GSL / Offshore and International Law / Offshore Banking / Kathrein Privatbank

How to open a bank account in Kathrein Privatbank

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2003

Last contact

October, 2022

Last update

September, 2022
  • the bank opens savings (deposit) accounts;
  • the minimum balance of EUR 1.000.000 is irreducible, but the amount of EUR 2.000.000 - 5.000.000 is the ideal balance to strive for;
  • an account can be opened by meeting with a representative of the Bank in Moscow (without leaving for Austria);
  • when opening an account, in addition to the standard set of corporate documents, two letters of recommendation are required, which can be provided by banks, as well as employers or business partners who are clients of Kathrein Privatbank;
  • the term for opening an account - case by case (check with the consultant)
GSL rating
Beginning of cooperation
November, 2003
Last contact
October, 2022
Last update
September, 2022
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General information and rating

4 192
Global rating
85
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1924
History
The bank was founded in 1924 as a small private bank. In 1974 Raiffeisen Zentralbank International AG acquired an interest in the bank’s capital, and from 1996 it became the bank’s 100 % owner. From that time on, Kathrein Privatbank has operated as a private bank, which offers portfolio investment management services to institutional and wealthy foreign clients. In 2008 and 2012 Kathrein won Euromoney’s Best Private Bank in Austria award
Personnel
There are 70 officers in the bank, and 6 of 18 employees in the CIS and East European account management department speak Russian
Bank’s shareholders
Raiffeisen Bank International AG (Vienna Austria) - 100%
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

    1 000 000
    Minimum balance, €
    5
    Transactions permitted per month
    500 000
    Initial deposit of funds, €
    2
    Deadline for the initial deposit, month
    Minimum balance, €
    The required minimum balance is EUR 1.000.000, however it is advisable to achieve the ideal minimum balance of EUR 2.000.000 - 5.000.000 or more
    Transactions permitted per month
    The bank permits the unlimited number of commercial transactions in case there is a declared deposit of EUR 1.000.000 on the account. In this case, however, the servicing tariffs will be higher
    Initial deposit of funds, €
    The amount of EUR 500.000, which is half of the minimum balance, should be acceptable
    Deadline for the initial deposit, month
    Shall be made within two months, otherwise the account will be subject to closure within 6 months
    How fast payments are executed
    Payments in Euro will be processed the same day, if the payment instruction is received before 12 a.m. In case it has been received later, same day payment is still available for an additional fee of EOR 55

    Tariffs and services

    75
    Outcoming transfer, €
    0
    Incoming transfer, €
    380
    Account maintenance, €/year
    7 500
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    The transfer fee is 0,15%, the minimum of EUR 50. There is no maximum fee, but it can be set subject to a separate arrangement with the banker
    Incoming transfer, €
    The bank does not charge for incoming payments
    Account maintenance, €/year
    The cost of account maintenance depends on the sum deposited with the bank. For EUR 1 mln. it makes 1,15% per year, for the amount exceeding 1 mln. it amounts to 0,95% annually, thereafter the regressive scale applies. This cost includes up to 12 investment transactions, a 50% discount on the cost of annual maintenance, issuance of Visa Platinum card and a number of other services
    Payment limit for credit cards, €/day
    The credit limit is set on an individual basis. The advisable minimum limit is EUR 7.500, which may be easily increased by the client’s request (upon pro rata increase of insurance coverage)
    Funds to be blocked for CC issue, €
    Insurance coverage shall be the double amount of the credit limit. That is, for the access to the credit limit of EUR 7.500, it is necessary to block EUR 15.000 on the account and have and additional amount for current expenses
    Distant access to the account
    Payment instructions may be sent via fax and confirmed by phone using the code word. The system of remote Internet access to the account, TIPAS+, will only allow to monitor transactions on the account and does not provide the possibility to send instructions
    Financial products
    Various investment funds, ranging from savings to income ones
    Credit/debit cards
    VISA, Visa Platinum, Mastercard, Mastercard Platinum, American Express. AE Platinum and Centurion (no credit limit restrictions, concierge services and other exclusive offers)
    Hold mail
    Included in the maintenance fee

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Necessary
    Purpose of the account
    Savings
    Visit to the bank
    Not required. It is possible to arrange a meeting with a bank’s representative in Vienna or Moscow. The representative of Kathrein Privatbank comes to Russia on a monthly basis
    Required
    A copy of foreign traveler passport, documents, confirming the client’s business activity, copies of agreements revealing the source of funds (the clients shall undergo a typical “Know Your Client” bank procedure)
    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
    Moderately detailed: alongside with the business description, it is necessary to provide information on the source of funds

    Banks of Austria

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