How to open a bank account in Banyan Tree Bank

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April, 2017 June, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- opens savings (investment) accounts;
- The bank has been on the market since 2012, is actively working on the formation of a client base from Russia and the CIS and rather flexibly builds relationships with clients both in terms of tariffs and terms of service;
- the client is approved in absentia within 48 hours after the submission of scans of all documents, after which bank forms are signed;
- it is not worth hoping for a facilitated Due Dilligence due to the bank's youth and offshore nature, KYC will be at the proper level;
- it is possible to combine commercial operations with small deposits;
- relatively high deposit rates (up to 3.75% per annum);
- an interesting option is the coincidence of the jurisdiction of the company and the bank;
- there is a Russian-speaking staff;
- recommendations from the bank are required;
- the term for opening an account - case by case (check with the consultant).

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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
    3 250 15 A-
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    Year of foundation 2012
    History BayanTree Bank was founded by financial market professionals with over 30 years of banking experience together with well-known investors from Mauritius and other countries. Since 2013, the bank has been providing a full range of financial services. In 2015, a representative office was established in the Dubai Financial Center, which is regulated by the Dubai Financial Conduct Authority. Bayan Tree Bank is the first bank in Mauritius to receive an A- rating for its foreign currency fixed rate deposit scheme by CARE Ratings (Africa) Private Limited (CRAF). * CRAF is a credit rating agency licensed by the Mauritius Financial Services Commission
    Personnel The bank staff is 25 people, including a Russian-speaking employee at the bank's representative office in Dubai
    Bank’s shareholders 32.2% - legal entities (of which: 22.22% - Nimtri Advisors (Singapore) Private Limited; 9.99% - Terra Moricia); 57.8% - individuals, some of whom are members of the Board of Directors (9.99% - Ms. Sumedha Singhal; 9.98% - Mr. Marcel Posthuma; 9.99% - Mr. Sanjeev Gupta; 7.99% - Mr. Rajesh Desai; 9.83% - Mr. Buljinder (Director-Shareholder); 9.99% - Sanjay Yadav) and 10% - Employee Fund
    Confidentiality 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
    50 000 10 50 000 1 N/A
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    Minimum balance, € The bank has established a minimum account balance of USD 50,000. Failure to comply with this requirement entails an increase in the tariffs for servicing the account. When the minimum balance increases to 100,000 USD and more, the bank provides additional privileges
    Transactions permitted per month Not being a settlement bank, the bank nevertheless provides for the possibility of making 10 transfers per month, subject to the minimum balance requirement of USD 50,000. The bank is flexible in setting the monthly limit of transfers: their number can be increased on an individual basis if the minimum balance is increased to 100,000 USD and above
    Initial deposit of funds, € To activate the account, you need to make an initial payment of 50,000 USD
    Deadline for the initial deposit, month An initial payment of 50,000 USD must be paid to the account within 1 month from the date of its opening

    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, €
    50 10 600 N/A N/A
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    Outcoming transfer, € Fee for outgoing payments - 0.1% of the payment amount (minimum 30 USD - maximum 50 USD), excluding commissions of foreign banks. Fee for outgoing payments made in MUR (Mauritius rupee) currency - 100 MUR (approximately 3 USD) from each transaction
    Incoming transfer, € Fee for incoming payments (USD) - 25 USD from each transaction; (EUR / GBP) - 10 USD from each transaction. Incoming payments in MUR currency (Mauritius rupee) are credited free of charge
    Account maintenance, €/year The minimum cost of servicing the Client is 50 USD per month, but can be increased to 80 USD for non-compliance with the Bank's requirements in relation to the size of the minimum balance
    Distant access to the account Internet Banking - free
    Financial products The bank provides a wide range of banking and financial services, including servicing private and corporate clients, multicurrency deposits, money transfers, lending, securities custody services and loans secured by securities, opening accounts for investment companies
    Credit/debit cards Titanium dollar credit card: premium card, "personal manager" service included, payments are tied to the client's account, interest-free loan for up to 45 days

    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 Necessary Detailed Savings & current
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    Visit to the bank A visit to the bank is not required. It is possible to open an account remotely for both individuals and legal entities
    Required Banking forms; copies of passports and documents confirming the place of residence; standard package of corporate documents; business plan indicating the company's activities, turnover and source of funds. Recommendations from the bank are also required
    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 Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds.
     
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