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Mastercard World Elite


Mastercard World Elite

Card name

Mastercard World Elite

Card type

Settlement card



Card validity

60 months



Maximum preparation and delivery time

In case of submitting all necessary documents:

10 working days in the branches located in the city of Yerevan

15 working days in branches outside the city of Yerevan

The card is activated within 1 day


General conditions

Provision fee


Service per year fee 1

100,000 AMD

Additional/Attached card provision fee

The first  0 AMD

Then 100,000 AMD

Credit limit amount

5,000,000 and more AMD or equivalent foreign currency

Limitations in providing the credit limit

The limit is determined based on the customer's creditworthiness

Type of credit limit and period of validity Renewable
- 60 months - for those with a grace period,
- 60 months for those without a grace period,
- 60 months for those without grace period and wiht reducing limit.





Annual interest rates on the credit limit

With a grace period






18.49 - 20.24%

16.15 - 17.85%

13.85 - 15.50%

Without grace period






17.32 - 21.25%

14.99 - 18.87%

12.72 - 16.54%

Minimum mandatory payment at the end of the grace period

10% of the used credit limit

Penalties charged on overdue amounts in case of default in payment of minimal amount for credit cards with grace period

0.13% for each day of delay

Transfer from card account to other account, in case with settlement cards with a grace period


Decrease of credit limit according to customer application


Review of credit limit increase application



Provision/increase of credit limit
Also applies in case of reissuance


0.3% of the provided limit/additional amount

Transactions at retail outlets


Encashment commission at cash points and ATMs

Converse Bank - 0.9%
1% of other banks within the ArCa system
Outside ArCa system - 2%, minimum - AMD 2,500

Cash withdrawal limit and quantity

Can be modified based on to the customer's application

AMD 5,000,000 / USD 15,000 / EUR 15,000
25 transactions per day
One transaction per ATM:
500,000 AMD (not subject to change)

Cash disbursement from the card account without presenting the card


Depositing funds to the card account through the bank's payment terminal

on site, in the bank's structural subdivisions


Outside the Bank's structural subdivisions

AMD 100 - 50,000 - AMD 100
AMD 50,001 - 200,000 -AMD 200

Cash deposit to the card account by ATM

ATM of the bank - 0.2%

ATM of another bank within ArCa system - 0.6%

Card-to-card transfer by Bank cardholders via the Bank's Payment Portal system and at the Bank's cash desks, as well as through Internet and Mobile banking systems

To ArCa, Visa and Mastercard cards of the Bank and ArCa member banks


To Visa and Mastercard cards of non-ArCa member banks

1% 2 + (1%, minimum AMD 500) 3

Card to card transfer through the bank's ATMs

For ArCa, Visa and Mastercard cards of the bank


Card to card (by another method) transfers 4


Penalties applicable to amounts exceeding the payment threshold

0.13% of the excess amount for each day of default

Providing a new card as a replacement for lost/stolen/damaged card, change of card type


In case new card application or re-issuance of existing card, card issuance during the same banking day5

5,000 AMD

Cash withdrawal from card account in case of card loss abroad

5% of the amount

Request for unreasonable reversal 6

5,000 AMD

Sending SMS notifications (including VAT ) in response to inbound and outbound transactions on a Card or in response to USSD request7


Card unlocking fee - in case of 3 times incorrect entry of PIN code


Suspension of the card in the Bank validation system and placement in the Stop-list (for two weeks)

15,000 AMD

Provision of medical insurance during international trips 8


Priority Pass, LoungeKey9
(Service to use the high-quality zones in airports)

15,000 AMD
per person for one visit

Service to use the business lounge of "Zvartnots" airport

100 AMD

1The service charge is collected at the time of card issuance for the entire year. In case of early termination of the contract, the service charge can not be refunded.
2 The commission will be charged at the time of transaction recording.
3 The commission fee will be added to the transaction amount and will be charged immediately during the transaction.
4Additional fees may also apply by the servicing bank.
5 Provided only in Kilikia branch, without printing a PIN code. In case of submitting the application before 16:00, the card is issued on the same banking day, and in case of submitting the application after 16:00 - on the next banking day.
6 The application submitted by the customer to the Bank is considered to be unreasonable, if the information contained in it does not correspond to the reality.
7 For issuance of non-premium cards attached/additional to premium class cards, the same tariff for the SMS service set for the premium class card is applied.
8 In this case insurance can be made for a period up to 30 days within a year.
9 Priority Pass for VIP zones in airports are directly debited to the cardholder's card account without further authorisation by the cardholder.

