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

How to open a bank account in Kathrein Privatbank

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November, 2003 December, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- 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).

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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
    4 192 85 N/R
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    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 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 5 500 000 2
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 0 380 7 500 15 000
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    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

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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 Necessary Detailed Savings
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    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 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 Moderately detailed: alongside with the business description, it is necessary to provide information on the source of funds
     
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