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 the purpose of account opening via the Remote Banking Services Department *			AMD 50,000
Acceptance of online application from non-resident customers for opening an account *	For individuals	AMD 25,000 per each
	For legal entities	AMD 100,000
* Identification is carried out after receipt of payment prescribed by the tariff.

 Accounts in other currencies may be opened upon the customer's request, and different fees may apply to them.

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 terrorist financing" or other restrictions which are in force under the legislation of the Republic of Armenia.

Tariffs for account maintenance *
Accounts for individuals		Checking account	AMD 1,200 per year
		Accumilative 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 The fee is charged once a year, from the average annual balance, starting from the date the account is opened. If the account is closed during the year, the fee is charged at the time of closure, from the average balance of the relevant period.
Pension accounts, including unidentified				AMD 0
Lump sum payment accounts				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 two years, AMD 5,000 will be charged monthly from the account. This tariff is not applied if: ü  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, ü  the customer has a current deposit, bonds or financing in the Bank, ü  the tariff is not applied to bank accounts that are under foreclosure, ü  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-commercial 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 12th (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 Percentage Yield
Current accounts			0%	-
Checking/settlement/ and Demand accounts		In AMD	0.1%	0.1%
		In other foreign currency	0%	-
Accumulative accounts	In AMD	If the balance is up to AMD 50,000	0.1%	0.1%
		If the balance exceeds AMD 50,000	1%	1%
		If the balance exceeds AMD 25 mln	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 50,000	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 at the rate of 10% on accrued interest.

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 stipulated by the RA legislation, based on the Customer's instruction/order,
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/disposal/ 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 notice (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 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),
• 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 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. Accounts of legal entity customers serviced by the Investment Department, in case of no transactions within the last 6 months, will be frozen. The account unfreezing is done upon application, with a fee of AMD 100,000. If there are no transactions within 1 year, a fee of AMD 50,000 is charged (no fee is applied for zero balance, but if the balance is insufficient, the full amount is charged) for each month. The accounts will be closed once the balance becomes zero.

      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 turnover 1
For individuals	ü  By the periodicity established by the RA legislation and/or the agreement - AMD 0 ü  Additional provision of electronically provided statements at the periodicity established by the RA legislation and/or agreement, at the customer's request, in the preferred way and for the preferred period (once for each period and without limitation with the use of the Converse Mobile application) - AMD 0 ü  In addition to the abovementioned periodicity: -     dating back up to 3 years - AMD 1,000 -     dating back to 3 years and earlier - AMD 3,000 (if stored in the Bank)
For legal entities2	ü  One-time (irrespective of the periodicity) -AMD 0 ü  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 for submitting to different institutions regarding current and checking/settlement/ accounts, excluding customers declared bankrupt
In case of accounts opened within one month 3						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
Statements/letters regarding completed transactions.
Dating back up to 1 month						AMD 3,000
Dating back to more than 1 month						AMD 5,000
SWIFT confirmation of transfer						AMD 3,000
SWIFT confirmation of transfer (in case of sending the application by means of remote banking systems)						AMD 2,000
Copies of paperwork, transaction supporting documents and other paper-based data (for each document)
dating back up to 1 month			AMD 1,800
dating back up to 1 year			AMD 3,000
dating back to more than 1 year			AMD 12,000
Delivery of documents, extracts/statements of accounts or other documents (including VAT)
Intra-republican
For individuals			AMD 0
For legal entities			AMD 500
International
If prescribed by law or agreement			Tariff set by the delivery service organization
In other cases		Tariff set by the delivery service organization + AMD 1,500
Through a delegated delivery service
Intra-republican		AMD 3,000
International		Tariff set by the delivery service organization + AMD 5,000
Other services
Acceptance and verification of the signature on the power of attorney provided by the individuals or private entrepreneurs (including through remote control systems)					AMD 3,000 (including VAT)
Provision of certificate/letter on not being a customer of the Bank (except for the customers declared bankrupt)					AMD 5,000 (including VAT)
Sending out automated information on transaction				1 SMS - AMD 20 (including VAT) The fee is charged from the checking/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 The fee for legal entity customers serviced by the Investment Department is set at 0 AMD. 3 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 Account Transactions

Cash Transactions

Acceptance of worn-out banknotes, including exchange:

AMD: 0

Other currencies: 3.0%, minimum of 500 AMD

The features of wear and fitness for circulation of AMD banknotes are defined by Regulation No. 9 of the Central Bank of Armenia.