   Mastercard World Elite card description

Loan interest is calculated based on the nominal interest rate applied to the deductible balance, and the actual annual interest rate shows how much the loan will cost you when you make timely interest payments and all the related mandatory fees and payments related to loan disbursement.
The procedure for calculating the annual actual interest rate can be found at the following link.

Visa Pay Sticker / Visa Mini Fob

Visa Pay Sticker and Visa Mini Fob are cards/additional cards attached to a main Visa Classic type card provided by the Bank, which allows the Customer to make contactless (touch-free) transactions using Visa PayWave technology.



  • Not intended for online transactions.
  • Cannot be used at service points and ATMs where contactless payment method or Visa Pay Sticker or Visa Mini Fob cannot be technically used or serviced. 


Card name

Visa Pay Sticker / Visa Mini Fob

Card validity

60 months



Annual service fee

AMD 3,000

Fee for issuance of Mini Fob accessory

AMD 2,000

Transactions at retail outlets


Cash disbursement

According to the basic card tariffs

Cash deposit at ATMs

According to the basic card tariffs

Card to card transfers

According to the basic card tariffs

Daily maximum cash withdrawal limit and quantity

Can be modified based on to the customer's application

AMD 500,000, USD 1,500, EUR 1,000,RUB 50,000 per day
10 times per day

Providing a new Pay Sticker or Mini Fob and PIN-code as a replacement in case of lost/stolen/ damaged ones (without Mini Fob accessory)

AMD 2,000

Issuance of Pay Sticker or Mini Fob and PIN-code on the same day in case of a new application or re-issuance of an existing one1

AMD 5,000

Submitting unreasonable reversal application 

AMD 5,000

Pay Sticker or Mini Fob unlocking fee in case of 3 times entering the wrong PIN

AMD 500

Sending an SMS about deposits and withdrawals using Pay Sticker or Mini Fob or in response to an USSD request (including VAT) 2


 1 Provided only in Kilikia branch, without printing a PIN code. In case of submitting the application before 16:00, the card is issued on the same banking day, and in case of submitting the application after 16:00 - on the next banking day.
2 For issuance of non-premium cards attached/additional to premium class cards, the same tariff for the SMS service set for the premium class card is applied.

Early repayment

The customer has the right to unilaterally terminate the loan agreement without any reason within 7 working days after its conclusion, unless the loan agreement provides for a longer period (time to reconsider). In this case, to use the loan amount, the customer is obliged to pay interest to the Bank, which is calculated in accordance with the annual actual interest rate stipulated in the loan agreement. No other compensation may be claimed from the customer in connection with the termination of the loan agreement.
The customer has the right to fulfill (repay) the obligations stipulated in the loan agreement ahead of schedule, regardless of whether such a right is stipulated in the loan agreement or not.
In case of early fulfillment (repayment) of the obligations under the loan agreement, the total cost of lending will be proportionally reduced.

Fines and penalties

In case of breach of the repayment terms stipulated in the contract, the Borrower shall pay a fine to the Bank at the rate of 0.13% for each day of default.
Repayments of overdue liabilities are repaid in the following order: fine/penalty, interest, principal amount.
No fines or penalties are envsiaged for early repayment of the loan.

Repayment and interest calculation procedure

The credit limit can be repaid in 3 ways.

