Money & Payments in Yerevan (2026)

Good to know

Good to Know

Carry a mix of card and cash for flexibility; downtown Yerevan is increasingly cashless, but cash is essential for taxis, public transport, and markets.
Most ATMs do not charge fees—avoid the few that do (especially Ameriabank at 1,500 AMD) by using Ardshinbank, Artsakhbank, VTB Bank, or AraratBank instead.
Decline dynamic currency conversion (DCC) at ATMs and always choose to pay in AMD for the best exchange rates.
Exchange money at licensed offices or supermarket hubs, never at the airport or hotels—rates are significantly worse.
Tipping in Yerevan restaurants is now customary (10%), but leave cash rather than adding to your card; servers don't always receive card tips.
Contactless (tap-to-pay) terminals are becoming standard in central Yerevan cafes and supermarkets.
Plan to withdraw larger amounts less often and distribute cash safely to avoid multiple ATM visits.
Street-hailed taxis require cash; use app-based services (Yandex, etc.) if you want to pay by card.

Tipping Norms

Hotels: AMD 500
Small tips for housekeeping, porters
General Note: Tipping is not mandatory in Armenia but is increasingly expected in Yerevan due to tourism growth. Outside Yerevan, tipping remains less common and is never obligatory.

Tour Guides

Amount Percent: 5–10%
Note: Especially appreciated for walking tours and free tours where tipping is primary income

Taxi Drivers

Amount: Not expected

Restaurants Cafes Yerevan

Amount Percent: 10%
Note: Tipping left on card does not always reach server. Not mandatory but genuinely appreciated in Yerevan's tourism sector.

ATM Information

Availability: Widely available throughout Yerevan, especially in central streets, shopping centres, and near banks

Fees

Ameriabank Specific: AMD 1,500
Flat fee on withdrawals made with foreign cards (most common paid option)
Note: Most ATMs do not charge withdrawal fees for foreign cards

Best Practices

Use ATMs at bank branches rather than mall kiosks
Decline dynamic currency conversion (DCC) and withdraw in AMD for better exchange rates
Major banks with fee-free or low-fee ATMs include Ardshinbank, Amio, Artsakhbank, VTB Bank, AraratBank, and Unibank

Typical Withdrawal Limits

Daily Maximum: 400,000–500,000 AMD
Single Transaction: 100,000–150,000 AMD

Card Acceptance

Public Transport: Cash only
Markets Vernisage: Cash only

Taxis

App Based: May accept cards
Hailed On Street: Cash only

Hotels

Description: Major hotels accept cards

Restaurants Cafes

Description: Widely accepted in downtown Yerevan and tourist areas

Cards Accepted

Visa
Mastercard

Supermarkets Chains

Description: Most urban supermarkets and chain stores accept contactless and card payments

Currency Exchange

Avoid: Airport and hotel exchange counters (worse rates)
What To Exchange: USD and EUR have the best rates; other currencies acceptable but with wider margins
Official Currency: Armenian Dram (AMD)
Twenty Four Hour Options: Some exchange offices in central Yerevan operate 24/7

Where To Exchange

Licensed exchange offices (better rates than airport/hotels)
Banks (open 09:00–16:00 or 17:00, Saturdays until 14:00, some closed Sundays)
Supermarket exchange hubs (often competitive rates)
Central Bank of Armenia for less common currencies

Banking

Overview: Armenia has 17 licensed banks supervised by the Central Bank. The banking system is stable and open to foreign customers, though account-opening procedures have tightened since 2024 due to international compliance requirements.
Multi Currency: Most major banks support accounts in Armenian Drams, USD, EUR, GBP, Canadian Dollars, and other major currencies.
Language Support: Major banks in Yerevan's center and business districts have English-speaking staff. Smaller branches or specialized services may require advance appointment requests for English-language assistance.
International Transfers: Most major Armenian banks support SWIFT and SEPA transfers for international transactions. Digital transfer platforms typically offer preferential rates.
Compliance Note: Banks maintain independent compliance decisions and may reject applications. Tightened AML/KYC procedures apply to all foreign applicants.

Account Opening

Timeline: Standard opening timeframe is 2–3 business days after submission of complete documentation.
Eligibility: Non-residents can open bank accounts in Armenia without requiring residency or citizenship.
Primary Requirement: Most banks require an Armenian Public Services Number (PSN, equivalent to a tax ID) in addition to a valid passport. Banks require in-person identification for first account opening.
Documentation Note: Since 2024–2025, Armenian banks have significantly tightened Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in line with Common Reporting Standard (CRS) entry.

Deposit Insurance

Note: Deposits are insured by the Deposit Guarantee Fund up to these limits per depositor per bank. Investments (bonds, securities) are not covered.

Coverage

Amd Deposits: AMD 16,000,000
Foreign Currency Deposits: AMD 7,000,000

Recommended Banks For Foreigners

Ameriabank (comprehensive multilingual service, English-speaking staff, central branches)
Evocabank (comprehensive multilingual service, documented foreigners' account experience, multi-currency support)
ID Bank (English-language services, experienced with non-residents)

AI-generated estimateData refreshed September 2026

Sources cited for this category

These are the sources cited in this money & payments research for this city. Individual figures may not each trace to one of them.

More About Yerevan

Data last updated September 2026 · Verify anything important.

Money & Payments in Yerevan