PAYMENT SYSTEM
Payment Systems
Money Transfer (remittance) system
International transfers
The Armenian banks make international transfers using their correspondent accounts with foreign banks, via the SWIFT telecommunications network. Those Armenian banks which do not have correspondence with foreign banks will make their international transfers via the above mentioned banks by using their foreign currency accounts with banks abroad.
Business entities make their international payments by traditional bank accounts, while international money transfers of physical persons are made mostly via money transfer systems.