How to open a bank account in Arab Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2023

Last contact

May, 2024

Last update

March, 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

Beginning of cooperation

May, 2023

Last contact

May, 2024

Last update

March, 2024

Поиск консультанта...

+44 0 207 822 85 93

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

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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

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

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

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