Opening a foreign bank account is becoming increasingly important for entrepreneurs, freelancers, and IT companies from CIS countries. In recent years, Armenia and Belarus have gained popularity as two jurisdictions offering relatively straightforward conditions for opening a bank account. However, upon closer comparison, Belarus proves to be more convenient and predictable in many aspects.
The banking system in Belarus is stable, well-organized, and provides fast solutions for non-residents: accounts can be opened in 1–3 days, the process sometimes does not require a personal visit, and service fees remain reasonable. In contrast, Armenia’s process has become less transparent, banks are more frequently rejecting applications without explanation, and client requirements are tightening.
In this article, we compare key factors and explain why Belarus is currently a practical choice.
How to Choose a Bank for Account Opening
Before opening a bank account abroad, it’s crucial to select the right jurisdiction and financial institution. This affects not only the speed of transactions but also the overall stability, security of funds, and ease of remote account management. Many today weigh the options between Armenia and Belarus. Let’s break down which country offers a better banking experience and what to look for.
Reputation and Reliability
If you’re looking to open a bank account for business or personal use, start by researching the reputation of the banks. In Belarus, the banking sector is strictly regulated and transparent. Conditions are clearly defined, especially for non-residents. You can open an account in a Belarusian bank without surprises or unexpected rejections. In Armenia, the situation is shifting: more applicants are encountering difficulties when trying to open an account, from additional requirements to refusals without explanation.
Timeframe and Remote Access
If you’re wondering how to open a bank account remotely, technical capabilities matter. In Belarus, a bank account can often be opened remotely in just 1–3 business days, and personal presence is frequently not required. In Armenia, remote account opening is more difficult; most banks require a visit to the country.
Maintenance Costs
One of the key questions remains: how much does it cost to open a bank account? In Belarus, opening a corporate account typically costs between 100 and 300 BYN, with monthly service fees starting at 30 BYN. In Armenia, the costs are generally higher, especially when considering fees for international transfers and foreign currency account maintenance.
Required Documents and Criteria
What do you need to open a bank account? In Belarus, the document package is minimal: a passport, incorporation documents, and proof of activity. In Armenia, requirements are broader and vary from bank to bank.
Summary:If you’re looking for a simpler and more cost-effective way to open a bank account, Belarus currently offers more predictable, technologically advanced, and faster solutions compared to Armenia.
Pros and Cons of Opening a Bank Account in Armenia
When considering where to open a bank account, many people look to Armenia. The country is actively developing its financial sector and allows non-residents to open accounts without citizenship or a residence permit. However, it’s important to weigh the real advantages and disadvantages before choosing an Armenian bank.
Pros
- Multi-currency accounts
Armenian banks allow you to open accounts in multiple currencies USD, EUR, RUB, and AMD. This is convenient for companies engaged in international business. - Initial accessibility
At first glance, opening a bank account in Armenia seems simple. The document requirements are relatively standard: passport, brief description of activities, and proof of income. However, in practice, clients often face additional requests. - Confidentiality
Armenia is not a member of the CRS (Common Reporting Standard), which makes Armenian bank accounts appealing in terms of privacy.
Cons
- Online banking
Despite development efforts, Armenian online banking services lag behind Belarusian offerings. Not all banks offer full-featured internet banking, and some transactions still require visiting a branch. - Stability and unexplained rejections
Although Armenia’s banking system remains stable, the number of account opening refusals has grown in recent years. Non-residents increasingly report difficulties opening accounts remotely. Banks often give no reasons for rejection and request excessive documentation. - Remote account opening challenges
For those looking to open a bank account remotely, Armenia may not be the best fit. Most banks require a personal visit or cooperation with an intermediary.
Summary: It is possible to open a bank account in Armenia, but the process is not always quick, convenient, or predictable. Compared to Belarus, it tends to be more complicated, especially if you expect remote account opening and full online service.
Steps to Open a Bank Account
If you plan to open an account in an Armenian bank, it’s important to understand the process in advance. Despite claims of simplicity, many clients face bureaucratic hurdles, especially when trying to open an account remotely. Let’s review the main steps you need to go through to successfully open an account.
Step 1. Contact the Bank Branch
The first step is choosing a suitable bank and contacting its branch. Although opening an account remotely is theoretically possible, most banks in practice require a personal visit, especially for corporate accounts. If you use an intermediary, some communication can be delegated, but the bank still has the right to request a personal meeting.
