Individual
Account service
Bank account service

Bank account service

ARARATBANK offers bank account processing services to individuals, legal entities and private entrepreneurs.

Account service fees

Transaction Type	Fees
Bank accounts
Account Opening and Closing	Free
Account Opening and Maintenance for POS Terminal and/or Cash Register Activation	Free
Annual Account Maintenance Fee for RA Citizen Individuals	AMD 1,000 * per account**
Annual Maintenance for Online Accounts Opened by RA Citizen Individuals	Free (if the customer has an active account, card, deposit, or loan with the Bank)
Online Opening of Additional Accounts for Resident Sole Proprietors	Free
Online Opening of Additional Accounts for Non-Resident Sole Proprietors	Free
Annual Account Maintenance for Foreign Citizen Individuals, Including Accounts Opened Online	AMD 5,000 * per account**
Annual Account Maintenance for Resident Legal Entities and Sole Proprietors	AMD 5,000 * for all accounts**
Annual Account Maintenance for Non-Resident Legal Entities and Sole Proprietors	AMD 10,000 * for all accounts**
Developer Special Account Annual Maintenance	AMD 25,000 * for all accounts**
Annual Maintenance for Unallocated Metal Accounts of Individuals and Legal Entities	AMD 5,000 ***
Annual Account Maintenance for Resident Legal Entities and Sole Proprietors with Foreign Citizens as Participants	AMD 25,000 * for all accounts**
One-Time Account Maintenance Fee for a New Bank Account or Accounts Opened on the Same Day by Account-Holding Legal Entities and Sole Proprietors	Free
Technical Account Opening and Closing	Free
Technical Account Maintenance	*AMD 500 per year for resident legal entities and sole proprietors (per subaccount)**
Opening and Closing of Deposit and Bond Accounts for Individuals and Legal Entities	Free
Minimum Account Balance
Individuals
In AMD and Other Currencies	0.00
Legal Entities and Sole Proprietors
In AMD and Other Currencies	0.00
Cash Deposits to Customer Account
AMD, EUR, USD (excluding USD banknotes in denominations of 5, 10, 20, and 50 issued before 2004 and USD 100 banknotes issued before 2009, for which ARARATBANK OJSC has established a separate 1% fee)	0% · New Aresh Branch: 0.1% for AMD deposits, up to a maximum of AMD 5,000****** · Araratyan Branch: AMD 500 for deposits of up to AMD 100,000****** · Gyumri Customs House, Bagratashen 1, Bagratashen 2, and Gogavan Branches: for legal entities and sole proprietors - AMD 500 for deposits of up to AMD 1,000,000; AMD 1,000 for deposits exceeding AMD 1,000,000
Russian Ruble	10%
Australian Dollar	1․0%
British Pound Sterling	1․0%
Canadian Dollar	1․0%
Swiss Franc	1․0%
UAE Dirham	1․0%
Other Currency	Contractual
Cash Acceptance by ARARATBANK OJSC without Crediting the Customer’s Account
USD (excluding USD banknotes in denominations of 5, 10, 20, and 50 issued before 2004 and USD 100 banknotes issued before 2009, for which ARARATBANK OJSC has established a separate 1% fee)	0%
RUB	10% (0% for cash foreign currency exchange)
Cash Disbursement from Customer’s Non-Cash Funds **
Cash Withdrawal of Funds from POS Terminal and/or Cash Register Transactions	0%
- AMD	0.3%
- USD	1%
- EUR	1%
- RUB	0%
- British pound sterling (GBP), Swiss franc (CHF), Georgian lari (GEL), Canadian dollar (CAD), Australian dollar (AUD), UAE dirham (AED)	At the Dealing Center’s Daily Rate
Exchange or Deposit of Worn, Damaged, or EUR 500 Banknotes
- AMD	0%
- USD	1.5%
- EUR	1.5%
- RUB	1.5%
-Australian Dollar	1․5%
-British Pound Sterling	1․5%
-Canadian Dollar	1․5%
-Swiss Franc	1․5%
-UAE Dirham	1․5%
-Georgian Lari	1․5%
Issue of Current Statements and Payment Documents (upon completion of transaction) ***	Free
Provision of Account Statements (including current, card********, and deposit accounts), Copies of Payment Documents, and Other Information (upon customer request, per document), including Statements for Submission to Embassies (dated back for)**
Up to 1 month	AMD 500 *
1 - 6 months	AMD 1,500 *
6 months – 1 year	AMD 2,000 *
1 - 2 years	AMD 3,000 *
Over 2 years	AMD 5,000 *
Copy of Any Agreement with ARARATBANK OJSC	AMD 3,000 *
Acceptance of ARARATBANK OJSC-Certified Powers of Attorney from Individual and Sole Proprietor Customers	AMD 3,000 *
To audit companies	AMD 10,000 *
References and/or Information Confirming Customer and Account Status** (for requests submitted electronically or by mail, paid references/information are provided upon presentation of proof of payment to ARARATBANK OJSC account No. 1510002499969967
Individuals (excluding Sole Proprietors)
Electronic Delivery		Free
