How to open a bank account in Azerbaijan? A quick guide

Azerbaijan offers a variety of options for foreigners and investors who want to settle here or start a business. The opening of a bank account is one of these actions. As all transactions today must get completed through bank operations.

For non-residents or those with resident visas, our local consultants can assist you. They will give you the information. and representation with local financial institutions.

How to open a bank account in Azerbaijan?

Several documents are required to open a bank account in Azerbaijan.

The ID or valid passport in the case of foreigners
Temporary ID for foreigners who stay in Azerbaijan for more than a month
An application form released by the chosen bank is required.

The process of opening a bank account in Azerbaijan as a natural person in 2021. It is straightforward, regardless of whether it is intended for daily use or for savings. But, local banks also issue credit and debit cards upon opening a current account with one of them.
Employers in Azerbaijan may be able to help employees open current accounts. It is possible for non-residents to open bank accounts in Azerbaijan with local financial institutions. or branches of banks. registered in the home country, depending on their nationality
There are no specific requirements for non-residents who want to open a bank account in Azerbaijan. Banks in other countries need utility bills, but not here.
In Azerbaijan, companies and individuals can open bank accounts in a variety of currencies. It is the Azerbaijani manat, the national currency.
In the majority of cases, US dollars, British pounds, and Euros are the currencies of choice.

Can a foreign company open a bank account in Azerbaijan?

Yes. Foreign companies that choose to operate in the country, most under the form of a branch, are allowed to open a bank account. and, besides this, they can also open a bank account in a foreign currency (EUR or USD are used). It is important to note that by opening a bank account in Azerbaijan for a branch in 2021. A few more documents will be required. These will include copies and/or legalized copies of the foreign company’s Articles of Association. As well as the director’s signature.

What are the costs of opening an account in Azerbaijan?

These costs vary from bank to bank. It includes opening the account as well as those for its ongoing upkeep and maintenance fees. This includes the closing of a bank account and the issuance of bank records, among other things.

Incorporated banking services can range from currency exchange to domestic. Also, the cross-border money transfers to e-commerce-related services, corporate loans to salary cards to deposit accounts.