1. Settlement cards with a grace period

The transactions made by the customer during each month are reflected in the monthly statement. The 1st, 10th or 25th of each month (or, the next working day, if the latter are non-working days) are the days when the statement is generated.
The customer is provided with a grace period of 15 days from the date when the statement is generated, during which no interest is charged in case of full repayment of the used part of the credit limit.
The customer is obliged to repay the debt specified in the statement before the end of the grace period.
The credit limit used by the customer is restored in the amount of repaid amounts.
In case of incomplete repayment of the obligation at the end of the grace period, interest is accrued according to the interest rates set by the Bank at that time. After the statement is generated, the customer is obliged to deposit at least 10% of the used part of the credit limit plus the accrued interest for the given month, from which the accrued interest for each month will be deducted, and the used credit limit of the customer will be restored for the rest of the amount. In case of non-payment of the 10% minimum payment for the credit limit, the limit used shall be considered overdue for that part, and a penalty for overdue amount will be calculated.

2. Settlement cards without grace period:

The credit limit is provided without a grace period, interest is accrued on the used credit limit on a daily basis.
On any day of each month, determined by the customer, the latter is obliged to repay the interest accrued on the used part of the credit limit. In case of non-payment of interest within the given period, a penalty is calculated.
The customer is given the opportunity to repay the accumulated interest in advance, 15 days before the repayment date.
Accrued interest is the sum of interest accrued on individual transactions for the period starting from the date of settlement of the transaction up to the date of repayment of the transaction amount.
Periodic deposits made by the customer to the accounts are used to repay the used limit, after which the limit is restored in the same amount.

3. Settlement cards with a decreasing limit without a grace period:

The credit limit is provided on the condition of a monthly reduction of the principal amount, for a maximum period of 36 months. At the same time, the used credit limit is reimbursed in the amount of repaid sums, but not more than the amount of the credit limit, and the general limit is reduced by a monthly equal amount of "Contract amount/Contract term".
Interest is accrued on a daily basis on the credit limit used.
On any day of each month, determined by the customer, the latter is obliged to repay the mandatory deductible amount defined by the credit limit agreement, as well as the interest accrued as of the given day. In case of non-payment of interest within the given period, a penalty is calculated.
The customer is given the opportunity to repay the accumulated interest in advance, 15 days before the repayment date, and the required deductible amount is repaid as of the repayment date defined by the credit limit agreement.

PIN - code

Personal Identification Number (PIN), which is used to identify the cardholder in case of certain operations/transactions, which is required when withdrawing cash from ATMs and when carrying out operations/transactions through POS-terminals.
The card is issued and reissued without printing the PIN code, however at the customer's discretion, the PIN code may be physically provided. The card's PIN-code is printed in one copy and provided to the cardholder in a closed envelope, and in case the PIN-code is not physically provided, the customer will have the opportunity to set a new PIN code for the card and activate the card using the ATM (PIN-code generation using OTP*).
The cardholder can change the PIN code at his / her own discretion through the ATM. For changing the PIN-code it is also required to enter the current PIN code.
If the cardholder has forgotten the PIN code, he/she can set a new PIN-code using OTP or apply to the Bank for re-issuance of the card-PIN-code, by making corresponding payment according to the tariff.
If the wrong PIN is entered three times in a row, the card is automatically blocked and/or can be confiscated.
The cardholder is responsible for safekeeping the card's PIN-code.
For contact-free cards, it is not required to enter a PIN code in case of transaction in the amount of up to 20,000 AMD or equivalent in foreign currency. Different value may apply in foreign countries, depending on the limits set by the respective payment systems for that particular country.
The following cards are issued/reissued by also printing a PIN code

  • Attached/additional cards in which the cardholder is different from the main cardholder.
  • Visa Pay Sticker and Visa Mini Fob cards,
  • Cards of customers who have not indicated a mobile phone number in their files.

* One-time password (OTP) sent by SMS to the mobile phone number provided by the cardholder to the Bank in writing, which is used for generating or changing the card's PIN-code and activating the card. The PIN code can be set through the ATM of any bank participating in the payment and settlement system serving the card, if the ATM is equipped with appropriate technical and software solutions (in the case of Converse Bank, these are the ATMs located in the branches).

