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How to open a bank account in Loyal Bank Limited

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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. 

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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
    6 008 1 N/R
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    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

    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 No restrictions No restrictions
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    150 10 250 2 000 N/A
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    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

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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 Current
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    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 Personal; Corporate; Savings; 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)
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