In short: Suits those who need a ruble card and phone-number transfers from Russia through Multitransfer. The drawbacks are the notarised passport translation and the 10% fee on cash rubles.
Terms for non-residents
- Non-residents
- Yes
- Remote account opening
- Partly
- Visa / Mastercard
- Yes
- Russian-language support
- No / not stated
- Founded
- 1991 (Haykap Bank); in 2016 became the legal successor of the Armenian Development Bank
- Account opening and closing
- Free (tariffs of 10 July 2026)
- Annual account maintenance for foreign citizens
- AMD 5,000 per account (AMD 1,000 for citizens of Armenia)
- Transfers from Russia
- Multitransfer by phone number (bank page updated on 6 March 2026)
- Cash rubles onto an account
- 10% fee under the tariff of 10 July 2026
- Maximum deposit guarantee
- AMD 16 million for drams and AMD 7 million for foreign currency (per the bank)
- App
- AraratMobile (Apple Pay and Google Pay)
Pros
- Receives transfers from Russia through Multitransfer by phone number
- Cards in drams, dollars, euros, rubles and pounds, including a digital Visa for AMD 1,000 a year
- Account tariffs are fully published; opening and closing are free
- The digital Visa can be ordered in the app without visiting a branch
Cons and limits
- A non-resident needs a passport with a notarised Armenian translation
- Cash rubles are accepted onto an account with a 10% fee under the tariff
- Account maintenance and premium cards cost more for foreigners
- Mir cards are not supported
## About the bank
Araratbank was established in 1991 as Haykap Bank. It was later reorganised, and in 2016 it became the legal successor of the Armenian Development Bank after a merger. Today it is a universal bank for individuals and businesses.
## Account for non-residents
A non-resident opens an account on the same basis as other foreigners, with some caveats. The passport must be translated into Armenian and certified by a notary. The bank also asks for a social security card (public services number) or a certificate issued in Armenia confirming that you do not have one. These requirements take time, so allow a few days for the translation and the certificate.
Under the tariffs of 10 July 2026, opening and closing accounts is free, and annual maintenance for foreign citizens is AMD 5,000 per account, against AMD 1,000 for citizens of Armenia. If there is no activity on an account for a full year, the balance is frozen so that fees stop accruing. Remote opening is available in part: the digital Visa card can be ordered in AraratMobile without visiting the bank, while the terms for opening an account online should be checked with the bank.
## Cards and payments
| Card | Cost | Notes |
|---|---|---|
| Visa Digital | AMD 1,000 a year | AMD, USD, EUR, RUB, GBP; 4-year validity |
| Mastercard World Travel | AMD 20,000 a year, AMD 40,000 for foreigners | Lounge Key airport lounges, travel insurance |
| Arca Moneytun | Free | Only for Moneytun transfers |
The bank's ATMs dispense cash on Visa Digital with no fee. Abroad and at VTB (Armenia) ATMs the fee is 1.5% with a minimum of AMD 1,500. Daily withdrawal limits on Visa Digital are AMD 1,500,000, USD 3,500, EUR 3,000, RUB 300,000 and GBP 2,500. The cards support Apple Pay and Google Pay.
Mir cards are not supported; use VTB (Armenia). The bank does not report participation in the SBP.
## Transfers and rubles
To receive money from Russia the bank uses Multitransfer, and the transfer goes to the recipient's phone number. The conditions are an account or card at the bank and a phone number you have given it in advance.
## Tariffs and deposits
According to the bank, the maximum deposit guarantee is AMD 16 million for deposits in drams and AMD 7 million for deposits in foreign currency. Current tariffs are published on the bank's website and change, so check them before applying.
## Who it suits
- Those who receive rubles from Russia by phone number through Multitransfer.
- Those who want an inexpensive digital card in rubles and other currencies.
- Those who accept a notarised passport translation in return for transparent tariffs.
If you plan to deposit cash rubles often or need a Mir card, look at other options in the ranking of banks.
Frequently asked questions
How do I receive transfers from Russia at Araratbank?
Through the Multitransfer system by phone number. The recipient must have a card or current account at the bank and tell the bank the phone number in advance (page updated on 6 March 2026).
How much does account maintenance cost for a foreigner?
AMD 5,000 a year per account, including accounts opened online. For citizens of Armenia the tariff is AMD 1,000. Opening and closing an account are free.
Can I deposit cash rubles?
Yes, but at a high cost: crediting them to an account carries a 10% fee under the tariff of 10 July 2026. For a card account the free daily limit for ruble deposits is RUB 30,000.
Is a translation of the passport required?
Yes. A non-resident needs a passport translation into Armenian certified by a notary. Documents issued by Armenian authorities do not need translation.
Which card suits rubles?
Visa Digital and Mastercard World Travel are issued in rubles, among other currencies. The digital Visa costs AMD 1,000 a year.
Is the bank connected to the SBP?
The bank does not state that it is connected directly to the SBP (Faster Payments System). It uses Multitransfer to receive transfers from Russia.