Knowledge base / Living in Armenia
Opening a personal bank account and card in Armenia as a foreigner
Personal account vs business account
A personal account is for everyday life: salary, rent, shopping and transfers to yourself. Client payments for your sole proprietorship or LLC belong in a business account. Mixing the two prompts questions from the bank and can look like undeclared income to the tax authority. For the business side, see business bank account in Armenia.
Documents to prepare
- Passport
Your main document. Some banks want a notarised Armenian translation, and some ask for a national ID as well. - Public services number or certificate of refusal
The Migration Service issues the number free of charge. If you do not want one, you can get a certificate of refusal instead. Details are in public services number in Armenia. - Proof of a link to Armenia
One of: residence permit, lease (often 3 months or longer), employment contract with an Armenian employer, IE or LLC registration, or property. - Source of funds
If you do not work locally, the bank may ask for an income statement or a tax return from the country where you pay tax. - Bank questionnaire
Filled in at the branch. US citizens also complete a W-9 form for FATCA.
Requirements differ between banks and change over time. Call the branch before you go and confirm the list.
How the bank checks you
The bank has to understand who you are and where your money comes from. This is standard KYC. Checks are usually stricter for non-residents and for people from higher-risk countries. A bank can refuse without giving a reason, so many people apply to two banks at once.
Non-residents generally cannot open an account remotely. Some banks accept a notarised power of attorney, but this is the exception.
Banks, cards and currencies
Large banks such as Ameriabank, Ardshinbank, ACBA, Inecobank, Evocabank and IDBank serve foreign clients. Terms vary, so compare before choosing.
Good to know
- Cards come as local ArCa or international Visa and Mastercard. For travel and online payments, choose Visa or Mastercard.
- Most banks offer multi-currency accounts: AMD, USD, EUR and often RUB on one card.
- An AMD account is often free to open. Small fees may apply for maintenance and closing.
- Card issue takes from a few days. Some banks hand out an instant card at the branch.
Your home country may have its own rules on foreign accounts. Some countries require you to report a new foreign account to the tax authority. Check before you open one.
Common mistakes
- Arriving with only a passport. Non-residents without a lease or residence permit are often turned down.
- Receiving business income into a personal account. It is a fast route to a blocked account.
- Being unable to explain a large deposit. Keep statements and contracts at hand.
- Spelling your name differently across documents. The passport, translation and bank form must match.
Frequently asked questions
What documents do I need to open a bank account in Armenia?
Bring your passport, a public services number or certificate of refusal, and proof of a link to Armenia such as a residence permit, lease, Armenian employment contract or your own IE or LLC.
Can a non-resident open a bank account in Armenia remotely?
Generally not. Some banks accept a notarised power of attorney, but this is the exception. Checks for non-residents are usually stricter and can take up to two weeks.
Can I receive freelance income on my personal account in Armenia?
Client payments for your sole proprietorship or LLC belong in a business account. Mixing them with a personal account prompts bank questions, can look like undeclared income and can get the account blocked.
Can I get a multi-currency Visa card from an Armenian bank?
Most banks offer multi-currency accounts in AMD, USD, EUR and often RUB on one card. Cards are local ArCa or international Visa and Mastercard; choose the latter for travel and online payments.
Working for yourself in Armenia?
We register sole proprietorships and LLCs and help you open a business account and pass the bank's review. We speak English and Russian.
Sources: Repat Armenia, opening a bank account in Armenia; Evocabank, requirements for foreign citizens; Migration Service, certificate of refusal of a public services number; Central Bank of Armenia, cba.am.