How to open a bank account in Alpha Bank Cyprus Ltd

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

January, 2003

Last contact

March, 2024

Last update

October, 2023
  • Instruction of the Central Bank of Cyprus dated June 2018: a ban on opening accounts with shell companies;
  • is currently opening accounts for companies whose activities are affiliated with Cyprus;
  • opens current accounts for companies and individuals;
  • to open an account, a personal meeting with a potential client is mandatory;
  • there are no requirements for minimum balances, but if the funds on the account do not appear within 3 months, the account may be closed;
  • the term for opening an account – case by case (check with the consultant).

 

GSL rating
Beginning of cooperation
January, 2003
Last contact
March, 2024
Last update
October, 2023
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General information and rating

1 172
Global rating
6
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1879
History
Alpha Bank, founded in 1879, is one of the largest banks in Greece. The bank has a lot of subsidiary financial, insurance, and investment companies and has over 400 branches in Greece. The Alpha Bank Group is also active in the international banking markets, with presence in Cyprus, Romania, Bulgaria, Serbia, Ukraine, Albania and the United Kingdom. Alpha Bank made its first appearance in Cyprus in 1998 with the acquisition of Lombard Natwest Bank. It was renamed Alpha Bank Limited and later Alpha Bank Cyprus Ltd
Personnel
The Bank employs over 750 members of staff, bank staff speaks different languages
Bank’s shareholders
Alpha Bank AE (Athens Greece) - 100%
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    0
    Initial deposit of funds, €
    3
    Deadline for the initial deposit, month
    Transactions permitted per month
    The bank does not limit the number of transaction
    Initial deposit of funds, €
    Not required. However, if the funds are not transferred to the account within 3 months, the account may be closed; you will need to contact a bank officer in this case
    Minimum turnover, €/year
    No requirement for the minimum turnover
    How fast payments are executed
    Outgoing payment is made one business day after receiving instructions. Urgent payment is made on the same day, the commission depends on the amount of the transfer

    Tariffs and services

    50
    Outcoming transfer, €
    26
    Incoming transfer, €
    140
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    0,1%, min. EUR 25, max. EUR 510
    Incoming transfer, €
    Up to EUR 1 710 - EUR 12; over EUR 1 710 - EUR 25,50
    Account maintenance, €/year
    EUR 140 per annum (corporate account); EUR 70 per annum (personal account)
    Distant access to the account
    Management is carried out through the Bank-Client system (Alpha Express Banking), it is also possible to use fax
    Financial products
    International transfers (SWIFT, telex, cheque or postal order), documentary letters of credit, trade finance, forfeiting, dealing operations, debentures and guarantees, loans in all currencies, currency trading, custody services, investment services, shipping services, assistance with and loans for purchasing Cyprus real estate
    Credit/debit cards
    VISA Silver, VISA Gold - debit card, linked to a current account
    Hold mail
    EUR 140 per annum (corporate account); EUR 85 per annum (personal account)

    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Necessary
    Purpose of the account
    Current
    Visit to the bank
    To open an account, a personal meeting with a potential client is mandatory
    Required
    Bank application forms; copy of the passport, KYC (business description, source of funds); corporate documents (corporate account), bank reference letter
    Types of accounts
    Current
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located
    Chances to open an account
    Predictable
    Business description
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

    Banks of Cyprus

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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