GSL / Offshore and International Law / Offshore Banking / Bulgarian American Credit Bank

How to open a bank account in Bulgarian American Credit Bank

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January, 2015 December, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens checking and savings accounts;
- an account can be opened without leaving Bulgaria by meeting with a representative of the Bank in Moscow;
- there are no minimum balance requirements;
- 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 1996
    History The founder of the Bank is the Bulgarian American Enterprise Fund (BAEF). BAEF is a private corporation established in the US. Initially, the Bank was granted a limited banking license by BNB. In 1998 the banking license was expanded. In April 2006, the controlling shareholder of the Bank at this moment - BAEF - sold around 30% from the capital of BACB through secondary public offering of shares executed on the Bulgarian Stock Exchange and the Bank received the status of a public company. On August 29, 2008, after obtaining the required approvals from the authorities in Bulgaria and Ireland, Allied Irish Banks, p.l.c., (AIB) acquired 49.99% of the voting stock of BACB and the participation of BAEF was accordingly decreased to 3.89%. On July 17, 2011, Allied Irish Banks, p.l.c. sold its 6,311,100 shares, representing 49.99% from the registered capital of BACB, to CSIF AD (www.csif.bg), a Bulgarian private investment company, after receiving the necessary approvals from Bulgarian authorities.
    Personnel English & Bulgarian
    Bank’s shareholders CSIF AD (www.csif.bg)
    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 No restrictions 0 No restrictions No restrictions
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    Minimum balance, € The bank does not limit the number of transactions
    Transactions permitted per month Not required
    Initial deposit of funds, € Not required
    Minimum turnover, €/year No requirement for minimum turnover

    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 50 60 2 000 N/A
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    Outcoming transfer, € Outgoing payments - Processing of a payment initiated via Internet banking/Virtual banking (and/or other electronic device) - 0.1% (min EUR 10, max EUR 200) with value date – 2 working days; 0.15% (min EUR 15, max. EUR 300) with value date – same/next working day
    Incoming transfer, € Incoming payments - 0.1% (min EUR 8, max. EUR 200)
    Account maintenance, €/year The commission for opening an account is 25 EUR, for closing an account - 8 EUR. The monthly account maintenance fee ranges from 3 to 10 EUR
    Payment limit for credit cards, €/day Debit Card VISA Business - EUR 2000 - 5000. MasterCard Business - EUR 2000 - 5500
    Distant access to the account Internet Banking / Virtual Banking
    Financial products Банк предлагает широкий спектр банковских услуг и продуктов для корпоративных клиентов и частных лиц, в том числе гарантии, кредиты, escrow счета и пр.
    Credit/debit cards VISA Business, MasterCard Business

    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 & current
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    Visit to the bank It is possible to open an account without visiting the country where the bank is located
    Required Photocopies of constitutive documents of the company, photocopy of director’s/ attorney’s passport
    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 Reasonably detailed: the bank would like to have the information on the sources of funds, together with the business description.
     
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