How to open a bank account in Bank of Asia

Beginning of cooperation Last contact Last update
July, 2018 June, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- 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

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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 Not rated N/R
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    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
    Confidentiality Judicial Cooperation 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
    50 No restrictions 1 450 0 N/A
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    60 60 60 N/A N/A
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    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

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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 Savings & current
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    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 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; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
     
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