/ / Incognito Bank 002 (Luxembourg)

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

Beginning of cooperation Last contact Last update
June, 2011 June, 2021 April, 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:
- Bank opens savings (deposit) account;
- an account can be opened by meeting with a representative of the Bank in Moscow;
- minimum account balance - from EUR 500,000 (ideal client - EUR 1,000,000 - EUR 2,000,000);
- the term for opening an account - case by case (check with the consultant).
This bank is a classic example of a low-profile bank. This Bank does not seek to advertise itself. And, following the wishes of the Bank, we post information about it anonymously. We will inform you about the name of the Bank 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 AA+
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    Year of foundation 1920
    Personnel The bank employs 750 staff who speak many languages. The Russia and CIS desk has two Russian-speaking employees of Russian origin
    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

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    500 000 20 10 000 1
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    Minimum balance, € The minimum balance is EUR 500 000, but an ‘ideal’ client would have EUR 1 000 000 - 2 000 000 assets
    Transactions permitted per month There is no restriction as to the number of transactions, but it should be remembers that the transactions SHOULD NOT relate to the client’s commercial activity, but to their personal finances. This, however, does not apply to incoming transfers – they can be related to commercial activity
    Initial deposit of funds, € The bank’s major requirement is to reach the minimum balance of EUR 500 000 within first 6 months, no matter in how many installments you replenish the account. Otherwise on expiry of this 6-month period the account will be closed
    Deadline for the initial deposit, month The amount of EUR 10 000 must be transferred to the account within one month as proof of intention to open an account and in order to cover the associated costs
    How fast payments are executed A payment submitted before 17.00 CET will be processed on the same day. The value date is the third day

    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 5 300 2 500 2 500
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    Outcoming transfer, € 0.20% of the amount, but max. EUR 130 and min. EUR 10. An additional fee for ‘manual’ processing of a payment is EUR 3, fax confirming the payment – EUR 10. Payments of less than EUR 50 are free of charge. Regular payments (standing orders) are free of charge
    Incoming transfer, € Incoming transfer fee – EUR 0.5
    Account maintenance, €/year Depending on the package of services, the following tariffs apply: basic package – EUR 125 per year; premium package – EUR 300 per year; additional package – EUR 450. Safe-deposit box rent – EUR 65 per year
    Payment limit for credit cards, €/day The minimum payment limit for VISA Classic is EUR 2 500, but it can be agreed to be considerably increased, up to EUR 200 000 per month. However, it should be remembered that it is an ATM or retailer, rather than the bank that the card’s payment limit can be restricted by
    Funds to be blocked for CC issue, € To ensure card payments according to the chosen payment limit, the account should have a balance equivalent to such payment limit
    Distant access to the account Internet banking enables both to view and to operate the account. Confidentiality of payment instructions is provided by various security devices: first coding device Digipass – free of charge, second – EUR 10; coding device My Secret ID - EUR 65; coding device Signing Stick – EUR 50
    Financial products The bank’s speciality is investment products. Lombard credits – min. EUR 25 000, for a period of up to one year, at interbank marcet rate. Bank guarantee – from 0.25% to 0.5% per quarter. Accumulative accounts for children from 0 to 25 years with interest on accumulative part from 0.5% to 1.5% per year. Interest on savings accounts (as of September 2012) is 0.25% in USD and 0.8% in EUR. Deposits can be made for a period from one week to 10 years. The minimum amount of a fixed-term deposit – EUR 10 000. Opening fee for metal (including gold) accounts - 0.2% per year
    Credit/debit cards Fee for VISA Classic – EUR 15 per year. Fee for premium cards VISA and MasterCard – EUR 250 per year. Cash withdrawal on classic cards - 2%; on premium cards – 2.5%. Virtual MasterCard fee – EUR 10 per year
    Hold mail Holding bank statements – EUR 100 per year. Posting correspondence weekly – additional EUR 50 per year plus postal expenses; daily – EUR 150 plus postal expenses. For numbered accounts the bank statements hold fee – EUR 200 per year. Statements and balance of account for the current year – free of charge, for the previous year – EUR 50

    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 required to visit the bank to open an account because it can be opened remotely. But it would still be necessary to meet the bank’s officer during the first year of the account’s existence. A meeting can be held in Moscow, where the banker travels to once a month, or in Luxembourg
    Required A copy of national or international passport, standard set of corporate documents
    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 Relatively detailed: in addition to the description of the business, you may be asked to provide commercial contracts for amounts deposited in the account. It is necessary to tell the bank the country and the name of the bank where the initial transfer will come from
     
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