Workforce Payments Guide Armenia
Last updated: Sep 22, 2025
Papaya offers Virtual IBAN accounts (or “wallets”) to hold your funds segregated and safeguarded until payments are ready to be processed. Opening and managing corporate bank accounts can often be complex and time-consuming, requiring extensive checks and due diligence.
Papaya’s Virtual IBAN solution, built on the trusted infrastructure of JPMorgan, streamlines this process-making it faster, easier, and more cost-effective while ensuring your funds are secured.
Supported Payment Types
Statutory and benefits payments independently via Payments OS.
Banking Requirements
Angola does not use an international IBAN, but local bank account formats must be validated to ensure correct payments.
| Field | Format |
|---|---|
| Bank Code | 6 digits |
| Branch Code | 3 digits |
| Account Number | 11 digits |
Check an IBAN
Type it in here and we will tell you if it is the right format.
Calculate an IBAN
Fill in the account details, and we will calculate the IBAN for you.
Payroll payment Frequency
| Employee Type | When to Pay |
|---|---|
| Monthly employees | At the end of each calendar month |
| Hourly or project-based | As agreed in the employment contract |
KYC
- Must verify identity (passport or ID), proof of address.
- Companies need registration documents, beneficial ownership.
- Enhanced checks for high-risk profiles.
Banking Regulations
IBAN (International Bank Account Number) identifies the specific account for international transfers, mainly in Europe and other IBAN-adopting countries.
SWIFT (or BIC) is a global bank identifier used to locate the recipient’s bank.
You usually need both for international payments: IBAN for the account, SWIFT for the bank.
Need help checking the details? Before you send, you can use our IBAN checker, SWIFT checker, and bank account validator to ensure everything is accurate.
International Banks
| Bank Name | SWIFT / BIC Code |
|---|---|
| HSBC Bank Armenia *(subsidiary, recently acquired by Ardshinbank)* | MIDLAM22XXX |
Local Banks
| Bank Name | IBAN Bank Code |
|---|---|
| ACBA-Credit Agricole Bank | AGCAAM22XXX |
| Ameriabank (formerly Armimpexbank) | ARMIAM22XXX |
| Araratbank | ARMCAM22XXX |
| Ardshinbank | ASHBAM22XXX |
| InecoBank | INJSAM22XXX |
| Amio Bank | ARMNAM22XXX |
| VTB Bank Armenia | ARMJAM22XXX |
Payment Methods
- Bank transfers (domestic + SWIFT for international)
- Debit/credit cards (Visa, MasterCard, etc.)
- Local payment networks (ArCa) for cards, POS, ATMs.
- Cash remains common especially for small/local transactions.
Cryptocurrency
- New Law on Crypto Assets effective July 4, 2025, formally regulates crypto-assets and related services.
- Entities offering crypto services must get licenses from CBA.
- Individuals taxed differently depending on whether crypto activities are business vs private.
Questions & Answers