How to open a bank account in Baltic International Bank

Beginning of cooperation	Last contact	Last update
June, 2017	December, 2021	August, 2021

GSL reference about the bank *

Primary requirements:
- The bank opens multicurrency settlement accounts, deposit accounts and brokerage accounts;
- you don't need to go to the Bank to open an account, there is a representative office in Moscow;
- there are no requirements for minimum balances;
- when opening an account, a commission is taken for consideration of documents, which is not refundable in case of refusal (from 300 to 400 EUR);
- the term for opening an account - case by case (check with the consultant);
- The bank opens accounts for foreign companies, including those from offshore jurisdictions (subject to certain conditions);
- since March 2018, legislation has been introduced in Latvia obliging banks to stop working with non-resident shell companies, since they fall into the "high risk" category

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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
Not rated	13	—	—	N/R

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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

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	0	No restrictions

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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

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Outcoming transfer, €	Incoming transfer, €	Account maintenance, €/year	Payment limit for credit cards, €/day	Funds to be blocked for CC issue, €
70	2	3 000	N/A	N/A

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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

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Days to open for incoming transfers	Days to open for outcoming transfers	References	Business description	Purpose of the account
case by case	case by case	Not necessary	Detailed	Current

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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	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	Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds

How to open a bank account in Baltic International Bank

GSL reference about the bank *

Bank's characteristics

General information and rating

Minimum requirements

Tariffs and services

Account opening procedure

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