How to open a bank account in Bank of Cyprus Plc

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

August, 2006

Last contact

October, 2024

Last update

August, 2024
  • instruction of the Central Bank of Cyprus dated June 2018: a ban on opening accounts with shell companies;
  • the bank opens current accounts;
  • opens accounts for offshore companies in the presence of audited statements (or the intention to keep them) and confirmation of tax residency in the country of doing business;
  • to open an account, a personal meeting with a potential client is mandatory
  • there are no minimum balance requirements;
  • the term for opening an account – case by case (check with the consultant);
  • сurrently, the bank does not open accounts for US citizens

 

GSL rating
rating
Beginning of cooperation
August, 2006
Last contact
October, 2024
Last update
August, 2024
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General information and rating
General information and rating

368
Global rating
1
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1899
History
Established in 1899 as Nicosia Savings Bank; in 1912 name changed to Bank of Cyprus and recognised as a public company. In 1944 absorbed Melissa Bank Ltd. (est. 1924); in 1946, Cyprus Savings Bank Ltd. (est. 1924), and in 1953, Banque Populaire de Paphos Ltd. (est. 1924). In 1982 absorbed the branches of The Chartered Bank (est. 1957). On May 19, 2004 name changed as above. On November 1, 2004 Bank of Cyprus (London) Limited merged with UK branch of Bank of Cyprus. On January 1, 2006 Bank of Cyprus Factors Ltd and Bank of Cyprus Finance Corporation Ltd merged into Bank of Cyprus. On December 10, 2010 Mortgage Bank of Cyprus Ltd merged into the above. On June 25, 2012 the UK branches were transferred to Bank of Cyprus UK Limited. On March 26, 2013 all Greek branches of above entity were acquired by Piraeus Bank SA
Personnel
English-speaking personnel
Bank’s shareholders
Cyprus Popular Bank Public Co Ltd, with a holding of 9,624%; Renova Group, with a holding of 5,455%; TD Asset Management, with a holding of 5,232%; European Bank for Reconstruction and Development, with a holding of 5,021%
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements
    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Transactions permitted per month
    The number of transactions permitted is not limited
    Initial deposit of funds, €
    Initial deposit amount is not specified
    Deadline for the initial deposit, month
    There is no deadline for initial deposit
    Minimum turnover, €/year
    There are no specific requirements for the minimum turnover
    How fast payments are executed
    Ordinary payments are executed during 2 days. Same Day value available. Cut-off time: USD - 16:30; EUR - 15:00; RUR - 13:00

    Tariffs and services
    Tariffs and services

    100
    Outcoming transfer, €
    42
    Incoming transfer, €
    200
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    SWIFT transfers - 0,05% (minimum EUR 20, maximum EUR 200). Transfers in EUR within Cyprus and SEPA (EC) up to EUR 50 000 - for individuals: from EUR 6 to EUR 12, for legal entities: from EUR 10 to EUR 25.

    Transfers in EUR within Cyprus and the EU over EUR 50 000 - 0,2% (minimum EUR 7, maximum EUR 500 + additional commission EUR 15) for individuals and 0,2% (minimum EUR 10, maximum EUR 500 + additional commission EUR 25) for legal entities
    Incoming transfer, €
    Fee for incoming payments (for legal entities) in EUR - up to EUR 10 000 within the EEA - free of charge;

    outside the EEA up to EUR 10 000 - additional commission EUR 12, over EUR 10 000 - EUR 4, over EUR 50 000 - EUR 30
    Account maintenance, €/year
    The cost of annual account maintenance for individuals is EUR 25 (quarterly), for corporate clients - EUR 50 (quarterly).

    Savings account maintenance fee - EUR 12.

    Maintenance of a "dormant" account - EUR 5 on a quarterly basis, if the account balance is less than EUR 200.

    Closing an account - EUR 200
    Funds to be blocked for CC issue, €
    There is no debit card balance that would lead to the blocking of the account
    Distant access to the account
    Through 1 Bank system which includes internet banking, telebank, mobile bank, I Phone bank, fax instructions. Access through Digipass which generates one time dynamic codes. Interface languages: Russian, English, Greek
    Financial products
    Chequebooks, loans, credit facilities, mortgage, hire purchase, deposit of goods into bonded warehouse, shipping guarantees, letters of guarantee (tender, performance, advance payment, payment), bills for collection, negotiation of foreign bills
    Credit/debit cards
    A wide range of personal and corporate cards - VISA, MasterCard and American Express
    Hold mail
    The storage fee for statements is EUR 200 - for personal accounts, EUR 300 - for corporate

    Account opening procedure
    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
    The account can be opened through Representative Office of the Bank
    Required
    General set of legal documents leading to the current status of a company. Documents are certified through Representative Office of the Bank
    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
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed

    Banks of Cyprus

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