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Account opening and maintaining

Account opening and maintaining

The following accounts are opened in Converse Bank (hereinafter referred to as the Bank) for individuals (except sole proprietors):

  • Savings bank accounts (including pension, state support, social package, special accounts)
  • impersonal metal accounts

For legal entities (legal entities, sole proprietors and organizations that are not legal entities / have no legal entity status ) the following accounts are opened:
current bank accounts

  • impersonal metal accounts
  • Special developer accounts

Impersonal metal accounts

impersonal metal accounts are designated for recording non-cash gold. The gold fineness/grade and weight are the only bases used for recording gold. Non-cash gold accounted for in impersonal metal accounts is measured in grams. impersonal metal accounts for gold can only be opened with 999.9 grade gold.

Attention

impersonal metal accounts are not reimbursed by the Deposit Insurance Fund.

 Joint accounts

In case of opening joint accounts, the contract for opening and maintaining the account shall be signed by the persons opening the account.
Transactions with joint account can be made:

  • upon mandatory availability of everyone's signatures, as well as in case of submission of powers of attorneys validated in accordance with the procedure established by law, or
  • upon the presence of the signature of any of the persons opening the account, in accordance with the procedure provided for in the contract of opening and maintaining the account.

State support accounts

A special account opened in Converse Bank in the name of the child, to which the one-time childbirth benefit is transferred, for which the management of the available funds is limited by the RA legislation.
For more information, read the summary of the state support account.

Social package accounts

Opening and servicing special accounts in the state bodies of the Republic of Armenia, as well as for the employees of the State entities in the sphere of education, culture, science and social security.
For more information, read the summary of the social package account.

Special developer accounts

Bank account on which the buyer's prepayments to the developer are received under the contract for the purchase of real estate from the building under construction.
Account opening and closing procedures, terms, tariffs, account maintenance and operations rates

Account opening

The account is opened immediately, once the customer has submitted the documents listed in the "Required Documents" section of the Summary, unless additional review of the presented documents, or further documents are required. In addition, the documents submitted in other languages must be accompanied by an Armenian translation certified in accordance with the Law of the Republic of Armenia "On Notary".

Accounts are opened in the following currencies:

  • AMD
  • US dollars
  • Euro
  • Russian rubles
  • impersonal metal accounts / 999.9 grade gold /

Accounts in other currencies can be opened at the customer's request, for which other tariffs may be established.

Tariffs for opening accounts

Accounts in AMD for individuals

0 AMD

For individuals  - accounts in other currencies and impersonal metal (gold) accounts

AMD 500

Accounts of legal entities

1,000 AMD

Special developer accounts

20,000 AMD

Minimum account balance

0 AMD

Account service

The bank carries out complex servicing of the account(s) as well as upon the customer's instructions - all the settlement and cash operations which are not prohibited by the RA legislation.
The Bank shall maintain the customer's accounts if in the course of account maintenance there have been no restrictions envisaged by Converse Bank" CJSC "Procedure on Anti-money laundering and counter-terrorist financing" or other restrictions which are in force under the legislation of the Republic of Armenia.

Tariffs for account maintenance

Accounts for individuals*

AMD 1,200 per year

Accounts for legal entities*

AMD 4,800 per year

impersonal metal (gold) accounts for individuals and legal entities

0.1%, minimum AMD 5,000, maximum AMD 10,000

Fee is charged once a year starting from the date of opening the account, from the average annual balance, and if the account is closed during the year, the fee is charged upon the closing of the account from the average balance of the given period.

Pension accounts

0

Special developer accounts

AMD 5,000 per month

 * In case of no transactions carried out with account (including bearer account) for more than two years, AMD 15,000 will be charged monthly from the account. This tariff does not apply if the customer has made a transaction with any of the accounts, or the customer has a current deposit or financing in the Bank, similarly, the tariff does not apply to bank accounts of those account holders who are officially in a liquidation process as well as to bank accounts that are under foreclosure according to the procedure established by law. If the balance of the account that has not been used for any transaction for a period of two years or more is less than 15,000 AMD / equivalent in foreign currency, the entire balance amount is collected and the account is closed.

