The banking system in Armenia cannot compete with the history and traditions of the financial sector in Switzerland or, for example, with the popularity of banking institutions in Cyprus. At the same time, the country’s financial sector has been remarkably stable and has shown a high rate of development, especially in the last decade. Among the reasons for the growing popularity of Armenian banks, experts name the tightening of the policy of the European supervisory authorities, especially after the imposition of sanctions against the Russian Federation. That is why, in the era of total sanctions, Armenia can confidently be called a kind of “safe haven” where one can open a personal or corporate bank account.

Opening bank account in Armenia

The country is determined to attract funds from abroad, develop its banking sector and bring it up to international standards. There are currently 20 banks operating in Armenia, namely: Ameriabank, VTB Armenia, Mellat Bank, ACBA-Credit Agricole Bank, Converse Bank, Armbusinessbank and others.


The indisputable advantages of Armenian banks are the following:

  • loyalty to international companies that are registered in low-tax jurisdictions;
  • willingness to accept high-risk activities;
  • adequate “compliance” requirements;
  • high speed of international remittances in US dollars.

All Armenian banks provide high quality services, and each of them may be considered as a priority for opening an account for a non-resident of this country based on specific conditions. For example, Ameriabank allows for remote filing, Mellat Bank can consider an application from a company with risky activities, ACBA-Credit Agricole Bank operates in SWIFT international system, and Converse Bank offers an extended range of currencies for international transactions.


Our specialists are experienced in the terms of opening accounts in Armenian banks as well as their specifics and provide effective assistance in this matter. Our specialists also assist in preparing the package of documents, translating and notarizing them, preparing the internal documents of the company, etc. Our company ensures the submission of documents to the bank, receipt of documents confirming the account opening and handing the documents over to the applicant.

The standard set of documents includes director, company owners and other attorneys-in-fact ID cards as well as the original statutes (apostilled).

The verification process by a bank institution and direct opening of an account usually takes 14 days or more. It depends on the requirements of the chosen bank.

Please contact us if you ever need to open an account in Armenia. Our specialists have extensive experience in working with local banks and are ready to help in choosing the proper bank for your business as well as assist in preparing the necessary documents.


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