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How to open a bank account in Bank of Cyprus Plc

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August, 2006 June, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- 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;
- an account can be opened at a representative office of the Bank in Moscow;
- there are no minimum balance requirements;
- the term for opening an account - case by case (check with the consultant);
- the documents required to open an account are sent for certification to Cyprus;
- Currently, the Bank does not open accounts for US citizens.
Following the decisions of the Eurogroup meeting on 25 March 2013 and the decrees issued by the Central Bank of Cyprus, the Bank was under Resolution from 25 March 2013 until 30 July 2013, a period during which it was recapitalised and restructured. The recapitalisation was implemented via the bail-in of depositors, through the conversion of 47,5% of uninsured deposits into equity. In addition, the holders of ordinary shares and debt securities issued by the Group as of 29 March 2013 have contributed to the recapitalisation through the absorption of losses

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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
    368 1 — — B
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    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 Russian-speaking and English-speaking personnel. The Bank of Cyprus Group employs 11 101staff worldwide
    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; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    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
    — — 0 0 No restrictions
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    100 42 200 N/A N/A
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    Outcoming transfer, € SWIFT transfers - 0.05% (minimum 20 EUR, maximum 200 EUR). Transfers in EUR within Cyprus and SEPA (EC) up to 50,000 EUR - for individuals: from 6 to 12 EUR, for legal entities: from 10 to 25 EUR. Transfers in EUR within Cyprus and the EU over 50,000 EUR - 0.2% (minimum 7 EUR, maximum 500 EUR + additional commission 15 EUR) for individuals and 0.2% (minimum 10 EUR, maximum 500 EUR + additional commission 25 EUR ) 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 25 EUR (quarterly), for corporate clients - 50 EUR (quarterly). Savings account maintenance fee - 12 EUR. Maintenance of a "dormant" account - 5 EUR on a quarterly basis, if the account balance is less than 200 EUR. Closing an account - 200 EUR
    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. Credit VISA: Business Card (45 EUR), Classic (10 EUR), Gold (50 EUR), Platinum (90 EUR), etc. MasterCard: Express Blue (25 EUR), Express Grren (50 EUR), Express Golg (85 EUR), Express Green Cashback (25 EUR), Express Gold Cashback (60 EUR), Express Platinum Cashback (90 EUR), etc. MasterCard: Blue (15 EUR), Classic (20 EUR), Gold (50 EUR). Debit VISA: Business Card (25 EUR), Electron (5 EUR), Classic (5 EUR), Gold (50 EUR), Platinum (90 EUR), etc. MasterCard: Classic (5 EUR), Gold (50 EUR) and dr. Classic Visa Debit Card - free, additional card holder - free. Gold Visa Debit Card - 42.50 EUR - additional card holder - 20 EUR. Classic Visa Debit Card corporate - the cost of issuing a card for a company is 10 USD, for a cardholder is 10 USD. Gold Visa Debit Card corporate - the cost of issuing a card for a company is 30 USD, for a cardholder - 25 USD
    Hold mail The storage fee for statements is 200 EUR - for personal accounts, 300 EUR - for corporate

    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 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 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 Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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