GSL / Offshore and International Law / Offshore Banking / Eurobank Cyprus Ltd

How to open a bank account in Eurobank Cyprus Ltd

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Beginning of cooperation

February, 2009

Last contact

May, 2022

Last update

March, 2021

Primary requirements:
- Instruction of the Central Bank of Cyprus dated June 2018: a ban on opening accounts with shell companies;
- is currently opening accounts for companies whose activities are affiliated with Cyprus;
- the bank opens current accounts;
- an account can be opened in Moscow at the GSL office;
- there are no minimum balance requirements;
- the term for opening an account - case by case (check with the consultant);
- at present, the bank is focused on serving existing customers and accepts new ones only if they meet at least one of the following criteria:
> high profitability (for example, from 30 to 50 account transactions every month);
> Communication with the largest Russian business;
> The presence of a beneficiary in the Forbes list.
We have worked with Cyprus EFG Eurobank for a number of years, and during the entire period of our cooperation we would always be pleasantly surprised by the precision and clarity of bank procedures, and the smooth operation of its Moscow representative office.
We have a sensation, which is transforming into confidence, that the bank’s management realizes that in a tough competition on the Russian banking market a relatively small bank can only prosper by offering excellent service and understanding the client’s needs. This accounts both for the bank’s adequate personnel policy and for its readiness to discuss lower fees even with new clients

Beginning of cooperation
February, 2009
Last contact
May, 2022
Last update
March, 2021
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General information and rating

1 132
Global rating
5
Countrywide rating
3
Countrywide rating of the head bank
233
Global rating of the head bank
Year of foundation
2007
History
Established March 26, 2008. In December 2011 Eurocredit Retail Services Ltd merged into Eurobank EFG Cyprus Ltd. On October 31, 2012 Eurobank EFG Cyprus Ltd name changed as above
Personnel
Each branch has Russian-speaking staff
Bank’s shareholders
ERB New Europe Holding BV (Amsterdam Netherlands) - 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.
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Transactions permitted per month
    The bank is ready to take on clients with any number of transactions per day
    Initial deposit of funds, €
    There is no initial deposit
    Minimum turnover, €/year
    The bank is ready to consider clients with any estimated annual turnover
    How fast payments are executed
    Value date for EUR and USD – same day, for RUB, CHF and others – next day, for AUD – third day. The cut-off time is 14.00 Cyprus time (Fridays - 13.00)

    Tariffs and services

    50
    Outcoming transfer, €
    16
    Incoming transfer, €
    100
    Account maintenance, €/year
    No restrictions
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Commission for outgoing payments in EUR through SEPA, JCC systems (up to 2,000 EUR) - from 5 to 10 EUR. Commission for outgoing payments over 2,000 EUR and for payments in other currencies via the SWIFT system (including the commission of correspondent banks) - from 8 to 16 EUR
    Incoming transfer, €
    Charges for transfers of up to EUR 2 000 – EUR 8 EUR, over EUR 2 000 – EUR 16
    Account maintenance, €/year
    Account maintenance is free, but the bank charges a fee for using the code tables - EUR 100 per year for corporate accounts and EUR 20 per year for private accounts
    Payment limit for credit cards, €/day
    Minimum credit limit – EUR 2 000, cash withdrawal limit – EUR 900 per day, there is no limit for daily bank transfers
    Funds to be blocked for CC issue, €
    Double insurance deposit – min. EUR 4 000
    Distant access to the account
    Internet banking, written instructions with the use of codes
    Financial products
    International banking services. Current and deposit accounts in major currencies. International bank transfers. Electronic transfers. Investment programmes. Documentary letters of credit. Bank guarantees. Cheques
    Credit/debit cards
    Visa
    Hold mail
    Holding of bank statements at the bank costs EUR 60 per year

    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
    Current
    Visit to the bank
    No visit to the bank is required
    Required
    Certificate of Incorporation; Certificate of Registered Office; Certificate of Directors & Secretaries; Certificate of Shareholders; Memorandum & Articles of Association; Passport and proof of address for director(s), secretary(ies), shareholder(s), and beneficial owner(s). These are the requirements for Cyprus companies. For companies incorporated elsewhere the following documents can be additionally required: Minutes of First Meeting appointing the director(s) and secretary(ies) – if any, and issuing shares; and all other minutes if there have been any changes
    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
    Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
    Need a consultation from a specialist?
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