Before you start

Passport
Public Services Number (social card)
Armenian mobile number for OTP
Evidence of source of funds and of your connection to Armenia

Step-by-step

1
Get the Public Services Number first
Almost every bank will ask for the PSN. It is Armenia's identity and tax number and is obtained through the state services office with your passport. Doing this before the bank visit removes the most common reason for being sent away. It also unlocks payroll, tax filing and most e-government services.
In personWho: All applicantsDaysNominal
2
Get an Armenian SIM for the OTP
Banking apps authenticate to a +374 number. Buy a SIM from Team, Viva or Ucom with your passport before the bank appointment — it takes minutes and saves a second trip. See the SIM guide.
In personWho: All applicants15 minutesFrom about AMD 2,000
3
Choose a bank and go in person with a paper trail
Ameriabank is the usual choice for foreigners — English-speaking staff at the central Yerevan branches and a strong app. Inecobank, Evocabank and ACBA are all credible alternatives. Bring your passport, PSN, and evidence of income and its source: contracts, payslips, tax returns, company documents. Since 2022 Armenian banks have asked hard questions about why you are banking here, and applications are declined without a coherent answer. A registered company, a lease or an employment contract all help materially.
In personWho: All applicants30-90 minutes; account often same dayFree to open; small card fees
4
Add Idram or Telcell for daily payments
Armenia's day-to-day small payments run through the Idram and Telcell wallets — QR at counters, utility bills, splitting a restaurant bill, topping up transport. Link one to your new account. Cards work in supermarkets and restaurants; the wallets are what make market stalls, small cafés and utilities frictionless.
Mobile appWho: AllImmediate once the account is liveFree

Documents you’ll need

Passport
Public Services Number (social card)
Armenian mobile number
Source-of-funds evidence: contracts, payslips, tax returns
Proof of ties to Armenia: lease, employment or company registration

Things most newcomers don’t know

Armenian banks now expect a demonstrable connection to Armenia — a lease, a job or a registered company — not just a passport.

The 2022 influx brought a large volume of new deposits and correspondent-banking pressure followed. Compliance teams tightened accordingly. The practical fix is cheap: register a company or sign a lease first, and the 'why Armenia' question answers itself. Arriving with only a tourist stamp and a large transfer to make is the profile that gets declined.

Source: Armenian commercial banks

The Public Services Number is the real gate, and it is separate from your immigration status.

People assume they need a residence permit to bank. They do not — they need the PSN, which a non-resident can obtain. Conflating the two costs weeks, because applicants wait for a residence decision before starting the banking process when the two run in parallel.

Idram and Telcell are not optional extras — they are the payment layer for utilities and small vendors.

The card estate is good, but Armenian utilities, market stalls and many small businesses default to wallet QR. Newcomers who only carry a card end up paying bills at kiosks. Installing one wallet on day one removes a recurring monthly errand.

Source: Idram / Telcell

Armenia has no exchange controls on ordinary personal movement, and multi-currency accounts in AMD, USD and EUR are standard.

You can hold and convert freely, which matters for anyone earning in dollars and spending in dram — and Yerevan rents are frequently quoted in dollars. Keep the currency of the account matched to the currency of the rent to avoid paying a conversion spread twice a month.

Common mistakes to avoid

Turning up at the bank before getting the Public Services Number
Applying with no evidence of source of funds and no visible connection to Armenia
Waiting for a residence permit before starting the banking process — the PSN is what is actually needed
Relying on a card alone and having no wallet for utility bills and market payments
Holding only dram when your rent is quoted in dollars, and paying the spread twice a month

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.