Generally, it is free to open an account in AMD, though there may be a small cost for other currencies. The maintenance for individuals can range up to 1000 AMD, while it may go up to around 5000 AMD for legal entities. Closing the account will also be around 1000 AMD for individuals and 2000 AMD for legal entities. Pension, state support and social package accounts have certain interest rates that accrue over time as well. Some banks require a minimum balance in the accounts, while others allow you to keep it at 0.
You can have a bank account open and in service within 30 minutes of you walking into the building, but for residents it is usually said to wait up to 2 days. Non-residents may have to wait up to 2 weeks, especially if done remotely.
A bank account allows you to pay and get paid, receive a savings interest or open a credit line, pay for utilities and most anything else required in the country. While residents and citizens can open a bank account with only a passport or other simple identification, those of non-Armenian nationalities may be required to provide multiple documents, depending on the bank and the residency of those applying for an account.
Documents required to open a bank account, make a deposit, receive a credit/debit card or rent a safe include:
If you own a business or legal entity in Armenia, you will need the following documents as a resident:
This section is cited from RepatArmenia Foundation.