Banknotes in other currencies are considered worn-out if:

• Even slight wear is visible,
• There is one or more tears (0.5 cm or longer),
• They are torn, glued, or taped together,
• There are one or more holes, each up to 3 mm in diameter, or they are punched,
• There are lines or writings, including those visible under ultraviolet light, consisting of more than one character (line); if the total length of lines or writings exceeds 1 cm,
• There is more than one stamp or seal mark on the front and back of the banknote, not exceeding a total area of 2 cm²,
• There is even a single stamp on the portrait side of a U.S. dollar banknote,
• U.S. dollar banknotes issued between 1996–2006.

Banknotes not accepted for payment:
Banknotes that are outside the list of worn foreign currency notes or are more damaged than described above; banknotes with missing parts, even very small; those with intentional damage or alterations (such as erased parts); banknotes damaged by moisture, chemical solutions (even partially discolored), or burnt; perforated notes (even with minor burns on edges); those rusted from humidity; banknotes whose quality characteristics have changed due to heat exposure; stained or ink-marked (even slightly along edges); or contaminated with oil.

Tariffs for transactions with account
Cash operations
• Cash deposits in the cash desk

AMD
Including cash repayments in AMD under loan agreements, excluding cash payments for bank services and cash deposits for attracting term deposits:
- Up to 50,000 AMD: 500 AMD
- 50,001 – 200,000 AMD: 1,000 AMD
- Exceeding 200,000 AMD, as well as payments for bank services, interest repayments during financing with prepayment of interest, and cash deposits for attracting term deposits, regardless of the deposit amount: 0 AMD
USD and EUR¹: 0
Other currencies¹: 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 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 foreign currency amount deposited to account in cash - 0
 In case of amount deposited to account in cashless 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 an impersonal metal account - 0

• Providing cash to non-account holder customers
 Payout of remittances received from other banks
- AMD - 0.35%, minimum - AMD 1000
- Other currency1 – 5%, minimum - AMD 1000
 Payout of remittances received by intra-bank transfer
- AMD - 0.25%, minimum - AMD 500
- USD and Euro1 – 3.5%, minimum - AMD 500
- Other currencies1 – 5%, minimum AMD 500
• Payout of funds received from the treasury (including repayment/refund): 0.25%, minimum AMD 500
• Payout of amounts received through fast money transfer systems - 0
• Exchange of worn-out banknotes1
- 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 recall^{10, 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 disclosed by the customer

ID document

Public Service Number (PSN) or reference to the absence thereof (required only for RA residents and/or citizens); is not required if the customer discloses ID card whereto PSN is attached

On the Bank’s template

Account opening application for individuals

FATCA declaration for individuals

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 disclosed by the customer

The Charter

The founder resolution or the minutes of the general founding meeting specified in the RA laws for legal entities of particular organizational form, in the absence of shares and other details of founder(s) (shareholder, participants) in the charter; specifically: ·     for individual shareholders or participants – information about the share, ID details, registered address, phone number (if any); ·     for corporate shareholders or participants – company charter, state registration certificate, statement from the Central Depository of Armenia about shareholders owning more than 5% share of the joint stock company, and TIN unless stated in the state registration certificate

The respective license (if any) if the business is subject to licensing based on the RA Licensing Law

The state registration certificate issued by the RA State Legal Entity Register

Taxpayer Identification Number (TIN), unless included in the state registration certificate

Copies of ID document(s) of manager(s) specified in the Charter

On the Bank’s template

Account opening application for legal entities and sole proprietors

The card holding sample signatures of the customer’s account executors and the round seal

FATCA declaration for legal entities

 

If the customer is a non-resident legal entity

 

To be disclosed by the customer

The Charter

The founding documents based on the laws of the particular country (certificate of incumbency, certificate of incorporation and the like)

Information about shareholders, participants unless stated in the charter; specifically: ·      for individual shareholders or participants – information about the share, ID details, registered address, phone number (if any); ·      for corporate shareholders or participants – company charter, state registration certificate, statement from the Central Depository of Armenia about shareholders owning more than 5% share of the joint stock company, and TIN