Step 2. Complete and Submit Documents
Next, the client fills out an application form and provides a standard set of documents. Typically required are a passport, taxpayer identification number (if available), proof of income or a description of the source of funds, and business information (if it’s a corporate account). Banks may also ask for incorporation documents, lease agreements, websites, social media profiles, and even photos of the workplace.
Step 3. Application Review
After submission, the bank reviews the application: checks the documents, analyzes risks, and may contact the client for clarifications. This process can take from 3 days up to 2 weeks. A rejection can be issued without explanation.
Step 4. Signing the Agreement
If approved, the client signs the banking service agreement. This is usually done at the branch, but occasionally through a trusted representative.
Step 5. Account Opening
The account is considered opened once all documents are signed. The client receives account details, access to online banking, and payment tools. However, it is advisable to check in advance how much it costs to open an account and what fees the bank charges for maintenance.
Required Documents
The documents required to open an account in an Armenian bank may vary depending on the bank and the type of account (personal or corporate), but generally the list is standard.
For individuals, usually the following are needed:
- Valid international passport (valid for at least 6 months).
- Personal client questionnaire.
- Proof of income (e.g., salary certificate, contract with a client, employment certificate, tax declaration).
- Armenian phone number (often mandatory to activate online banking).
- In some cases, proof of residence or a rental agreement.
For businesses, the list is broader:
- Company incorporation documents (charter, registration certificate).
- Passports of the director and founders.
- Description of company activities (sometimes a website or presentation).
- Office lease agreement in Armenia (if available).
- Taxpayer identification number (if any).
Some banks may additionally request photos of the workplace, social media links, letters from partners, or invoices. This is especially relevant when opening an account remotely.
List of Banks in Armenia
If you plan to open an account in an Armenian bank, it is important to choose a reliable and suitable financial institution. There are more than a dozen commercial banks operating in Armenia, each with its own features, fees, and client requirements. Below is a brief overview of the most popular banks that foreigners, freelancers, and entrepreneurs most often work with.
Ameriabank
One of the largest and most technologically advanced banks in the country. It offers a wide range of services for both individuals and legal entities. Ameriabank has a well-developed internet banking system, but opening an account remotely is difficult — in most cases, a personal visit is required.
Acba Bank
Known for its loyalty to small businesses and the agricultural sector. Suitable for those who want to open an account in an Armenian bank for activities related to production or export. However, the verification process can be lengthy and may include additional requirements.
Ardshinbank
One of the oldest banks in Armenia. It serves both residents and foreigners. Well suited for those who want to open an account for transactions in drams and rubles. The internet banking interface is fairly basic.
Evocabank
Positions itself as a digital-first bank. Suitable for those looking for a convenient mobile app and the possibility of opening an account remotely. However, such cases are more the exception than the rule.
Unibank
A bank with a wide branch network. Often mentioned in the context of simplified procedures. Nevertheless, to open an account in an Armenian bank, a client usually still needs to visit the office.
Inecobank
Focused on private clients. Suitable for opening multi-currency accounts, including US dollars and euros. Some clients complain about slow processing of requests.
Which bank is best to open an account with
It all depends on your purpose — for personal needs, Evocabank or Inecobank may be suitable; for business, Ameriabank or Ardshinbank. However, it is important to consider what is needed for a foreigner to open an account: required documents, purpose of the account, and willingness to make a personal visit.
Compared to Belarus, where the list of banks is also limited but procedures are clearer and faster, Armenia appears less predictable. Therefore, when choosing, it is worth focusing not only on the brand but also on the experiences of other clients and the possibility of rejection without explanation.
Pros and Cons of Having an Account in a Belarusian Bank
For those looking to open an account quickly, affordably, and with minimal bureaucracy, Belarus remains an attractive alternative to other CIS countries. Unlike Armenia, procedures here are simpler, clearer, and the risk of refusal is minimal. Below are the main advantages and possible limitations.