Paper Copy - First Request During Each Calendar Year		Free
Paper Copy to Individuals (excluding Sole Proprietors) - Second and Each Subsequent Request During the Same Calendar Year, and Provision of References and/or Information to Legal Entities and Sole Proprietors
Up to and Including the 30th Day after the Account Opening Date ********	AMD 5,000 *
Starting from the 30th day after the Account Opening Date ********	AMD 3,000 *
Reference Confirming Customer Status with ARARATBANK OJSC	AMD 3,000 *
Custom Reference	AMD 5,000 *
Provision of Information in Response to Requests from Notaries and Bankruptcy Administrators	Free
Issue of cheque books
1 leaf	AMD 600 *
25 leaves	AMD 2,000 *
50 leaves	AMD 3,000 *
Banknote Verification and Packaging Upon Customer Request
- AMD, USD, RUB, EUR	0.1% of transaction amount, AMD 3,000 min., AMD 20,000 max.
Transfers in AMD *****
- Without opening an account	0.1% of transaction amount, AMD 300 min., AMD 5,000 max. · New Aresh Branch Up to AMD 10,000: AMD 300 AMD 10,001–200,000: AMD 400 Over AMD 200,000: 0.2%, max. AMD 5,000 · Araratyan Branch Up to AMD 100,000: AMD 500 AMD 100,001–1,000,000: AMD 1,000 Over AMD 1,000,000: AMD 2,000 · Gyumri Customs House Branch Up to AMD 100,000: AMD 500 AMD 100,001–1,000,000: AMD 1,000 Over AMD 1,000,000: AMD 2,000 · Agarak, Bagratashen 1, Bagratashen 2, Bavra, Gogavan, Sisian, and Vanadzor 1 Branches Up to AMD 50,000: AMD 500 AMD 50,001–100,000: AMD 700 AMD 100,001–500,000: AMD 1,500 AMD 500,001–1,000,000: AMD 2,000 AMD 1,000,001–3,000,000: AMD 2,500 AMD 3,000,001–5,000,000: AMD 5,000 Over AMD 5,000,000: AMD 8,000
Account Transfers via Paper Payment Order (excluding social package and family capital account transfers, transfers to ARARATBANK OJSC income accounts, and recurring payment orders) ********	AMD 200 · Araratyan Branch Up to AMD 100,000: AMD 500 AMD 100,001–1,000,000: AMD 1,000 Over AMD 1,000,000: AMD 2,000 · Gyumri Customs House Branch Up to AMD 100,000: AMD 500 AMD 100,001–1,000,000: AMD 1,000 Over AMD 1,000,000: AMD 2,000 · Agarak, Bagratashen 1, Bagratashen 2, Bavra, Gogavan, Sisian, and Vanadzor 1 Branches Up to AMD 50,000: AMD 500 AMD 50,001–100,000: AMD 700 AMD 100,001–500,000: AMD 1,500 AMD 500,001–1,000,000: AMD 2,000 AMD 1,000,001–3,000,000: AMD 2,500 AMD 3,000,001–5,000,000: AMD 5,000 Over AMD 5,000,000: AMD 8,000
Account Transfers via Remote Banking Systems	Free
Property Tax Transfers via Remote Banking Systems	AMD 100
Transfers in Foreign Currency within Armenia
Interbank transfers between accounts held by RA citizen individuals, resident legal entities, and sole proprietors, submitted in paper form	AMD 200
Interbank transfers between accounts of foreign citizens, non-resident legal entities and sole proprietors, and resident legal entities and sole proprietors with foreign participants, submitted in paper form	AMD 500
Interbank transfers to accounts of other account holders by foreign citizens, non-resident legal entities and sole proprietors, and resident legal entities and sole proprietors with foreign participants, submitted in paper form or through remote banking systems	AMD 2,000
Transfers by RA citizen individuals, resident legal entities, and sole proprietors to accounts outside ARARATBANK OJSC, submitted in paper form or through remote banking systems	0.1% of transaction amount min. AMD 5,000, max. AMD 20,000
Transfers by foreign citizens, non-resident legal entities and sole proprietors, and resident legal entities and sole proprietors with foreign participants, to accounts outside ARARATBANK OJSC, submitted in paper form or through remote banking systems	0.1% of transaction amount min. AMD 10,000, max. AMD 20,000
In the event of a discrepancy between the customer’s account number and the currency of the payment order, the account number specified in the payment order will be used as the basis for processing. The funds will be converted into the currency corresponding to the currency of the account specified in the payment order, at the exchange rate set by ARARATBANK OJSC at the time of conversion on the accounting date, and credited to the customer’s respective account. Fees specified in ARARATBANK OJSC’s Tariffs will be debited, in order of priority, from the account denominated in the respective currency. If the account is denominated in a foreign currency and does not have sufficient funds, the fees will be debited from the customer’s account in AMD or another foreign currency, using the dealing exchange rate set by ARARATBANK OJSC at the time of conversion on the date of debit.

