In short: Suits those who want a digital card in four currencies from a large bank. Terms for non-residents and Russians must be confirmed with the bank directly.
Terms for non-residents
- Non-residents
- Check with the bank
- Remote account opening
- Check with the bank
- Visa / Mastercard
- Yes
- Russian-language support
- No / not stated
- Owner
- Ineco Group CJSC: 34.98%, Karen Safaryan: 34.58%, BF Capital: 5.92%, IM Partners: 5.09%, Ineco Partners: 4.99%, others: 14.44% (bank data as of 1 September 2026)
- Founded
- 1996
- Size
- AMD 1,020 billion in assets (about $2.82 billion) as of 30 June 2026, fourth in the country
- Visa Digital
- Free to issue, valid for 3 years, ordered in the app in 5 minutes
- Visa Classic and Mastercard Standard
- Maintenance AMD 4,000, valid for 5 years
- ArCa Classic
- Maintenance AMD 2,000, valid for 2 years, 2% cashback on cashless transactions
- Financial group
- INECO GROUP (decision of the Central Bank of Armenia Board of 26 March 2026); the responsible entity is Inecobank
- App
- Ineco (replaces InecoMobile and InecoOnline); check the interface language in the app
Pros
- Cards in drams, dollars, euros and rubles
- The digital Visa is free to issue and works with Apple Pay and Google Pay
- One of the five largest banks in the country, with assets up 28.21% over the year
- Tariffs on the main cards are published
Cons and limits
- Account-opening terms for non-residents and Russians are not published on the website
- Mir cards are not supported
- The bank does not state support for UnionPay or a connection to the SBP
- The language of the app interface has to be checked separately
## About the bank
Inecobank has operated since 1996. As of 30 June 2026 its assets were AMD 1,020 billion, or about $2.8 billion, which is fourth place in the country. The figure grew by 28.21% over the year.
The largest shareholder is Ineco Group CJSC with 34.98%, and Karen Safaryan holds 34.58%. About 6%, 5% and 5% belong to BF Capital, IM Partners and Ineco Partners, and other shareholders hold 14.44% (bank data as of 1 September 2026). By a decision of the Central Bank of Armenia Board of 26 March 2026, Inecobank, Ineco Group CJSC and Dimension CJSC were combined into the financial group INECO GROUP, with Inecobank as the responsible entity.
## Account for non-residents
The list of documents for non-residents is not published on the bank's website, so the final list has to be obtained from the bank. If remote opening is critical for you, consider Ameriabank or Evocabank, which describe their procedures on their websites.
## Cards and payments
The bank issues Visa, Mastercard and ArCa cards. A physical or digital card can be ordered in the new Ineco app, which replaced InecoMobile and InecoOnline.
| Card | Cost | Currencies | Validity |
|---|---|---|---|
| Visa Digital | Free to issue | AMD, USD, EUR, RUB | 3 years |
| Visa Classic | AMD 4,000 (maintenance) | AMD, USD, EUR, RUB | 5 years |
| Mastercard Standard | AMD 4,000 (maintenance) | AMD, USD, EUR, RUB | 5 years |
| ArCa Classic | AMD 2,000 (maintenance) | AMD | 2 years |
The digital Visa works with Apple Pay and Google Pay, and cash withdrawals at Inecobank ATMs are free. ArCa Classic earns 2% cashback on cashless transactions made after 1 January 2026.
The bank does not support Mir: only VTB (Armenia) continues to accept such cards. It does not state that it takes part in Russia's SBP.
## Tariffs and limits
The tariffs above come from the bank's official cards page. Before applying, ask the bank for the terms of maintaining non-resident individual accounts and for transfer tariffs.
## Who it suits
- Residents of Armenia who want a digital card quickly for online payments.
- Those who need cards in rubles and euros alongside drams and dollars.
- Customers for whom the size of the bank matters: assets of AMD 1,020 billion.
Those who want certainty about the terms for Russians before travelling should write to the bank first or choose a bank with a described procedure, such as Araratbank.
Frequently asked questions
How much does the digital Visa card cost?
Issue is free, and the card is valid for three years. It can be ordered in the Ineco app in 5 minutes and added to Apple Pay or Google Pay.
In which currencies are the cards issued?
Visa Digital, Visa Classic and Mastercard Standard are issued in drams, dollars, euros and rubles. ArCa Classic is issued in drams only.
How much does maintenance cost?
AMD 4,000 for Visa Classic and Mastercard Standard and AMD 2,000 for ArCa Classic. No separate maintenance fee is stated for Visa Digital, which is free to issue.
Does the bank accept Russians?
The website has no separate terms for Russians. Ask the bank for the list of documents and the identification procedure for foreigners before visiting.
Is Inecobank part of a financial group?
Yes. By a decision of the Central Bank of Armenia Board of 26 March 2026, Inecobank, Ineco Group CJSC and Dimension CJSC are recognised as the financial group INECO GROUP. The responsible entity is Inecobank.
Do Mir cards work?
No. VTB (Armenia) is the only bank where Mir is accepted.