How to open a bank account in Bank of Asia

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

July, 2018

Last contact

September, 2022

Last update

September, 2022
  • at this moment, the bank suspended work with business and beneficiaries from the Russian Federation at the request of the correspondent bank - according to Bank of Asia BVI, they are now looking for a new partner;
  • payments in USD are possible;
  • it is possible to open an account without meeting with a banker;
  • it is possible to open an account for an offshore company, incl. to the one registered on the BVI - which allows you to achieve the coincidence of the jurisdiction of the bank and the company
GSL rating
Beginning of cooperation
July, 2018
Last contact
September, 2022
Last update
September, 2022
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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
2017
History
In March 2017, Bank of Asia was licensed by the BVI Financial Services Commission - the first license in two decades. The bank is headquartered in the British Virgin Islands
Personnel
The staff speaks English
Bank’s shareholders
Carson Wen - Founder and Chairman of the Management Board, Bank of Asia (BVI) Limited
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    Minimum requirements

    50
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    1 450
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    There are no strict minimum balance requirements. The bank claims an additional monthly commission on corporate accounts of 50 USD for accounts where the average quarterly balance is below 20,000 USD. There are no restrictions for personal
    Transactions permitted per month
    No limit on the number of transfers
    Initial deposit of funds, €
    The commission for opening an account is 1.450 USD (for a corporate account) and 150 USD (for a personal account), which is the initial payment that is paid upon application
    Deadline for the initial deposit, month
    Simultaneously with the application for opening an account
    Minimum turnover, €/year
    There are no turnover restrictions. But this is reflected in commissions

    Tariffs and services

    60
    Outcoming transfer, €
    60
    Incoming transfer, €
    60
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is 60 USD or equivalent in another currency per transaction
    Incoming transfer, €
    Incoming payment is 60 USD or equivalent in another currency per transaction
    Account maintenance, €/year
    The monthly account maintenance fee is 5 USD. The bank claims an additional monthly commission on corporate accounts of 50 USD for accounts where the average quarterly balance is below 20,000 USD. There are no restrictions for personal
    Distant access to the account
    Internet Banking
    Financial products
    Founded as a digital international cross-border bank where customers can open an account and perform online banking without even visiting a physical branch

    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
    No visit to the bank required
    Required
    Documents require notarized copies of standard corporate documents + fresh registers of directors and shareholders + office lease agreement. For individuals - certified copies of passports and confirmations of residence no older than 3 months
    Types of accounts
    Savings; Current
    Opening procedure and Due Diligence
    It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker
    Chances to open an account
    Predictable

    Banks of BVI

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    3 030
    N/A
    N/A
    2 750
    N/A
    N/A
    1 820
    N/A
    N/A
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