Foreign Currency Transfers Outside the RA ***********
Transfers in US Dollars
AraratBank OJSC covers correspondent bank charges. Any fees charged by intermediary banks are deducted from the transfer amount (OUR option)	0.1%, min. AMD 7,000, max. AMD 55,000
Correspondent and intermediary bank charges are deducted from the transfer amount (SHA/BEN option)	0.1%, min. AMD 5,500, max. AMD 15,000
Transfers to Russia, regardless of the charge option	0.15%, min. AMD 50,000, max. AMD 100,000, plus EUR 200 correspondent bank fee, charged in AMD
Transfers to Belarus, regardless of the charge option	0.15%, min. AMD 50,000, max. AMD 100,000 0.15%
Transfers to Georgia, regardless of the charge option	AMD 7,000
Transfers in Euro
AraratBank OJSC covers correspondent bank charges. Any fees charged by intermediary banks are deducted from the transfer amount (OUR option)	0.1%, min. AMD 7,000, max. AMD 55,000
Correspondent and intermediary bank charges are deducted from the transfer amount (SHA/BEN option)	0.1%, min. AMD 7,000, max. AMD 25,000
Transfers to Russia, regardless of the charge option	0.15%, min. AMD 50,000, max. AMD 100,000, plus EUR 200 correspondent bank fee, charged in AMD
Transfers to Belarus, regardless of the charge option	0.15%, min. AMD 50,000, max. AMD 100,000
Transfers to Georgia, regardless of the charge option	AMD 7,000
Transfers in Russian Rubles
Transfers are processed under the OUR option	0.15%, min. AMD 5,000, max. AMD 50,000
Transfers in Georgian Lari (GEL)
Transfers are processed under the OUR option	AMD 7,000
Transfers in Chinese Yuan (CNY) and UAE Dirhams (AED)
Transfers are processed under the OUR option	0.15%, min. AMD 7,000, max. AMD 55,000
Transfers in Other Currencies Quoted by ARARATBANK OJSC
Transfers are processed under the OUR option	0.15%, min. AMD 10,000, max. AMD 55,000
Other Services
Return of unidentified foreign currency funds received from correspondent banks and adjustment of payment details	5%, max. AMD 7,000
Responding to inquiries regarding transfers outside the RA and processing inquiries, amendments, or cancellations based on the customer’s written request	AMD 15,000
Processing inquiries, amendments, or cancellations of transfers within the RA, in any currency, based on the customer’s written request	AMD 1,000
Processing inquiries, amendments, or cancellations of interbank transfers in any currency, based on the customer’s written request	AMD 500
Provision of SWIFT message copies (upon customer request, per document)	AMD 1,000*
Provision of SWIFT GPI status information (upon customer request, per document)	AMD 1,000*

* VAT included

** Not applicable to cash withdrawals from bank and card accounts held by individuals (excluding sole proprietors, for funds credited from loans provided by ARARATBANK OJSC, interest accrued on term deposits and ARARATBANK OJSC bonds, social package and family capital accounts, or accounts released from attachment.

*** The annual account maintenance fee is charged upon account opening. For each subsequent year, the annual maintenance fee is due on the same date one year after the fee was last charged. If the fee is not paid or sufficient funds are not available in the customer’s account, the account shall be closed.

**** When the required documents are sent outside the territory of the Republic of Armenia, the account holder is additionally charged the related delivery expenses.

***** Transfers are processed within one business day.

****** If the transferred funds have already been paid to the beneficiary or the beneficiary’s bank, ARARATBANK OJSC shall not be responsible for recovering the funds.

******* If the refund of transferred amounts stems from inaccuracy within details provided by the Customer, the expenses of the Bank incurred due to the refund shall be charged to the Customer.

******** No fee applies to ARARATBANK OJSC employees.

********* No fee applies to payment orders for gas consumption for credit to the collection account of Gazprom Armenia CJSC maintained with ARARATBANK OJSC, if submitted at an ARARATBANK OJSC branch.

********** No fee applies to statements for ArCa Pension, ArCa Child, Visa Infinite, and MC World card accounts.

*********** SWIFT transfers are processed through bank accounts only.

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.

The bank may request additional documents or other information based on the "Know your customer" principle, as well as ask additional questions during oral communication, for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing". .

In accordance with the agreement signed with the USA based on the Compliance Act (FATCA), the financial organization may collect additional information to determine whether you are a US taxpayer.

Bank account service

See also