GSL / Offshore and International Law / Offshore Banking / Incognito Bank 002 (Austria)

How to open a bank account in Incognito Bank 002 (Austria)

Beginning of cooperation Last contact Last update
July, 2009 December, 2021 November, 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 (investment) accounts;
- an account can be opened in Moscow by meeting with a bank representative (often visits Moscow);
- requirements for minimum balances: from EUR 1,000,000;
- the term for opening an account - case by case (check with the consultant).

This bank is a classic example of a low-profile bank. It does not seek to advertise itself and, granting the bank’s wish, we do not mention its name in the bank’s profile. The name of the bank will be disclosed to you at a personal meeting.

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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
    Not rated Not rated 1 601 A+
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    Year of foundation 2007
    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
    1 000 000 3 500 000 6
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    Minimum balance, € The ‘ideal’ client for the bank is an account holder with EUR 1.000.000 assets
    Transactions permitted per month Although the bank holds itself out as a savings bank, a limited number of transactions are still permitted. Thus, in the case of the average minimum balance of EUR 500.000, one can make up to 3-5 transactions a month. However, the terms and conditions are always to be discussed individually
    Initial deposit of funds, € EUR 500.000 is the minimum amount for the account to be opened and it should be increased to the required sum of the minimum balance within the first year
    Deadline for the initial deposit, month The initial deposit is expected within 6 months. If the account stays ‘empty’ for a year, the bank will suggest that the client should close it
    How fast payments are executed The value date is 2 days. An urgent transfer is made same-day (if instruction comes in before the cut off time). An ordinary transfer – plus 2 days. There is no extra charge for urgent transfers. The cut off time is 14.00. EUR - 15.30, USD - 16.30, CHF - 14.00

    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, €
    100 0 240 5 000 10 000
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    Outcoming transfer, € The transfer fee is 0.2% of the amount of the payment, but not less than EUR 50 and not more than EUR 500
    Incoming transfer, € There is no charge on incoming transfers
    Account maintenance, €/year Maintenance of the account – EUR 200 per annum. Closure of the account – EUR 200
    Payment limit for credit cards, €/day Depending on the type of card, there are four payment limits: EUR 5.000, 15.000, 30.000, and 50.000
    Funds to be blocked for CC issue, € The bank normally blocks the amount twice as large as the payment limit. However, a card is only issued if the balance is at least EUR 300.000
    Distant access to the account By telephone, via fax – with or without codes (as the client wishes). Internet-banking - only to view the account
    Financial products Asset management, individual financial planning, advice on all investment instruments and wealth management, estate planning. Philanthropy and fine art advice. The bank also offers loans for purchase of Austrian real estate (terms and conditions are to be discussed individually)
    Credit/debit cards Visa and MasterCard. Credit cards Platinum and Centurrion Black Card are available (if the account balance is more than EUR 1.000.000)
    Hold mail Free of charge, as it is included in the maintenance fee

    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
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    Visit to the bank It is not mandatory to visit the bank to have the account opened, this can be done remotely. However, it is necessary to get to meet your relationship manager within 3 months. The bank’s representative visits Moscow once a month
    Required Copy of foreign passport. For corporate customers - standard set of documents in accordance with jurisdiction
    Types of accounts Personal; Corporate; Savings
    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 Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, details of biography and contact details of the beneficial owner of the account
     
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