Pros
- Compliance Approach
Compliance procedures in Belarus are strict but predictable. Unlike Armenia, refusals without explanation are rare. - Low Cost of Maintenance
How much does it cost to open an account in a Belarusian bank? Usually from 100 to 300 BYN for opening and from 30 BYN per month for maintenance. This is cheaper than in Armenia, especially considering travel and intermediary expenses. - Flexibility
Belarusian banks are willing to work with residents and non-residents, including sole proprietors, LLCs, and foreign citizens. Conditions are transparent; requirements and document lists are known in advance — you know exactly what is needed to open an account. - Speed of Account Opening
Most Belarusian banks open accounts within 1–3 business days. Often the process is fully remote — opening an account remotely through a representative or online form is possible. This is especially convenient for IT companies, freelancers, and entrepreneurs. - Banking Secrecy
Belarus does not participate in CRS, and account information is not automatically shared abroad. This makes a bank account a safe and confidential tool for storing funds.
Cons
The main disadvantage is the limited ability to make international SWIFT transfers from some banks. However, this issue can be resolved via payment platforms or subsidiary accounts abroad.
Summary:If you want to open an account quickly, cheaply, and with minimal risks, Belarus currently offers better conditions compared to Armenia.
Steps to Open a Bank Account in Belarus
The process of opening a bank account in Belarus is straightforward, with a clear structure and minimal bureaucratic obstacles. For non-residents and foreign companies, the procedure is understandable and predictable. Below are the main steps you need to follow to open an account in a Belarusian bank.
Step 1. Submission of Documents
To open an account, you need to prepare a standard set of documents. Usually, this includes an application form and a passport (for individuals applying in person at the bank). Companies submit an application for account opening, a copy of the charter without notarization, and an extract from the Unified State Register (USR) — for organizations operating under a standard charter. Individual entrepreneurs provide copies of their state registration certificate without notarization. Banks may request additional documents from non-residents, such as a lease agreement or business correspondence.
Step 2. Signing the Agreement and Contract
After verifying the documents, the bank will ask you to sign the client questionnaire, the service agreement, and the main banking contract. This can be done in person at the branch, through a representative with a power of attorney, or via the remote banking system if you want to open the account remotely.
Step 3. Account Opening
Once the contract is signed, the bank issues the account details and grants access to online banking. At this stage, the account is active and ready for transactions.
Summary: Opening a bank account in Belarus is quick and hassle-free. The entire process takes from 1 to 3 business days — much faster than in Armenia, especially for remote account opening, when the account can be opened on the same day.
Required Documents
To open a bank account in Belarus, a non-resident must prepare a basic set of documents. Requirements may vary slightly by bank but are generally consistent and transparent.
For Individuals:
- Passport (or a copy without notarization; non-residents need a notarized translation of the passport into Russian or Belarusian).
- Client questionnaire.
- If the account is opened for depositing funds, a document confirming the source of income is required (e.g., contract, employer’s certificate, or tax declaration).
- If opening through a representative — a notarized power of attorney for the representative.
For Legal Entities and Individual Entrepreneurs:
- Copy of the charter without notarization.
- Copy of the state registration certificate (for individual entrepreneurs).
- Decision on the appointment of the director.
- Client questionnaire.
- Power of attorney for the representative (if the account is opened via a representative).
Non-residents may be required to provide additional documents; this should be clarified with the bank.
Important: All documents must be translated into Russian or Belarusian and apostilled if necessary.
List of Banks in Belarus
Choosing a bank to open an account is an important step for every entrepreneur or individual. Belarus has more than 20 banks, but for most foreign clients and residents, it is better to focus on the largest and most reliable financial institutions that offer transparent terms, high-quality service, and convenient digital solutions.
Belarusbank
This is the largest state-owned bank in Belarus, holding a dominant position in the market. Belarusbank offers a wide range of services, including multi-currency accounts, convenient internet banking, and an extensive network of branches across the country. It is suitable for large companies and private clients who value stability and government-level support.
The cost of account opening and maintenance at Belarusbank is average, but the service is top-class.
Belgazprombank
A large commercial bank with Russian capital. Known for its flexibility in working with foreign clients and efficient digital services. Belgazprombank actively develops mobile and online platforms, which simplifies the process of opening an account remotely and managing funds from anywhere in the world. It is especially popular among IT companies and startups.
Priorbank
A bank with UAE capital, one of the most dynamically developing players in the market. Priorbank offers competitive tariffs, favorable conditions for business, and advanced online banking. For foreign clients, the bank provides clear requirements and fast processing of account opening applications.
