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How to open a bank account in Bank of Singapore LTD

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February, 2013 December, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens savings (deposit) accounts;
- an account can be opened by meeting with a representative of the Bank in Moscow (it happens regularly);
- minimum account balance - from 3,000,000 USD, not necessarily the entire amount can be expressed in money, it is possible to deposit other assets (for example, securities);
- accounts are opened for (personal investment companies) registered in any jurisdiction, incl. to offshore companies, as well as trusts and foundations;
- the term for opening an account - case by case (check with the consultant).
Bank of Singapore is one of the leading Asian banks. The bank sets fairly loyal and optimal (for the Asian region) terms for opening an account. The transfer fee (80 USD) is not tied to the transferred amount, which is rare nowadays.

 

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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
    1 291 4 2 113 AA+
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    Year of foundation 2010
    History On 29 January 2010, ING Asia Private Bank (IAPB) was purchased by OCBC Bank, one of the leading Asian banks, and was named the Bank of Singapore. It is a wholly-owned subsidiary of OCBC Bank. It has branches in Hong Kong, Dubai (UAE), and in the Philippines
    Personnel The bank has over 850 staff, including Russian-speaking officers
    Bank’s shareholders OCBC Bank - 100%. One of the country’s leading banks
    Confidentiality 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
    3 000 000 5 3 000 000 6
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    Minimum balance, € The minimum balance requirement is USD 3,000,000, ideally aiming for USD 5,000,000. Not necessarily the entire amount can be expressed in money, it is possible to deposit other assets (for example, securities)
    Transactions permitted per month The allowed number of transactions on a corporate account - 5 per month
    Initial deposit of funds, € The bank expects an initial payment of 3,000,000 USD
    Deadline for the initial deposit, month The initial deposit must be made within 6 days of opening
    How fast payments are executed The value date is same day, +4 hours to Moscow time

    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, €
    30 0 0 N/A N/A
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    Outcoming transfer, € Bank commission for transfer is 30 USD
    Incoming transfer, € There is no fee on incoming transfers
    Account maintenance, €/year The bank does not charge any commission for servicing the account. For amounts less than 3,000,000 service - 2,500 USD per year. Closing an account - 250 USD
    Distant access to the account It is possible to manage the account via the Internet, but only a passive system: the account can be monitored, but the account cannot be managed. Fax or scanned payment order is used for transfer purposes
    Financial products The entire range of banking products
    Credit/debit cards The bank has no credit cards

    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
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    Visit to the bank No visit to the bank is required. The bank’s representative visits Moscow every month
    Required A set of corporate documents, a copy of passport. No reference letters are needed
    Types of accounts Personal; Corporate; Savings
    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 Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, details of biography and contact details of the beneficial owner of the account
     
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