  • The account maintenance fee is charged from the customer's account for each year of use of the account, in lump sum, furthermore - the payment for the first 12 months of using the account is charged at the time of opening the account, and the payment for each subsequent 12 months is charged within the first 5 banking days of the given period. The commission is not subject to refund in case of closing the account.
  • If the commission is not made available on the customer's account within the first 3 months following the relevant period, the account is subject to closing.
  • No commission is charged for maintenance of current accounts in AMD for state non-governmental organizations, state administrative institutions, local self-governing authorities and state government bodies.
  • In case of pension accounts (except for pension accounts for transfers of benefits), the pensioner is obliged to visit the Bank at least once a year, not later than the last working day of the twelfth month period following the month when the last visit was made to the Bank (application was filed to receive the pension in a non-cash manner) within the previous year, and to undersign a statement on his/her presence in the Republic of Armenia. Furthermore, it is considered that the pensioner has signed a statement on his / her presence in the Republic of Armenia in case of making a personal visit to the service staff for the purpose of signing any document, such as a payment order, contract / agreement, receipt, notification or an application.
  • In the case of a pension account (except for pension accounts for the transfer of benefits), the pension may be paid on the basis of a power of attorney for a period not exceeding twelve consecutive months starting from the month when payment of the pension with a power of attorney was made, but not to exceed the period of validity of the power of attorney.

Simple annual interest rate applied to the account balance

Annual interest yield

Savings accounts in AMD

0.1%

0.1%

Pension accounts in AMD

0.5%

0.5%

Bearer accounts

0.1%

0.1%

 

In the case of correspondent accounts, special transit and target accounts, interest is calculated and paid in accordance with the contracts, in other cases the interest is paid within the first five banking days following the quarter.

Annual interest yield

The interest on your account is calculated on the basis of a simple interest rate, and the annual percentage yield shows the amount of income you would receive if the interest on the deposit was regularly reinvested in the form of a deposit.
The calculating the annual percentage yield on the deposit is made on the basis of the formula provided by the Central Bank of the Republic of Armenia Regulation 8/02 "Calculation of the annual percentage yield of bank deposits" .

APY=(1+r/ո)ո-1,

where:

  • APY - annual percentage yield
  • r - simple annual interest rate
  • n - frequency of capitalization of interest per year
     

Attention

Income tax is levied on accrued interest. The income tax for interest in the territory of the Republic of Armenia will be calculated at the rate of 10%, and in the territory of the Republic of Artsakh - at the rate of 5%.

The bank reserves the right to modify the amount of interest on demand deposits and cash available in the bank account, unless otherwise provided by the contract.

 Direct charges from the account

Direct charges from the account(s) may be performed:

  1. In cases defined by the RA legislation, based on the Customer's instruction,
  2. to cover the amount of liabilities towards the Bank,
  3. In other cases established by means of contracts/agreements executed with the Bank,
  4. In cases and according to the procedure established by the legislation of the Republic of Armenia.
     

Freezing the account

The management of accounts (including impersonal metal acounts) in the bank can be limited:

  • Based on the customer's application or assignment,
  • In case of absence of any transactions by the Customer with the account for a period of six months,
  • If the collateral of the Cash on account is the means of securing the fulfillment of the Customer's obligation,
  • If the Customer has any outstanding obligations to the Bank, including by virtue of guarantees issued to third parties,
  • If within the established period the Customer has not submitted the required documents and information at the request of the Bank,
  • If the Customer's activity or any of his/her actions have been qualified as meeting the criteria to be treated as suspicious in terms of money laundering and counter-terrorism financing, and the required supporting documents and/or supporting evidence in relation to the above, have not been submitted within the specified time periods,
  • If the Customer's activity has been qualified as suspicious,
  • If, by the decision of the Judicial Acts Compulsory Enforcement Service, tax authorities and other competent bodies, the Customer's accounts have been foreclosed
  • In cases stipulated by other contractual instrument(s) executed with the customer,
  • In cases and according to the procedure established by the legislation of the Republic of Armenia.
     
