GSL / Offshore and International Law / Offshore Banking / BlueOrange (formerly Baltikums Bank)

How to open a bank account in BlueOrange (formerly Baltikums Bank)

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March, 2014 December, 2021 August, 2021

GSL reference about the bank

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Primary requirements:
- since March 2018, legislation has been introduced in Latvia obliging banks to stop working with non-resident shell companies, since they fall into the “high risk” category;
- the bank opens corporate accounts for companies with the condition of actual presence, as well as with economic ties with the country of registration;
- the bank opens personal accounts for EU citizens; for citizens of other states, a bank account is opened only for the purpose of using investment services;
- an account can be opened at a representative office of the Bank in Moscow (additional 200 EUR for identification);
- minimum balance - 1,000 EUR;
- 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
    Not rated Not rated N/R
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    Year of foundation 2001
    History Baltikums Bank was founded in 2001. In 2017, the Bank re-branded and is now called BlueOrange Bank
    Personnel There are Russian-speaking staff
    Bank’s shareholders Baltikums Bank is wholly owned by the Latvian financial group BBG AS (formerly “Baltikums Bankas Grupa”). BBG AS shareholders are Latvian companies: SIA Alexander Peshkov Family Holdings, SIA Sergey Peshkov Holdings, SIA Andrey Kochetkov Holdings, SIA Oleg Chepulsky Holdings, as well as Alexander and Sergey Peshkovs. As of January 6, 2015, the paid-in share capital of BBG is 52.5 million euros, invested in Baltikums Bank and other subsidiaries
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    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 No requirement to limit the number of transfers
    Initial deposit of funds, € The account must have a minimum balance of EUR 1,000
    Minimum turnover, €/year There are no minimum turnover requirements. When opening an account, the client indicates the approximate monthly turnover and the number of transactions, if in the future these limits are violated, then the amounts are adjusted
    How fast payments are executed Standard payment - D + 1 (until 18.00). Urgent payment - D (until 14.00). Express payment is made within D (before 15.00, execution within 1 hour). Payment orders are accepted for execution on business banking days local time (GMT + 02: 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, €
    50 0 720 N/A N/A
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    Outcoming transfer, € Transfers in EUR outside the EEA:
    urgent transfer - 50 EUR (commission is paid by the beneficiary - BEN), 0.15% (min. 90 EUR, max. 270 EUR) (commission is paid by each party in parts (SHA) or the payer (OUR);
    express transfer - 60 EUR (the commission is paid by the beneficiary - BEN), 0.15% ((min. 120 EUR, max. 270 EUR) (the commission is paid by each party in parts (SHA) or the payer (OUR).
    Incoming transfer, € The bank does not take commission for crediting funds
    Account maintenance, €/year Account maintenance - 60 EUR per month. Consideration of documents for opening and servicing a multicurrency current account in the standard mode (10 banking business days):
    - for legal entities (with issue of Digipass and MasterCard Business payment card) - 400 EUR. The Bank opens corporate accounts for a company subject to the existence of actual presence, as well as with economic ties with the country of registration.
    - for individuals (with issue of Digipass and MasterCard Gold payment card) - 250 EUR. A personal account is opened for EU citizens. For citizens of other countries, a current account with BlueOrange Bank is opened only for the purpose of using investment services.
    Monthly payment for current account maintenance - from 30 EUR. Closing a multicurrency account - 130 EUR. Commission for an inactive current account - 100 EUR per month. For opening a current account on an extra-urgent basis (First Priority - documents for opening an account are considered within 5 working days), in addition to the existing tariff, a commission of 500 EUR is charged. For opening a current account urgently (First Priority)
    Distant access to the account Internet-Banking using Digipass or Mobile Digipass. Connecting the Internet Bank with one user - free of charge, Monthly fee for using the Internet Bank by each user
    Financial products he bank provides a full range of banking services: individual banking services; corporate banking services for medium and large enterprises; private wealth management (Private Banking & Wealth Management); trust banking; settlement service and account management via the Internet; currency conversion at attractive rates; deposits in various currencies at individual rates; payment cards with the ability to set a credit limit; different types of financing
    Credit/debit cards MasterCard Business (with annual service 80 EUR / 80 USD) / MasterCard Classic (with annual service 50 EUR / 50 USD)
    Hold mail Bank statement on opening an account - from 20 EUR

    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 You can open an account at the Bank in Riga, Latvia. It is also possible to meet for identification with a representative of the Bank in Moscow
    Required Standard set of corporate documents; copies of passports of beneficiaries and contact persons. Documents confirming the experience and material status of the beneficiary and contact person
    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 Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds
    Need a consultation from a specialist?

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