GSL / Offshore and International Law / Offshore Banking / NIBank (National Investment Bank)

How to open a bank account in NIBank (National Investment Bank)

GSL reference about the bank What is it?

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Relationship was terminated

  • can open an account for an offshore company;
  • can open an account without beneficial owner visiting Mongolia;
  • Mongolia is not party to CRS protocol for automatic exchange of information;
  • can make USD payments;
  • no requirements for the minimum balance;
  • issues bank cards;
  • can work with cryptocurrency companies;
  • pre-approval procedure – a positive reply means the account is most likely to be opened;
  • incoming charges (USD SWIFT) - 0; outgoing charges appr. USD 35;
  • minimum balance of account - USD/EUR 20;
  • Internet banking in the English language;
  • Russian-speaking staff

The relationship was consumed in 2019: the Bank stopped using communication services.

Relationship was terminated

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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Not rated
Countrywide rating of the head bank
Not rated
Global rating of the head bank
Year of foundation
2006
History
The bank was founded in 2006
Bank’s shareholders
Major shareholders are domestic individuals
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

    20
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    25
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance - 20 USD/EUR
    Transactions permitted per month
    No restrictions as to the number of transfers
    Initial deposit of funds, €
    When opening an account you need to deposit: bank fee for account opening USD 4 + minimum balance USD 20
    Deadline for the initial deposit, month
    When activating the account
    Minimum turnover, €/year
    No restrictions as to the turnover

    Tariffs and services

    36
    Outcoming transfer, €
    0
    Incoming transfer, €
    20
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    SWIFT - USD 20 (fix) + USD 6(min)-16(max) (depending on the amount)
    Incoming transfer, €
    No fees are charged on incoming transfers
    Account maintenance, €/year
    Annual fee for account - EUR 20 per year
    Distant access to the account
    Internet banking
    Financial products
    The bank offers a full range of personal banking services, including cash and settlement operations, investment banking, brokerage services, depositary services, loans, deposits, guarantees
    Credit/debit cards
    VISA, local debit cards

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    An account can be opened without a visit to Mongolia
    Required
    For legal entities: set of corporate documents, completed bank forms for the company and the owner, bank statements from another bank for 3 months, office rent agreement, cash flow chart, ownership structure chart etc. For individuals (directors / shareholders / beneficial owners / attorneys): proof of ID (passport), proof of address (not older than 3 months), CV, bank reference
    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
    Business description
    Detailed: in addition to business description, the origin of funds and nature of transactions needs to be disclosed: Business description for the company – description, website, links to groups in social media and mass media; Business description for group/holding/resident business – description, website, links to groups in social media and mass media; Cash flow chart (incoming and outgoing transfers, to/from whom, for what, counteragents’ names/websites, average sum of a transfer/transfers per month, turnover per year); Details of beneficial owner – passport (international and internal with residential address, short business or professional bio), in what other companies he/she is also a shareholder and/or director. Depending on the information provided, additional documents may be requested.
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