How to open a bank account in Baltic International Bank

GSL reference about the bank What is it?

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Relationship was terminated

Board of the Financial and Capital Market Commission (FCMC) decided to suspend the provision of financial services at Baltic International Bank SE during the extraordinary meeting of 12 December. The FCMC has recognized Baltic International Bank SE as failing or likely to fail

Relationship was terminated

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General information and rating

Not rated
Global rating
13
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1993
History
The bank was founded on May 3, 1993. In 1994 Baltic International Bank became the first bank in Latvia to provide personal banker services. In 1995, remote customer service was introduced. The head office is located in Riga (Latvia), there are representative offices in London, Moscow, Kiev
Personnel
Bank employees speak Russian, English, Latvian. Internet Banking is also available in three language versions
Bank’s shareholders
99.9% of the Bank's shares belong to the Belokon family: Valery Belokon (69.9%) and Vilory Belokon (30%)
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    10 000
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    The minimum (not reduced) balance on the account of a legal entity, non-resident of Latvia (upon request) - 10,000 EUR. Fee for consideration of documents for opening an account for corporate clients is 400 EUR, for private clients - 300 EUR (in case of refusal to open an account, it is not refundable)
    How fast payments are executed
    EUR (standard) until 15.00 - on the current day; EUR (urgent) until 16.00 - on the current day, (standard) - on the next business day

    Tariffs and services

    70
    Outcoming transfer, €
    2
    Incoming transfer, €
    3 000
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The transfer fee depends on the type of currency, the urgency of the payment, as well as the client's residence. Transfer fee in EUR. BIB standard transfer outside Latvia SHA - from 20 to 70 EUR, OUR - from 30 to 80 EUR. BIB urgent transfer outside Latvia SHA - from 30 to 80 EUR, OUR - from 40 to 90 EUR
    Incoming transfer, €
    Incoming payment in EUR (SEPA): over 10,000 EUR - from 5 to 10 EUR. Incoming payment in EUR (TARGET, SWIFT): over EUR 10,000 - from 5 to 10 EUR. Incoming payment in USD (SWIFT): from 10 to 15 USD
    Account maintenance, €/year
    The account maintenance fee for depends on the type of client and the type of activity and ranges from 1,200 to 6,600 EUR per year. Commission for servicing a shell company: for clients who became clients of the Bank during 2018 - 3,500 EUR; for clients who have become clients of the Bank before 2018 - 7,000 EUR
    Payment limit for credit cards, €/day
    Depends on the type and class of the card
    Funds to be blocked for CC issue, €
    From 1,000 to 5,000 EUR
    Distant access to the account
    "Internet Banking" with the receipt of a DigiPass device or activation of the Mobile DigiPass program
    Financial products
    The bank offers a full range of banking services for corporate and private clients: payments, brokerage services, documentary operations, foreign exchange transactions, payment and credit cards, deposits, subordinated deposits for residence permits, asset management, precious metals, fiduciary deposits, alternative investments, co-financing projects, loans, trade finance, escrow accounts, individual safes
    Credit/debit cards
    MasterCard ( Standard, Business, Gold, Platinum, World Elite) , Visa ( Infinity) , American Express

    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
    Current
    Visit to the bank
    Visiting the Bank is not required, you can meet with a representative of the Bank in Moscow
    Required
    Standard corporate kit under an apostille, or legalized at the embassy. CV, documents confirming the client's solvency and experience. After the initial discussion of a specific client case and collecting information with documents in scans, forms are filled out, these forms are certified by a bank employee in the presence of a person with the right to sign from the client's side. After that, the documents are transferred to the account opening department
    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
    Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds

    Banks of Latvia

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