GSL / Offshore and International Law. Offshore companies registration. / Offshore Banking / Arab Bank

How to open a bank account in Arab Bank

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

May, 2023

Last contact

December, 2024

Last update

June, 2024
  • started in 1960 in Jordan, also represented in Bahrain;
  • the bank opens savings (deposit) and checking accounts;
  • the bank only opens accounts for local companies registered in Bahrain, and personal accounts also only for residents of Bahrain;
  • to open an account for a foreign company will require the opening of a branch in Bahrain;
  • minimum balance for a corporate account is BHD 500* (~ USD 1 330) + after opening the account a deposit of BHD 70 000 (~ USD 185 000) is required;
  • personal visit of the founders and account signatory in Bahrain is required to open the account;
  • it is possible to issue bank cards and checkbooks;
  • pre-approval is possible before starting the account opening process;
  • fee for transfer to foreign bank is ~ BHD 5,5* (~ USD 15);
  • Internet Bank in English;
  • time of account opening: about 1-2 weeks

*Rates are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
rating
Beginning of cooperation
May, 2023
Last contact
December, 2024
Last update
June, 2024
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+44 0 207 822 85 93

General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
—
Countrywide rating of the head bank
—
Global rating of the head bank
Year of foundation
1960
History
Group of companies were registered on May 21, 1930 and began their operations in Jerusalem on July 14 of the same year. In 1948, the bank's headquarters were moved to Amman, Jordan, where it was officially registered as a public limited company. In 1961 the bank opened its first international representative office, becoming the first Arab financial institution to establish a presence in Switzerland.

Arab Bank was the first publicly traded company listed on the Amman Stock Exchange in 1978
Personnel
There are English-speaking staff
Bank’s shareholders
Majority shareholder - Social Security Corp. (17,2%)
Confidentiality
AML legislation is strictly observed
Compare banks

    Minimum requirements
    Minimum requirements

    1 228
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    171 850
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for a corporate account is BHD 500 (~ USD 1 330)
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    After opening the account a deposit of BHD 70 000 (~ USD 185 000) is required
    Deadline for the initial deposit, month
    Immediately after opening an account
    Minimum turnover, €/year
    No turnover limits
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    14
    Outcoming transfer, €
    0
    Incoming transfer, €
    N/A
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to foreign bank is ~ BHD 5,5 (~ USD 15)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Distant access to the account
    Internet Banking in English
    Financial products
    Arab Bank provides a wide range of financial products and services to individuals, corporations and other financial institutions.

    The bank's products and services cover consumer banking, corporate and institutional banking, and treasury services
    Credit/debit cards
    It is possible to issue bank cards and checkbooks

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Personal visit of the founders and account signatory in Bahrain is required to open the account
    Required
    For legal entity: Charter and Articles of Association; Company Registration; Account Opening Resolution indicating the signatory on the account; completed bank form on the company and owner; copies of current contracts with counterparties; office rental agreements, cash flow chart, ownership structure chart, etc.
    For an individual (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + CPR/ID card; proof of address not older than 3 months; resume; bank references + bank statements for the last 6 months
    Types of accounts
    Savings; Current
    Chances to open an account
    Predictable

    Banks of Bahrein

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    Khaleeji Bank
    3 250
    N/A
    N/A
    Bahrain Islamic Bank (BisB)
    3 250
    N/A
    N/A
    Arab Bank
    3 250
    N/A
    N/A
    Al Salam Bank, ASB (formerly Kuwait Financial House)
    3 250
    N/A
    N/A
    Ahli United Bank
    3 250
    N/A
    N/A
    BBK (Bank of Bahrain & Kuwait)
    3 250
    N/A
    N/A
    National Bank of Bahrain (NBB)
    3 250
    N/A
    N/A
    Bahrain Development Bank (BDB)
    3 250
    N/A
    N/A
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