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)
Tariff

"ARMECONOMBANK" OJSC is a S.W.I.F.T. a member of the system, which ensures the speed, security and quality of international transfers1 of individuals and legal entities in accordance with the current international banking standards.

TYPE OF THE SERVICE

COMMISSION FEE

2.  S.W.I.F.T. transfers in foreign currency outside the “ARMECONOMBANK” OJSC system

2.1 USD

2.1.1 OUR version5

0.15%, min 10,000 dram, max 65 000 dram

2.1.1.1 To the Russian Federation and the Republic of Belarus

0.15%, min 50 000 dram, max 100 000 dram

2.1.2 Guaranteed OUR version6 (Guaranteed OUR)

tariff mentioned in 2.1.1. point + additional AMD 10000

3.1.3 BEN version7

5 000 dram

2.2 EUR

2.2.1 OUR version8

0.15%, min 10,000 dram, max 65 000 dram

2.2.1.To the Russian Federation and the Republic of Belarus

0.15%, min 50 000 dram, max 100 000 dram

2.2.2 BEN version7

AMD 5 000 

2.3 CHINESE YUAN

2.3.1 OUR version

0.15%, min AMD 12 000, max 50 000

2.3.2 BEN version7

AMD 6 000

2.4 UAE Dirham

 
2.4.1 OUR version 0.2%, min AMD 15 000, max AMD 60 000

2.5 RF ruble (made only in OUR version)

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

2.6 British pound (made only in OUR version)

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

2.7 In Georgian Lari (made only in OUR version)

10 000 dram

2.8 Swiss Franc(made only in OUR version)

0.2%, min 25 000 dram, max 50 000 dram

2.9 Other foreign currency (is made in BEN version). It is possible to apply OUR version in individual cases on the basis of appropriate application submitted by the account holder client for charging additional tariff later)

 

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

4. Modification, cancellation of terms of the transfers made9 12

The transfers made cannot be cancelled if the beneficiary (recipient) refuses to return the transferred amount

a/ RF ruble

5 000 dram

b/ EUR

35 000 dram13

c/ USD and other foreign currency

30 000 dram

d/ Remittance of the funds receivedª in accordance with the internal legal acts

0.2% min 10 000 dram

5. Return of unaccounted foreign currency amounts received from correspondent banks to correspondent banks11

5.1 RF ruble

0.1% min 5 000 dram

5.2 EUR

 

a/ up to 300.00 EUR

5000 dram

b/300.01 and more EUR

0.2%, min 10000 dram

5.3 USD

 

a/ up to 300.00 USD

5000 dram

b/300.01 and more USD

0.2%, min 10000 dram

5.4 Other foreign currency

0.2%, min 10000 dram

6. On the basis of the client's application, the return of foreign currency amounts received from the correspondent banks in their favor, as well as at the request of the correspondent bank, to the correspondent banks11

a/RF ruble

0.1% min 5 000 dram

b/ EUR

0.2% min 5 000 dram

c/ USD and other foreign currency

0.2% min 5 000 dram

7. Entering foreign currency amounts received from correspondent banks to the client’s account

7.1 Commission fee charged on the funds received in the "SHA" and "BEN" option

 

7.1.1 Up to 1000 USD, EUR and other foreign currency

 

1 500 dram

7.1.2 From 1001 to 5000 USD, EUR and other foreign currency

 

2 500 dram

7.1.3 More than 5001 USD, EUR and other foreign currency

 

5 000 dram

Provision of Provision of copies and/or duplicates of SWIFT messages, other information and references to natural persons, legal entities and private individuals

(price includes VAT) 14

 

 

1 000 dram

1 ARMECONOMBANK OJSC makes transfers outside the territory of Armenia no later than the next banking day.

5 In the case of transfers in US dollars, the amount transferred may reach the beneficiary in full or with certain reductions. In some cases, depending on the transmission path, some correspondents may be sent via the SHA version.

6 In the case of transfers in US dollars, when the client wants to avoid commission charges on the transferred amount, ARMECONOMBANK OJSC offers a guaranteed OUR(Guaranteed OUR) transfer option, in which case ARMECONOMBANK OJSC pays the commission(s)  to correspondent bank(s).

7 The commission fees of correspondent bank/s/ are charged from the transferred amount.

8 In case of money transfers in EUR the commission fee/s/ of the correspondent bank/s/ are paid by ARMECONOMBANK OJSC.

9 Transfers withdrawn from ARMECONOMBANK OJSC correspondent accounts.

12 If the transfer has not come outside ARMECONOMBANK OJSC, then the change/cancellation fee of the terms is not charged.

13 The commission charged by the third bank for the given service may be additionally charged.

14 For copies of SWIFT messages sent during the same day-free of charge. The commission charged by the third bank for the given service may be additionally charged

IMPORTANT INFORMATION FOR THE CLIENT

In order to make transfers through the S.W.I.F.T system, customers are required to submit at least the following information:

  • Patronymic or name
  • Registration address
  •  Passport data /PSC, or TIN in the case of a legal entity or private individual
  • Date of birth
  • E-mail (if available)
  • Phone (mobile) number
  • Bank account number of the principal
  • The amount to be transferred in numbers and the ISO code of currency
  • Transfer amount and currency in words
  • Date of making the transfer
  • Details of the intermediary bank(if available)
  • Beneficiary's (recipient's) bank details
  • Full details of the beneficiary (recipient)
  • Payment details

1. ARMECONOMBANK OJSC (hereinafter referred to as the Bank) has the right to independently choose the way of transferring funds (to the intermediary bank/banks) without my (our) prior consent.

