GSL / Offshore and International Law / Offshore Banking / RCB BANK LTD (Luxembourg)

How to open a bank account in RCB BANK LTD (Luxembourg)

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December, 2016 December, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- The bank opens current accounts;
- an account can be opened at a representative office of the Bank in Moscow, Cyprus, Luxembourg and London;
- there are no minimum balance requirements;
- the term for opening an account - case by case (check with the consultant).

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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 B-
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    Year of foundation 1995
    History The history of the development of the head bank begins with the opening of a branch in Beirut by the Moscow People's Bank of the USSR in 1963 - the largest financial and business center in the Middle East at that time. With the aggravation of the political situation in the Middle East in 1989, the bank branch was transferred to Cyprus, and subsequently the branch was transferred to the balance sheet of Vneshtorgbank. The beginning of a new stage in the bank's development was August 1, 1995. On this day, on the basis of the branch, the Russian Commercial Bank (Cyprus) was established and a license from the Central Bank of the Republic of Cyprus was obtained to carry out banking activities. Since the accession of the Republic of Cyprus to the European Union in 2004, Russian Commercial Bank (Cyprus) has been functioning as a full-fledged European bank. In October 2010, Russian Commercial Bank (Cyprus) opened new branches in Limassol and Nicosia. In November 2013, it changed its name to RCB BANK LTD. In April 2014, a branch of RCB BANK was opened in Luxembourg
    Personnel There are Russian-speaking staff
    Bank’s shareholders VTB Group
    Confidentiality 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 There are no restrictions on the allowed number of transfers
    Initial deposit of funds, € No down payment requirements
    Minimum turnover, €/year There are no restrictions, but if there is no receipt of funds to the account for a long time, the bank has the right to close the account

    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, €
    75 0 240 20 000 N/A
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    Outcoming transfer, € Transfer fee (SWIFT) is - 0.15% (minimum EUR 25 - maximum EUR 300). Transfer Fee (SEPA) is 5 EUR per transaction
    Incoming transfer, € The bank does not charge a fee for incoming payments (SWIFT / SEPA)
    Account maintenance, €/year The Bank does not charge a fee for opening and closing an account. Account maintenance fee is 240 EUR per year (60 EUR quarterly)
    Payment limit for credit cards, €/day The daily payment limit for cards is EUR 20,000
    Distant access to the account Internet banking (service is free) using OTP token (initial issuance of a token is free)
    Financial products The bank provides a full range of banking services. Brokerage services. Custody services. Individual trust management. Depersonalized metal accounts. Checkbooks and bank checks
    Credit/debit cards VISA debit and credit cards with annual service 50 EUR

    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 A visit to the Bank is not required. A meeting of the beneficiary with a representative of the Bank is required
    Required Bank forms, copies of passports, company documents (for a corporate account), business description and source of funds (KYC). Documents for opening an account are signed only by the director, and not by the trustee and the beneficiary. Copies of passports and proof of address are required from all beneficiaries and directors
    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 Moderately detailed: along with the description of the business, it is necessary to provide information on the sources of origin of funds
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