The respective license (if any) if the business is subject to licensing based on the RA Licensing Law

The state registration certificate issued by the state register of the particular country

Copies of ID document(s) of manager(s) specified in the Charter

 

On the Bank’s template

Account opening application for legal entities and sole proprietors

The card holding sample signatures of the customer’s account executors and the round seal (verified by the respective officer of the Bank, or otherwise (notary, apostille or consular authentication) unless verified at the Bank)

FATCA declaration for legal entities

In case of sole proprietors/PE:

To be disclosed by the customer The state registration certificate issued by the RA State Legal Entity Register The respective license (if any) if the business is subject to licensing based on the RA Licensing Law TIN, unless included in the state registration certificate ID document Public Service Number (PSN) or reference to the absence thereof (required only for RA residents and/or citizens); is not required if the customer discloses ID card whereto PSN is attached On the Bank’s template Account opening application for legal entities and sole proprietors The card holding sample signatures of the customer’s account executors and the round seal (if any) FATCA declaration for legal entities

 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.

 

Note

The transactions, except currency exchange, are executed on the accounts in the currency of the account.  The currency is converted at the exchange rate set by the Bank for the particular day.

The payments under Tariffs and Rates are primarily collected from the particular FX account or AMD accounts, and in the absence of sufficient amounts on the same – from other FX accounts at the exchange rate set by the CBA for the particular day.

The commissions expressed in interests against the FX amount are calculated and collected in AMD at the exchange rate set by the CBA for the particular currency at the date of collection.

The Bank can revise and amend Tariffs and Rates by giving a notice to the customers in the manner set under the agreement: by posting a message on the Bank’s website (www.conversebank.am), by making the information available in the Bank’s premises, by post delivery and by other methods offered by the Bank and selected by the Customer, which shall be deemed the proper notification of the Customer.

The joint account opening and management account is signed by the parties opening the account. Transactions may be executed on the joint account: ·    in the obligatory presence of all signatures as well as the duly executed powers of attorney, or ·    in the presence of signature of one of the parties opening the account based on the account opening and management agreement.

The Bank disclaims the responsibility for: - delays, errors and loss due to the customer’s incomplete or inaccurate instructions, - delays and loss due to the failure of communication channels outside the Bank, - delays, errors and loss due to force majeure, including natural disasters, epidemics, strikes, blockades,  coupes, military operations, revolutions, legal amendments, resolutions of government authorities.

For the purpose of the Customer’s due diligence in compliance with the RA Law on Combating Money Laundering and Financing of Terrorism, the Bank can demand additional documents or other information from the consumer and as well ask additional questions to the customer on “Know your customer” principle.

Based on the Foreign Account Tax Compliance Act (FATCA) Agreement concluded with the US Government, the Bank can collect additional information to clear out your status of a US taxpayer.

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

The customer’s rights to use the Account and the cash on the Account may be restricted by the court order based on the claim filed by the enforcement services or tax authorities or other competent authorities.

The cash may be confiscated from the account without the customer’s instruction by the court order based on the claim filed by the enforcement services and tax authorities.  Such action is reflected in the customer’s bank account statements that are provided to the customer in the manner pre-agreed between the Bank and the customer.

The cash available on special bank and lump-sum accounts may not be seized, banned, confiscated or offset against the customer’s debt, neither may serve as means of liquidation upon the customer’s bankruptcy, except in cases under the RA laws and bylaws, agreements and internal regulations of the Bank.

The funds may be charged bask or returned to the RA state budget from pension and lump-sum accounts without the customer’s consent based on the competent authority’s instruction (demand) or upon the beneficiary’s failure to file a request for the lump-sum cash payments for 12 months.

 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 customer’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 mln
If you have only a foreign currency-denominated deposit in the same bank		AMD 7 mln
If you have both AMD-denominated and foreign currency-denominated deposit in the same bank	If the AMD-denominated deposit is more than AMD 7 mln	AMD 16 mln (only AMD deposit is guaranteed)
	If the AMD-denominated deposit is less than AMD 7 mln	AMD 7 mln (AMD denominated deposit is guaranteed in full, ­ and the­ foreign currency-denominated deposit is guaranteed in the amount of difference between AMD 7 mln and the difference between the amount of deposits subject to refund)

 

 

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

 

                                                                                                                                               Updated on 03.02.2025