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Primary requirements:
- Instruction of the Central Bank of Cyprus dated June 2018: a ban on opening accounts with shell companies;
- is currently opening accounts for companies whose activities are affiliated with Cyprus;
- 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 requirements for minimum balances, but 50,000 USD / EUR / GBP must be deposited to open a deposit;
- the term for opening an account - case by case (check with the consultant);
- currently the bank opens accounts for almost all jurisdictions.
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
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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
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BBB
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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.
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
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No restrictions
No restrictions
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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
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Outcoming transfer, €
Incoming transfer, €
Account maintenance, €/year
Payment limit for credit cards, €/day
Funds to be blocked for CC issue, €
50
0
160
50 000
N/A
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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
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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. 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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