• Transfers to individuals may be executed via fast remittance systems WITHOUT OPENING AN ACCOUNT.
• An identification document must be submitted to send/receive funds.
• The Bank shall be obliged to provide a remittance confirmation with specification of a remitted amount, currency and commission fee, including a receipt on the provided service. A beneficiary shall receive a remitted amount in full and shall not be charged any commission fee.  
• At AraratBank, remittances shall be executed in USD, EUR, RUB and AMD once a customer provides the required data below:

1. a document that verifies the identity of a customer;
2. an amount to be remitted and a commission fee;
3. a destination country and city;
4. a beneficiary’s full name, if specified in the passport.  

• When transferring money via fast remittance systems, a maximum amount per transfer shall make USD 20 000, EUR 15 000 or RUB 900 000 unless otherwise provided for by the terms of a respective system. Splitting large amounts into small sums shall be prohibited.
• Commission fee shall be calculated at the exchange rate published CBA for the given day.  
• A remitter has the right of priority over the remitee. More specifically, where the remitter claims back the transferred amount after the amount has been transferred, and an inquiry reveals that the remitee has not received the money yet, in which case the customer is advised to fill out a refund application, after which the main amount shall be refunded to the customer without being charged any commission fee within 1 banking day after the refund application has been submitted, unless otherwise provided for by the terms of the fast remittance system or the receiving bank.
• Where, after transferring the money, a remitter informs that there is an error in the transfer data, the customer shall be advised to fill out an application specifying the data to be corrected. The customer shall be charged a commission fee of AMD 1000 for error correction. The correction shall be made in the manner prescribed for each system. Based on the remitter’s application, any changes to remittances shall be made within one banking day after the application has been submitted, unless otherwise provided for by the terms of the fast remittance system or the receiving bank.
• AraratBank shall not be held liable for the consequences resulted from the customer having transferred the remittance code to the third party.

At ARARATBANK, cash funds are paid in USD, EUR, RUB and AMD upon availability of a customer’s identification document and where a remittance code matches with remitee’s name, surname and patronymic (if specified in passport) unless otherwise provided for by the terms of the fast remittance system.

Should you have additional questions, you are free to contact ARARATBANK Call Center at (37410) 59-23-23.