Workforce Payments Guide Azerbaijan
Last updated: Sep 24, 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.
Banking Requirements
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.
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
Salaries are typically paid twice a month (split payment) or monthly.
KYC
- Individuals need ID (passport or national ID), proof of address.
- Companies need registration docs, tax ID, beneficial ownership.
- Enhanced checks for foreign / high-risk clients.
Banking Regulations
Regulated by the Central Bank of the Republic of Azerbaijan.
Laws include: Currency Regulation law, Banking law, rules around licensing for payment services, foreign exchange.
International Banks
| Bank Name | SWIFT / BIC Code |
|---|---|
| National Bank of Pakistan, Baku Branch | NBPAAZ22XXX |
| Bank Melli Iran, Baku Branch | MELIAZ22XXX |
| Unibank (foreign shareholders) | – |
Local Banks
| Bank Name | IBAN Bank Code |
|---|---|
| Kapital Bank | AIIBAZ2XXXX |
| Pasha Bank | PAHAAZ22XXX |
| Rabita bank | RBTAAZ22XXX |
| Bank of Baku | JBBKAZ22XXX |
| Access Bank | – |
Payment Methods
- Domestic bank transfers.
- International transfers via SWIFT.
- Debit/credit cards (Visa, MasterCard).
- Cash still widely used.
- Digital wallets & mobile payments emerging, not yet dominant.
Cryptocurrency
- Not legal tender.
- Buying/selling crypto is allowed but not fully regulated.
- No licensing framework yet; profits may be taxed.
Questions & Answers