Technobank
Considered one of the most technologically advanced banks in Belarus, focused on business clients. Its advantages include automation of many processes, including remote account opening, convenient accounting tools, and integration with ERP systems. Suitable for companies that value speed and flexibility.
VTB Belarus
A bank with Russian capital, providing a high level of security and professional support. Offers multi-currency accounts and a wide range of services for corporate clients. Well-suited for companies working with Russia and CIS countries.
Which Bank to Choose?
If you are wondering which bank is better to open an account with in Belarus, pay attention to your business goals and scale. For stable and reliable service, Belarusbank and Belgazprombank are suitable. For IT and innovative companies, Priorbank and Technobank offer easier remote account opening and flexible conditions.
Most banks provide transparent tariffs and a minimal document package, which significantly simplifies the process, especially for foreign clients. In addition, developed internet banking and compliance support make Belarusian banks attractive in terms of security and convenience.
Comparison of Account Opening and Maintenance Conditions in Banks of Belarus and Armenia
When choosing a country to open an account, it is important to consider international transfer conditions, the impact of sanctions, fees, and the ability to manage the account remotely. Let’s compare accounts in Belarusian and Armenian banks by several criteria.
SWIFT
Both markets — Belarusian and Armenian — support the SWIFT system, allowing clients to make international transfers. However, Belarus has a more developed and stable banking infrastructure, ensuring high speed and reliability of transfers, especially for legal entities. Large Belarusian banks (such as Belarusbank, Belgazprombank) continue to use SWIFT, although with certain restrictions. For individuals and small businesses, SWIFT transfers are usually available but may take longer and incur additional fees.
In Armenia, SWIFT transfers are available but sometimes accompanied by delays and additional checks, especially for large sums or transfers to/from sanctioned jurisdictions.
International Sanctions
Belarusian banks operate under sanction pressure, but most large banks have successfully adapted and maintain transparent relationships with international partners.
Armenia, although less affected by sanctions, sometimes experiences difficulties with currency conversion and international operations due to lower liquidity and a limited number of correspondent banks.
International Transfers for Individuals and Legal Entities
In Belarusian banks, international transfers are available for both individuals and legal entities, but due to sanctions, transactions may experience delays and higher fees, especially for large sums and corporate clients.
In Armenian banks, international transfers for individuals generally proceed faster and with fewer restrictions, but procedures for legal entities may be more complicated due to increased control and a limited number of correspondent banks.
Transfer Fees
Average commissions for international transfers in Belarusian banks are about 1–3% of the amount, which is lower or comparable to Armenian tariffs. Armenian banks often charge a fixed fee per transaction, which can be inconvenient for regular transfers of small amounts.
Summary: Why Belarus is Better
Comparing the possibilities of opening and maintaining accounts in banks of Belarus and Armenia, it becomes clear that Belarus offers more favorable and convenient conditions for businesses and individuals. It is easier and faster to open an account in Belarusian banks, even remotely, and documentation requirements are less bureaucratic. Belarusian banks feature low maintenance costs, flexible tariffs, and a high level of compliance, ensuring security and legality of operations.
Moreover, a developed banking infrastructure and support for international transfers make Belarus a convenient hub for doing business with foreign partners. Banking secrecy and transparency of operations strengthen client trust.
We can assist you not only with opening accounts in Belarusian banks but also with accounting support, payroll, and tax reporting, providing a comprehensive solution for successful business operations in Belarus.
Conclusion
Choosing the country and bank to open an account is a crucial step to optimizing business processes and ensuring financial security. The analysis shows that Belarus, with its stable and technologically advanced banking system, has significant advantages over Armenia, especially for those who value speed, simplicity, and reliability.
The account opening process in Belarusian banks is transparent and accessible, and a developed network of online services allows managing finances from anywhere in the world. This makes Belarus an attractive choice for entrepreneurs and companies with international activities.
If you want professional support and to simplify all stages from document collection to complete accounting and payroll services, we are ready to help. Your success is our priority.
How to contact us
For more information or a consultation on opening a bank account in Belarus or abroad, do not hesitate to contact us. We are here to help and support you.
Phone and email communication options are available for your convenience:
- +375293664477 (WhatsApp/Telegram/Viber);
- info@spex.by.
