian certified by notary public;
Original copies of translated into Armenian documents defining the customer’s legal status, verifying its state registration and registration in tax authorities certified by notary public;
Original copy of translated into Armenian license certified by notary public (where a licensed activity is carried out);
Information on customer participants (founders), original copies of documents certified by notary public. Where the participant (founder) is a non-resident natural person, the passport shall be translated into Armenian and certified by notary public unless a special RA passport, a residence card or an internationally recognized travel document issued by a competent authority is available;
Copies of passports and/or ID cards of signatories. Where the respective person is non-resident, the passport shall be translated into Armenian and certified by notary public;
Power of attorney, signed and sealed with the company seal, shall be provided where account funds are managed by an authorized person.

Cash transactions

TRANSACTION TYPE	RATES*
Deposit cash to an account
AMD, USD	Free of charge
other foreign currency	At the interest rate set on the daily basis
Deposit cash coin to an account
up to AMD 50 000	Free of charge
an amount exceeding AMD 50 000	1%
Paying cash out of non-cash funds of the customer**
AMD	0,3%
USD	3% (Revised daily)
Euro	4% (Revised daily)
other foreign currency	At the interest rate set on the daily basis
Exchange of old and damaged banknotes in AMD
AMD	Free of charge
USD	2%
RUB, EUR	3%
Processing payments in cash without opening an account
Out of the bank system
Up to AMD 50.000	AMD 200
Between AMD 50.001 and AMD 100.000	AMD 300
Between 100.001 and AMD 500.000	AMD 500
Between 500.001 and AMD 1.000.000	AMD 1,000
Between AMD 1.000.001 and AMD 5.000.000	AMD 1,500
AMD 5.000.001 and over	AMD 3,000
Intrabank transfers in AMD without opening an account	0.1% of the transaction amount, min. AMD 200, max. AMD 3,000
Intrabank transfers in foreign currency without opening an account	0.1% of the transaction amount, min. AMD 300, max. AMD 3,000
Payment for technical supervision coupon (environmental, state duty, technical supervision)	AMD 1.200***

* VAT included.

**Clause 2.2 of the present section shall not apply to bank physical entities’ (except for individual entrepreneurs)accounts, amounts credited from credit funds.

***In case of payment of property tax, extra AMD 200 shall be charged.

Important to know

If the required documents are sent abroad, postage costs shall be additionally charged from the accountholder.
Transfers shall be made within one banking day.
If the transferred amounts are already paid to the beneficiary or beneficiary bank, the bank shall not be held liable for return of amounts.
Bank expenses regarding return of the transferred amount shall be incurred by the customer, if the process of returning money was due to the customer having provided inaccurate details.

Attention

You have the right to communicate with a financial institution of your choice by post or e-mail. Receiving information electronically is the most convenient option. It is available 24/7, free from the risks of loss of paper information and ensures privacy.

Bank account service

See also