Additional/Attached Cards

The Bank may issue one or more additional/attached virtual cards in the name of the cardholder or the persons designated by the cardholder in advance upon providing reliable information on additional/attached cardholders.

Additional card - additional card provided under the same card account and under the same payment system /ArCa - ArCa, Visa - Visa, Mastercard - Mastercard/.
Attached card - additional card provided under the same card account, under different payment systems /Visa - Mastercard, ArCa; Mastercard - Visa, ArCa; ArCa - Visa, Mastercard/.

  • The additional/attached card can be used only by the person in whose name it was issued.
  • The amount of all operations/transactions made with additional/attached cards is charged from the main card account.
  • In case of closing the main card, the additional/attached cards are also closed.
  • The cardholder who is also the holder of the account is responsible for operations/transactions made by the additional/attached cardholder, including for overcharge.

Rules on card issuance and use

The rules for issuing and using the card include provisions related to the use, maintenance, security, appeal of card transactions and other important provisions.
The rules are available at the following link:

Upon receipt of the card, it is necessary to sign in the signature field of the relevant party. The absence or non-compliance of the signature with the identity document containing the signature is a legal basis for refusing to service the card and confiscating it without any compensation.
In case of making a payment with the card at sales and service points or receiving cash at the cash points, it is necessary to sign the slip (receipt) by checking the transaction / operation amount. A signature may not be required if a PIN code or another card identification code required by the payment system rules has been used, which is set (applied) at the time of the operation/transaction and/or touch-free transaction was made within the amount of up to AMD 20,000.

Safety rules

For security reasons, it is recommended:

  • Immediately inform the Bank, in case you have not received the OTP within the established period, when creating a PIN code through an ATM;
  • When setting a new PIN, choose the most complex combination of numbers without using consecutive or duplicate numbers.
  • not to provide the card or its PIN-password to other persons,
  • not to write the PIN code on the card,
  • not to enter / disclose the PIN code in the Internet environment, as in case of transactions in the Internet environment or without presenting a card, entering the PIN code is not required, and is not envisaged by any payment system. In case you have entered or communicated the PIN code, it is necessary to immediately terminate the transaction, inform the Bank and block the card.
  • When using the card, it is necessary to enter the PIN code in such a way that it is not visible to third parties, it is not recorded by any device,
  • Before carrying out an operation/transaction in the online environment using the card, please get familiarized in detail with the conditions of shopping, delivery, cancellation of the operation/transaction, return of goods from the particular website, availability of contact details on the website, etc.
  • When carrying out an online operation/transaction, you should use reputable and reliable websites adequately secured by such systems as Secure Sockets Layer (SSL), Verified by Visa security system, Mastercard SecureCode and other security systems.
  • not to use ATMs, cash points, points of sale/service that may seem to you unreliable or suspicious, as well as when additional equipment, wires, cables, adhesive tapes, or other suspicious items are attached to their card reader, keyboard, or cash disbursement window.

The bank provides the cardholder an opportunity to receive SMS (short) messages on receipts and withdrawals on card, thereby preventing unauthorized use of the card. Upon receipt of the above SMS, it is recommended that you confirm that the operation/transaction was made with your or your authorized persons' knowledge, instructions or participation.
3D Secure online payment security system has been introduced for the Bank's cardholders: this is a one-time password provided by the Bank, which the cardholder receives via SMS on the mobile phone number or via e-mail previously provided to the Bank.

In case of card loss / theft

In case of card loss/theft, unauthorized use of the card or in case of alert indicating such use, it is necessary to immediately report it in any of the following ways:

1. By calling the phone number listed on the Card.
2. By calling the Bank at the following telephone numbers:

  • from 9:00 to 22:00 (37410) 511-210, 511-211,
  • round the clock: (37410) 545-514.

After having received the verbal application and having verified the identity of the cardholder, the Card is blocked.
3. On Bank's non-working days and hours
by calling "Armenian Card" CJSC (37410) 592-222.
4. 4. Sending a corresponding written message to [email protected], or by fax (37410) 511-212.
5. By submitting a written application to any branch of the Bank.

