How to open a bank account in Novo Banco (Luxembourg)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

October, 2011

Last contact

May, 2024

Last update

March, 2024
  • the bank opens checking and savings accounts;
  • there are no restrictions on turnover and types of activity for current accounts;
  • the amount of the initial payment is EUR 5 000;
  • to open an account, a personal meeting with a potential client is mandatory;
  • the term for opening an account – case by case (check with the consultant).

 

GSL rating
Beginning of cooperation
October, 2011
Last contact
May, 2024
Last update
March, 2024
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
3
Countrywide rating of the head bank
193
Global rating of the head bank
Year of foundation
2014
History
Novo Banco Luxembourg is a new structure of the Portugal’s oldest financial group which was formed as early as in 1920. The year 2014 saw the transfer of the group’s rights, assets and core business of Banco Espirito Santo to the new bank, Novo Banco. The bank has its main investments focused in Spain, Brazil and Angola, with representative offices and branches situated on 4 continents and in 25 countries
Personnel
The staff is mainly English-speaking
Bank’s shareholders
There is one only shareholder, called " Fundo de Resolucao"
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

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    5 000
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No requirements for the minimum balance of account
    Transactions permitted per month
    No restriction as to the number of transfers
    Initial deposit of funds, €
    The initial payment is EUR 5 000. Online banking will work from the moment the initial deposit is received
    How fast payments are executed
    2 days, same-day payments are available

    Tariffs and services

    110
    Outcoming transfer, €
    0
    Incoming transfer, €
    48
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    For SEPA payments: up to EUR 100 000 – free of charge; over EUR 100 000 – EUR 20. For other international payments: up to EUR 12 500 – free of charge; over EUR 12 500 – 0,25% (maximum EUR 110)
    Incoming transfer, €
    No bank charges on incoming transfers
    Account maintenance, €/year
    Account opening is free of charge. Account maintenance fee is EUR 48 per year. If the total of all deposits exceeds EUR 10 000, no account maintenance fee is charged. Account closure fee is EUR 30
    Distant access to the account
    The account is operated with the help of code cards. The bank also offers the service of sending an SMS with an authorization code for each transaction. The fee – EUR 8,5 per month
    Financial products
    The bank provides a wide range of banking and financial services, including retail and corporate banking, private banking, asset management, investments and loans
    Credit/debit cards
    VISA, Mastercard
    Hold mail
    Statement of account – EUR 2

    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
    To open an account, a personal meeting with a potential client is mandatory
    Required
    An apostilled set of constitutive documents, an apostilled certificate of good standing, copies of passports of the beneficial owner and account signatory
    Types of accounts
    Savings; Current
    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
    The bank requires a business description of the company which applies for account, source of beneficial owner’s funds, estimated annual turnover of accounts and estimated number and amount of transactions

    Banks of Luxembourg

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