Opening a Bank Account in Azerbaijan

Find out how to go about opening an Azerbaijani bank account: the documents needed and the process to expect...

A current account can be opened in various currencies: Australian dollar, Azerbaijani manat, British pound, Canadian dollar, Danish krone, Norwegian krone, Swedish krone, Euro, Japanese yen, Swiss franc, Russian ruble, and US dollar. Opening an account in Azerbaijani manats and in foreign currency is free of charge.

Documents

To open a bank account, the following documents are needed:

  • Passport and entry visa
  • Temporary identity card (for foreigners staying in the country for more than 30 days)
  • Completed application form (available at banks)

Bank card accounts can be held in the following currencies: Azerbaijani manat, British pound, Euro and US dollar.

  • For further information about bank cards: Click here
  • For further information about opening a current account: Click here

Savings (Deposit) Accounts

It is advisable to check the rates and policies at different banks before opening an account or making a deposit. Interest generated on individual deposits is not taxed.

  • For further information about deposits: Click here

Closing a bank account

A commission fee is charged to close a bank account.

Foreign Company Accounts

For a foreign company to open bank account the following documents are required:

  • Copy of a legal document confirming the legal status of the non-resident or company
  • Notarised copy of the registration document from the Ministry of Foreign Affairs; branches of companies should get a notarised copy from the Ministry of Finance
  • Specimen signatures of Directors
  • Registration certificate from the Ministry of Tax
  • Document with approval from the central bank of the non-resident's home country, confirming the non-resident's right to open a bank account in manats in Azerbaijan
  • Application form

Banking services

The following bank services are available for corporate customers:

  • Bank accounts and settlement services
  • Currency exchange
  • Money transfer service within Azerbaijan and internationally
  • Short-term loans (up to one year) and long-term loans (more than one year)
  • Salary cards for employees
  • Finance/documentary operations
  • Internet banking
  • To receive payment by bank cards
  • For further information from the International Bank of Azerbaijan: Click here