How to open a bank account in RCB BANK LTD

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RCB BANK LTD is a European bank with Russian roots and almost a 20 year history. It is a member of VTB Group, the leading international financial services group of Russian origin with its business presence in more than 20 countries. The holding company of the Group is VTB Bank Plc, one of the leading Russian banks, with the Russian government being the majority shareholder. CB Bank Ltd has taken a decision to transform the Bank into a regulated asset management company, shifting away from banking operations, which will be phased out (24.03.2022)

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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
Year of foundation
1995
History
The history of the bank goes back to 1963, when the Moscow Narodny Bank of the USSR established a branch in Beirut, a major Middle Eastern financial and business centre at the time. As the political situation in the Middle East deteriorated in 1989, the branch was relocated to Cyprus, where ownership was transferred later to Vneshtorgbank. On 1 August 1995, the Bank reached an important milestone in its history when the branch was transformed into the Russian Commercial Bank (Cyprus) Limited as an overseas unit of VTB Bank and a banking licence was issued by the Central Bank of Cyprus. Since the accession of Cyprus into the European Union in 2004, the Bank has operated as a fully fledged European bank. In October 2010, Russian Commercial Bank (Cyprus) Limited opened new branches in Limassol and Nicosia. In November 2013, Russian Commercial Bank (Cyprus) Limited changed its name to RCB BANK LTD. In April 2014, RCB BANK opened a branch in Luxembourg
Personnel
The bank has Russian-speaking staff
Bank’s shareholders
VTB Group - 60%
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.
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    Minimum requirements

    Minimum balance, €
    Transactions permitted per month
    0
    Initial deposit of funds, €
    No restrictions
    Deadline for the initial deposit, month
    Transactions permitted per month
    The bank sets no restrictions on the number of transactions
    Initial deposit of funds, €
    The bank does not establish requirements for the minimum account balance, but to open a deposit, you need to deposit 50,000 USD / EUR / GBP, 1,500,000 rubles. The entrance threshold for servicing in the WM department is 500,000 EUR. There are no down payment requirements, but any amount must be transferred to activate the account
    Deadline for the initial deposit, month
    No deadline, but if no incoming payments are received during a long time, the bank may close the account
    Minimum turnover, €/year
    There is no minimum turnover
    How fast payments are executed
    Payments are accepted for same-day execution (Cyprus time): USD – before 16.00; for EUR, RUB and GBP – before 13.00

    Tariffs and services

    50
    Outcoming transfer, €
    0
    Incoming transfer, €
    160
    Account maintenance, €/year
    50 000
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Fee for outgoing transfers is 0.1% (min. EUR 43, max. EUR 155, including SWIFT- EUR 12.5). Outgoing transfers to VTB24 customers – EUR 10-15
    Incoming transfer, €
    There is no commission of incoming transfers
    Account maintenance, €/year
    Account opening and closure – free of charge. Account maintenance fee is EUR 40 per quarter (for corporate accounts) and EUR 12 (for private clients)
    Payment limit for credit cards, €/day
    Daily limit on bank cards is EUR 50 000 (which is set by default and can be changed at a customer’s request)
    Distant access to the account
    Internet banking (free of charge) with a token (initial giving of the token is free of charge)
    Financial products
    The bank offers a full range of banking services and products. Broker services. Depositary services. Individual fiduciary management. Anonymous metal accounts. Cheque books and bank cheques
    Credit/debit cards
    VISA Gold (credit and debit). Annual fee is EUR 100
    Hold mail
    Hold mail fee is EUR 80 per quarter. Bank reference letters – EUR 80

    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
    Current
    Visit to the bank
    No visit to the bank is required. The beneficial owner needs to meet the bank officer
    Required
    Bank forms, copies of passports, corporate documents (for corporate accounts), description of the business and origin of funds (KYC)
    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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