Until the moment of notification to the Bank, the Bank is not responsible for the operations/transactions made with the card and may demand from the cardholder the amounts paid by the Bank to the international payment systems.
In cases when the card has been found after it has been blocked, the cardholder is obliged to inform the Bank about it within 1 banking day at the latest.

Appealing the transaction

Within 1 year from the date of the transaction settlement in the statement (60 days in cases when regulated by the rules of payment systems) Bank cardholders can submit an application for appealing the transaction dispute which is available on the Bank in the following link
It is recommended that you notify the Bank immediately if you notice any discrepancies or unauthorized transactions.
The Bank is entitled not to consider the applications submitted after this deadline. All documents related to the transaction should be stored, in order to appeal the transaction.
In response to the appeal, the Bank shall either repay the amount of the appealed transaction to the card account within 90 days or provide the cardholder with a written response, justifying the impossibility of refunding the amount. In some cases, by means of properly notifying the cardholder, the written response may be provided, or the amount may be refunded later than the specified 90-day period based on the rules of payment applied by the particular settlement systems or due to any other unforeseen circumstances.
if the recovery of the amount is not possible, the cardholder will not be released from his obligations to the Bank.
In case of any suspicious or fraudulent transactions with the card which were made at the expense of the credit line, overdraft or overcharge provided to the cardholder, and the fact that any transaction made with the given card is suspicious or fraudulent has been substantiated, the Bank, following the completion of the appeal process, recalculates and deposits to the cardholder's account any interest, penalties and fines already charged in relation to that transaction.

Time limits for carrying out the operations/transactions

1. The operation/transaction is considered to be released from the card account, on the date when such operation/transaction has been recorded. The operation/transaction, depending on the type of point of sale/service, can be recorded within up to 30 calendar days. As a rule, the amount of the operation/transaction is immediately released from the card, and is recorded in the card account, and reflected in the card account statement within the following time limits:

  • In case of operations/transactions in ArCa system -on the next working day,
  • In case of operations/transactions outside the ArCa system, after 2-3 working days.

2. As a rule, transfers from the card account and from other banks become available to the card, within the following time limits:

  • until 12:30 on the given working day, if the amount has been deposited or the transfer has been received by the Bank by 11:00 of the same working day,
  • until 16:30 on the given working day, if the amount has been deposited or the transfer was received at the Bank by 11: 00-15: 00 of the same working day,
  • until 18:30 on the given working day, if the amount has been deposited or the transfer has been received by the Bank by 15:00-17:00 of the same working day,

3. The amount deposited in the card account via Bank's terminals, as well as the transfer to card from bank account via the Bank's Internet and Mobile Bank systems (except transfers from the card account) normally becomes available within 5 minutes (providing there are no technical or software issues at ArCA processing center).
4. On the first 3 working days of each month, transaction amounts may become available to the card later than the specified time.
5. Funds may also be credited to the card account using the options provided by the payment and settlement systems (transfer from card to card, e-wallet to card, depositing cash to card by ATM, etc.), in which case the amount can be activated immediately or within the time limit envisaged by payment system for the given method of crediting cash. In the cash is credited to the card account, the date credited is the operation/transaction's recording date. As a rule, such transactions are recorded within 1-3 working days.

The bank is not responsible for any possible damages incurred by the cardholder that may result from the amount becoming available with a time lapse or with a delay, or if the amount is activated with a delay. In particular, due to technical or software problems outside the bank's control.
The card may be overcharged depending on the specifics of certain types of transactions (hotel reservation, car rental, tourism, entertainment, etc.); time limits for transaction submission by the servicing bank, software problems, reversals/returns made by the service point, offline transactions, commissions set by the Bank, foreign exchange transactions, etc.

In case of card confiscation

Cards confiscated by the bank's ATMs are withdrawn from the ATM within a maximum of 3 working days.

