Barclays Bank PLC

Relationship was terminated

GSL reference about the bank

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Until recently the cooperation with Barclays Bank (Seychelles offshore department) was good, the opening and onward handling of accounts by the bank was a quick and straightforward process. We recommended this bank for opening of accounts and had many accounts opened. 
But the amendment of Anti-money Laundering Act, which gave unlimited powers to FIU (Financial Investigation Unit with Central Bank of Seychelles), unfortunately, greatly complicated the work with Seychelles banks, Barclays Bank included.
Speaking of FIU’s powers, it has the power to block clients’ bank accounts, which can cause substantial losses to clients’ business. To our great regret, the risk of negative consequences of these recent AML Act amendments affects both new accounts and handling of the existing ones. The Compliance Department at Barclays Bank has tightened their procedures, which increased the accounts opening time to as long as several months.
The bank’s requirements for new accounts are constantly growing more stringent. Legal entities are now required to provide proof of the company’s office address in the form of a leasing or tenancy agreement or a utility bill. Besides, the bank has recently lowered its quality standards in handling clients’ enquiries on the existing accounts. We now receive many complaints about the inefficiency of the bank’s managers and sometimes complete disregard by the bank of clients’ enquiries. This is an unpleasant issue for us because, being an intermediary, we have very little influence on the bank’s employees and management and are considered to have ‘client’ status ourselves. 
For these reasons we stopped working with Barclays Bank in 2011

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated 2 4 A
    Year of foundation 1690
    History Головной банк – Barclays PLC был организован примерно в 1690 году. На Сейшельских островах Barclays Bank работает с 1959 года. У банка большой офис с представительствами на трех главных островах: Маэ (два отделения и одно агентство), Прале (одно отделение и одно агентство) и Ла-Диг (одно агентство)
    Personnel Англо и франко говорящие
    Bank’s shareholders Barclays PLC (London UK) - 100%

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    N/A N/A N/A N/A
    How fast payments are executed В тот же день или на следующий. Инструкция по платежу должна быть получена банком в течение 24 часов до осуществления платежа

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    50 N/A N/A N/A N/A
    Distant access to the account Управление счетом происходит посредством телефона/факса и Интернета
    Financial products Операции с иностранной валютой, гарантии, чековые книжки, Internet-banking
    Credit/debit cards Дебетовые карты VISA Electron

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    14 14 Not necessary Detailed Savings
    Visit to the bank Выезд в банк необязателен
    Required Копия загранпаспорта, копия российского паспорта или любого другого документа , отражающего адрес проживания, заполненные банковские формы
    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; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
    Business description В меру подробное: наряду с описанием бизнеса необходимо предоставить информацию об источниках происхождения средств
     
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