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

How to open a bank account in Bulgarian American Credit Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

January, 2015

Last contact

August, 2022

Last update

August, 2022
  • 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)
GSL rating
Beginning of cooperation
January, 2015
Last contact
August, 2022
Last update
August, 2022
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
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
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    No restrictions
    Deadline for the initial deposit, month
    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

    50
    Outcoming transfer, €
    50
    Incoming transfer, €
    60
    Account maintenance, €/year
    2 000
    Payment limit for credit cards, €/day
    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

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    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.

    Banks of Bulgaria

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    2 420
    N/A
    N/A
    2 420
    N/A
    N/A
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