  • The confiscated cards issued by the bank are subject to issuance to the cardholders within two days.
  • Confiscated cards issued by the Bank are kept in the Bank for 30 days, ie the cardholder must present himself/herself to the Bank within 30 days from the date of card confiscation in order to get the card back.

Card blocking and account freezing

Due to the need to protect the interests of the cardholder, if the card is not in circulation for 6 months or more, the Bank may unilaterally freeze the card account and block the card without additionally informing the cardholder, which, however, does not restrict the Bank's right to collect the appropriate amount from the card account in order to fulfill the cardholder's payment obligations.

The bank can block the card and freeze the card account on its own initiative, in the following cases:

  1. The cardholder has overdue liabilities to the Bank,
  2. The cardholder did not make the tariff payments on time,
  3. A corresponding letter of blocking was received from the competent state bodies,
  4. During its monitoring, the Bank detected suspicious fraudulent, illegal or related transactions /operations.

The bank can unblock the card and unfreeze the card account if:

  1. The cardholder has repaid the overdue liabilities,
  2. The cardholder has paid the tariffs,
  3. Relevant letter of unblocking was received from the competent state bodies,
  4. The Bank has received verbal or written confirmation about non-fraudulent nature of suspicious fraudulent transactions / operations detected during its monitoring.

In certain cases, the Bank is also entitled to place the card in the international blocking system on its own initiative, if there is a real risk of unauthorized use in a foreign country, in which case the cardholder is obliged to pay the placement fee for including the card in the international blocking system, regardless of whether the card is blocked or closed.
The Bank has the right to prohibit or restrict card transactions and block the card in the higher-risk countries, if the card data (card validity term, CVC2 codes) have been incorrectly entered in online environment multiple times.

Card reissuance

The cards are subject to reissue.

  1. In case of physical injury, the card and PIN-code is physically changed (the rest of the data remains unchanged). In case of reissue, the cardholder hands over the damaged card to the Bank.
  2. Should cardholder's data become known to third parties in case of card loss/theft, the card, card number, PIN and CVC2 codes are physically changed.
  3. If the PIN is lost, only the PIN is changed or a new card is reissued with a new PIN.
  4. In case of change of the cardholder's name, surname, the card and PIN-code is physically changed. In this case, the cardholder hands over the card to the Bank.
  5. In case of changing the card type - the card, card type, card number, PIN and CVC2 codes are physically changed. In case of availability (if the reason for the change is not the loss of the card) the cardholder hands over the card to the Bank.
  6. At the end of the card validity period, the card, the card period of validity and PIN-code are physically changed, and the old card is returned by the cardholder at the moment of receiving the new card.

Cards can be reissued early 3 months before the card expiry date. In case of renewal of the card validity period, the customer must provide the service fee set for the given type of card.
The bank may reissue the card within the last 15 days prior to the expiration of the term, without the additional consent of the cardholder.

Automatic reissue

1. The following cards can be automatically reissued:

  • Settlement cards with a grace period on which the customers did not have overdue liabilities more than 5 times or exceeding AMD 10 thousand in total (or equivalent foreign currency) during the card's period of validity.
  • Settlement cards without a grace period on which the customers did not have payments overdue for more than 60 days(s) in total during the card's period of validity.

2. If the first condition for automatic re-issuance is met, the credit limit is automatically re-issued if the cardholder's credit history (according to the ACRA report) is positive and meets the criteria set by the Bank.
3. In case the customer's card expires in the given month, but the credit limit has been signed off/renewed during the 6 months preceding the month when the card expires, the settlement card is reissued automatically.

Early issuance of settlement cards is possible, up to 3 months in advance before the card expiration date. The settlement card will be reissued early if the customer did not have more than 2 overdue liabilities during the settlement card's period of validity.
In cases where the credit limit has been reduced based on the customer's application, the the re-issuance is based on the current limit, unless the customer has previously applied for changing the limit.

Not reissued automatically

Attached/additional cards
Settlement cards secured by cash and bonds

In cases when a negative decision has been made on the reissuance of settlement card, but there is an outstanding liability for the settlement card, the card is not closed.
Credit limits for settlement cards that do not meet the conditions for automatic reissue are terminated on the first business day of the month following the settlement card expiry date.

Closing the card/card account

The card is subject to closing in the following cases:

  • in case it is not reissued at the end of the card validity period,
  • based on the client's application.

Within 5 (five) banking days after receiving the written application of the cardholder regarding the termination of the contract, the Bank will stop servicing the card.
In case of liabilities on card and credit limit, the closing application can be accepted only after the repayment of those liabilities.
In case of having a positive balance, the customer can claim to receive it 45 days after submitting the application. In case of liabilities arising within the specified period, the customer is obliged to repay the overcharge within 5 banking days.
If the card is terminated, the cardholder continues to bear liability and obligation to pay for the operations/transactions carried out prior to the termination of the card servicing and/or returning the card to the bank (for destruction).

If the balance of the account is not used within three months, AMD 1,000 will be charged for each quarter (if the balance is less than AMD 1,000/equivalent in foreign currency, the entire balance amount will be charged and the account will be closed).
From the second year following the closing of the card, 15,000 AMD is 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 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 bank is not responsible for the following:

1. for inability to obtain a 3D Secure password due to technical issues or circumstances beyond the bank's control, that result in failure of the transaction.
2. For direct or indirect damage to the cardholder as a result of failure in servicing the card at the ATM, cashing point or at the point of sale or service (including those registered in the online environment).
3. For the damages caused to the cardholder due to the transactions / operations made with the card, which have been performed:

  • by microprocessor (chip) card with PIN-code entry,
  • by physical reading of magnetic tape or chip, or entering CVC2 code and receiving online validation from the issuing bank (even if the signature on the operation/transaction receipt is different from the cardholder's actual signature);
  • in offline mode, if they were made before the customer returned the card to the Bank and/or during the period when the card was not held in the international blocking system,
  • For online operations/transactions conducted with the use of a 3D Secure certificate, as well for the operations/transactions on websites providing a 3D Secure system, whereby the operations/transaction has been carried out without a 3D Secure certificate.

The cardholder is not responsible for offline transactions that took place while the card was being placed in the international blocking system.

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 statements, references and other information (including VAT)

  • Provision of statement with periodicity prescribed by RA legislation (once): 0,
  • Provision of additional statement 1 Except for periodicity prescribed by RA legislation:

- - dating back up to 3 years - AMD 1,000
- Dated back to 3 years and more (in case it is available in the bank ) - AMD 3,000

  • Statement1 for submitting to different institutions.

- - In case of accounts opened within a month 2 AMD 5,000
- - In case of accounts opened earlier - AMD 3,000

  • Account / account balance and / or turnover statement based on the application submitted through the Bank's website - AMD 3,000
  • References / notes on transactions

- - For transactions dated back up to one month - AMD 3,000
- - For transactions dated back more than one month - AMD 5,000

  • Transaction support documents and copies of other documents (for each document)

- - Dated back up to 1 month - AMD 1,800
- - Dated back up to 1 year - AMD 3,000
- - Dated back more than one year - AMD 12,000

Tariffs for other services (including VAT)

  • Mail delivery of statements or other documents

 In the Republic of Armenia and Artsakh - 0
 International
- - Tariff set by the shipping service provider, if established by law and contract.
- - In other cases, the fee set by the shipment service provider + AMD 1,500

  • Delivery of references or other documents via Ordered mail shipping

- - Within Armenia and Artsakh- AMD 3,000
- - International - fee set by the shipment service provider + AMD 3,000

1 In case of simultaneous provision of a statement and reference to the same Customer and charge envisaged for the reference, the charge will be collected for reference 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.

