PASTA BANKA

Beginning of cooperation Last contact Last update
January, 2014 October, 2017 October, 2014

GSL reference about the bank

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This bank, among other things, puts focus on e-commerce. It is possible to open there a Merchant Account for a foreign company

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated N/R
    Year of foundation 2008
    History The bank obtained a banking license in 2008. In 2009 it opened a number of correspondent bank accounts at Russian, German, Lithuanian, and other banks. In 2011 it became a member of the Association of Latvian Commercial Banks
    Personnel The bank has Russian-speaking staff
    Bank’s shareholders Latvijas pasta banka is part of the Latvia’s largest private entrepreneurial business – MONO Holding
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

    Minimum requirements

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    0 N/A No restrictions
    Transactions permitted per month There are no restrictions as to the number of transfers
    Initial deposit of funds, € The minimum balance is EUR 70. There are no requirements as to the initial deposit
    Minimum turnover, €/year There are no requirements as to the minimum turnover
    How fast payments are executed An ordinary payment is executed next day if submitted before 18.00; an urgent payment – before 17.00; an express payment – within 1 hour of agreeing it with the bank (it is necessary to agree such payment in advance with a bank officer)

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    30 0 120 1 500 N/A
    Outcoming transfer, € Fees for EUR transfers: ordinary – EUR 30 (OUR) and EUR 20 (SHA), urgent – EUR 40 (OUR) and EUR 30 (SHA), express – EUR 55. Interbank transfers are free of charge. EUR e-payments: ordinary – EUR 20 (OUR) and EUR 15 (SHA), urgent – EUR 30 (OUR) and EUR 25 (SHA), express – EUR 55
    Incoming transfer, € There is no charge on incoming payments
    Account maintenance, €/year Account opening fee is EUR 110. Monthly maintenance fee is EUR 10. Account closing fee is EUR 15
    Payment limit for credit cards, €/day The daily purchase limit for MasterCard Standard is EUR 1 500 or an equivalent in another currency. The daily purchase limit for MasterCard Gold is EUR 7 500 or an equivalent in another currency. The daily purchase limit for MasterCard Platinum is EUR 15 000 or an equivalent in another currency
    Distant access to the account The account is operated via Internet banking, which is free of charge. The cost of DigiPass is EUR 50. Telephone banking: monthly fee of EUR 10
    Financial products The bank offers a great variety of banking services: making settlements, transferring cash and making wire transfers, fixed-term deposits and savings accounts, Internet banking, cash transactions, current accounts, loans, and investment services. E-commerce and Merchant Account (Processing VISA and MasterCard (European license); 3-D Secure (verified by VISA, MasterCard SecureCode); processing in EUR, USD, GBR, RUB (other currencies upon request); the processing system has PCI DSS standard)
    Credit/debit cards MasterCard: MasterCard Standard with an annual fee of EUR 20; MasterCard Gold with an annual fee of EUR 100; MasterCard Platinum with an annual fee of EUR 200

    Account opening procedure

    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    10 10 Not necessary Detailed Current
    Visit to the bank No visit to the bank is required
    Required A standard set of corporate documents. Photocopy of the account holder’s passport
    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
    Chances to open an account Predictable
    Business description Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
     
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