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

GSL reference about the bank What is it?

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GSL rating

rating

Beginning of cooperation

June, 2011

Last contact

October, 2024

Last update

June, 2024
  • bank opens savings (deposit) account;
  • minimum account balance – from EUR 500 000 (ideal client – EUR 1 000 000 – EUR 2 000 000);
  • to open an account, a personal meeting with a potential client is mandatory;
  • the term for opening an account – case by case (check with the consultant)

 

GSL rating
rating
Beginning of cooperation
June, 2011
Last contact
October, 2024
Last update
June, 2024
Your Consultant
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General information and rating
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
1920
Personnel
The bank employs 750 staff who speak many languages
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
    Minimum requirements

    500 000
    Minimum balance, €
    20
    Transactions permitted per month
    10 000
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    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
    Tariffs and services

    20
    Outcoming transfer, €
    5
    Incoming transfer, €
    300
    Account maintenance, €/year
    2 500
    Payment limit for credit cards, €/day
    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
    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
    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
    To open an account, a personal meeting with a potential client is mandatory
    Required
    A copy of passport, standard set of corporate documents
    Types of accounts
    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

    Banks of Luxembourg

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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