Remote communication methods

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 -
SMS – Converse / USSD -

ATMs and cash points

List of ATMs of the bank:
List of bank branches:

List of required documents


Application form


Identity document, public service number, or a reference of not having received a Public service number (not required , if identification card is presented)

In case of settlement card, also


A reference from the place of work, written on the employer's form, to indicate the position held, length of service and net salary (does not apply to settlement cards secured by cash). The reference should not date back more than 20 calendar days (a reference from workplace is not required if by the time of application the customer has been paid his/her salary through the Bank for at least 6 months); a copy of the annual personal report provided by the employer may also be required.


Documents substantiating other income (if available)


In case of entrepreneurial activity:

- Taxpayer identification number (TIN),

- Certificate of incorporation (reference from state register), charter (if available),

- Identification documents of the shareholders and the director,

- Permission documents for conducting the given type of activity,

- Financial and tax reports approved by tax authorities,

- Income and Expense Records (if any) for the last 6 months,

- Bank account turnover (if available),

- Reference from the State Revenue Committee on obligations towards the State,

- Business Analysis Report.

If necessary, other documents may be required


Among Armenian commercial banks VTB Bank (Armenia) is not a member of the ArCa system

Due to the change in the foreign exchange rate, the actual annual interest rate and the amount of loan repayments may change.

 In case of currency exchange upon making transactions in cash withdrawal, trade and service outlets outside the ArCa system, in currency other than card account currency, upon currency exchange, the Bank charges 2% commission fee. Exceptions are established for transactions in US dollars.

In case of transaction in a currency different from a card account currency, exchange rates may differ at the time of validating the transaction and actually settling the transaction. The exchange rates established by ArCa / Visa / Mastercard payment systems are used upon validation, and the exchange rate of the USD set by the Bank for the end of the banking day prior to the date of the operation/transaction is used during the operation/transaction settlement. Exceptions are operations/transactions made in Euro with Visa payment system cards, during the settlement of which the exchange rate of the Euro set by the Bank for the end of the banking day prior to the date of operation/transaction settlement is applied. The Bank is not responsible for currency and other risks associated with exchange rate differences.

If you fail to fulfill or incompletely fulfill your obligation, within three business days this information will be provided to the credit bureau where your credit history is formed. Having a bad credit history can negatively affect your creditworthiness in the future. You have the right to receive your credit history report for free once a year from the credit bureau.

Your property may be confiscated by law if you fail to make your interest and loan repayments on time.

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 Bank is entitled to modify and supplement the tariffs for services provided by notifying the Customers in accordance with the contract, by posting a relevant message on its own website ( ), 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 card 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.

Upon applying for a lending of up to 15 million AMD (or equivalent foreign currency), the Bank will issue a personalized Consumer Loan Fact Sheet presenting the individual terms and conditions of the Loan to be provided to you.

When concluding a contract, the Bank will provide you with the "Rules for issuing and using cards", which present the minimum conditions for safe use of the card.

 Card issuance location

The cards are provided at the Bank's Head office Customer Service and in branches of the Bank.

Factors for positive or negative decision on providing a credit limit

The Bank is inclined to provide the credit limit if:

  • The applicant complies with the terms and limiting conditions of the loan,
  • The applicant is recognized as creditworthy as a result of the assessment,
  • The documents and references submitted by the applicant are reliable and include all necessary information;
  • The applicant's credit history is either positive or missing.

Failure to comply with any of the above conditions, as well as other requirements of the Bank's internal regulations, may result in refusal to provide the loan.

Time periods for notifying the customer of the decision to provide the credit limit and for the disbursement.

The decision to provide a credit limit is made within a maximum of 5 banking days, the Customer is notified within one day, the limit is disbursed within 3 banking days.

Your financial directory

Your financial directory at, is an electronic system combining services offered to individuals that makes it easy to search, compare and find the most effective option for you.

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

16 million AMD

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

7 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 7 million AMD

16 million AMD (only AMD deposit is guaranteed)

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

7 million AMD ( ­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 difference between the amount of deposits subject to refund)

Location of the foundation: 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: [email protected]
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
  • visit the Bank's Customer Service at the Head Office or any branch
  • Call: 374 10 511211
  • Viber: 374 95 511211
  • Skype: conversebank-callcenter


Updated 01.06.2021 09:10