In short: Suits companies and wealthy clients. For an ordinary Russian individual the terms on the website are only partly disclosed, and cash rubles are accepted with a 3% fee.
Terms for non-residents
- Non-residents
- Limited
- Remote account opening
- Partly
- Visa / Mastercard
- Yes
- Russian-language support
- No / not stated
- Owner
- HVS Holding AG: 87.53% and FMTM Distribution Limited: 12.47%; ultimate beneficiary Vardan Sirmakes (bank data as of 13 February 2026)
- Depositing cash rubles
- 3% fee for amounts up to the equivalent of AMD 50 million, above that by agreement (from 24 August 2026)
- Buying cash rubles
- Restored from 3 August 2026 for clients and non-clients
- Cash exchange for non-residents
- The bank has also carried out exchange operations for non-residents since 27 March 2023
- Head office
- 10 Vazgen Sargsyan Street, Yerevan
- Digital services
- Online banking and mobile banking, Apple Pay and Google Pay
Pros
- Focus on companies and wealthy clients, with a section for individuals as well
- Online and mobile banking with Apple Pay and Google Pay
- Cash exchange for non-residents since 2023
- The ownership structure and beneficiary are published
Cons and limits
- From 25 June to 24 August 2026 the bank suspended some cash ruble operations
- Since operations resumed, depositing cash rubles carries a 3% fee
- Terms for non-resident individuals are only partly disclosed on the website
- Mir cards are not supported
## About the bank
ArmSwissBank operates at 10 Vazgen Sargsyan Street in Yerevan. Its main focus is corporate clients, private banking and investment, although the website also has a section for individuals. The ownership structure is published: HVS Holding AG holds 87.53% (14,588 shares) and FMTM Distribution Limited holds 12.47% (2,079 shares), with Vardan Sirmakes as the ultimate beneficiary (bank page updated on 13 February 2026).
In the ranking for Russians the bank sits at the end of the list: it does not fully disclose detailed terms for non-resident individuals, and its main emphasis is business.
## Account for non-residents
In its "Practical guide: how to open a bank account" section the bank describes who can open an account, whether remote opening is possible, how FATCA requirements apply and which documents are needed. The text on the page is only partly detailed, so for non-resident individuals you need to write to the bank. Since 27 March 2023 the bank has also carried out cash exchange operations for non-residents.
For companies and private clients with large sums, terms are discussed individually.
## Cards and payments
For individuals the bank lists the Mastercard World Elite card; its terms are published in a PDF on the website. The bank supports Apple Pay and Google Pay, and offers online banking and a mobile bank. Check the app's language yourself.
Mir is not supported, and the bank does not state that it takes part in the SBP. Only VTB (Armenia) accepts Mir.
## Cash rubles
This is the most notable information about the bank for Russians. The 2026 timeline:
| Date | What happened |
|---|---|
| 25 June | Account top-ups, deposit-taking, loan repayments and transfers in cash rubles suspended |
| 3 August | Buying cash rubles restored for clients and non-clients |
| 24 August | Cash ruble operations resumed |
After the resumption, depositing cash rubles up to the equivalent of AMD 50 million carries a 3% fee, and larger amounts are handled by agreement.
## Tariffs and limits
Tariffs for individuals are in PDF documents on the bank's website. Ask for the current versions before visiting, since the cash ruble terms already changed in 2026.
## Who it suits
- Companies and wealthy clients who need an individual approach.
- Those who deposit large sums in cash rubles and are ready to pay 3%.
- Those who value an open ownership structure.
An ordinary Russian individual will find it easier to start with Ameriabank or Araratbank, where the terms are described in more detail.
Frequently asked questions
Who is ArmSwissBank for?
Primarily for legal entities and wealthy clients. The bank's website has a section for individuals, but detailed terms for non-residents have to be confirmed directly.
What is the situation with cash rubles?
From 25 June 2026 the bank suspended cash ruble deposits, deposit-taking and cash loan repayments. Operations resumed on 24 August, and the fee for deposits up to the equivalent of AMD 50 million is 3%.
Can I buy cash rubles?
Yes. Buying cash rubles for clients and non-clients of the bank was restored on 3 August 2026.
Who owns the bank?
HVS Holding AG holds 87.53% and FMTM Distribution Limited 12.47%. The ultimate beneficiary is Vardan Sirmakes (bank data as of 13 February 2026).
Which card does the bank offer to individuals?
Mastercard World Elite; the terms are published in a PDF on the bank's website.