 Account closure

The accounts in the bank (including impersonal metal acounts) are closed (the current and/or savings account(s) opening and maintenance contract is terminated):

  • In case of violation of any of the provisions of the Contract by the Customer,
  • when the cash available in the accounts is less than the minimum amount of balance, if such amount is specified in the Tariffs and is not replenished within the period of one month from the date of the warning (written or oral) by the Bank, unless another time period is specified in the Tariffs;
  • In case of non-payment by the Customer of the fees provided by the tariffs within the established period,
  • in case of violation of the requirements of regulations on money laundering and combatting terrorist financing or other normative legal acts of the Republic of Armenia or in other cases envisaged by those normative legal acts.
  • if the Customer's activity or the latter's business relationship may, according to the Bank, in any way be interpreted by partner or international organizations as involving the use of insufficiently effective mechanisms in the field of anti- money laundering and combatting terrorist financing, and/or may adversely affect the Bank's reputation (for example, should the Customer or Persons affiliated with it appear on one of the lists of the United Nations (UN) Security Council, the United States or the European Union or other specially listed persons (sanction lists).
  • One year after the account is frozen (use of the account is limited), should the balance of the account subject to closure not be used within a period of three months, AMD 1,000 shall be charged for each year (if the balance is less than AMD 1,000 / equivalent foreign currency, the entire balance amount is charged and the account is closed)
  • In case when an application for closing is submitted by the customer,
  • In case of other grounds provided for it by the RA normative legal acts.

Account closing tariffs

Accounts of individuals

1,000 AMD

Pension accounts

0

Accounts of legal entities

AMD 2,000

The account closing tariff is applied in cases when all of the customer's accounts are closed.
The customer can reopen the account by restoring the previous account.

Communication with the Bank

You have the right to communicate with Converse Bank CJSC in any format at your discretion - by postal mail or by electronic communication methods. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based information and ensures confidentiality.

Provision of documents in person at the Bank's premises (including VAT)

Account statement, information on account turnover1

For individuals

By the periodicity established by the RA legislation (once) - AMD 0

In addition to the periodicity defined by the RA legislation,

  • dating back up to 3 years - AMD 1,000
  • dating back to 3 years and earlier - AMD 3,000 (if stored in the Bank)

For legal entities

One-time (regardless of the periodicity) -AMD 0

In case of providing a duplicate:

  • Dating back up to 1 month - AMD 1,800
  • Dating back from 2 months to 1 year - AMD 3,000
  • Dating back from 1 year to 3 years - AMD 12,000
  • Dating back to 3 years and earlier - AMD 24,000 (if stored in the Bank)

Reference on current and savings accounts to be presented to different institutions

In case of accounts opened within one month 2

AMD 5,000

In the case of accounts opened earlier

AMD 3,000

Based on the application submitted through the bank's website

AMD 3,000

References / notes on transactions made

dating back up to 1 month

AMD 3,000

dating back to more than 1 month

AMD 5,000

SWIFT confirmation of transfer

AMD 3,000

SWIFT confirmation of transfer (in case of sending the application by means of remote banking systems)

AMD 2,000

Copies of paperwork, transaction supporting documents and other paper-based data (for each document)

dating back up to 1 month

AMD 1,800

Dating back up to 1 year

AMD 3,000

Dating back to more than 1 year

AMD 12,000

Delivery of documents, extracts or other documents (including VAT)

In the Republic of Armenia and Artsakh

For individuals

0

For legal entities

AMD 500

International

If prescribed by law or contract

Tariff set by the delivery service organization

In other cases

The fee set by the shipment service provider + AMD 1,500

By a delegated delivery service

In the Republic of Armenia and Artsakh

AMD 3,000

International

The fee set by the shipment service provider + AMD 3,000

Other services

Sending out automated information on transaction

1 SMS - AMD 12 (including VAT)

The fee is charged from the savings/current account

Automatic collection of utility bills from accounts

AMD 100 (monthly)

1 In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the statement, the charge will be collected for statement only.
2 In case of more than one active account, the opening date of account which has been opened earlier is taken into consideration irrespective of whether or not included in the statement.

Tariffs for transactions with account

Cash operations

  • Cash deposit

 In the cash desk
- AMD and USD - 0
- Euro and other currencies by daily quotation
 Cash depositing on savings / card accounts using the payment terminals
- AMD 100 - 50,000 - AMD 100
-AMD 50,001-200,000 - AMD 200

  • Cash to account holder customers1

 In case of amount deposited to account in cash2
- AMD, USD and EUR - 0
- Other currencies - by daily quotation
- Provision of cash as a result of non-cash conversion of amount deposited to account in cash - 0
 In case of amount deposited to account in non-cash form
- AMD - 0.25% (from pension and social package accounts - 0)
- USD - 0.40%
- Euro and other currencies by daily quotation
 from card account3 - 1% (regardless of depositing method)
 In case of receiving in AMD from a impersonal metal account - 0

