Armenian conflict - is banking still safe?

[Btraveler]

So far its totally fine. We will monitor the situation but banking in Armenia was one of my best banking experiences ever so far especially corporate services.

You could receive 40k EUR payments on business and cashing it (in hard cash) out without even providing a single invoice lol. Where else you can pull such stunt?

Totally agree, great banking country for no-questions and no-problems

 

[Silvio]

So far its totally fine. We will monitor the situation but banking in Armenia was one of my best banking experiences ever so far especially corporate services.

You could receive 40k EUR payments on business and cashing it (in hard cash) out without even providing a single invoice lol. Where else you can pull such stunt?

Sounds like they don't have compliance at all, and the fact that you are publishing it in an open forum tells me all I need to know about these banks and their future.
But good luck ...

 

[avalanche]

Sounds like they don't have compliance at all, and the fact that you are publishing it in an open forum tells me all I need to know about these banks and their future.
But good luck ...

They do have a solid compliance, they are just not getting over the board with it. You need to have a good sound business model and real services & goods to show. Also the bank managers need to trust you in the first place. They may treat other business very differently if they have doubts about it.

Nowadays people stop trusting everything that doesn't own them in the a*s..

Can you say super strict compliance actually stops criminals from laundering money?
https://www.icij.org/investigations...ty-money-after-paying-record-laundering-fine/

 

[Silvio]

They do have a solid compliance, they are just not getting over the board with it. You need to have a good sound business model and real services & goods to show. Also the bank managers need to trust you in the first place. They may treat other business very differently if they have doubts about it.

Nowadays people stop trusting everything that doesn't own them in the a*s..

Can you say super strict compliance actually stops criminals from laundering money?
https://www.icij.org/investigations...ty-money-after-paying-record-laundering-fine/

I like it, I'm just saying it sounds shady (especially the cash part- most banks won't give you 40K in cash, you'll have to order it and plan it and send them documents etc). But if it works for you, all the better and thanks for sharing.

Also I read on another post of yours that you have an Armenian company. Of course this changes the story, I doubt they will treat you the same if you had just a regular non resident-account. Plenty of banks even in Germany will accept big wires as long as you have a resident company and won't ask you anything.

 

[avalanche]

I like it, I'm just saying it sounds shady (especially the cash part- most banks won't give you 40K in cash, you'll have to order it and plan it and send them documents etc). But if it works for you, all the better and thanks for sharing.

Also I read on another post of yours that you have an Armenian company. Of course this changes the story, I doubt they will treat you the same if you had just a regular non resident-account. Plenty of banks even in Germany will accept big wires as long as you have a resident company and won't ask you anything.

If you have non-resident account then you may be scrutinized a lot more for sure with such figures. All banks here ask for your connection with Armenia, having a local company is usually enough (if you explain to them that you are either planning to live in Armenia or have some clients from here). But honestly Im only saying that Armenian banks are way more loyal to you if you are a starting entrepreneur and have no prior records about your activity. Once you start they dont give you unnecessary headache unless you do something shady. That's just definition of good banking in my book.

In some EU bank you'll need to confirm every single incoming and outgoing payment with proofs, lots of documents and explanations. Here its more convenient and less hassle in general, banks dont treat you like a criminal unless you give them reason to. People are not considered guilty unless it has been proven by court (seems like its opposite in other countries).

Maybe 40k in cash withdrawal goes easy for us because we have a local company with solid proofs of income. However, you dont need to order withdrawal ahead of time, if the amount is below 100k USD if your accounts are all clean. You can withdraw amounts below 100k USD anytime in one of the branches right away. It is your money and you do whatever you want with it and local banks respect that. Can EU or US banks offer the same thing?

I think it has something to do with the fact that banks in Armenia were not trusted by people for a long time and now their banking system is trying to win back that trust and doing it with better service.

Seems like it is reversed with most other banks in other countries and now people consider it weird when bank doesnt do colonoscopy on you every time you decide to use your hard earned money.

 

[Btraveler]

If you have non-resident account then you may be scrutinized a lot more for sure with such figures. All banks here ask for your connection with Armenia, having a local company is usually enough (if you explain to them that you are either planning to live in Armenia or have some clients from here). But honestly Im only saying that Armenian banks are way more loyal to you if you are a starting entrepreneur and have no prior records about your activity. Once you start they dont give you unnecessary headache unless you do something shady. That's just definition of good banking in my book.

In some EU bank you'll need to confirm every single incoming and outgoing payment with proofs, lots of documents and explanations. Here its more convenient and less hassle in general, banks dont treat you like a criminal unless you give them reason to. People are not considered guilty unless it has been proven by court (seems like its opposite in other countries).

Maybe 40k in cash withdrawal goes easy for us because we have a local company with solid proofs of income. However, you dont need to order withdrawal ahead of time, if the amount is below 100k USD if your accounts are all clean. You can withdraw amounts below 100k USD anytime in one of the branches right away. It is your money and you do whatever you want with it and local banks respect that. Can EU or US banks offer the same thing?

