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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:

• Savings bank accounts, which can be:

  • Settlement accounts,
  •  Cumulative accounts1,

• Impersonal metal accounts2,
• including Social security (hereinafter referred as pension) and lump sum payment accounts3, social package, compensation special accounts for military servicemen4, honorary payments.


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 (constructor) accounts5
• POS terminal accounts6

_________________________________________
1 Only the following operations can be performed on a cumulative account:
• cash crediting,
• transfer between own accounts,
• exchange of foreign currency between own accounts,
• attraction of time deposit,
• fulfillment of loan obligations, including through direct debiting / direct write-off without further authorisation of the customer/,
• direct debiting /direct write-off without further authorisation of the customer/ of customer’s liabilities.
2 Impersonal metal accounts are designated for recording non-cash gold. The gold fineness/grade and weight are the only bases used for recording gold. The weight of gold is measured in grams. Impersonal metal accounts for gold can only be opened with gold of 999.9 fineness.
3 To open an account, the Social Security Service of the Ministry of Labor and Social Affairs of the Republic of Armenia (hereinafter referred to as the Authorized Body) provides the Bank with a payment list, including the data necessary for opening a social security account.
The beneficiary's pension account is considered unidentified untill the latter visits the Bank personally and concludes a bank account service/maintaining agreement.
Only the amount of regular cash payments shall be credited to the bank account, as well as the interest accrued by the Bank on the positive balance of funds in the account or the amount of lump sum payments.
Withdrawals from the bank account are made exclusively on the basis of the order of the authorized body and the customer.
The funds available in the bank account of lump sum payments opened in the name of the beneficiary are paid in part or in full, and the bank account is serviced without concluding a bank account service agreement between the beneficiary or another person until the funds in it are written off in full.
4 The special account designated for compensation of servicemen's damage caused to life or health of servicemen during their participation in military defense operations of the Republic of Armenia; or in the course of carrying duty on the front-line of contact with the enemy, or during performance of special assignments, or as a result of the enemy's offensive action. For further details: https://www.arlis.am/DocumentView.aspx?docid=185518
5 A bank account on which the buyer's prepayments to the developer are received under the agreement for the purchase of real estate from the building under construction.
6 The target account of the POS terminal is used for accepting payments for goods/services through POS and cash register terminala, C-POS, online shop/application/software, C-PAY, as well as other software applications generating a QR code and a link to payment requests.

Account opening and closing procedures, terms, tariffs, account maintenance and operations tariffs
Account opening
The account is opened immediately, once the customer has submitted the documents listed in the Summary/Bulletin, 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 set.

 

Tariffs for opening accounts

 

Accounts in AMD for individuals

AMD 0

 

 

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

AMD 0

 

 

Accounts for legal entities

AMD 1,000

 

 

Special accounts for developers

AMD 20,000

 

 

Account for POS terminal

AMD 0

 

 

Account minimum balance

AMD 0

 

 

Remote identification of a non-resident customer for opening an account through the Remote Banking Services Department*

AMD 50,000

 

 

Acceptance of online application from non-resident customers for opening an account*

AMD 25,000 per each

 

* Identification is carried out after receipt of payment prescribed by the tariff

  Account service and maintenance
   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*

Settlement account

AMD 1,200 per year

 

Cumulative account

AMD 0

 

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, including unidentified

Lump sum payment accounts

AMD 0

AMD 0

 

Accounts for honorary payments

AMD 0

Compensation accounts for servicemen

AMD 0

Special accounts for developers

AMD 5,000 per month

Account for POS terminal

AMD 0

* In case of no transactions carried out with account (including bearer account) for more than 2 /two/ years, AMD 5,000 will be charged monthly from the customer’s account.
This tariff is not applied if:

  •  the customer has made transactions with any of the accounts (including demand) within the last 2 years, except for Bank charges, deposit repayments and interest accruals,
  •  the customer has a current deposit, bonds or financing in the Bank,
  • the tariff is not applied to bank accounts that are under foreclosure,
  • the tariff is not applied to those account holders who are officially in a liquidation process according to the procedure established by law.

If the balance of the account is less than 5,000 AMD / equivalent in foreign currency, the entire balance amount is collected and the account is closed automatically (no collection in case of zero balance).

• 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.
• 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, 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 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 other document, such as a payment order, contract / agreement, receipt, notification or an application.