  • Providing cash to non-account holder customers

 Payout of remittances received from other banks
- AMD - 0.35%, minimum - AMD 300
- Other currency - 0.5%, minimum - AMD 300
 Payout of remittances received by intra-bank transfer
- AMD - 0.25%, minimum - AMD 100
- USD and Euro - 0.40%, minimum - AMD 100
- Other currencies, according to the daily quotation, minimum AMD 100

  • Payout of funds received from the treasury (including repayment)

- Up to AMD 20,000 - AMD 50
- 20,000 AMD and more - 0.25%, minimum AMD 100

  • Payout of amounts received through fast money transfer systems - 0
  • Exchange of worn out banknotes

- AMD - free
- Other currency - 3.0%, minimum - AMD 500

  • exchange of metallic coins of the Republic of Armenia with coins/notes of higher denomination

 For account holder customers: 0
 For non-account holder customers
- Up to 50 - free of charge
- More than 50 - 3.0%, minimum - AMD 100

  • Commission for VAT refund to foreign citizens: 10% of the refunded amount

1In case of cashing AMD 5 million or equivalent foreign currency and above from the branches, the customer is required to submit a corresponding application one day in advance.
2 Tariff applies to cash deposited after April 30, 2008 in AMD, USD and EUR.
3 The mentioned tariff is valid for cashing from the card account, unless higher tariff is established for cash withdrawal from the card account according to the terms and conditions for the particular type of card.

Transfers 4, 7, 13

  • Intra-bank transfers in AMD

 For account holder customers: 0
 For non-account holder customers - 0.1%, minimum - AMD 300
 Payroll package execution
- In case of submitting payment order before 16:00, replenishment of card accounts on the same day - 0
- In case of submitting payment order between 16:00 and 18:00, replenishment of card accounts on the same day - AMD 30,000 (lump-sum)

  • Transfer from savings account to card through cash desk, Internet and Mobile Banking systems

- Transfer to Converse Bank ArCa, Visa and Mastercard cards- 0.1%
- Transfer to ArCa, Visa and Mastercard cards of ArCa member bank - 0.5%
- Transfers to ArCa, Visa and Mastercard cards of ArCa non- member banks (including VTB Bank (Armenia)

  • Transfers to other Armenian banks in AMD

 For account holder customers
- Upon condition of transfer on next banking day - 0
- Upon condition of transfer on the same banking day ("Urgent" condition) 5 - 0.1%, minimum - AMD 500, maximum - AMD 10,000
 For non-account holder customers 6
- For up to AMD 50,000 inclusively, AMD 100
- From AMD 50,001 to AMD 100,000 - AMD 200
- For above AMD 100,000 - 0.1%, minimum - AMD 300

  • Transfers for the provision of technical inspection coupons

- State duty - AMD 200
- Fee for technical inspection - AMD 200
- Environmental fee - AMD 200
- Property tax on vehicles - AMD 200

  • Issuance of a duplicate of the coupon in case of its damage or loss of the technical inspection coupon - AMD 2,000
  • Intra-bank transfers in foreign currency and impersonal metals

-For account holder customers: 0
-For non-account holder customers - 0.1%, minimum - AMD 300

  • Execution of the payment order at the expense of the transferring customer (OUR) 5

 In case of submitting the instruction in paper form
- USD and Euro - 0.14%, minimum - AMD 7,500 , maximum - AMD 50,000
- Russian rubles - 0.1%, minimum - AMD 5,000 , maximum - AMD 30,000
- In other currencies 8, 9 - 0.15%, minimum - AMD 15,000 , maximum -AMD 50,000
- impersonal metal accounts (gold) 8 - 0.15% of the monetary value of the impersonal metal transferred set by the Central Bank of Armenia at the time of the transaction - minimum AMD 15,000
 In case of submitting the instruction by using any of the remote banking systems (AS-Internet Bank, AS "Bank-customer")
- USD and EUR - 0.1%, minimum - AMD 7,000, maximum - AMD 45,000
- Russian ruble - 0.08%, minimum - AMD 4,000 , maximum - AMD 25,000
- In other currencies 8, 9 - 0.13%, minimum - AMD 12,000 , maximum - AMD 50,000

  • Guaranteed OUR (the amount reaches the beneficiary in full)

