Armenian conflict - is banking still safe?
- Thread starter juul2
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You mean the border skirmishes that happen all the time?
If you have an account in Armenia pull your money out asap....lol. I don't think it will come to anything as Russia is the big player in the region and will dictate events. Plus Azerbaijan which is a giant gas pump masquerading as country has a lot to lose.
If you have an account in Armenia pull your money out asap....lol. I don't think it will come to anything as Russia is the big player in the region and will dictate events. Plus Azerbaijan which is a giant gas pump masquerading as country has a lot to lose.
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?
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?
Yes pull your money as first priority. When you hear anything related to instability run and DO NOT wait. I did the same with my money in Georgian banks after the parliament speaker incident.
Doubt it. This is just covid flexing. Azerbaijan is an oil pump it does not want problems despite all the big talk for local audience.
Doubt it. This is just covid flexing. Azerbaijan is an oil pump it does not want problems despite all the big talk for local audience.
The problem is, our online business is based in Armenia lol. We have very comfy regulations, low tax, cheap card processing in EUR currency (2.7%) and easy-going banking that allows us to receive decent turnover on monthly basis. We cant︀ just pull out that quickly, it'll be hard to explain to our business clients.
Well I am sure you knew the history of conflict in Armenia and well aware of the investment risks of operating there. So you may have to just ride it out. Cooler heads may prevail and I don't personally think it will come to anything like I said......fingers crossed.
We really dont have much choice in stashing money for now.
Alternative for migration of business might be Cyprus but their GDPR mess... We have freelance-contractors outside EU handling most customer data, that would be a nightmare to handle this GDPR garbage.
Alternative for migration of business might be Cyprus but their GDPR mess... We have freelance-contractors outside EU handling most customer data, that would be a nightmare to handle this GDPR garbage.
This conflict is a real shitshow... I have no idea how it can be ever resolved, besides just waiting multiple generations until various ethnic groups move (or mix...).
The official map shows an Armenian exclave in the middle of Azerbaijan, and the reality is even more difficult. In the past, Soviet leadership tried to change the demographics by importing Azeris into the region︀ which didn't work as planned. Now Armenia borders Azerbaijan and also Turkey which declared it︁ can support Azeris with an army. Azerbaijan borders Armenia and also Russia which on the︂ other hand would probably support Armenia.
Georgia borders both countries but probably cannot side with︃ either one, culturally and religiously it is closed to Armenia but economically it is closer︄ to Azerbaijban and it doesn't want to lose the business and tourism coming from both︅ countries...
Oh, did I forget both countries also border Iran and the Kurds? Many Iranians︆ bank there because they would be rejected absolutely everywhere else.
Even given all this, I︇ still wouldn't expect your money in an Armenian bank to disappear or be confiscated. The︈ risk will be something more subtle will happen - a) inflation of the local currency︉ and b) restrictions of handling with euros and dollars. If you need inspiration of what︊ can happen when a country gets into a political and monetary crisis, look at current︋ situation in Lebanese banks.
The official map shows an Armenian exclave in the middle of Azerbaijan, and the reality is even more difficult. In the past, Soviet leadership tried to change the demographics by importing Azeris into the region︀ which didn't work as planned. Now Armenia borders Azerbaijan and also Turkey which declared it︁ can support Azeris with an army. Azerbaijan borders Armenia and also Russia which on the︂ other hand would probably support Armenia.
Georgia borders both countries but probably cannot side with︃ either one, culturally and religiously it is closed to Armenia but economically it is closer︄ to Azerbaijban and it doesn't want to lose the business and tourism coming from both︅ countries...
Oh, did I forget both countries also border Iran and the Kurds? Many Iranians︆ bank there because they would be rejected absolutely everywhere else.
Even given all this, I︇ still wouldn't expect your money in an Armenian bank to disappear or be confiscated. The︈ risk will be something more subtle will happen - a) inflation of the local currency︉ and b) restrictions of handling with euros and dollars. If you need inspiration of what︊ can happen when a country gets into a political and monetary crisis, look at current︋ situation in Lebanese banks.
Well Georgia will have to pick its economic interest. There are oil pipelines running through Georgia from Azerbaijan I believe 😕.
If your talking banking in Armenia then yes they do.︀ Many Iranians and Iraqi's bank there. I don't know if it is still the case︁ in 2020 but certainly a few years ago it was totally normal.
If your talking banking in Armenia then yes they do.︀ Many Iranians and Iraqi's bank there. I don't know if it is still the case︁ in 2020 but certainly a few years ago it was totally normal.
Bank system works fine I was approved 150k loan today. it depends in which bank you're being served. Right now there is huge incoming transfers due to donations from diaspora. So banks itself are fine however you never know how this conflict will develop, how long this will go ... it's becoming geopolitical game with many parties involved.
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