/ / Anglo Austrian Bank AG (AAB) (former Meinl Bank AG)

How to open a bank account in Anglo Austrian Bank AG (AAB) (former Meinl Bank AG)

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GSL reference about the bank

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The European Central Bank (ECB) has revoked the licence to provide banking business held by Anglo Austrian AAB Bank AG (previously Meinl Bank AG) in a decision dated 14 November 2019

  

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    4 371 87 B
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    Year of foundation 1923
    History The bank is one of the largest Austrian private banks. In the early 2013 the bank opened a branch in Prague, Czechia
    Personnel The staff speaks German and English. The bank also has Russian-speaking staff (10 employees)
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    10 000 100 10 000 1 No restrictions
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    Minimum balance, € There are two modes of working with the bank: 1. Private Banking. This mode of work requires you to purchase EUR 100 000 worth of the bank’s debentures with 4-5% yield and 1-2 years maturity. The cost of a transfer in this mode is EUR 70. 2. Transaction Banking. In this case there is no requirement for a minimum balance, however the transfer fee will be 0.15% of the amount
    Transactions permitted per month The bank does not restrict the number of transactions, but it is advisable to take into account the staff’s workload. The bank’s recommended limit is 10 transactions per day (not more than that)
    Initial deposit of funds, € There are no requirements for the initial deposit though it is logical to assume that it should be larger than the account opening fee (EUR 1 000) and the annual maintenance fee (EUR 1 000)
    Deadline for the initial deposit, month It is advisable to make the initial deposit straight away (within the first month)
    Minimum turnover, €/year There are no requirements for the minimum turnover
    How fast payments are executed Payments are made on the next following day (express payments – same-day). The cut-off time is 15.00 Austrian time (-2 hours Moscow time)

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 75 1 000 10 000 20 000
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    Outcoming transfer, € 1. Private Banking: outgoing transfer fee (excluding SEPA) does not depend on the amount and is EUR 70 / USD 100. SWIFT confirmation – EUR 25. Extra fee for express payments – EUR 20. Cash withdrawal fee – 1%. 2. Transaction Banking: transfer fee is 0.15% of the amount (min EUR 70 / USD 100 - max EUR 550 / USD 700)
    Incoming transfer, € 1. Private Banking: incoming transfer fee (excluding SEPA) does not depend on the amount and is EUR 70 / USD 100. 2. Transaction Banking: transfer fee is 0.15% of the amount (min EUR 70 / USD 100 - max EUR 550 / USD 700)
    Account maintenance, €/year Account opening fee – EUR 1 000 (debited from client’s account). Account maintenance fee – EUR 250 (per quarter). It includes: free-of-charge payments (SEPA) within EU; free-of-charge outgoing transfers; free-of-charge online and telephone banking; free-of-charge hold of bank statements and receipts
    Payment limit for credit cards, €/day There are no restrictions on the payment limit. The minimum monthly payment limit is EUR 10 000
    Funds to be blocked for CC issue, € The bank blocks in the account the sum twice as large as the monthly payment limit. For example, for a limit of EUR 10 000, the sum blocked is EUR 20 000
    Distant access to the account Clients can operate their accounts via internet banking (using TAN codes sent in the form of a table). Internet banking is available in the Russian language, the fee is included in the account maintenance fee. However, the payment instruction does NOT IMMEDIATELY gets into the payment system, but only after it is further keyed in by the bank officer
    Financial products The bank offers a wide variety of investments which, alongside classic direct investments, also include in-house management of investment fund, management of securities and of third party (client) owned fund
    Credit/debit cards Visa, MasterCard
    Hold mail Express provision of banks statements and documents – EUR 100. Bank reference letters – EUR 100. Detailed financial statements – EUR 100

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    60 60 Not necessary Detailed Savings & current
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    Visit to the bank No visit to the bank is required. The bank’s representative comes to Moscow for two weeks of the month
    Required Completed bank forms; copy of client’s passport; client’s CV; standard set of corporate documents. For companies older than one year, Certificate of Good Standing and Certificate of Incumbency
    Types of accounts Personal; Corporate; Savings; 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 (contracts etc)
     
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