 In case of submitting the instruction in paper form
- USD - USD tariff of "OUR" option, plus AMD 15,000
- for up to 12,500 (inclusively) amount in Euro - AMD 12,000
- For amount in Euro exceeding 12,500 euros - 0.1%, minimum - AMD15,000 , maximum - AMD 50,000
 In case of submitting the instruction by using any of the remote banking systems (AS-Internet Bank, AS "Bank-customer")
- USD - USD tariff of "OUR" option, plus AMD 15,000
- for up to 12,500 amount in Euro - AMD 10,000
- For amount in Euro exceeding 12,500 euros - 0.1%, minimum - AMD13,000 , maximum - AMD 50,000

  • Execution of the payment order at the expense of the recipient (BEN) 5

 In case of submitting the instruction in paper form
- USD and EUR - AMD 5,000
- Other currency 9 - 0.15%, minimum - AMD 5,000 , maximum - AMD 50,000
 In case of submitting the instruction by using any of the remote banking systems (AS-Internet Bank, AS "Bank-customer")
- USD and EUR - AMD 4,000
- Other currency 9 - 0.13%, minimum - AMD 4,000 , maximum - AMD 45,000

  • In case of "urgent" transfers, 5 AMD 10,000 is charged in addition to the corresponding tariff
  • Execution of payment order in USD by non-resident legal entities registered in offshore areas included in the list approved by the Government of the Republic of Armenia at the expense of the transferring client (OUR) 8, 10 - 0.3%, minimum - AMD 15,000, maximum - AMD 145,000
  • Implementation of the transfer request, change of conditions, transfer recall 8, 11

- in AMD - AMD 2,000
- in Russian ruble - AMD 10,000
- in USD 12 - AMD 25,000
- in other currency and impersonal metal account 12 - AMD 30,000
- Intra-bank transfer (in all currencies) - AMD 1,000

  • Reversal of transfer by correspondent bank 8

- in AMD - 0
- in Russian ruble - AMD 10,000
- in other currency and impersonal metal account - AMD 25,000

4 Transfers (including impersonal metal) shall be made no later than the day following the date of entry into the Bank and shall be deemed to have been made if the actual withdrawal of the amount specified in the Bank's correspondent account is validated.
Transfers in AMD 5 can be made on the same banking day only if the payment order is received by means "AS-Internet Bank" and "AS Bank-Customer" systems before 15:00, and in paper form - before 14:00. The payment orders received after the mentioned hours will be fulfilled on the next banking day.
Transfers on "urgent" conditions can be made on the same banking day only if submitted before 15:00 and upon payment of the corresponding commission.
In case of transferring of amount exceeding AMD 50 million , the Bank reserves the right to reject the transfer on "Urgent" conditions. Transfers to the state budget of the Republic of Armenia on the last working day of the month, marked by the "Urgent" condition are made without charging the corresponding commission.
Transfers in foreign currency are made in the following modes:
If the payment orders in USD and EUR are submitted before 15:00, the transfer will be executed on the same banking day; payment orders received after the indicated time will be executed on the next banking day. Transfers on "urgent" conditions can be executed on the same banking day only if submitted before 17:00 and upon payment of the corresponding commission.
If the payment orders in Russian Rubles are submitted before 12:00, the transfer will be executed on the same banking day; payment orders received after the indicated time will be executed on the next banking day. Transfers on "urgent" conditions can be executed on the same banking day only if submitted before 14:00 and upon payment of the corresponding commission.
Transfers in other currencies are executed within 3 banking days.
6 Transfer by non-account holder customer are executed only on the next banking day.
7 The bank may independently, without the prior consent of the customer, choose the means of transfer of funds (to the intermediary bank) based on the relevant available bulletins, unless the full route of transfer (intermediary bank) is specified in the payment order submitted by the customer.
8 Tariff includes commissions from correspondent banks, and the costs of third-party banks, if available, are charged in addition to the actual amount, based on the actual value.
9 Transfers of non-account holder customers in other currencies are made only by means of the "BEN" option.
10 Attention: From January 1, 2019, in addition to the details to be filled in for executing international payment orders to the United Arab Emirates in any currency, depending on the purpose of the transfer, the customer should also indicate the code corresponding to the transfer purpose, according to the presented list. If the appropriate code is not indicated in the payment order provided by the customer, the Bank may, at its own discretion, choose one of the codes presented in the list without the prior consent of the customer.
11 If the processing of the payment order has failed due to reasons whcih are beyond Bank's control, the amount of the commission paid shall not be refundable.
12 In case of inquiries on transfers dating back more than six months, an additional AMD 30,000 will be charged from the customer.
13 Customers holding current, savings and card accounts are considered account holder customers, however the indicated transfer tariffs shall be valid if no other specific tariffs for card account transfers are established in the terms and conditions for the particular card.

Distant banking

The Bank's services are also provided by long-distance means of communication, the terms of which are presented at the following links:

Converse Online Bank / Converse Mobile - https://conversebank.am/hy/internet-banking/
My Converse - https://conversebank.am/hy/my-converse/
SMS – Converse / USSD - https://conversebank.am/hy/sms-converse-ussd/

List of documents required to open an account

In the case of individual customers (except sole proprietors)

To be presented by the customer:

Personal identification document

Public Service Number (PSN) or a statement of non-receipt of a PSN (required only in the case of RA residents and/or citizens) is not required if the customer submits an ID card as an identification document, where the PSN is indicated.

By using the templates provided by the bank

Account opening application for individual customers

FATCA Questionnaire for Individual Customers

In case of the customer which is a resident legal entity, or an organization that is not a legal entity/does not have the status of a legal entity (hereinafter referred to as a legal entity)

To be presented by the customer:

Charter

The decision of the founder established by the legislation for the respective types of organizational entities, pr protocol of the general meeting of founders( founding meeting ), if the information on founder (s)' ,  ( shareholders' , participants' ) shares and other data are not available in the Charter , specifically:

·       In case of the shareholders or participants being individuals  - information on the size of the shares, data of the identity document, registration address, telephone number (if available)

·       In case of shareholders or participants being a legal entity - charter of the organization, state registration certificate, in case of joint stock company - a reference on shareholders with more than 5% shares, provided by the Central Depository of Armenia, Tax Identification Number, if not included in the state registration certificate

In case of being engaged in types of activities established by the RA Law" On Licensing "   -   the relevant license ( if applicable )

Certificate of state registration / record provided by the agency of the  RA State Register of Legal Entities

Taxpayer identification number ( TIN / Tax Code ), if it is not included in the registration certificate

copy (copies) of identification document (s) of the Company's manager (s) as identified by the Charter       

By using the templates provided by the bank

Account opening application for legal entities and sole entrepreneurs

Card bearing signature samples of the disposer of the customer's account and samples of the round stamp

FATCA questionnaire for legal entity customers

If the customer is a non-resident legal entity

 

To be presented by the customer:

Charter

Founding documents in accordance with the legislation of that country (certificate of incumbency, certificate of incorporation, etc.)

Information about shareholders, participants, if they are not  presented in the charter, particularly:

·       In case of the shareholders or participants being individuals  - information on the size of the shares, data of the identity document, registration address, telephone number (if available)

·       In case of shareholders or participants being a legal entity - charter of the organization, state registration certificate, in case of joint stock company - a reference on shareholders with more than 5% shares, Tax Identification Number

In case of being engaged in types of activities established by the RA Law" On Licensing "   -   the relevant license ( if applicable )

Certificate of state registration issued by the relevant body of the country

copy (copies) of identification document (s) of the Company's manager (s) as identified by the Charter       

By using the templates provided by the bank

Account opening application for legal entities and sole entrepreneurs

Card bearing signature samples of the disposer of the customer's account and samples of the round stamp (approved by the authorized person in the Bank or, if not approved in the Bank, certified in accordance with the law (notarized, apostille, consular ratification))

FATCA questionnaire for legal entity customers

 

In case of sole proprietors:

 

To be presented by the customer:

Certificate of state registration provided by the relevant agencvy of the RA State Register of Legal Entities

In case of being engaged in types of activities established by the RA Law" On Licensing "   -   the relevant license (if applicable )

Taxpayer identification number (Tax Code), if it is not included in the registration certificate

Personal identification document

Public Service Number (PSN) or a statement of non-receipt of a PSN (required only in the case of RA residents and/or citizens) is not required if the customer submits an ID card as an identification document, where the PSN is indicated.

By using the templates provided by the bank

Account opening application for legal entities and sole entrepreneurs

Card bearing signature samples of the disposer of the customer's account and samples of the round stamp (if a stamp is available)

FATCA Questionnaire for Individual Customers

The Bank may require, as and when necessary, other, additional documents for opening account, as well as subsequently in the course of providing services to the customer.