Simple annual interest rate applied to the account balance

Annual interest yield

Current accounts

0%

-

Settlement and Demand accounts

In AMD

0.1%

0.1%

In other foreign currency

0%

-

Cumulative accounts

In AMD

If the balance is up to AMD 50,000

0.1%

0.1%

If the balance exceeds AMD 50,000

3.5%

3.55%

If the balance exceeds AMD 50 million

0.1%

0.1%

In USD

If the balance is up to USD 100

0%

-

If the balance exceeds USD 100

0.5%

0.5%

If the balance exceeds USD 100,000

0%

-

In Euro and RUR

0%

-

Impersonal metal (gold) accounts

0%

-

Pension accounts, including unidentified

0%

-

Lump sum payment account

0%

-

Accounts for honorary payments

7.5%

7.71%

Compensation accounts for military servicemen

5%

5.09%

In the case of correspondent accounts, special transit and target accounts, interest is calculated and paid in accordance with the agreements, 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 calculation of 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 at the rate of 10%.

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 agreement.

 

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 prescribed by contracts/agreements concluded with the Bank,
4. In cases and according to the procedure stipulated 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 order,
• In case of absence of any transactions performed by the customer with the account for a period of six months, as well as if the customer doesn’t have an active overdraft or other account-related products,
• 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 agreement/s/ concluded 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:
• in case of violation of any of the provisions of the agreement 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 terrorism 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 complete writing off the available funds on account of lump-sum payments,
• in case of other grounds provided for it by the RA normative legal acts.

Account closing tariffs

Accounts of individuals

AMD 0

Accounts of legal entities*

AMD 2,000

*The account closure tariff is applied in cases when all of the customer's current 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 means. It is most convenient to receive information electronically, as it is available 24/7, free from the risk of loss of paper-based/hard copy information and ensures confidentiality.
 

In addition, during the term of the agreement, through electronic communication or by your choice, in another way (for example, postal communication, at the Bank's premises - in person, etc.), the Bank will provide you with the changes and amendments in legal acts and other circumstances having direct impact on the general terms and conditions of service and other fees, the order of communication, rights arising from the agreement, obligations or responsibilities.

 

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

Account statement, information on account turnover1

For individuals

 

 

 

ü  Provision of a statement in the order chosen by the customer, at the periodicity established by the RA legislation and/or аgreement at the customer's request (once) - AMD 0

ü  Additional provision of electronically provided statements at the periodicity established by the RA legislation and/or аgreement at the customer's request, in the preferred way and for the preferred period - AMD 0

ü  In addition to the above mentioned periodicity:

·         dating back up to 3 years - AMD 1,000

·         dating back to 3 years and more - AMD 3,000 (if stored in the Bank)

For legal entities

 

 

One-time (irrespective 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)

 

Provision of cashier's checkbooks
Booklet (25 sheets)
One sheet

AMD 2,000



4,800 AMD
500 AMD

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/statements of accounts or other documents (including VAT)

Interstate

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

Interstate

AMD 3,000

International

The fee set by the shipment service provider + AMD 5,000

Other services

Acceptance and verification of the signature on the power of attorney provided by the individuals

AMD 3000 (including VAT)

 

Provision of certificate/letter on not being a customer of the Bank

AMD 5000 (including VAT)

 

Sending out automated information on transaction

1 SMS - AMD 20 (including VAT)

The fee is charged from the settlement/current account

Automatic collection of utility bills from accounts

AMD 100 (per month)

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 accounts, the opening date of account which has been opened earlier is taken as basis irrespective of whether or not included in the statement.


Tariffs for transactions with account
Cash operations
Cash deposit in the cash desk

  • AMD- up to AMD 50,000, including cash repayments in AMD for credit agreements, except for payments for Bank services and cash receipts for the purpose of attracting deposits - AMD 500   - Exceeding AMD 50,000 - 0
  • USD and Euro1 - 0
  • other currencies – 5%

Depositing money to the current/card account through the bank's payment terminal, repaying the loan – 0
• Development of group cash entry lists in the cash register -
AMD 4,000 each
• Cash to account holder customers
2

• In case of amount deposited to account in cash3

- AMD – 0
- USD and Euro1 - 3%
- other currencies1 – 5%
- accounts for compensation and honorary payments of military servicemen – 0
- 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%
- USD and Euro1 – 3%
- other currencies1 – 5%
- from pension and lump sum cash payments, social package and state support accounts – 0
- accounts for compensation and honorary payments of military servicemen – 0
- from POS terminal account - 0
•  from card account4, with the exception of transactions carried out through ATMs and POS terminals, as well as pension and servicemen's compensation accounts and reissued and/or newly issued card accounts that were not provided to customers within the time limits set by the Bank:
- AMD - 1%
- USD and Euro1 – 3%
- other currencies1 – 5%
 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 500
- Other currency1 – 5%, minimum - AMD 500
• Payout of remittances received by intra-bank transfer
- AMD - 0.25%, minimum - AMD 100
- USD and Euro1 – 3.5%, minimum - AMD 300
- Other currencies1 – 5%, minimum AMD 300
Payout of funds received from the treasury (including repayment/refund)
- 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
Checking and packaging of cash currency (AMD, USD, Euro, Ruble) - 0.1% of the checked amount, minimum - 500 AMD
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


