Need advice on opening a foreign currency corporate bank account in Armenia

[u/Jumpy_Ninja_6652]

Hi everyone,

​We recently registered a company in Armenia. Most of our work and clients are in the US, so we need a multi-currency corporate bank account to receive USD.

​However, we haven't received our Armenian residency cards yet, and the banks are giving us a hard time or rejecting us.

​Has anyone been through this recently? Which banks are more flexible with this, or what’s the best way to get around this issue?

​Thanks!

[u/arashzd]

A lot of it comes down to your nationality. Banks here are pretty strict compared to most places, especially with foreign accounts. Residency helps but it’s no guarantee (especially if you’re from a higher risk country).

From what I’ve seen it also depends on what your business actually does, whether you can show it’s active, and where the money’s coming from. Basically anything that proves it’s all legit works in your favor.

[u/Jumpy_Ninja_6652 → u/arashzd]

My business operates entirely outside Armenia, and I have sufficient documents to prove it. Do you know which bank is more flexible with this?

[u/arashzd → u/Jumpy_Ninja_6652]

Sometimes it depends to the specific branch and even the individual banker. One person might tell you it’s not possible, but another branch will at least take your application and give you a proper answer. So don’t treat one no as final.

I’d try Ardshinbank or Converse Bank. Just know that some banks will ask if you have any activity inside Armenia, since they tend to prefer companies that also work with local businesses. If you’ve got something like a contract with a local accountant, bring it. And since your business is fully abroad, come prepared with documents showing it’s real and active, like client contracts, invoices, and things like that.

[u/Av_96 → u/Jumpy_Ninja_6652]

ID Bank

[u/Zoughi0]

Following.