How to open a bank account in Loyal Bank Limited

GSL reference about the bank What is it?

Being professional intermediaries, we are limited in giving public opinion about some financial institutions. Please contact us directly to obtain more detailed feedback.

Relationship was terminated

The Financial Services Authority of Saint Vincent and the Grenadines revoked the Bank’s licence as of 8th of August, 2018, and decided to start the legal process of appointing a liquidator to take over the Bank’s assets.

Relationship was terminated

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

6 008

Global rating

1

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1997

History

Loyal Bank Limited was incorporated in St. Vincent and the Grenadines on the 17th of September, 1997 and was granted the Banking License from IFSA (International Financial Services Authority). Within one year Loyal Bank became a Principal Member of MasterCard International Card Association and a Member of S.W.I.F.T. international inter bank network (LOYAVCVX) Year 1999 started with a new project - the Digipass. This credit-card size authentication device was designed to provide the highest level of security, privacy and confidentiality. Later on, the TeleBank facility commenced and enabled customers to execute transactions by themselves. Year 2001 commenced with the launching of NetBanking, which allowed our customers to view their bank account history, initiate wire transfers and place deposits on-line 24 hours a day, 7 days a week and 365 days a year from anywhere in the world. At present Loyal Bank has a fully operational Head Office in St. Vincent and a European Representative Office in Budapest, Hungary.

Personnel

The Bank employs approximately 60 people including Russian-speaking officers

Bank’s shareholders

Fund in Saint Vincent. 100% of actions of Fund belong to the citizen of Hungary

Compare banks

Minimum requirements

—

Minimum balance, €

—

Transactions permitted per month

0

Initial deposit of funds, €

No restrictions

Deadline for the initial deposit, month

Transactions permitted per month

The number of transactions is not limited

Initial deposit of funds, €

Not required

How fast payments are executed

Banking day ends at 07.00 London time. The bank executes payments on the banking day following receipt of funds, it takes 3-4 days for the payment to go through

Tariffs and services

150

Outcoming transfer, €

10

Incoming transfer, €

250

Account maintenance, €/year

2 000

Payment limit for credit cards, €/day

Outcoming transfer, €

Outgoing transfer – 0.3% of the amount (minimum 38.5 USD, maximum 400 USD)

Incoming transfer, €

Credit of funds - from 9 to 20 USD. Fee for outgoing SWIFT transfer (charges BEN or SHA) - 0,3% (min: 30 EUR, max: 311,50 EUR); Fee for outgoing SWIFT transfer (charges OUR) - 0,375% (min: 47,5 EUR, max: 330 EUR. Investigation of a SWIFT transfer: 60 EUR

Account maintenance, €/year

Account opening fee - from 45 to 310 EUR, it depends on account (private, corporate) and card type. Account maintenance fee - from 5 EUR to 7 EUR per month (for private account) and from 9 EUR to 35 EUR (for corporate account). Account closure fee - 60 EUR

Payment limit for credit cards, €/day

Credit limit - all funds deposited in account not exceeding 2 000 – 5 000 USD per day

Distant access to the account

The bank can be contacted via HelpDesk (Russian-speaking operators). Internet Banking is available in the Russian language (connection is included in the account opening fee). Digipass stoppage fee - 18 EUR. Digipass issuance / replacement fee - 40 EUR

Financial products

Salary card project, incorporation of Saint Vincent offshore companies: business package – company plus bank account, precious metal accounts, FOREX trading accounts

Credit/debit cards

The bank issues debit cards CIRRUS/Maestro, MasterCard and MasterCard Platinum in USD and EUR. Card maintenance fee – no fee. Card spending limit – all funds available in the account, but not more than 2,000 – 5,000 USD per day for cash withdrawals, retail payments – from 2,000 to 40,000 USD depending on the card

Hold mail

E-mail notifications fee - 1,5 EUR per month

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

Current

Visit to the bank

Not required

Required

Completed bank forms; copy of client’s passport; proof of address; standard set of corporate documents; reference letters

Types of accounts

Current

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker

Chances to open an account

Predictable

Business description

Requirements for the business description are standard: the account of how the business was established and where it stands now, origin of funds, details of biography and contact details of the beneficial owner of the account. Банк требует обязательный бизнес план к открытию счета (включает в себя краткое резюме компании, подробную бизнес-презентацию, финансовую оценку и планы на будущее)

Share on social media: