GSL / Offshore and International Law / Offshore Banking / Incognito Bank (Latvia)

How to open a bank account in Incognito Bank (Latvia)

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July, 2013 December, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- opens current accounts;
- The bank specializes in providing services to non-residents, incl. offshore;
- an account can be opened at a bank representative office in Moscow without leaving for Riga;
- there are no minimum balances requirements;
- the term for opening an account - case by case (check with the consultant).

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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
    4 678 13 B+
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    Year of foundation 1991
    History The bank was founded in 1991. For the last 10 years, he has specialized in servicing non-residents, incl. offshore companies. In 2010, a branch of the Bank was opened in Cyprus. Opening accounts, both in the Bank in Latvia and in a branch in Cyprus, is possible through the bank's representative office in Moscow, St. Petersburg, Yekaterinburg, Novosibirsk, Perm, Tyumen, Surgut and Kemerovo
    Personnel The Bank employs over 60 employees. Service takes place in Russian and English. A personal manager is assigned to each client. Russian-speaking representatives of the bank in Moscow, St. Petersburg, Yekaterinburg, Novosibirsk, Perm, Tyumen, Surgut and Kemerovo
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    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
    0 0 No restrictions
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    Transactions permitted per month The bank does not set limits on the allowed number of transfers
    Initial deposit of funds, € There are no requirements for the amount of the down payment
    Minimum turnover, €/year There are no minimum turnover requirements
    How fast payments are executed A standard transfer is executed by the Bank with a value date + one banking day from the date of receipt of the payment order. An urgent transfer is executed by the current date, if the payment order was received by the Bank before: for EUR - 16.30; for USD - 17.30; for RUB - 14.00. Express transfer is performed out of order with the current 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, €
    40 0 600 2 800 N/A
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    Outcoming transfer, € The transfer fee is USD (OUR): standard - 70 EUR, urgent - 90 EUR, express - 110 EUR; for USD (SHA): standard - 55 EUR, urgent - 75 EUR, express - 95 EUR. For EUR (OUR): standard - 40 EUR, urgent - 60 EUR, express - 80 EUR; for EUR (SHA): standard - 25 EUR, urgent - 35 EUR, express - 60 EUR. For RUB (OUR): standard - 30 EUR, urgent - 40 EUR. Transfers to another bank, if the amount exceeds EUR 1,000,000 or the equivalent in another currency - EUR 150 + commission for the corresponding payment
    Incoming transfer, € The commission for crediting is not established by the Bank
    Account maintenance, €/year The Bank's commission for opening an account is 350 EUR. Account maintenance fee - 50 EUR per month. Account closing fee - 100 EUR
    Payment limit for credit cards, €/day MasterCard Gold. Daily limit for one card for withdrawing cash from ATMs or bank terminals - 2 800 EUR monthly limit for withdrawing cash - 15 000 EUR or equivalent
    Distant access to the account Internet banking allows you to monitor and manage cash flows in real time. Possibility of connecting one DIGIPASS device (issue - 60 EUR, connection to an existing device - 25 EUR) to various accounts of clients of a single group. The use of the Internet bank is free of charge. It is also possible to connect to the Internet bank in information mode with free service.
    Financial products The bank presents a line of classic banking products: settlement and cash transactions, conversions, remote account management, deposits, check transactions, letters of credit, bank guarantees, credit services, brokerage services, fiduciary services. In addition, for private clients, the Bank offers services in helping to obtain a residence permit in Latvia.
    Credit/debit cards MasterCard Gold (credit card). The annual fee is 140 EUR. Since the card is a credit card, security is required (only for the main card) - at least 1,000 EUR or 1,000 USD (depending on the selected currency). Credit limit volume - up to 75% of the collateral amount

    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 Current
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    Visit to the bank A visit to the Bank is not required. There is a representative office of the Bank in Moscow. A bank representative is ready to go to the GSL office to open an account
    Required Full package of corporate documents; copy of the beneficiary's passport, account manager's passport, information on the company's activities and the beneficiary
    Types of accounts Personal; Corporate; 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 Moderately detailed: along with a description of the business, it is necessary to provide information on the sources of origin of funds
    Need a consultation from a specialist?

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