header.mobile_app.img.alt.text
Online Banking
Bank account service
Share

Bank account service

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

 

Account service fees
Type of Operation Fees
Account opening and closing Free
Account maintenance for natural persons who are RA citizens (annual) AMD 1,000* per account
Account maintenance for natural persons who are foreign citizens (annual) AMD 5,000*
Developer’s special account maintenance (annual) AMD 25,000*for all accounts
 Maintenance of unallocated metal accounts of natural and legal persons (annual)   AMD 5,000*
 Tariff for opening and maintaining a new account with the AraratMobile application by existing customers of the bank  Free
Issue of current statements and payment documents (upon completion of transaction) *  Free
  Minimum account balance 
 In AMD and other currencies   0.00
  Entering cash into the account
 AMD, USD, Euro  0%
 RUB 0.5% 
 other currencies  by arrangement
  Cash disbursement from non-cash customer funds**
 AMD   0.3%
 USD  2%
 EUR  2% 
 RUB   0%
 British pound sterling (GBP), Swiss franc (CHF), Georgian lari (GEL), Canadian dollar (CAD), Australian dollar (AUD), UAE dirham (AED)  At the effective interest rate set by the Dealing Center 
  Exchange or crediting of worn, damaged or 500-euro banknotes to customer’s account 
 AMD  0%
 USD  1.5%
 EUR 1.5%
 RUB  1.5%
  Issue of account statements, payment documents, other information (at customer’s request, per document) 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***
 Acceptance of powers of attorney provided by natural persons and private entrepreneurs upon the Bank’s approval   AMD 3,000***
Issue of account statements at customer’s written request
To audit companies AMD 10,000***
Other persons
Up to and including the 30th day after the date of account opening AMD 5,000***
Starting from the 30th day after the date of account opening AMD 3,000***
Issue of checkbooks
1 leaf AMD 600***
25 leaves AMD 2,000***
50 leaves AMD 3,000***
Checking and packaging of banknotes at customer’s 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

Transfers from accounts based on payment orders submitted on paper (except for transfers from social package, family fund accounts, payment orders for transfers to the Bank's income account, periodical payment orders) AMD 200
Transfers from accounts based on payment orders submitted through remote account management systems Free
Property tax transfers based on payment orders submitted through remote account management systems AMD 100
Transfers in AMD within RA
Intrabank transfers submitted on paper by account holders that are natural persons holding RA citizenship AMD 200
Intrabank transfers between its own accounts submitted on paper by non-resident legal entities and private entrepreneurs holding foreign citizenship AMD 500
Intrabank transfers to third party accounts by non-resident legal entities and private entrepreneurs holding foreign citizenship AMD 2,000
Outbound transfers (to other bank accounts) of natural persons holding RA citizenship,  submitted on paper and through remote account management systems

0.1% of transaction amount, AMD 5,000 min., AMD 20,000 max.

Outbound transfers (to other bank accounts) of non-resident legal entities and private entrepreneurs holding foreign citizenship, submitted on paper and through remote account management systems

0.1% of transaction amount, AMD 10,000 min., AMD 20,000 max.

*The annual maintenance fee shall be charged upfront at the time of account opening. The annual account maintenance fee for each subsequent year shall be charged on the anniversary day of the account’s opening and for this to repeat each year the account remains open. In case of failure to pay the account maintenance fee or the absence of sufficient balance on the customer’s account, the account is to be closed. In case of opening an account in a different or the same currency or opening accounts within the same day (except for sub-accounts) for legal persons and private entrepreneurs, the maintenance fee is subject to a one-time charge at the time of opening the account/accounts.

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

***VAT included

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.

 

 

Page updated 17.07.2024 | 21:06

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.