GSL / Offshore and International Law / Offshore Banking / Credit Suisse AG

How to open a bank account in Credit Suisse AG

Beginning of cooperation Last contact Last update
June, 2005 December, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens SETTLEMENT accounts, including offshore;
- the number of transactions is NOT LIMITED;
- the bank is interested in large clients with a turnover of $ 50 million, but they can consider a turnover of $ 10 million, provided that the operations are understandable;
- the cost of servicing the account - 20,000 USD per year, the cost of a SWIFT transfer - 35 francs;
- it is possible to open a savings account with a deposit of USD 1 million;
- an account can be opened at the Bank's representative office in Moscow during the visit of bankers (once a quarter) or in Switzerland;
- strict compliance;
- business restrictions: cryptocurrency activities, forex trading and work with third-party funds.

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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
    28 1 A-
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    Year of foundation 1856
    History Founded in 1856, it is one of the Switzerland’s oldest major banks. The bank has over 400 branches worldwide with 45 000 employees. The first international branch was opened in New York in 1940. Co-operation with First Boston Inc. (FBI) began in 1978. Bank Leu was acquired in 1990, and later in 1993 Swiss Volksbank was acquired. CS Holding became Credit Suisse Group in 1996. The year 1997 saw the merger of Credit Suisse Group and Winterthur Group. Donaldson, Lufkin & Jenrette (DLJ) was acquired in 2000. The year 2005 brought about the merger of Credit Suisse and Credit Suisse First Boston. In 2010, Credit Suisse (International) Holding AG merged with Credit Suisse AG and in 2012 the bank took over Clariden Leu
    Personnel The bank has Russian-speaking staff and a representative office in Moscow (fully-functional office providing services of foreign account opening and operation)
    Bank’s shareholders Credit Suisse Group (Zürich Switzerland) - 100%
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; 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
    5 000 000 No restrictions 5 000 000 12 50 000 000
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    Minimum balance, € The minimum balance for savings accounts is USD 5,000,000 (it is possible to start with USD 1,000,000). There is no minimum balance for corporate settlement
    Transactions permitted per month For current accounts – no restrictions. For savings accounts – 5 transactions per month
    Initial deposit of funds, € The initial deposit is the same as the minimum balance
    Deadline for the initial deposit, month The minimum balance must be paid within the first 12 months from the date of opening the account
    How fast payments are executed Time of payment instructions execution for investment accounts in Zurich (Swiss time): for USD payments - 17.00; for EUR and CHF payments - 15.00; for GBP payments - 12.00; for RUB payments - 06.00 (i.e. a payment will always be executed on the following day)

    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, €
    23 0 65 10 000 N/A
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    Outcoming transfer, € Current accounts: transfer fee is CHF 29 – outside the EU and CHF 23 – within the EU. Savings accounts: there are 3 options. 1) The bank’s fee is paid by the remitter and the correspondent bank’s fee is paid by the recipient. 2) All payments are made by the recipient. In this case the fee is CHF 5 for amounts not exceeding CHF 1 000; CHF 20 for amounts from CHF 1 000 to CHF 10 000 and CHF 40 for amounts over CHF 10 000. 3) The bank’s fee is paid by the recipient. In this case the fee is from CHF 18 to CHF 24
    Incoming transfer, € There is no charge on incoming payments
    Account maintenance, €/year Savings account maintenance fee is CHF 3 per month plus 1 000 CHF per annum for confidential information storage. Current account maintenance fee is CHF 5 000 in case the minimum balance is less than CHF 500 000. If the balance of the account exceeds CHF 500 000, the maintenance fee is CHF 20 per quarter. Account opening fee is CHF 2 000
    Payment limit for credit cards, €/day Credit card payment limit is from CHF 10 000. World MasterCard Gold (CHF) – up to CHF 30 000; World MasterCard Gold (EUR and USD) – up to CHF 20 000; MasterCard Standard (CHF) – up to CHF 10 000; American Express Platinum and American Express Gold – no limits; American Express BLUE – up to CHF 20 000
    Distant access to the account It is possible to get free-of-charge Internet banking system to monitor the account, give instructions and trade in real time at major stock exchanges (using a token)
    Financial products As a universal bank, it works with any financial instruments, such as guarantees, letters of credit etc. But terms and conditions are discussed with every client individually. Mortgage on real estate abroad. Lombard credits (up to 90% of the cash amount in the account with 1.15% margin). The bank also assists with sale of business. Minimum lot cost is EUR 50 000 000
    Credit/debit cards MasterCard and American Express. Payment limit may vary, depending on the card type. The assets placed with the bank guarantee the financial solvency for the payment system. There is no insurance coverage to be blocked for credit cards. Annual maintenance fee is from CHF 100 per year
    Hold mail Annual hold mail fee is CHF 1 000 per year

    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 No visit to the bank is required. An account can be opened in the bank’s Moscow representative office and in the GSL office. Out of CIS countries, the bank works with Russia, Ukraine and Kazakhstan. The minimum requirements for Ukraine and Kazakhstan are substantially higher. An account can also be opened in Zurich (preferably), Geneva, Singapore, Monaco, Paris, London and Amsterdam
    Required Photocopies of the company’s apostilled constitutive documents, photocopy of passport of director/attorney/beneficiary, business description, filled in questionnaire
    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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