1The bank may set a more favorable commission for separate groups of customers, transactions and banknotes.
2 In 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.
3 Tariff applies to cash deposited after May 1, 2008.
4 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 5, 6, 7, 8, 9, 13

• Intra-bank transfers in AMD

 For account holder customers
- In case of submitting the order at the Bank's premises: AMD 500
- In case of submission of the order by remote control systems: 0
 For non-account holder customers - 0.1%, minimum - AMD 500
 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 other bank of RA- 0.5%
- Transfers to Visa, Mastercard and MIR cards of foreign banks – 1.5%, minimum AMD 500
• Transfers to other Armenian banks in AMD
For account holder customers
-
In case of submitting the payment order at the premises of the Bank – AMD 500
- In case of submitting the payment order by using remote banking systems – 0
- Upon condition of transfer on the same banking day ("Urgent" condition) - 0.1%, minimum - AMD 1000,
For non-account holder customers - 0.1%, minimum - AMD 1000, maximum AMD 15,000

• Transfers to treasury accounts (RA state or municipal budget)
 For account holder customers
- In case of submitting the payment order at the premises of the Bank – AMD 500
- In case of submitting the payment order by using remote banking systems – 0
- Upon condition of transfer on the same banking day ("Urgent" condition) - 0.1%, minimum - AMD 1000,
 For non-account holder customers - 0.1%, minimum - AMD 1000, maximum AMD 15,000
• Transfers of financial organizations, in particular - investment companies, credit organizations, etc. - AMD 3,000, irrespective of the volume of the transfer
• Transfers made to the Central Depository of Armenia or the Servicemen's Insurance Fund -AMD 0
• Transfers from the special social package account, honorary payments account - AMD 0
• Account holder customers’ transfers that cannot be carried out by the Bank's remote control systems - AMD 0
• Intra-bank transfers in foreign currencies and impersonal metals
-
For account holder customers – AMD 0
- For non-account holder customers - 0.1%, minimum - AMD 1000, maximum AMD 15,000
• Transfers to other banks of RA through correspondent accounts of the Central Bank

  •  In case of submitting the payment order at the premises of the Bank

              - Up to USD 10,000/Euro -AMD 3,000
              - USD/Euro 10,001 - 40,000 - AMD 5,000
              - USD/Euro 40,001 - 100,000 - AMD 7,500
              - USD/Euro 100,001 and more – AMD 10,000

  •  In case of submitting the payment order by the remote banking system

             - Up to USD/Euro 10,000 -AMD 2,000
             - USD/Euro 10,001 - 40,000 - AMD 4,000
            - USD/Euro 40,001 - 100,000 - AMD 6,000
            - USD/Euro 100,001 and more – AMD 8,000

Transfers directed to repayment of amounts credited by the Bank and other financial organizations or to repayment of property acquisition liabilities – 0
Execution of the payment order at the expense of the transferring customer (OUR) 10, 11
• In case of submitting the instruction at the premises of the bank
 - 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 - 0.15%, minimum - AMD 15,000 , maximum -AMD 50,000
  - impersonal metal accounts (gold) - 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
- 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 - 0.13%, minimum - AMD 12,000, maximum - AMD 50,000
• Guaranteed OUR (the amount reaches the beneficiary in full) 10, 11
• In case of submitting the instruction at the premises of the Bank
  - 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
- 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) 10, 11
• In case of submitting the instruction at the premises of the bank
- USD and EUR - AMD 5,000
- Other currency - 0.15%, minimum - AMD 5,000 , maximum - AMD 50,000
• In case of submitting the instruction by using any of the remote banking systems
- USD and EUR - AMD 4,000
- Other currencies - 0.13%, minimum - AMD 4,000 , maximum - AMD 45,000
• In case of "urgent" transfers1 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) 10, 12- 0.3%, minimum - AMD 15,000, maximum - AMD 145,000
• Implementation of the transfer request, change of conditions, transfer recall10, 13
- in AMD - AMD 2,000
- in Russian ruble - AMD 10,000
- in USD 14 - AMD 25,000
- in other currency and impersonal metal account 14 - AMD 30,000
- Intra-bank transfer (in all currencies) - AMD 1,000
• Reversal of transfer by correspondent bank 10
- in AMD - 0
- in Russian ruble - AMD 10,000
- in other currency and impersonal metal account - AMD 25,000
• Accrual of transfer received in foreign currency - by the daily quotation

5 The indicated tariffs for transfers to card accounts are effective, unless other tariff is set for transfers to card accounts under the conditions of the given card.
6 In separate cases, other tariffs and rates may be set for certain transfers and payments for services through remote systems, including the Converse Mobile application, which will be included in the relevant transaction document/order.
7 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.
8 Transfers in AMD can be made on the same banking day only if the payment order is received by means of any remote system of the Bank 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.
9 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.

