How to Open a Bank Account in Armenia: Documents for Residents and Non-Residents, Remote Options, and Key Aspects in 2025

A bank account in Armenia is a key financial tool — whether for personal use or for running a business. It allows you to get a debit card, receive transfers, pay for services, and join banks’ bonus programs. Opening an account is available not only to Armenian citizens but also to non-residents — foreigners temporarily staying in the country or planning to relocate.

You may also need an account to:

1. save money with interest or access other banking products;
2. apply for a mortgage, open a deposit, invest, or take a loan.

Even if you live abroad, an Armenian bank account can be a convenient way to store funds in local currency and use Armenian transfer systems.

In this article, we’ll walk you through:

which documents are required for residents and foreigners,

how to open an account remotely,

and which banks offer the most convenient options.

Why Open a Bank Account in Armenia?

A bank account is a basic necessity for living, working, and doing business in Armenia. It enables you to:

1. apply for a debit or credit card;
2. connect to internet banking and a mobile app;
3. receive and send transfers in AMD and foreign currencies;
4. pay for goods, services, taxes, and utilities;
5. save money with interest or access other banking products;
6. gain access to mortgages, deposits, investments, and loans.

Even if you live abroad, a bank account in Armenia can be a convenient way to store funds in the local currency and use the Armenian money transfer system.

What Are the Minimum Documents Required to Open a Bank Account in Armenia?

To open a bank account in Armenia, you'll need to prepare a basic set of documents. The exact list depends on your status: Armenian citizens are required to provide fewer documents, while foreigners (non-residents) will need a bit more. The table below clearly outlines what is typically needed in each case:

Banks may request additional documents on a case-by-case basis. It's best to confirm the exact list when submitting your application.

Can You Open a Bank Account Without a Card?

Yes, all banks in Armenia allow you to open a current (checking) account without issuing a card. Here are some common scenarios where opening an account without a card is useful:

1. Temporary fund placement (e.g., during real estate transactions);
2. Receiving international transfers;
3. Opening an account under a power of attorney without giving card access;
4. Preparing for a future mortgage, personal, or business loan (many banks require an active account);
5. Using only online banking without any physical access tools.

How It Works:

1. You submit the required documents (based on whether you're a resident or non-resident).
2. You indicate that you do not need a card.
3. The bank provides you with account details (IBAN, SWIFT) and optional online banking access.
4. You can use the account for transfers, savings, or setting up auto-payments.
5. A physical or digital card can be issued later, linked to the same account.

What You Should Know

1. You can request a card later — if you decide to use the account actively. There’s no need to open a new account: just apply for a card linked to your existing account.
2. You can accumulate funds on the account — many banks offer interest on balances even without issuing a card.
3. Auto-payments and account statements are available — by request or via online banking.
4. Some banks may automatically issue a card when applying online — you can refuse it during your branch visit or delivery.
5. No maintenance fees are charged for inactive cards — if you haven’t ordered a card, you won’t be charged for it.

Conclusion

If you simply need account details in an Armenian bank to store funds or receive transfers, you're not required to issue a card immediately.

This is convenient if you live abroad, act through a trusted representative, or don’t plan to make purchases — but want to accumulate or manage money remotely.

Tip from AFM:

Before opening an account, check the applicable fees for accounts without cards — some banks offer free maintenance if a card is not activated.

To find a bank that meets your needs, use the AFM service — it allows you to filter offers by key parameters: with or without a card, for residents or non-residents.

Can You Open a Bank Account Remotely?

If you're outside Armenia, have previously interacted with a local bank, and want to open an account in advance, you can do it remotely via a power of attorney (PoA).

What You’ll Need:

1. A notarized power of attorney, explicitly granting the right to open a bank account, sign contracts, and use banking services;
2. A copy of your passport (the principal);
3. A trusted representative — a citizen or resident of Armenia (e.g., a relative, partner, or lawyer);
4. If the PoA is issued abroad, it must include an apostille and be translated into Armenian with notarial certification.

Once the documents are submitted, the bank opens the account, issues the account details, and the account can be used immediately.

If authorized in the PoA, the representative can also receive a debit card on your behalf.

Important: A PoA gives someone access to your funds.

While a PoA simplifies the process, it comes with potential risks, so:

1. Issue the PoA only to someone you completely trust;
2. It's recommended to include limitations in the document — e.g., no permission to transfer funds to third parties or receive a bank card;
3. Choose banks that offer SMS or push notifications, so you can monitor account activity;
4. If possible, assign a representative with limited rights — for instance, only to open the account but not manage funds.