2. In case of return of the transfer made by the fault of the client (hereinafter referred to as the Principal) (for example, inaccuracy of valid conditions, closed account, etc.), possible expenses of the involved banks shall be paid at the Principal's expense.

3. The bank/correspondent banks may reject, suspend or freeze the transfer transaction in accordance with their internal legal acts, as well as international requirements of domestic legislation. In case of rejection of the transaction by correspondent banks, charges may be made from the amount transferred, which are not subject to return.

4. If the data of the Beneficiary (recipient) are received only via e-mail, then in order to avoid fraud, it is recommended to contact the Beneficiary (recipient) through another means of communication in order to verify the account data again.

5. Due to various circumstances additional documents and information may be required.

6. The transfers in SWIFT system can be made with AEB Mobile / AEB Online mobile platforms.

7. “YOU HAVE THE RIGHT TO COMMUNICATE WITH THE FINANCIAL ORGANIZATION IN THE MANNER YOU CHOOSE, WHETHER BY MAIL OR ELECTRONICALLY. RECEIVING INFORMATION ELECTRONICALLY IS THEMOST CONVENIENT. IT IS AVAILABLE 24/7, IS FREE OF THE RISKS OF LOSS OF PAPER INFORMATION AND ENSURES PRIVACY”

8. You can find the list of Nostro and Loro correspondent accounts of ARMECONOMBANK OJSC and the transfer details in different currencies at the following links.

9. ARMECONOMBANK OJSC may request additional documents or other information from the consumer based on the "Know your customer" principle for the purpose of due diligence of the customer defined by the RA Law "On Combating Money Laundering and Terrorist Financing", as well as ask additional questions to the consumer during oral communication (in case of such a request).

10. Regarding contracts, agreements, partnerships, or affiliations signed by the customer that may have a direct impact on consumers (for example, “under the agreement with the USA based on the Foreign Account Tax Compliance Act” (FATCA)) the financial organization may collect additional information to determine whether you are a US taxpayer").

11. "ATTENTION: "YOUR FINANCIAL DIRECTORY" IS AN ELECTRONIC SYSTEM THAT FACILITATES THE SEARCH, COMPARISON OF SERVICES OFFERED TO INDIVIDUALS AND THE SELECTION OF THE MOST EFFECTIVE OPTION FOR YOU").YOUR FINANCIAL DIRECTORY.

Correspondent account
Flag BG U.A.E. Dirham – AED
Beneficiary Bank
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT: ARECAM22
Intermediary Bank
INTERMEDIARY BANK
NAME: MASHREQBANK P.S.C.
ADDRESS: DUBAI U.A.E.
SWIFT: BOMLAEAD
ARMECONOMBANK OJSC IBAN: AE910330000019030000844
Flag BG Chinese Yuan-CNY
Beneficiary Bank
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT:ARECAM 22
Intermediary Bank
ՄԻՋՆՈՐԴ ԲԱՆԿ /INTERMEDIARY BANK
NAME: ZHEJIANG CHOUZHOU COMMERCIAL BANK CO.,LTD
ADDRESS: HANGZHOU CHINA
SWIFT: CZCBCN2X
ARMECONOMBANK OJSC ACCOUNT: No. 15601012320890001502
Flag BG United States Dollar-USD
Beneficiary Bank
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT:ARECAM 22
Intermediary Bank
ՄԻՋՆՈՐԴ ԲԱՆԿ /INTERMEDIARY BANK
NAME: ODDO BHF SE
ADDRESS: FRANKFURT AM MAIN DE
SWIFT: BHFBDEFF
ARMECONOMBANK OJSC IBAN: DE45500202000500669986
Flag BG EURO-EUR
Beneficiary Bank
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT:ARECAM 22
Intermediary Bank
NAME: RAIFFEISEN BANK INTERNATIONAL AG
ADDRESS: Am Stadtpark 9 A -1030, Vienna Austria
SWIFT: RZBAATWW
ARMECONOMBANK OJSC ACCOUNT: No. 000-55.076.004
Flag BG Georgian Lari-GEL
Beneficiary Bank
Beneficiary’s bank: ARMECONOMBANK
Address: Republic of Armenia, Yerevan, 23/1 Amiryan str.
Swift:ARECAM 22
Intermediary Bank
Intermediary bank JSC “BANK OF GEORGIA”
29A, Gagarini str.,
Tbilisi 0160, Georgia
S.W.I.F.T.: BAGAGE22
account No GE22BG0000000361464900 (GEL) of
Armeconombank
Flag BG Great Britain Pounds-GBP
Beneficiary Bank
BENEFICIARY’S BANK
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT:ARECAM 22
Intermediary Bank
INTERMEDIARY BANK
NAME: KBC BANK NV
ADDRESS: Brussels, Belgium
SWIFT: KREDBEBB
ARMECONOMBANK OJSC ACCOUNT: No. BE12488592249092GBP
Flag BG Swiss Franc-CHF
Beneficiary Bank
NAME: ARMECONOMBANK OJSC
ADDRESS: Republic of Armenia, Yerevan 0002, Amiryan str. 23/1
SWIFT:ARECAM 22
Intermediary Bank
NAME: JSC BANK OF GEORGIA
ADDRESS: 29A, Gagarini str., Tbilisi 0160, Georgia
SWIFT: BAGA GE 22
ARMECONOMBANK OJSC ACCOUNT: No. GE22BG0000000361464900
Updated: 28/10/2024 16:26