GSL / Offshore and International Law / Offshore Banking / East-West United Bank (EWUB)

How to open a bank account in East-West United Bank (EWUB)

Beginning of cooperation Last contact Last update
April, 2016 December, 2021 October, 2021

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.

Primary requirements:
- the bank opens savings and settlement accounts;
- an account can be opened by meeting with a representative of the Bank in Moscow (an interview with the beneficiary is required);
- there are no minimum balance requirements for current accounts, the minimum account balance for savings accounts is from EUR 500,000;
- account maintenance fee is 1,000 EUR per month, if there are no active movements on the account, if 30-40 transactions are carried out per month, the fee may be reduced to 50 EUR per month;
- the bank is focused on clients from Russia and Eastern Europe: investment products are sold taking into account the Russian tax and currency legislation, the bank also works with Kazakhstan, the United Arab Emirates;
- the bank does not work with Uzbekistan, Azerbaijan, Belize, Seychelles, Panama, Caymans;
- the bank does not work with crypto and EMI;
- the company needs a substance in the country of registration, CFC (for Russia);
- it is possible to open an account for forex brokers, funds with European licenses, startups;
- the term for opening an account - case by case (check with the consultant)

68 views 0
    Expand all Сollapse all

    Bank's characteristics

    General information and rating

    Двигайте таблицу
    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated AAA
    Двигайте таблицу
    Year of foundation 1974
    History Established in Luxembourg on June 12, 1974 as East West United Bank. From 1974 to 1992, the main shareholders of the Bank were the State Bank of the USSR (later the Central Bank of Russia) and Vneshtorgbank (the Russian Bank for Foreign Trade). From 1992 to 2000 Private Bank Imperial became one of the main shareholders. From 2000 to 2007, Vneshtorgbank is the main shareholder of EWUB. In 2001, AFK Sistema bought the first block of shares in the Bank. From 2007 to the present, AFK Sistema has been the majority shareholder: it directly controls 34% of the bank's capital and indirectly, through MTS Bank, the remaining 66%
    Personnel The bank is focused on serving Russian clients; each department has Russian-speaking employees. In addition, the Bank's employees speak English, French, German, Greek and Dutch.
    Bank’s shareholders Today 34% of shares are owned by AFK Sistema (the largest public diversified financial company in Russia and the CIS) directly and 66% through MTS-Bank. More than 64% of Sistema's shares are owned by Russian businessman Vladimir Yevtushenkov, known in the highest circles of Luxembourg society as one of the honorary consuls of the Grand Duchy in Russia
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

    Двигайте таблицу
    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 N/A 0 1 10 000
    Двигайте таблицу
    Minimum balance, € Minimum balance for savings accounts - from EUR 500,000. There are no minimum balance requirements for current accounts.
    Transactions permitted per month There are no restrictions for current accounts
    Initial deposit of funds, € The initial payment is equal to the minimum account balance - EUR 500,000 (for savings accounts)
    Minimum turnover, €/year from 10,000 USD
    How fast payments are executed Day to day or next day

    Tariffs and services

    Двигайте таблицу
    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    50 0 600 N/A N/A
    Двигайте таблицу
    Outcoming transfer, € Transfer fee (international payments via e-banking) is 0.1% (minimum EUR 25, maximum EUR 100)
    Incoming transfer, € The bank does not charge for incoming payments
    Account maintenance, €/year Account maintenance fee is 1,000 EUR per month, if there are no active movements on the account, if 30-40 transactions are carried out per month, the fee may be reduced to 50 EUR monthly
    Distant access to the account There is an Internet Bank
    Financial products Opening a full-fledged bank account in Luxembourg for Russian clients, buying / selling securities on the local and international markets, legal support in Luxembourg, including support in obtaining a residence permit, accounts for legal entities. The Bank's investment products are sold subject to Russian tax and foreign exchange legislation

    Account opening procedure

    Двигайте таблицу
    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
    Двигайте таблицу
    Visit to the bank Not required, but advisable to meet with the banker during his next visit to Russia
    Required A photocopy of the passport, a standard set of corporate documents for the company and other documents proving the source of the funds
    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?

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN