Closing a Bank Account in Armenia in 2026: Procedure, Timeframes, and Obstacles

A bank account in Armenia can be closed at any time: submit a written application to the bank to terminate the contract. You do not need to state a reason. The bank must pay out the balance or transfer it to another of your accounts within 7 days of receiving the application. Freezes on funds and debts to the bank complicate closure: the bank will not release frozen amounts, and any debt remains even if the agreement is terminated. See below for step-by-step instructions, a checklist before closing, and cases where the bank initiates closure. All provisions were checked against current versions on arlis.am as of 12.11.2026.

Legal Guarantees

The procedures for closing accounts are set out in the section on bank accounts of the Civil Code of the Republic of Armenia. The general rules apply equally to individuals, non-residents, sole proprietors, and companies. Separate rules apply for special accounts (escrow, notary deposit, developer account, and others) (Art. 928.1 of the Civil Code). The main provisions are summarized in the table below.

You can receive the remaining balance in cash or transfer it to another account at your instruction. The choice of method is yours. The law does not specify a closure fee. If the bank charges a fee, it must be listed in the bank's tariffs—check these before submitting your request.

How to Close an Account: Step-by-Step

1. Review your agreement and tariffs. Look for a section on termination and fees in your bank's general terms. Banks may differ in how they accept account closure applications.
2. Prepare your documents. Individuals typically need to provide an identity document. Sole proprietors and companies will also need to provide documents confirming signatory authority. Confirm the exact list with your bank.
3. Submit a written application. Do this in person at a branch or via another method the bank accepts. Request a receipt or confirmation of submission.
4. Indicate how to receive the balance. Request either cash at the counter or a transfer to another of your accounts. The 7-day period starts when the bank receives your written application.
5. Obtain confirmation. Request a certificate or letter confirming account closure and an account statement for the relevant period. The law does not require the bank to issue these documents specifically, but you may need them for reporting. Check your bank's process.

For foreign currency accounts, check with the bank regarding cash withdrawal and conversion conditions; they are regulated by law and the bank's general terms. For more about payment methods and cash transaction thresholds, see Cash Transactions.

What to Check Before Closing

Before applying, ensure you have settled all obligations. Review the following checklist.

• Loans, overdrafts, credit cards. If you owe the bank, closing the account does not cancel the debt. Repay it in advance or arrange terms with the bank.
• Account freezes. The tax authority may freeze funds in bank accounts and requires banks to freeze incoming transfers as well until the debt is secured (Art. 433(2) and (3) of the Tax Code). Closing the account does not lift the freeze. The freeze is applied only to the relevant debt amount; if excess funds are frozen, the tax authority must reduce or remove the freeze (Art. 433(4)). For instructions on lifting a freeze, see Account Freezes.
• Payments to the state budget. Freezes do not apply to payments to the state budget unless the funds are pledged elsewhere: you may pay taxes from frozen funds (Art. 433(8)).
• Cards and linked services. Cancel recurring payments, subscriptions, and any links to digital wallets; check the relevant contracts. Payments from a closed account will not be processed.
• Salary, pension, incoming transfers. Notify payers of new account details before filing your application. Payments to a closed account will not be credited.
• Tax and immigration consequences. If an account statement may be required for tax reporting or proof of turnover, obtain it in advance. Sole proprietors and companies should consult their accountant to ensure the account will not be required for tax settlements.
• Notification to another country. If you are a Russian currency resident, closing a foreign account must be reported to the Russian Federal Tax Service. Exceptions exist, e.g., for those abroad for more than 183 days in the calendar year—check with the Russian tax authorities. For details, see Notifying the Russian Tax Service.

When the Bank Closes Your Account

Unless specified otherwise in the agreement, the bank may not unilaterally close your account at any time. The law provides for several scenarios.

Through court under the Civil Code. Unless the agreement provides otherwise, the bank may seek to terminate the agreement via court in two cases (Art. 927(2)):

• The balance falls below the minimum set by the bank's rules or by the agreement, and you fail to restore it within a month after the bank's notice;
• No transactions have occurred for one year.

Check your bank’s general terms—they may specify otherwise.

Under anti-money laundering law. The bank must refuse a transaction or terminate relations if it cannot verify the client, their representative, or beneficiary, or cannot perform ongoing transaction monitoring (Art. 27(1) and (2) of the Law). If money laundering is suspected, the bank reports it as suspicious to the authorized body. The bank may suspend operations or relations for up to 5 days; the authorized body may extend this to 15 days (Art. 26). The bank is prohibited from notifying you that such a report has been filed (Art. 6(5)).

How the bank handles closure in this case is not specified under these articles. Nor does the law stipulate a deadline for returning funds to the client. Retain all correspondence and request a written explanation of anything the bank is permitted to disclose. For information on documents banks may request, see Source of Funds.

If the Bank Refuses or Delays

1. File a written complaint with the bank, citing Art. 927 of the Civil Code, and keep a copy or receipt.
2. If there is no response or you are not satisfied, contact the Central Bank. On the Central Bank’s consumer protection page, you’ll find the hotline +374 10 592 592 (ext. 3335) and a link to the Financial Ombudsman.
3. Disputes over frozen funds should be resolved with the authority that imposed the freeze: tax authorities or court. The bank enforces the freeze. Lifting the freeze is regulated by Art. 432 of the Tax Code, e.g., after paying the debt and submitting proof (paras. 2 and 4).

Closing Accounts of Sole Proprietors and Companies

Accounts for sole proprietors or companies are closed by the same application, but you must consider accounting and tax issues. The law does not set these as conditions for account closure, but if you no longer need the account, it is advisable to settle tax payments, pay salaries, and finalize settlements first. If you are closing a sole proprietorship, the account is closed separately from the termination of registration—see Closing a Sole Proprietor. For company liquidation, account matters depend on creditor settlements and the liquidation balance; consult your accountant or lawyer for timelines. Details are in the article LLC Liquidation.

We found no legal requirement in the Tax Code for enterprises to notify the tax authority specifically about an account closure: Art. 287(5) only provides that banks open accounts for organizations, sole proprietors, and notaries with a tax number, and the procedure for transmitting account opening information is determined by a joint act of the Central Bank and tax authority. Check with the tax office or your accountant on local procedures.

Common Mistakes

• Oral request instead of a written application. The 7-day period starts from the bank’s receipt of a written application (Art. 927(3)). A phone call or chat message may not activate this period.
• Closing without a statement. Request your statement and closure certificate in advance, so you don’t have to request them after the account is closed.
• Assuming closure lifts a freeze. A freeze applies to funds and incoming transfers, not to the account number. A tax freeze will apply to any new accounts opened after the decision (Art. 433(2) of the Tax Code).
• Closing the only account before opening a new one. Payments cannot be made from a closed account; you will need to arrange alternative payment methods. Open a new account first.
• Ignoring the bank’s requests. If the bank requests documents on source of funds or transaction purposes, respond on time. The inability to verify the client is grounds for terminating relations (Art. 27).

What You Can Do in Advance

• Keep your account balance above the minimum and make at least one transaction per year. This removes two grounds under Art. 927(2) of the Civil Code for bank-initiated closure; other grounds like breach of contract remain.
• Don’t delay closing unused accounts: fees may continue to be charged according to the tariffs.
• If relocating, open an account at your new bank and switch payment links first, then close your old account. For details on choosing a bank, see Account for Non-Residents.