Conditions

Opening and maintenance of correspondent accounts

As one of the most actively operating banks in the sphere of foreign hard and soft currency transfers, ARMECONOMBANK OJSC, to meet its customer's payment/settlement requirements, to cut the time of making commercial transfers and to rise the quality of transfers has established correspondent relations with banks operated in different countries located in foreign countries to meet the payment/settlement needs of its Customers.

During opening of correspondent account the following bank indicators are scrutinized:

  • Financial stability of the country in which the bank is registered,
  • Financial and economic stability of the country in which the bank is registered,
  • The bank's financial stability,
  • The bank's high international rating,
  • Membership to widely recognized International Payment Systems,
  • Existence of a wide network of correspondent accounts,
  • Existence of branch network in different countries,
  • Fast and secure performance of transfers,
  • Lower commission fees for correspondent accounts
  • Armeconombank holds no correspondent accounts only with the banks operating within the countries mentioned in the "List of Countries and Territories not having passed a legislative act on "Safeguarding Banks from Circulation of Criminally Obtained Funds, Preventing Funding for Terrorism" approved by CB of Armenia,
  • Bank rating received from well-known International rating companies. (Moody°s Investors Service, Standard & Poor's, Fitch Ratings).

 

We are representing ARMECONOMBANK's correspondent accounts in RA and abroad operating banks.

ARMECONOMBANK's correspondent accounts in Armenian and foreign banks (NOSTRO)
Correspondent Accounts of RA and Foreign Banks at ARMECONOMBANK (LORO)
 
General Information

S.W.I.F.T. transfers with currency11

USD

OUR option2

0.15%, min AMD 6,000, max AMD 65,000

Guaranteed OUR option3 (Guaranteed OUR)

0.15%, min AMD 6,000, max AMD 65,000  + additional AMD 10,000

BEN option4

AMD 5,000 

EUR

OUR option  

up to 2,000 EUR

AMD 6,000 ՀՀ դրամ

2000.01 and more EUR

0.15%, min AMD 9,000, max AMD 65,000 

BEN option

AMD 5,000 

RUR (is executed only in OUR option)

0.1%, min AMD 5,000, max AMD 30,000

GBP (is executed only by OUR option)

0.2%, min AMD 9,000, max AMD 50,000

GEL (is executed only by OUR option)

AMD10,000 

CHF (is executed only by OUR option) 0.2%, min AMD 25,000, max AMD 50,000

Other Currencies (BEN Version: In some cases, OUR option may be used on the basis of a relevant application filed by the Account Holder for further charges)

0.2%, min AMD 9,000, max AMD 75,000

USD and EUR in RA territory

 

Up to USD 20,000 or EUR 20,000

AMD 5,000

USD/EUR 20,001 and more

AMD 10,000 

Executed transfer6 term amendment/cancellation​7

Executed transfers can't be cancelled, if the amount beneficiary refuses to return the amount transferred

AMD8

AMD 2,000

RUR

AMD 5,000

EUR

AMD 35,000

USD and other currency

AMD 30,000 

Currency transfers terms amendments and/or cancellation via clearing systems (except INTELEXPRESS, Money Gram systems)

AMD 1,000

Currency intra-bank terms amendment and/or cancellation

0.2% min AMD 10,000

Foreign currency unknown amount recovery to the correspondent banks received from correspondent banks9

RUR

0.1% min AMD 5,000

EUR

up to 300 EUR

AMD 5,000

300.01 and more EUR

0.2% min AMD 10,000

USD

up to 300 USD

AMD 5,000

300.01 and more USD

0.2% min AMD 10,000

Other currency

0.2% min AMD 10,000

Upon customer requests, return of received foreign currency amounts to correspondent banks9

RUR

0.1% min AMD 5,000

EUR

0.2% min AMD 5,000

USD and other currency

0.2% min AMD 5,000

Commission fees charged from"SHA" և "BEN" options  
Up to 1000 USD, EUR, and other currency, 60,000 RUR AMD 1 500 
From 1001 to 5000 USD, EUR, and other currency, from 60,001 RUR to 300,000 RUR AMD 2 500 
More than 5000 USD, EUR, and other currency, 300,000 RUR AMD 5 000 

 

 

  1. In addition to the fixed tariffs for transfers in transit account additional 3000 AMD is charged.                                                  
  2. In case of USD transfers, the remitted amount can reach the beneficiary at full or certain deductions. In some cases, depending on the transfer path, some correcpondents may be sent to by SHA version.
  3. In case of USD transfers, when the customer avoids commission fee from the transferred amount, ARMECONOMBANK OJSC offers “Guaranteed OUR” transfer type option, in which case the correspondent bank's fee(s) will be paid by ARMECONOMBANK OJSC.
  4. Correspondent banks commission fees are charged from the amount transferred.
  5. In case of EUR transfer, correspondent bank commission fees are paid by ARMECONOMBANK OJSC.
  6. Dispensed transfers from ARMECONOMBANK OJSC foreign correspondent accounts.
  7. Data amendments on utility payments and transfers towards loan repayment in ARMECONOMBANK OJSC by AEB borrowers are FREE of charge.
  8. Is charged from the refundable ampunt. For the return of unindentified money from BANK OF GEORGIA, TBILISI, GEORGIA this tarrif does not work.
  9. If the transfer has not left ARMECONOMBANK OJSC yet, terms amendment/cancellation tariff isn't charged.
  10. In addition can be charged the commission fee charged from the third bank for the certain service.

 

 

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Updated: 02/08/2018 16:52