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How to open a bank account in Promsvyazbank – Cyprus

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Central Bank of Cyprus: Revocation of licence granted to Promsvyazbank PJSC to operate a branch in Cyprus. Wednesday, 31 July 2019 

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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
    Not rated Not rated N/R
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    Year of foundation 2001
    History Promsvyazbank was founded in 1995. The bank has an office in Cyprus and representative offices in China, India, Ukraine and Kazakhstan which primarily provide support to Russian clients. A branch in Hong Kong is expected to open by the end of 2014. Promsvyazbank-Cyprus holds a Cyprus Central Bank licence issued on 21.11.2001. The Cyprus branch first opened doors to its client in April 2002
    Personnel The Cyprus branch employs over 60 staff, all Russian-speaking. The opening hours of the branch are the same as of the Moscow office
    Bank’s shareholders European Bank for Reconstruction and Development – 11.7457%; Promsvyaz Capital B.V. – 88.2543%. According to IFRS, as at 01.01.2014, the bank had assets of 739 billion roubles and equity (capital) by Basel I of 98 billion roubles
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    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 0 No restrictions
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    Transactions permitted per month The bank sets no restrictions on the number of transactions. If no transactions were made during the year, the bank charges a higher account maintenance fee
    Initial deposit of funds, € There is no initial deposit
    Minimum turnover, €/year No restrictions
    How fast payments are executed Payments for same-day execution are accepted until 15:30. For USD – until 17:00 Cyprus time (- 1 hour)

    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, €
    180 0 150 N/A N/A
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    Outcoming transfer, € The fee for transfer is 0.4% of the amount (min. EUR 30, max. EUR 180). If the amount of transfer equals the balance of account, there is an additional charge of USD 100. A fee of USD 100 is charged for urgent same-day transfers in addition to the normal fee
    Incoming transfer, € There is no charge on incoming transfers
    Account maintenance, €/year There is no fee for opening or closing an account. Corporate account maintenance fee is USD 50 per quarter. If no outgoing or incoming transactions are made in the account during the year, the bank’s fee will be equal to the balance of account, but not more than USD 300
    Payment limit for credit cards, €/day Cash withdrawal from the account at cash advance points or ATMs of third-party banks is available within monthly limit and is capped at 300 000 roubles or an equivalent amount in another currency at the Bank of Russia exchange rate on the date of transaction
    Distant access to the account Protected Bank-Client system enables to create and send to the bank payment documents; quickly receive statements of transactions in the account during the day; receive additional information from the bank (exchange rates etc); Bank-Client system enables to operate an unlimited number of customer’s accounts and allows the customer to view the status of and transactions in such accounts
    Financial products Cash and payment services. Loans secured by deposit. Secured sale of property (paid domestic letter of credit, escrow services). Forex trading at market rate (no additional commission). Deposits at rates corresponding to Russian Office rates. It is possible to make Guaranteed Our payments or Urgent Priority payments
    Credit/debit cards Corporate debit bank cards MasterCard Worldwide in RUB, USD and EUR. Initial deposit to the account for issuing a card (including annual maintenance and minimum balance) is RUB 6 000 (per RUB card) or USD 200 (per USD card) or EUR 200 (per EUR card). Annual maintenance is RUB 3 000 / USD 100 / EUR 100. Minimum balance of account per card is RUB 3 000 / USD 100 / EUR 100

    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 Not necessary Detailed Current
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    Visit to the bank No visit to the bank is required
    Required Bank forms, copies of passports, standard set of corporate documents (for a corporate account), description of business and source of funds (KYC). For the initial application for account, the bank asks to complete a questionnaire
    Types of accounts Personal; Corporate; 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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