GSL / Offshore and International Law / Offshore Banking / EFG Private Bank

How to open a bank account in EFG Private Bank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

May, 2014

Last contact

October, 2022

Last update

October, 2022
  • the bank opens savings (deposit) accounts;
  • to open an account, you need to travel to London or, if you are better off with a banker, to some European country;
  • the minimum balance on the account is from EUR 1,000,000;
  • the term for opening an account - case by case (check with the consultant).

EFG Private Bank is a UK branch of the Banking Group EFG International, headquartered in Switzerland.
Account opening process requires a visit to either London or, if agreed with the banker, any other European country

GSL rating
Beginning of cooperation
May, 2014
Last contact
October, 2022
Last update
October, 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
EFG Private Bank Limited is a UK division of EFG International, a banking group which is headquartered in Zurich, Switzerland and operates in around 30 locations worldwide, including Hong Kong, Singapore, Monaco, Luxembourg, Liechtenstein, Guernsey, Jersey etc)
Personnel
The bank has over 2300 staff, including Russian-speaking officers
Bank’s shareholders
The bank’s major shareholder is EFG Bank European Financial Group (EFG Group) - 56%. The shares in EFG International are listed on the SIX Swiss Exchange
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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    Minimum requirements

    1 000 000
    Minimum balance, €
    8
    Transactions permitted per month
    1 000 000
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    The minimum balance is EUR 1 000 000. Preferably 3 000 000 - 5 000 000 EUR with subsequent investment
    Transactions permitted per month
    The account cannot be used as a transactional one, but 2 or 3 transactions per week are permitted if the nature of transactions is clear
    Initial deposit of funds, €
    The initial deposit equals the minimum balance
    Deadline for the initial deposit, month
    Within one month of the account being opened
    How fast payments are executed
    The value date is normally the second day

    Tariffs and services

    70
    Outcoming transfer, €
    0
    Incoming transfer, €
    200
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Incoming transfer, €
    No fee is charged on incoming transfers
    Distant access to the account
    eBanking
    Financial products
    The bank offers asset management, fiduciary services and loans
    Credit/debit cards
    American Express, MasterCard

    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
    Visit to the bank
    Account opening process requires a visit to either London or, if agreed with the banker, any other European country. The bank officer does visit Moscow, but only a couple of times a year
    Required
    Passport and standard set of corporate documents. Both the company and its beneficial owner also need to produce a tax return covering the last three years
    Types of accounts
    Savings
    Chances to open an account
    Predictable
    Business description
    The bank asks to disclose the origin of wealth of the beneficial owner, which information the bank will then check through its own channels

    Banks of UK

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    1 820
    N/A
    N/A
    3 030
    20
    4
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