Approach remote account opening with full awareness and caution.

Which Banks in Armenia Open Accounts for Non-Residents?

Most major banks in Armenia work with foreign clients, but each has its own rules and procedures. Below is a comparison of conditions:

Some banks may require a personal visit to the branch, but with a valid power of attorney, nearly all major banks in Armenia allow performing transactions without the client's physical presence.

Frequently Asked Questions About Opening a Bank Account in Armenia (FAQ)

Can I open an account if I don’t have an Armenian phone number?

Most Armenian banks require a local number to register for online banking, receive SMS confirmations, and get notifications. In some cases, a foreign number is accepted — especially if you're staying in Armenia temporarily and provide alternative contact details. However, without a local number, access to certain features (like two-factor authentication) may be limited. The best solution is to get a local SIM card as soon as possible.

Is a social card required for non-residents?

Yes, in most cases. A social card (taxpayer identification number) is needed to open an account, issue a bank card, activate online banking, and carry out transactions. You can get it within 1–2 business days at a local office of the Armenian Tax Service by presenting your passport and proof of residence. Some banks may open an account before the card is issued, but will block active usage until it’s submitted.

How much does it cost to open an account?

Typically, the account itself is opened free of charge. However, some banks charge a one-time fee for non-residents or for issuing a bank card. For example, IDBank charges AMD 10,000 when opening an account for a non-resident. There may also be annual card maintenance fees (if a card is issued) or minimum balance requirements. It’s important to check the exact fees with your chosen bank in advance.

Can I use the account without visiting the bank?

Yes, but only if you provide a properly notarized power of attorney. In this case, a representative can open the account on your behalf with a personal visit. Once opened, you can manage the account via online banking — receive transfers, save funds, and track transactions. Some banks offer digital cards or issue IBAN details that allow you to make payments. However, without an in-person visit, you cannot complete personal identification, so access to full functionality may be limited unless your representative is authorized to act fully on your behalf.

Can I apply for a bank card later, after opening the account?

Yes. Most banks allow this. You can initially open an account without a card and use it for transfers or saving money. Later, when needed, you can apply for a debit or credit card linked to your existing account. This can be done at a branch or via online banking, depending on the bank’s policy.

Can I open multiple accounts in different currencies?

Yes. Banks in Armenia allow you to open separate accounts in Armenian drams, US dollars, euros, rubles, and other currencies, as well as issue debit cards linked to them. This is especially convenient for freelancers, entrepreneurs, and those who receive transfers from abroad. Often, you can use a single IBAN and switch currencies within online banking. However, keep in mind: service fees and exchange rates depend on the specific bank's terms.

Does opening an account in Armenia affect my taxes abroad?

Opening a bank account in Armenia does not in itself create a tax obligation. However, if you're a tax resident of another country, you may be required to declare foreign accounts (e.g., under the laws of Russia, the EU, the U.S., etc.). Armenia participates in several Common Reporting Standard (CRS) agreements for automatic exchange of financial information, so your account details may be shared with your home country’s tax authorities. We strongly recommend consulting a tax advisor before opening an account abroad.

Conclusion

Opening a bank account in Armenia is a quick and straightforward process — both for residents and foreign nationals.

Residents only need a passport and a social card. Non-residents must provide a broader list of documents: an international passport, proof of income and local address, as well as obtain a social card on-site. These are standard and manageable requirements.

Important: Opening an account does not require issuing a bank card. You can simply get your account details and use it for transfers, savings, or online payments. If needed, a card can be ordered later. This approach is particularly useful if you're planning to use the bank as a payment gateway or savings tool.

If you’re abroad, remote account opening via a power of attorney is available. It’s convenient but requires a high level of trust, as a PoA grants access to your funds. Make sure to choose a reliable representative and restrict their powers if possible.

Also, pay attention to fees: some banks charge service fees for non-residents or require a minimum balance. That’s why it’s essential to compare banks before submitting your documents — consider processing time, fees, supported currencies, online banking access, and other conditions.

AFM makes this easier: on the platform, you’ll find up-to-date banking offers, filter them by specific needs (such as opening without a card or via PoA), and get a personalized list of the best options.

Don’t overspend or waste time calling dozens of banks — use AFM and open your account in Armenia with full confidence.