10 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.
11 Transfers of non-account holder customers in other currencies are made only by means of the "BEN" option.

12 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.

13 If the processing of the payment order has failed due to reasons which are beyond Bank's control, the amount of the commission paid shall not be refundable.

14 In case of inquiries on transfers dating back more than six months, an additional AMD 30,000 will be charged from the customer.

                  Customers holding current, accumulative and/or card accounts are considered account holder customers.

 

Remote banking
The Bank's services are also provided by remote means of communication, the terms of which are presented at the following links:
Converse Online Bank / Converse Mobile -https://conversebank.am/hy/internet-banking/
SMS – Converse / USSD - https://conversebank.am/hy/sms-converse-ussd/

List of documents required to open an account

In the case of individual /natural person/ customers (except for 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 /natural person/ 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, protocol/minutes of the general meeting of founders (founding meeting), if the information on shares of the founder (s),  (shareholders, participants) 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 /natural persons/  - 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/PE:

 To be presented by the customer:

Certificate of state registration provided by the relevant body 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, when necessary, other, additional documents for opening an account, as well as subsequently in the course of rendering services to the customer.
If the submitted documents are not in Armenian, English or Russian languages, they are required to be translated into Armenian language 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 for the corresponding currency by the Central Bank of Armenia.

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

The Bank is entitled to edit and amens 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.

In case of opening joint accounts, the account opening and maintaining agreement is signed by the persons opening the account.

Transactions can be made on a joint account:

·         in the case of mandatory presence of all signatures, as well as in the case of submission of power of attorney validated in accordance with the law, or

·         in the presence of the signature of any of the persons opening the account, in accordance with the procedure stipulated in the account opening and maintaining agreement.

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 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 principle Know Your Customer 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.

In individual cases, the Bank may restrict and/or refuse to render the service based on the RA Law "On Combating Money Laundering and Terrorism Financing", the Foreign Account Tax Compliance Act (FATCA) and the requirements of the correspondent banks.

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 the 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.

The funds available on special bank accounts may not be pledged, blocked (seized), confiscated against the customer's liabilities or in case of bankruptcy of the customer to be used as liquidation funds for the fulfillment of liabilities, except for the cases envisaged by RA legislation, normative legal acts, contracts and Bank's internal legal acts.

Withdrawal of funds from pension and lump-sum payment accounts or return to the RA state budget without the client's consent can be carried out on the basis of the order (request) of the Authorized Body, or if the beneficiaries haven’t requested the lump-sum payment within 12 months.

Notice on the terms and conditions of the deposit refund guarantee

(Applicable both for individual customers and sole proprietors)

 

 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

AMD 16 million

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

AMD 7 million

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

 

If the AMD-denominated deposit is more than 7 million AMD

AMD 16 million (only AMD deposit is guaranteed)

If the AMD-denominated deposit is less than 7million AMD

AMD 7 million (AMD denominated deposit is guaranteed in full, ­ and the­ foreign currency denominated deposit is guaranteed in the amount of difference between 7 million AMD and the amount of AMD denominated deposits subject to refund).

 

Address of the Fund: c. Yerevan, Khorenatsi 15 (business center "Elite Plaza")
Phone: +374 10 58 35 14

 

Attention!

Impersonal metal accounts are not reimbursed by the Deposit Guarantee Fund.

Settlement of disputes
Any disputes and disagreements between the Customer and the Bank shall be resolved first through 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 mediator.


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 ten 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 AMD 250,000 (two hundred and fifty thousand) or equivalent currency, and on transaction amounts not exceeding AMD 500,000 (five hundred thousand) or equivalent foreign currency.
Address: 0010 Yerevan, Khorenatsi str. 15,
"Elite Plaza" business center, 7th floor
Email: [email protected]
Telephone: (+37460) 70-11-11
Fax: (+37410) 58-24-21

Contact with the Bank
For further details and 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 10 511 211
WhatsApp: +374 95 511 211
Skype: conversebank-callcenter