If the submitted documents are not in Armenian, English or Russian languages, they are required to be translated into the above-mentioned languages and validated by apostille or notarization.

Attention

Account operations are performed in the appropriate account currency, except for foreign exchange conversion operations. The latter are carried out at the exchange rates currently effective in the Bank.

Fees envisaged by "Tariffs and rates" are charged from AMD accounts and in case of their absence, charges are made from accounts in other currency  at non-cash buying exchange rates at the date of charge, established by the Bank for the corresponding currency.

Commissions expressed in interest on amounts in foreign currency are calculated and charged in AMD, using the at the non-cash sale exchange rate established for the respective currency as of the date of charging the commission.

The Bank is entitled to modify and supplement the "Tariffs and rates" by notifying the Customers in accordance with the contract, by posting a relevant message on its own website (www.conversebank.am), by posting announcements on the Bank's premises, by sending a notification by post, and by any other methods  proposed by the Bank selected at the Customer's preference, which is considered a due notification of the Customer.

The bank is not responsible for the following:

- For delays, errors and damages caused by incomplete or erroneous instructions provided by the customer.

- For delays and damages caused by the failure of the communication routes outside the bank.

- For the impact of insurmountable force (force majeure), including natural disasters, epidemics, strikes, blockades, coups, hostilities, revolutions, changes in legislation, delays, damages, losses due to decisions of state bodies.

In accordance with the RA Law on Combating Money Laundering and Terrorist Financing, on the basis of the Know Your Customer Principle, the Bank may require the Customer to provide additional documents or other information, as well as ask questions during verbal communication, for the purpose of conducting due diligence of the Customer.  

The Bank may collect additional information in accordance with the terms of an agreement with the US Government under the Foreign Account Tax Compliance Act (FATCA) to determine your eligibility for being a US taxpayer.

The account and the client's rights to dispose of the cash on the account may be restricted by a court decision on the basis of an application submitted by the law enforcement bodies or tax authorities or other competent bodies in accordance with the procedure established by law.

Withdrawal of funds from the account without the customer's instruction may be carried out by a court decision on the basis of an application submitted by the court enforcement authorities and the tax authorities. These are reflected in the customer's bank account statements, which are provided to the customer in the manner agreed between the Bank and the customer.

Notice on the terms and conditions of the deposit refund guarantee

The deposit refund guarantee is provided by the Deposit Guarantee Fund (hereinafter referred to as the Fund).

The currency structure of the deposit

Maximum amount of deposit guarantee

If you have only an AMD-denominated deposit in the same bank

10 million AMD

If you have only a foreign currency-denominated deposit in the same bank

5 million AMD

If you have both AMD-denominated and foreign currency-denominated deposit in the same bank

If the AMD-denominated deposit is more than 5 million AMD

10 million AMD (only AMD deposit is guaranteed)

If the AMD-denominated deposit is less than 5 million AMD

5 million AMD (AMD denominated deposit is guaranteed in full, ­ and the­ foreign currency-denominated deposit is guaranteed in the amount of difference between 5 million AMD and the difference between the amount of deposits subject to refund)

Location of the Fund: c. Yerevan, Khorenatsi 15 ("Elite Plaza" business center)
Phone: +374 10 583514

Procedure for resolving disputes

Any disputes and disagreements between the Customer and the Bank shall be resolved first by mutual negotiation, and should the agreement not be reached by such methods, the disputes and disagreements shall be resolved in accordance with the procedure prescribed by the RA legislation both per court procedure, and through financial system obmudsman.

Notice on Financial System Mediator

Please be informed that according to the RA Law on Financial System Mediator, in case of property claims arising out of services rendered to you by Converse Bank CJSC, disputes and disagreements for not exceeding million AMD or equivalent foreign currency may be resolved through the Financial System Mediator.
According to an agreement between the Bank and the Office of the Financial System Mediator, the Bank waives the right to challenge the Financial System Mediator's decisions only in relation to property claims not exceeding 250,000 (two hundred and fifty thousand) AMD or equivalent currency, and on transaction amounts not exceeding 500,000 (five hundred thousand) AMD or equivalent foreign currency.

Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor 
Email: info@fsm.am
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21:

Contact with the Bank

For more details and more information you can:

  • visit the Bank's website at https://www.conversebank.am
  • visit the Bank's Customer Service at the Head Office or any branch
  • Call: 374 10 511211
  • Viber: 374 95 511211
  • Skype: conversebank-callcenter