How to open a bank account in National Bank of Bahrain (NBB)

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.

GSL rating

rating

Beginning of cooperation

May, 2023

Last contact

October, 2024

Last update

June, 2024
  • the bank was founded in 1957, the oldest bank in Bahrain with local capital;
  • the bank opens savings (deposit) and current accounts;
  • the bank only opens accounts for local companies registered in Bahrain, and personal accounts also only for residents of Bahrain;
    to open an account for a foreign company will require the opening of a branch in Bahrain;
  • minimum balance for corporate account BHD 500* (~ USD 1 330), for personal account – BHD 300 (~ USD 800), for foreign currency account – USD 1 060 – 1 330, if lower – BHD 3-5 (~ USD 8-14);
  • there is no deposit requirement for the corporate account, but requires that authorized capital be deposited in the account (recommended as the optimum amount of authorized capital is BHD 10 000). The authorized capital in the account is blocked until the procedures for CPR, licenses, etc. are completed;
  • a personal visit to Bahrain by the founders and the account signatory is required to open the account;
  • available currencies: BHD, USD EUR, but you must first open an account in the local currency;
  • bank cards and checkbooks are available, but cards are NOT issued for corporate accounts;
  • pre-approval is possible before the account opening process;
  • transfer fee to a foreign bank is ~ BHD 5,5* (~ USD 15);
  • Internet Bank in English;
  • time of account opening: about 1-2 weeks

*The rates shown are approximate as they may eventually vary depending on the service program chosen by the client in the bank

GSL rating
rating
Beginning of cooperation
May, 2023
Last contact
October, 2024
Last update
June, 2024
Your Consultant
Поиск консультанта...

Поиск консультанта...

General information and rating
General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1957
History
Established in 1957, we are the Kingdom’s first locally owned bank
Personnel
There are English-speaking staff
Bank’s shareholders
NBB is publicly listed on the Bahrain Bourse with a strong local stakeholder profile. Owned 44,94% by private and institutional shareholders, 44,18% Bahrain Mumtalakat Holding Company, wholly-owned by the Government of the Kingdom of Bahrain, and 10,88% by the Social Insurance Organisation.
Confidentiality
AML legislation is strictly observed
Compare banks

    Minimum requirements
    Minimum requirements

    1 230
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    1 230
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    Minimum balance, €
    Minimum balance for corporate account - BHD 500 (~ USD 1 330), for personal - BHD 300 (~ USD 800), for foreign currency account - USD 1 060 - 1 330.
    No deposit requirements for the corporate account, but do require that authorized capital be deposited in the account (recommended as the optimum amount of authorized capital is 10 000 BHD); authorized capital in the account is blocked until procedures for CPR, licenses, etc. are completed;
    Transactions permitted per month
    No restrictions on the number of transfers for current accounts
    Initial deposit of funds, €
    The initial payment is equal to the minimum balance of the account
    Deadline for the initial deposit, month
    To be entered immediately after opening an account
    Minimum turnover, €/year
    No turnover limit
    How fast payments are executed
    Same day or next day

    Tariffs and services
    Tariffs and services

    14
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for transfer to foreign bank is ~ BHD 5,5 (~ USD 15)
    Incoming transfer, €
    The bank does not charge for incoming payments
    Account maintenance, €/year
    The bank does not charge for the account maintenance, if the minimum account balance is not reduced. If it decreases, the bank charges BHD 3-5 (~ USD 8-14)
    Distant access to the account
    Internet Bank in English
    Financial products
    Retail Banking, Corporate Banking, Financial Services, Finance, Credit Cards, Electronic Banking, Mobile Banking, Internet Banking, Trade Finance, Commercial Banking, online banking, and digital bank
    Credit/debit cards
    Bank cards and checkbooks can be issued, but cards are NOT issued for the corporate account

    Account opening procedure
    Account opening procedure

    Days to open for incoming transfers
    Case by case
    Days to open for outcoming transfers
    Case by case
    References
    Not necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    A personal visit of the founders and account signatory to Bahrain is required to open the account
    Required
    For a legal entity: Trade License; Memorandum and Articles of Association; Company Registration; Request for account opening indicating the signatory on the account; Tax Card, Computer Card; Registration Cetificate (QFC), Commercial Registration Extract (QFC); completed bank form on the company and owner; copies of current contracts with counterparts; office rental agreements, cash flow chart, ownership structure chart, etc.
    On physical persons (directors / shareholders / beneficiaries / attorneys): proof of identity (passport) + QID; proof of address (Metrash) not older than 3 months; CV; bank references + bank statements for the last 6 months
    Types of accounts
    Savings
    Chances to open an account
    Predictable

    Banks of Bahrein

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
    Need a consultation from a specialist?
    Share on social media:

    Add a comment

    By clicking the «Send» button, you agree to the processing of personal data in accordance with the terms of our privacy policy

    RU EN