Account opening and maintaining

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

• Savings bank accounts, which can be:
Settlement accounts,
Limited settlement accounts¹
Cumulative accounts²,
• Impersonal metal accounts,
• including Social security and lump sum payment accounts, state support, social package, honorary payments, compensation special accounts for military servicemen,

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) accounts
• POS terminal accounts
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1 A limited settlement account can be opened only for resident natural person customers registered in the "Converse Mobile" application, in the cases stipulated by the rules and basic terms and conditions of the application, with which only the following operations can be performed:
• crediting cash,
• receiving a transfer in AMD from other accounts,
• making utility payments with "Converse Mobile" application,
• making budget transfers through the Converse Mobile application, including fines/penalties charged by the road police, payment of property taxes and other state or municipal service payments.
The maximum limit of daily transactions carried out on a limited settlement account is AMD 400,000, and cash withdrawal is carried out exclusively at the Bank's branches after identifying the customer and charging the specified commissions, then the account is subject to closure or is transformed into a settlement account.
2 The following operations can be performed on a cumulative account:
• crediting cash,
• transfer between own accounts,
• foreign currency exchange between own accounts,
• attraction of time deposits,
• fulfilment 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 obligations/liabilities.

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 gold of 999.9 fineness level.
Attention
Impersonal metal accounts are not reimbursed by the Deposit Insurance Fund.

Joint accounts
In case of opening joint accounts, the agreement 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 prescribed in the agreement on opening and maintaining the account.

Social Security (hereinafter referred to as pension) and lump sum payment accounts
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 attends the Bank personally and concludes a bank account service 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.
Social package accounts
Opening and maintaining special accounts of employees of the state bodies of the Republic of Armenia, as well as 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.

Accounts for honorary payments
The honorary payments account is a special account opened with the purpose of disbursing honorary payments made upon discharge of private-rank military conscripts who have signed a contract on military service in the location and in the conditions designated by the Ministry of Defence of the Republic of Armenia.
Honorary accounts have limited directions of use:
1. Financing the tuition fee for secondary and / or higher or postgraduate education programs in state and accredited non-state or foreign educational institutions of the Republic of Armenia and Artsakh,
2. Financing a mortgage loan prepayment and / or a monthly payment for the purpose of purchasing an apartment directly from the developer in a multi-apartment /residential/ building built or under construction, or building a private house, in the Republic of Armenia and Artsakh,
3. Financing of the agricultural (farming) activities of the Republic of Armenia and Artsakh, as well as the monthly payment for the agricultural loan received for this purpose or the leasing fee for agricultural equipment (the value of the object of leasing and/or the amount of the interest specified in the leasing agreement).
For more details see: https://www.arlis.am/DocumentView.aspx?DocID=157092

Compensation accounts for military servicemen
The account designated for compensation of servicemen's damage is a special account opened to compensate the damage caused to the 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 more details see: https://www.arlis.am/DocumentView.aspx?DocID=160459

Developers’ special accounts
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.
POS terminal accounts
The account of POS terminal is used exclusively for the purpose of servicing the terminals installed in the trade and service points, which cooperate with the Bank.

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.

*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.

* In case of no transactions carried out with account (including bearer account) for more than two years, AMD 5,000 will be charged monthly from the 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.

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 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

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 assignment,
• 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 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:
• 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 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 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.

*The account closing tariff is applied in cases when all of the customer's current or savings 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/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, in the Bank's territory - 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.

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/savings/card account through the bank's payment terminal, repaying the loan – 0
• Development of group cash entry lists in the cash register - AMD 2,000 each
• Cash to account holder customers2
 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 300
- Other currency1 – 5%, minimum - AMD 300
 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 100
• 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
• Commission for VAT refund to foreign citizens - 10% of the refunded amount
1The bank may set a more favorable commission for customers.
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, 8, 14
• 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 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 6
- In case of submitting the payment order in the territory 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 7 - 0.1%, minimum - AMD 1000
• Acceptance of payments for property tax, land tax and garbage collection of Yerevan Municipality6

 Property tax
- Up to 50,000 AMD - 100 AMD
- 50,001-100,000 AMD - 200 AMD
- 100,001 and more AMD - 0.1%, minimum - 300 AMD
 Land tax
- Up to 50,000 AMD - 100 AMD
- 50,001-100,000 AMD - 200 AMD
- 100,001 and more AMD - 0.1%, minimum - 300 AMD
 Garbage collection fee
- Up to 1,000 AMD - 0 AMD
- 1,001-50,000 AMD - 100 AMD
- 50,001-100,000 AMD - 200 AMD
- 100,001 and more AMD - 0.1%, minimum - 300 AMD
• Transfers to treasury accounts (RA state or municipal budget)
 For account holder customers6
- In case of submitting the payment order in the premises of the Bank – AMD 300
- In case of submitting the payment order by using remote banking systems – 0
 For non-account holder customers 7
- Up to 5,000 AMD - 300 AMD
- 50,001-100,000 AMD - 400 AMD
- 100,001 and more AMD - 0.1%, minimum - 500 AMD
• Transfers of financial organizations, in particular - investment companies, credit organizations, etc. 6- AMD 3,000, irrespective of the volume of the transfer
• Transfers made to the Central Depository of Armenia or the Servicemen's Insurance Fund6 -AMD 0
• Transfers from the special social package account, honorary payments account6 - AMD 0
• Account holder customers’ transfers that cannot be carried out by the Bank's remote control systems6 - 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 300

• Transfers to other banks of RA through correspondent accounts of the Central Bank
 In case of submitting the payment order in the premises of the Bank
- Up to USD 10,000/Euro -AMD 3,000
- USD/Euro 10,000 - 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 10,000 - 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 liabilities6 – 0
• Execution of the payment order at the expense of the transferring customer (OUR) 6
 In case of submitting the instruction in 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 9, 10 - 0.15%, minimum - AMD 15,000 , maximum -AMD 50,000
- impersonal metal accounts (gold) 9 - 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 9,10 - 0.13%, minimum - AMD 12,000 , maximum - AMD 50,000
• Guaranteed OUR (the amount reaches the beneficiary in full)6
 In case of submitting the instruction in 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) 6
 In case of submitting the instruction in the premises of the bank
- USD and EUR - AMD 5,000
- Other currency 10 - 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 10 - 0.13%, minimum - AMD 4,000 , maximum - AMD 45,000
• In case of "urgent" transfers10 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) 9, 11 - 0.3%, minimum - AMD 15,000, maximum - AMD 145,000
• Implementation of the transfer request, change of conditions, transfer recall 9,12
- in AMD - AMD 2,000
- in Russian ruble - AMD 10,000
- in USD 13 - AMD 25,000
- in other currency and impersonal metal account 13 - 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
• Accrual of transfer received in foreign currency - by the daily quotation

5 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.
6 Transfers in AMD 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.

7 Transfers by non-account holder customers are executed only on the next banking day.

8 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.

9 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.

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

11 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.

12 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.

13 In case of inquiries on transfers dating back more than six months, an additional AMD 30,000 will be charged from the customer.
14 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.
Customers holding current, savings and card accounts are considered account holder customers.

Remote 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/
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)

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)

 Updated 18.09.2023 10:40