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

April, 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

April, 2024

Last update

March, 2024

Поиск консультанта...

+44 0 207 822 85 93

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

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