Opening A Bank Account In Azerbaijan: A Step-By-Step Guide

Opening a bank account in Azerbaijan is a straightforward process, with similar requirements for residents and non-residents. For personal accounts, individuals need to provide a valid ID or passport, and in some cases, a temporary ID for those staying in the country for over a month. Corporate accounts require more documentation, including notarised signatures and registration certificates. The process is the same for foreign companies, who can also open accounts in foreign currencies. Bank accounts can be opened in various currencies, including Azerbaijani manat, US dollars, British pounds, and Euros.

Required documents for non-residents

To open a bank account in Azerbaijan as a non-resident, you will need to meet specific requirements and provide the necessary documentation. Here is a list of the required documents for non-residents:

• Passport and Visa: A copy of your passport is required, along with an Azerbaijani entry visa if you are from a country that requires a visa to enter Azerbaijan.
• Temporary Residence Permit: Non-residents will need a residence permit to open a bank account. This is a crucial document and may be challenging to obtain. Some banks may deny account opening without this permit.
• Temporary Identity Card: If you are staying in Azerbaijan for more than 30 days, you will need to obtain a temporary ID card and provide it to the bank.
• Proof of Address: Utility bills or rental agreements that show your local address in Azerbaijan.
• Tax Identification Number (TIN): This number is issued by the Azerbaijani tax authorities and is necessary for opening a bank account.
• Bank Application Form: You will need to complete and submit the bank's application form, which can be obtained from the bank or their website.

It is worth noting that there are no additional requirements for non-residents compared to residents when opening a bank account in Azerbaijan. The same services are offered by local and foreign banks to both residents and non-residents.

Required documents for residents

To open a bank account in Azerbaijan, residents will need to provide the following documents:

• A valid ID or passport.
• A temporary ID card (for foreign citizens staying in Azerbaijan for more than 30 days).
• A document proving local registration, such as a residence permit.
• A completed application form, which can be obtained from the bank.
• A specimen of their signature.
• A bank account agreement.

It is worth noting that there are no additional requirements for foreign citizens opening bank accounts in Azerbaijan, unlike in other countries. The same rules apply to residents and non-residents when opening bank accounts, and there are no special requirements for non-residents.

Azerbaijani banks offer modern e-banking services, providing account control tools from abroad. Bank accounts can be opened in various currencies, including the Azerbaijani manat, British pound, Euro, and US dollar.

Types of bank accounts

There are several types of bank accounts available for individuals and businesses in Azerbaijan. These include:

Personal Bank Accounts

• Current Accounts: These are used for daily transactions and easy access to funds. Current accounts can be opened in various currencies, including the Azerbaijani manat, US dollar, Euro, and British pound, among others.
• Savings or Deposit Accounts: These accounts are used for saving money and earning interest over time. Interest generated on individual deposits is not taxed.
• Foreign Currency Accounts: These accounts are used for holding funds in various currencies. Foreigners can open personal bank accounts in different currencies, such as USD, EUR, Turkish Lira, and Russian Ruble, in addition to Azerbaijani Manat.

Business Bank Accounts

• Current Accounts: Businesses can also open current accounts, which are used for business transactions and easy access to funds.
• Savings or Deposit Accounts: Businesses can use these accounts for saving money and earning interest.
• Foreign Currency Accounts: Businesses can hold funds in various currencies to meet their operational needs.
• Corporate Bank Accounts: These are for companies registered in Azerbaijan.
• Foreign Company Accounts: These are for overseas enterprises operating in Azerbaijan.
• Merchant Accounts: These are mandatory for e-commerce companies in Azerbaijan.

How to open a bank account as a non-resident

How to open a bank account in Azerbaijan as a non-resident

Opening a bank account in Azerbaijan as a non-resident is a straightforward process, but it's important to understand the local banking system, required documentation, and specific procedures.

Types of Bank Accounts

Firstly, you'll need to choose the type of bank account you want to open. In Azerbaijan, non-residents can open several types of bank accounts, including personal or current accounts, savings or deposit accounts, and corporate accounts.

Documents Required

Once you've decided on the type of account, you'll need to gather the necessary documents. For non-residents, these typically include:

• A valid passport or national ID
• A residence permit or visa for Azerbaijan (if from a visa-required country)
• Proof of address, such as utility bills or a rental agreement
• A Tax Identification Number (TIN) issued by the Azerbaijani tax authorities
• A completed and signed bank application form

Choosing a Bank

Next, you'll need to select a bank that meets your needs and offers the type of account you want. Some popular options include international banks with branches in both Azerbaijan and your home country, such as VTB Bank (Russia), Ziraat Bank (Turkey), and YapıKredi Bank Azərbaycan (Turkey).

Opening the Account

Once you've gathered your documents and chosen a bank, simply visit the bank's branch with your documents. Some banks also offer online application processes. Fill out the bank's application form and submit your documents for verification. This process usually takes a few days.

After your application is approved, you will receive your account details, and you can start using your new Azerbaijani bank account!

Services provided by banks in Azerbaijan

Azerbaijan's banking system consists of the country's central bank, the Central Bank of Azerbaijan, and other commercial banks. There are 25 banks in Azerbaijan, one of which is state-owned, and 24 are private commercial banks.

• Settlement (payment) services: Opening a bank account in various currencies, including the Azerbaijani manat, Euro, USD, Turkish Lira, Russian Ruble, and others.
• Currency exchange transactions: Foreign currency exchange based on daily buying and selling rates determined by the bank.
• Money transfers: Implementing money transfers within the country and to foreign countries based on the customer's payment instructions.
• Withdrawal services: Withdrawing money from current accounts.
• Loans: Short-term and long-term loans for corporate customers.
• Salary cards: Salary cards for employees.
• Finance/documentary operations: Ability to receive payments by bank cards.
• E-banking: Some Azerbaijani banks provide modern e-banking services, allowing customers to control their accounts from abroad.
• Deposit accounts: Banks offer savings (deposit) accounts, with interest generated on individual deposits not being taxed.

Frequently asked questions