Bank account service

Account service fees

You can open accounts in ARARATBANK both in local and foreign currency.

TRANSACTION TYPE	RATES
Opening and closing of bank accounts	Free of charge
Account processing for resident individuals (annual)	AMD 1,000*** for each account
Account processing for non-resident individuals (annual)	AMD 5,000*** for each account
A commission fee for opening a new AraratMobile account for existing customers	N/A
Processing of account, the opening of which is due to the amount deposited by customer (individual) plastic card issued or gold-backed lending.	Free of charge
Opening and processing bank accounts of individuals (including term deposits) upon submitting a bank book	AMD 300*
Providing account statements and payment documents (upon completion of transaction)***	Free of charge
Required minimum balance
AMD, USD	0.00
Other foreign currency	0.00
Cash disbursement from Customer's cash	Free of charge
Crediting cash to the account
AMD, USD	Free of charge
Other currencies	At a fixed interest rate of the given day
British pound sterling (GBP), Swiss franc (CHF), Georgian lari (GEL), Canadian dollar (CAD), Australian dollar (AUD), UAE dirham (AED)	At an interest rate set by the Dealing Center for the given day
Exchanging or crediting a 500 euro note to the account
For account holders	4%
For non-account customers	5%
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, USD, RUB, EUR	0.1% of the transaction amount AMD 3,000 minimum AMD 20,000 maximum
Processing payments in cash without opening an account
Outside the Bank system
Money transfers in AMD without opening an account	0.1% of the transaction amount, AMD 300 min., AMD 5,000 max.
Intrabank transfers of non-resident customers to accounts of other account holders	AMD 2,000
Transfers of non-resident customers outside the Bank system	AMD 10,000
Transfers of resident customers outside the Bank system	AMD 5,000
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
Transfers in foreign currency
Intrabank transfers of resident account holders	Free of charge
Intrabank transfers of non-resident customers between their own accounts	Free of charge
Transfers of non-resident customers to other persons’ accounts	AMD 2,000
External transfers of resident customers	AMD 5,000
External transfers of non-resident customers	AMD 10,000
Intrabank transfers without opening an account	0.1% of transaction amount: AMD 300 min., AMD 3,000 max.
Account opening and processing for the purpose of managing family capital
Annual interest rate accrued over the funds available in the bank account, opened for the purpose of managing family	9,5%
Interest payments shall be made to the same account once a year

*Annual processing fee shall be charged at the point of account opening. Annual processing fee shall be subject to payment every year on the same day the annual processing fee has been charged. At that, if the customer fails to pay the annual processing fee or the required amount is not available on the customer account, the account shall be closed. Furthermore, if the resident or non-resident legal entities and private entrepreneurs open one more account in other currency or the same currency in future (except for subaccounts), the one-time processing fee shall be charged at the point of opening an account.

**Including VAT

***Not applied for amounts credited to bank accounts of individuals (except for private entrepreneurs) from interests accrued over the loan funds disbursed by ARARATBANK OJSC, term deposit and ARARATBANK OJSC bonds, as well as for cash withdrawal from social package and family fund accounts and accounts released from seizure.

Required documents

A passport and/or identification card or a military record book where an individual undergoes a mandatory military service (passports shall be translated into Armenian and notarized in case of nonresidents). No translation of passports shall be required where a special RA passport, residence card or internationally recognized travel document that verifies the identity of the bearer issued by RA authorities is submitted.
A social security card or reference on issuing a public service number (in case of lack of such document, a reference on waiver of the social security card or public service number issued by RA authorities shall be provided).
A power of attorney certified by a notary public, where a person is authorized to manage account proceeds.

Important to know

When sending the required documents outside the Republic of Armenia, postage costs shall be additionally charged to the account holder.
Transfers shall be made within one banking day.
If the funds to be transferred are already paid to the beneficiary or the bank of the beneficiary, the Bank shall not be held liable for the return of funds.
If the funds are returned due to the Customer fault (e.g., inaccuracy in details), the expenses of the Bank shall be incurred by the Customer.
Tariffs are set in AMD, and tariffs set for foreign currency transactions shall be calculated at the average prevailing exchange rate announced by the Central Bank of Armenia as of the date of transaction.
In the absence of movement of funds on the account within 1 year, with availability of balance on the account, the account shall be frozen in order to avoid further accumulation of service commissions.

Deposits made by individuals with AraratBank are guaranteed by Deposit Guarantee Fund of Armenia. Maximum guaranteed amount for deposits in Armenian drams is AMD 16 million, and for deposits in foreign currency – AMD 7 million.

In the event the deposit is made both in AMD and foreign currency with the same bank:

if the deposit in Armenian drams exceeds AMD 7 million, only the AMD-denominated deposit shall be guaranteed in the maximum amount of AMD 16 million,
if the deposit in Armenian drams is less than AMD 7 million, it shall be guaranteed in the maximum amount of AMD 7 million (the AMD-denominated deposit shall be guaranteed in full, and the foreign currency deposit shall be guaranteed in the amount of difference between AMD 7 million and AMD-denominated deposit subject to compensation).

Attention

The right of the account holder to manage the account and the funds available on the account can be restricted through a court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies.

Withdrawal of funds from the account without the respective instruction of the account holder may be implemented through a court decision based on the application submitted by Judicial Acts Compulsory Enforcement Bodies or tax authorities.

“Your financial directory” is an electronic system which facilitates the search, comparison and selection of the best options in the services offered.

You shall have the right to communicate with the financial institution by any convenient way - 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