How to open a bank account in TD Bank

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May, 2014 July, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens current accounts;
- Advantages:

  • does not require the signatory of the account to have a US Social Security number, TIN or other links to the United States;
  • classic settlement bank;
  • low tariffs, control system via the Internet.
- Disadvantages:
  • opens accounts only for American companies;
  • ... and, therefore, the company must be registered with the American tax office and have an EIN number, and, therefore, keep and file reports in the United States;
  • mailing address and telephone number must be in the United States, since the Bank can call;
  • payments in USD outside the United States are made only with a personal visit to a bank branch;
  • payments in USD within the United States are made without a visit to the branch;
  • payments in other currencies, for example, in EUR, are made to other countries without restrictions;
  • a personal visit is required for an interview

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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 1852
    History First opened in 1852 as Portland Savings Bank. Through a series of mergers it became Peoples Heritage Bank in 1983 and some time later took the name Banknorth. It was acquired by TD Bank Group in 2007 as TD Banknorth and was rebranded as TD bank in 2008. Currently, one of the 10 largest banks in the US
    Personnel The bank has more than 27 000 staff
    Bank’s shareholders TD Bank Group
    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
    1 500 1 No restrictions
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    Transactions permitted per month There are no restrictions as to the number of transactions
    Initial deposit of funds, € The minimum minimum daily balance is 1500 USD (if these conditions are not met, the Bank charges a commission). From the moment the account is opened, a deposit of at least 100 USD is required. If within 30 days the account balance is zero, the account will be closed
    Deadline for the initial deposit, month Within first month
    Minimum turnover, €/year There are no restrictions as to the minimum turnover

    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, €
    30 15 0 N/A N/A
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    Outcoming transfer, € The fee for domestic payments is USD 25, for international ones – USD 40
    Incoming transfer, € The fee for incoming payments is USD 20
    Account maintenance, €/year No fee is charged for account opening
    Distant access to the account Internet Banking. After the account is opened, the bank sends to the client the account details and the guidelines for connection to Online Banking at the bank’s website where the client needs to register
    Financial products The bank offers a good variety of banking products
    Credit/debit cards A Debit Card is issued at the time of account opening

    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 A standard set of corporate documents. Two ID documents (passport and driving license) need to be provided for the company’s owner
    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 Business description, details of turnover and expected destinations of payment need to be provided
     
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