How to open a bank account in Hellenic Bank

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November, 2000 December, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- is currently opening accounts for companies whose activities are affiliated with Cyprus;
- the bank opens current accounts;
- an account can be opened at a representative office of the Bank in Moscow;
- to activate the account, you need to make an initial payment of 500 EUR;
- the term for opening an account - case by case (check with the consultant);
- since 2016, the bank does not make payments on loans (provision, return of previously issued loans, etc.) if loans are provided by independent companies that are not part of the same group;
- Instruction of the Central Bank of Cyprus from June 2018: a ban on opening accounts with shell companies.
Like many other Cyprus banks, this bank opens to its clients accounts for active commercial transactions. It has rather demanding requirements for the account opening procedure, completeness of the documents provided, and preciseness of the client’s business description.   
The account opening procedure is as follows: in an interview with a representative of the bank you should truthfully answer the questions, but the bankers will hardly ask you to produce a documentary proof of what you are saying. However, this liberal approach at the beginning of the acquaintance does not at all mean the lack of the bank’s control in the future when you start actively using the account

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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
    1 007 4 CCC
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    Year of foundation 1974
    History Established 1974. In 1996 acquired the Cyprus Onshore operations of Barclays Bank PLC. On June 6, 2005 name changed as above. On June 28, 2010 Athena Cyprus Company Limited merged into the above
    Personnel The Bank employs about 2,600 employees. They speak various languages, including Russian
    Bank’s shareholders Акционеры: Demetra Investment Public Ltd (21.0%), Wargaming Group Limited (20.2%), Third Point Hellenic Recovery Fund LP (12.6%), Provident Fund of Bunking Sector Employees (6.3%), Senvest (5.1%), Poppy Sarl (17.3%), другие (17.6%)
    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
    500 12 No restrictions
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    Transactions permitted per month There are no restrictions as to the number of transactions
    Initial deposit of funds, € EUR 500 should be transferred to the account once it is opened for activation, card ordering and delivery and access to Internet Banking system
    Deadline for the initial deposit, month If the funds are not transferred to the account during 1 year, the account may be closed. You will need to contact a bank officer in this case
    How fast payments are executed The outgoing payment is executed within maximum 2 hours of receipt of payment instruction. The value date can be chosen by the customer. Same day values of payments are possible. The bank permits to make payments in Russian roubles. Payments are executed on the day when the payment instruction is received by the bank with the same value date

    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, €
    20 17 400 N/A N/A
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    Outcoming transfer, € Outgoing transfers (SWIFT, JCC) in EUR (within the EU): up to EUR 1 000 – no charges; from EUR 1 000 to 10 000 – EUR 5-15, from EUR 10 000 to 50 000 – 15-20 EUR, over EUR 50 000 – EUR 40
    Incoming transfer, € Incoming transfers (SWIFT, JCC) in EUR (within the EU): – 0.15% (min. EUR 2, max. EUR 5). Outgoing transfers in EUR (outside or within the EU > EUR 50 000) )
    Account maintenance, €/year Personal account – EUR 25 per quarter. Corporate account – EUR 50 per quarter. Electronic test Key Codes - EUR 200 per year. Internet Banking – free of charge, issue new Digipass – EUR 10. Corporate profile update – EUR 50. Transaction investigation – EUR 50
    Distant access to the account Hellenic Net Banking. Client line – telephone information line on bank products and services, you can also get information on account balance (identification code is required). Fax – you may send orders and other documents to the bank (Test Keys identification code is required). Email – you may send orders and other documents to the bank (Test Keys identification code is requested). Net Banking access 24\7 (Bank Mail correspondence with branch)
    Financial products Cards, cheque books, loans, credits, guarantees, letters of credit (including transferable, as an exception – back-to-back LC). Custodian services. Escrow Agent services. Private Banking products
    Credit/debit cards Debit cards – VISA Electron, VISA Classic, MasterCard Explorer. Credit cards VISA – VISA Electron, VISA Classic, VISA Gold, VISA Gold Link. Credit cards MasterCard – MasterCard Explorer, MasterCard Platinum, MasterCard Platinum Link. Annual maintenance: Hellenicard Link Electron, Hellenicard Link Visa – free; Hellenicard Gold Link Visa – EUR 45 or USD 60; Explorer Link Mastercard – EUR 10 or USD 15; Platinum Link Mastercard – EUR 90 or USD 120
    Hold mail Hold mail – for personal acc 150 EUR per year, for corporate acc 180 EUR 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 Necessary Detailed Current
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    Visit to the bank Is required an interview with bank officer. Signatures on bank forms/ passport copies and copies of corporate documents are certified by bank officer. Bank details of the account, contacts of bank managers are given at the meeting and the account is opened for incoming transfers. The client signs bank forms. Original corporate documents do not remain at any representative office but are sent to the Bankin Cyprus
    Required Bank reference for beneficial owner (from any bank). Copies of corporate documents. Passport copies of beneficial owner and signatory to the account
    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 Orally at the meeting with bank officer. Do not open bank accounts for companies engaged in Forex activity if there is no license from a competent authority
     
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