COREDO > Opening a Bank Account in Armenia

Opening a Bank Account in Armenia

Banking System of Armenia

Armenia is a dynamically developing financial jurisdiction with a stable banking sector and favourable conditions for international clients. The country’s banks offer modern financial services, multi-currency operations, and flexible conditions for non-residents opening accounts.

Since 2016, COREDO has been assisting clients with opening corporate and personal bank accounts in Armenia, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

Armenian banks offer a wide range of accounts for various categories of clients.

Corporate settlement accounts

are designed for the commercial activities of legal entities — both residents and non-residents of Armenia.

Payment institution accounts

are used for operations through licensed payment providers.

Personal bank accounts

are available to individuals, including foreign nationals.

Banks in Armenia provide accounts in various currencies: the Armenian dram (AMD), US dollar (USD), euro (EUR), and others. Most major banks offer full-featured internet banking, mobile applications, and the ability to make international transfers through the SWIFT system.

Client Requirements

Opening a bank account in Armenia is available to both residents and non-residents. For legal entities, banks conduct comprehensive verification in accordance with KYC (Know Your Customer) and AML (Anti-Money Laundering) legislation requirements. The Central Bank of Armenia oversees compliance with the Law on Combating Money Laundering and Terrorism Financing, while the Financial Monitoring Centre (FMC), operating under the CBA since 2005, performs financial intelligence functions.

Armenia is a member of MONEYVAL (the Council of Europe’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures), and in September–October 2025 a MONEYVAL delegation conducted an evaluation visit to Armenia as part of the sixth round of mutual evaluations. Furthermore, since 2023 Armenia has fully implemented the Common Reporting Standard (CRS) for the automatic exchange of financial information, under which data on bank accounts held by foreign nationals is transmitted to the relevant tax authorities.

For non-resident corporate clients, disclosure requirements apply regarding ultimate beneficial owners (UBO). Under Armenian legislation, a beneficial owner is defined as any natural person holding a share of 20% or more (10% for extractive industries) or exercising control over the company. UBO declarations are filed electronically within 40 days of company registration, and banks verify this information when opening an account.

Account Opening Process and Timelines

Opening a bank account in Armenia with COREDO’s assistance involves the following stages:

Client Analysis.

COREDO specialists conduct a preliminary assessment of the client’s profile, analyse the company structure, and determine the most suitable bank and account type based on the specific nature of the business.

01

Document Preparation.

Compiling a complete set of documents in accordance with the requirements of the selected bank, including apostille certification, notarisation, and translation into Armenian. All foreign documents must be legalised through apostille or consular legalisation.

02

Submission of Documents to the Bank.

COREDO ensures the submission of documents to the selected bank, coordinates interaction with the bank’s compliance department, and promptly responds to additional requests.

03

Verification and Account Opening.

The bank reviews the submitted documents, conducts KYC/AML screening, and makes a decision on account opening. For residents, the procedure may take up to two banking days; for non-residents, it typically takes 14 days or more depending on the specific bank’s requirements.

04

Delivery of Account Details to the Client.

Once the account is opened, COREDO provides the client with all necessary documents confirming the account opening and the details required for conducting transactions.

05

Most Armenian banks require the personal presence of the company director; however, some banks allow account opening through an authorised representative on the basis of a notarised power of attorney.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee depends on the type of account (bank corporate or payment institution account). The opening deposit is included in the total amount and is a mandatory payment.

Required Documents

To open a corporate bank account in Armenia, the following documents are generally required:

Articles of association and memorandum of association — originals with apostille.

Certificate of state registration of the company.

Extract from the commercial register (not older than 3 months).

Documents confirming the ownership structure and information on ultimate beneficial owners (UBO).

Passports of directors, shareholders with significant holdings, and authorised persons.

Confirmation of source of funds and business rationale.

Resolution of the company’s authorised body on account opening and appointment of signatories.

Notarised power of attorney (if opening through a representative).

All foreign documents must be apostilled (for countries that are parties to the Hague Convention) or legalised through consular channels, and then translated into Armenian by a certified translator. For companies from Russia, Belarus, Bulgaria, and Georgia, apostille is not required due to existing international treaties with Armenia.

Advantages of Working with COREDO

COREDO has been providing comprehensive bank account opening services in Armenia since 2016. Our specialists possess in-depth knowledge of the requirements of Armenian banks and the regulator, which enables us to minimise timelines and the risk of rejection.

COREDO ensures the selection of the optimal bank based on the client’s profile and the specific nature of their activities. We take full responsibility for document preparation and legalisation, including apostille certification, translation, and notarisation. Coordination of all stages of the process with the bank and prompt resolution of arising issues is an integral part of our service. Additionally, COREDO provides supplementary services: company registration, legal support, and AML consulting.

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Our Experts

Pavel Kos

Head of Legal at COREDO. Has been with the company since June 2017 and has led the legal team since July 2020. Specialises in corporate law, banking regulation, and client support for account opening across various jurisdictions.

Daniil Saprykin

Head of Customer Success at COREDO. Coordinates client interaction at all stages of service delivery, including the bank account opening process.

Frequently Asked Questions

Can a non-resident open a bank account in Armenia?

Yes, Armenian banks actively work with non-residents — both legal entities and individuals. An extended KYC verification procedure is provided for non-residents, and the document package includes apostilled corporate documents translated into Armenian.

How long does it take to open an account in Armenia?

Timelines depend on the client type and the selected bank. For residents, the procedure can be completed within two banking days, while for non-residents the standard period is 14 days or more, including the document verification period.

Is personal presence required to open an account?

Most Armenian banks require the personal presence of the company director or beneficial owner. However, a number of banks allow account opening through an authorised representative with a notarised power of attorney. COREDO will help determine the optimal approach depending on the specific situation.

What currencies are available for bank accounts in Armenia?

Armenian banks offer multi-currency accounts. The main currencies are the Armenian dram (AMD), US dollar (USD), and euro (EUR). Major banks also support operations in other currencies and provide international transfers through the SWIFT system.

Does automatic tax information exchange apply to Armenian banks?

Yes, since 2023 Armenia has fully implemented the CRS (Common Reporting Standard), under which banks transmit information on accounts held by foreign clients to the tax authorities of the respective countries. This should be taken into account when planning a tax strategy.

Submit Application

Contact our specialists for a personalised consultation on opening a bank account in Armenia. COREDO provides professional support at every stage — from preliminary analysis to delivery of account details.