TRANSFERS VIA BANK ACCOUNT

If you wish to receive a foreign currency transfer from abroad, you need to have the details of the Bank’s correspondent account in that currency.

• The processing time for international foreign currency transfers depends on the number of banks involved in the transfer and usually takes 1–3 banking days. In certain cases, due to the need for additional checks, this timeframe may not be observed.

• Received transfers are credited to customers’ accounts free of charge.

• To receive transferred funds and to execute transfers, the customer must present an identity document in accordance with Decision No. 767 of the RA Government dated 22.12.1999

• When executing an international foreign currency transfer, the bank may, based on the available banking information, independently choose the transfer route (including intermediary banks) without obtaining the customer’s prior consent.

• If the recipient (beneficiary) of the transferred funds cannot be identified, the funds are returned by the correspondent bank to the bank that initiated the transfer. The timelines and conditions for the return of funds depend on the internal procedures of the correspondent banks and on the number of banks involved in processing the transfer. The bank credits returned funds to the bank account of the person who made the transfer. In the case of a transfer made without a bank account, the funds are returned to the sender based on the passport details specified in the transfer order.

• If the return of funds is caused by incorrect or incomplete information provided by the customer (e.g., inaccurate payment details, a closed account, etc.), any expenses incurred by the banks involved in processing the transfer shall be borne by the customer.

• If, due to reasons beyond the bank’s control, the execution of the payment order results in an unsatisfactory outcome, the paid commission fee is non-refundable.

• As of 01.01.2019, for transfers to the United Arab Emirates, depending on the purpose of the transfer, it is also required to indicate a three-digit “purpose of transfer code” in the transfer details. In the absence of this code, the transfer may be rejected by the beneficiary bank or additional charges may be applied.

• The bank has the right to refuse to execute an incomplete or improperly completed electronic payment order submitted by the customer. In such cases, all resulting expenses shall be borne by the customer.

• If, in accordance with the procedure established by the legislation of the Republic of Armenia, the bank considers a transaction to be suspicious, it has the right to suspend or refuse to execute it (including refusing to establish a business relationship with the customer).

• The bank, as well as correspondent or intermediary banks, may refuse, suspend, or freeze a transaction and may request additional information regarding the parties to the transfer or its purpose, in accordance with their internal regulations as well as international and domestic legislation. The bank bears no responsibility for such actions. In these cases, all resulting expenses shall be borne by the customer.

• For clarifications provided to the correspondent bank regarding the transfer details, the customer is charged an amount in AMD equivalent to the commission fee charged by the correspondent bank.

• In certain cases, for transfers in US dollars, Acba bank offers the Guaranteed “OUR” service. Under this service, to ensure that no additional charges are deducted by intermediary banks from the transferred amount, an additional fee of AMD 8,000 per transfer is charged, in addition to the applicable commission fee.

• If the transferred foreign currency is converted into AMD and then withdrawn, Acba bank does not charge a cash withdrawal fee for its customers. However, if funds transferred through a non-cash foreign currency deposit are withdrawn in cash, a cash withdrawal fee is charged to the customer.

• The bank is obliged to provide a document confirming the execution of each transfer, indicating the transfer amount, currency, commission fee paid, and other relevant details.

• For customers without a bank account, transfers via the SWIFT system are allowed only up to the equivalent of USD 3,000, while transfers via the Bank Mail system are allowed only in AMD and up to AMD 5,000,000 (inclusive), except for transfers to the state budget of the Republic of Armenia, for which no limit applies.

• If the beneficiary’s account details are received only via email, it is recommended, in order to prevent fraud, to contact the beneficiary through another communication channel to verify the account details (see: Security Rules).

Transfers under the “Urgent” condition are executed on the same business day if the payment order is submitted to the bank via the Bank Mail system between 15:00 and 15:30, or via the SWIFT system between 16:00 and 16:30. Payment orders submitted via the acba digital internet banking system within the Republic of Armenia through the Bank Mail system by 15:30 are executed on the same business day. Payment orders submitted after 15:30 or on non-business days are executed on the next business day.

Changing the terms of a completed transfer, canceling it, and making inquiries

• Via the Bank Mail system (within the Republic of Armenia, in AMD, USD, EUR): AMD 2,000

• Via the SWIFT system:

• In USD, EUR, or other foreign currencies: AMD 25,000

• For transfers in RUR and GEL: AMD 10,000

• If the transfer has not been sent from the bank, no fee is charged for changing or canceling the transfer.

• Correction of errors in a transfer, as well as cancellation, is carried out based on the customer’s written request and identity document, within the capabilities and timelines of the sending and receiving banks. Typically, this process may take 2-5 banking days.

• If the initiator of the transfer submits a cancellation request but, according to the inquiry, the funds have already been paid or credited, the bank cannot be held responsible for the return of the funds.

Transfers to the RA state budget are made

• For individuals:

• transfers can be made if the following are provided: an identity document, social service number (SSN), taxpayer identification number (TIN), and the territorial tax inspectorate (TTI) code. If the SSN is not available, a certificate of SSN non-issuance must be submitted.

• For legal entities:

• transfers can be made upon submission of the taxpayer identification number (TIN) and the territorial tax inspectorate (TTI) code.

What to do if you have a complaint?

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