I think it has something to do with the fact that banks in Armenia were not trusted by people for a long time and now their banking system is trying to win back that trust and doing it with better service.

Seems like it is reversed with most other banks in other countries and now people consider it weird when bank doesnt do colonoscopy on you every time you decide to use your hard earned money.

Exactly. See also EMI's like Revolut and Transferwise. Everytime you have some important ongoing or outgoing transfer,a digital colonoscopy is perfomed to you and your company

 

[OTR365]

Armenia is a Russian vassal state. They fell into this position out of necessity. Russia will not intervene in Artsakh/Nagorno-Karabakh, but will defend Armenia proper. A red line would be crossed, if Azerbaidzan/Turkey tried to cut Armenia's corridor to Iranian border. AFAIK this is currently the only route Armenia can get weapons & ammo. This escalation is unlikely to happen. With or without Turkish support, Azeris would be unable to defend themselves against Russia.

Georgia is officially neutral, but allows Azeri Silk Way Airways to fly cargo (i.e. weapons & ammo) from Israel and Turkey through its airspace. So they have already chosen their side, partly out of economic necessities.

As to Armenian banking, the biggest risk is the coming economic hard times. A costly war + partly self-inficted corona damage may cause all kinds of troubles, such as dollar shortage.

 

[avalanche]

Armenia is a Russian vassal state. They fell into this position out of necessity. Russia will not intervene in Artsakh/Nagorno-Karabakh, but will defend Armenia proper. A red line would be crossed, if Azerbaidzan/Turkey tried to cut Armenia's corridor to Iranian border. AFAIK this is currently the only route Armenia can get weapons & ammo. This escalation is unlikely to happen. With or without Turkish support, Azeris would be unable to defend themselves against Russia.

Georgia is officially neutral, but allows Azeri Silk Way Airways to fly cargo (i.e. weapons & ammo) from Israel and Turkey through its airspace. So they have already chosen their side, partly out of economic necessities.

As to Armenian banking, the biggest risk is the coming economic hard times. A costly war + partly self-inficted corona damage may cause all kinds of troubles, such as dollar shortage.

Regarding banking: my hopes are, that Armenian diaspora will keep local banks afloat by sending money there.
These guys have strong sense of unity which other nations usually lack

 

[Btraveler]

Regarding banking: my hopes are, that Armenian diaspora will keep local banks afloat by sending money there.
These guys have strong sense of unity which other nations usually lack

Totally agree. Armenian is a strong nation with strong people. Turkish and Azerbadjan are covard people

 

[OTR365]

Regarding banking: my hopes are, that Armenian diaspora will keep local banks afloat by sending money there.
These guys have strong sense of unity which other nations usually lack

Yes, the diaspora is helpful. Besides remittances, Armenia even receives some overseas Armenian volunteers. Dan Bilzerian, any day now

Historian Edward Luttwak claimed though, that Armenian economy is not very open for overseas Armenian capital. But there's a difference between realizing the full economic potential and staying afloat. Given the low salary/cost level, even smaller amounts have a positive impact.

 

[rowena]

Totally agree. Armenian is a strong nation with strong people. Turkish and Azerbadjan are covard people

Armenian army attacked and killed civilians in their sleep:

https://www.france24.com/en/europe/...-after-shelling-of-armenia-separatist-capital

 

[Btraveler]

Armenian army attacked and killed civilians in their sleep:

https://www.france24.com/en/europe/...-after-shelling-of-armenia-separatist-capital

Wait, far from discuss on that, Armenia existed before Jesus Crist, Azerbadjan has less than 100 years of existence and major part of its terrotory was "a gift from Stalin" becase he hated armenian people. Azeri people has started again and again this war along with Turkey, which made the first genocide of the century (armenian genocide) and stole vast territory of Armenia. HITLER copied and was 100% inspired by Armenian Genocide

 

[rowena]

Wait, far from discuss on that, Armenia existed before Jesus Crist, Azerbadjan has less than 100 years of existence and major part of its terrotory was "a gift from Stalin" becase he hated armenian people. Azeri people has started again and again this war along with Turkey, which made the first genocide of the century (armenian genocide) and stole vast territory of Armenia. HITLER copied and was 100% inspired by Armenian Genocide

The news is about the Armenian army attacking to civilians in their sleep and your response is about Armenian history bla bla... It is obvious that the Armenian army is a coward and powerless. Anyway, this forum is about business not about politics. It is better to spend your time somewhere else to make propaganda.

 

[Btraveler]

The news is about the Armenian army attacking to civilians in their sleep and your response is about Armenian history bla bla... It is obvious that the Armenian army is a coward and powerless. Anyway, this forum is about business not about politics. It is better to spend your time somewhere else to make propaganda.

Yes, it's much better to optimize our economics prior to that kind of politics bulls**t dicussions. In fact, all the conflicts, wars, etc...are all for Economic domination.

Much more interesting is to know which structure can hide us from "tax army" of our countries. In my case, european one, which is worse everyday

 

[JohnLocke]

Much more interesting is to know which structure can hide us from "tax army" of our countries. In my case, european one, which is worse everyday

Did you ever found a answer to that ?