Below are real Ararat Bank reviews from foreigners who’ve gone through account opening in Armenia, along with the documents involved.
Documents You’ll Need
To open an account at Ararat Bank, you’ll typically need:
- an international passport
- a notarized Armenian translation of your passport
- registration in Armenia, or a rental agreement
- a Social Card — as with most Armenian banks, this improves your approval odds and is often requested alongside other documents (here’s how the Social Card works)
- an employment contract may also be requested
We can help you open an account at Ararat Bank — just get in touch.
Ararat Bank Reviews
- They told me I could apply with just an international passport and its translation, but that more documents improve approval odds. So I also provided a rental agreement (in Russian, not notarized), my Social Card, and an employment contract. Three days later they called it approved. The card runs 25,000 AMD/year and the account 5,000 AMD/year; the rate drops once you have residency. No queue, though I still waited around an hour. They quoted about a week to issue the card.
- A few things worth knowing: 1) No multi-currency accounts here. 2) They initially asked for a notarized passport translation, but I also gave them a rental agreement. 3) You fill out an application, wait 3 days, then get a call to come sign the contract. 4) Cost was 20,000 AMD for the account/card plus a 5,000 AMD minimum balance — that’s the standard card (currently only Mastercard, plus a Visa Gold option). I needed USD; if you want AMD, there’s also an Arca card for an extra 5,000 AMD. If remote account opening matters more to you than the specific bank, opening a bank account in Kazakhstan is worth considering as an alternative.
- I shared my experience last week: I brought a notarized passport translation, the passport itself, and a stamped certificate of residence from a hostel. At the branch they had me fill out an application, and the next day got an email asking for a rental agreement, which I didn’t have — so it didn’t work out with Ararat for me.
- Ararat only issues Arca and Visa cards — no Mastercard. Initially just the international passport is needed; after about 3 days of review, they may ask for a certificate from your accommodation (they’ll call). If you need a Visa specifically, timing is unpredictable — apparently they’ve just been out of that card stock for a while.
- Spent an entire day going bank to bank in Yerevan asking about account and card opening — visited 6-7 banks, including different branches of the same bank. Everywhere else it was a flat no without a notarized rental agreement or an employment contract with an Armenia-based employer. Only Ararat Bank accepted the application. Review takes about 3 business days; if approved, the account and card are ready the next day.
- Got turned down for a sole-proprietor account at Ararat.
- I’ve actually had a personal account at this same bank for over six months — remote IT work for a client outside Armenia. Has anyone else run into this? Specifically with sole-proprietor accounts — I can’t figure out the issue, since all my documents are complete. I’d really like to stick with this bank since I already have accounts here.
- I was waiting on a transfer from the US and was looking for a bank where I could withdraw specifically in dollars. Acba, Ardshin, and Evoca bank told me that for MoneyGram transfers they only pay out in dram, and for a transfer to your own bank account it’s dollars with a 3% fee. At Ararat Bank, they said MoneyGram payouts in dollars are no problem, with a 1% fee.
- Got approved for cards at three banks: Ararat, Ameria, and ACBA. Everywhere I specifically requested dram accounts. Comparing the terms side by side, they’re roughly similar — Ararat charges less for card issuance but more for annual maintenance, while Ameria’s issuance fee is on the pricier side.
- About a month in, I picked up two cards from Ararat (AMD and USD) — total came to around 40,000 AMD plus $10, which I believe covers the first year. Documents I gave: an employment contract, a rental agreement (not notarized), and a passport translation — they didn’t ask for bank statements. The mobile app got set up on the spot too — they text you a link and you register yourself. Apple Pay linked fine for the cards; haven’t tried it beyond that. They mentioned something about a deposit tied to those fees, though I don’t see it reflected in the account — not sure if or when that comes back. Either way, it works out about three times cheaper than Unibank, and they seem to be a bit less picky than Ameriabank, so if you have anything beyond just a passport, it’s worth a try.
- Finally getting around to writing up my bank visits from a month ago. Documents: rental agreement, an official ID-type document, an employment contract, and various bank statements. Ameriabank wouldn’t even take my documents — said they needed proof of a contract with a source outside my home country before they’d consider it. Ararat took the documents, and today I went and paid for account and card opening — dollars and dram. They took 45,000 AMD plus $10 (a deposit). When I first came in, I also signed a form limiting international transfers to certain conditions, so cross-border transfers beyond that may not be straightforward from this account.
- Ararat is a bank for the patient, as far as I can tell. I did get my card and activate it, but it took a while: about 10 business days from application to approval, then another 7 business days from approval to pickup. The easiest way to get an appointment in person seems to be booking through EarlyOne — those slots get priority. Book a day ahead if you can. I asked about SMS confirmations, 3D Secure, and online payments — all working fine. Didn’t think to ask about the mobile app though, which was a mistake: apparently you need to activate it in person at the branch. Fee-wise: card issuance was 20,000 AMD plus a 5,000 AMD minimum balance requirement (or the equivalent if you choose a different currency — I don’t remember the exact figures).
- Documents I provided: a 3-month rental agreement (not notarized), an employment contract, and a passport translation. Total cost at Ararat Bank came to 25,000 AMD for the dram card, plus 5,000 AMD/year for an additional account (available in RUB, EUR, or USD) — 40,000 AMD total for the year, as a non-resident. Documents needed: passport, rental agreement, and an employment certificate.
Get in touch if you’d like help opening an account at Ararat Bank.
FAQ
Can a foreigner open an account at Ararat Bank? Yes — both personal and business accounts are possible, though sole-proprietor accounts can be inconsistently approved based on reviewer reports.
What documents are required? At minimum: an international passport, a notarized Armenian translation of it, proof of address (registration or a rental agreement), and often a Social Card.
How long does approval take? Reports vary widely — anywhere from about 3 business days to as long as two to three weeks depending on the branch and account type.
Does Ararat Bank offer multi-currency accounts? Not in a single account — you’ll typically hold separate accounts per currency (AMD, USD, EUR) rather than one multi-currency account.
Can I receive international transfers? Cash pickup via MoneyGram is supported with competitive fees according to reviewers. For SWIFT and other international transfers, terms and restrictions can vary — confirm current conditions with the bank directly, since some accounts come with transfer limitations you sign off on when opening.
Is Ararat Bank officially licensed? Yes — it operates under a license from the Central Bank of Armenia (license No. 4, issued September 20, 1991).
