GSL / Offshore and International Law / Offshore Banking / Valartis Bank (Austria) AG

How to open a bank account in Valartis Bank (Austria) AG

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On November 20, 2015 Valartis Bank (Austria) AG announced the sale of its business to Wiener Privatbank SE.
Valartis Bank (Austria) AG was founded at the end of the 19th century. The bank currently offers a wide range of individual banking services for private clients, and its assets under management amount to more than EUR 1,400,000,000. The activities of the entire Valartis financial group are primarily focused on the management of private capital.
Our company began cooperation with this bank, even when it was Anglo Irish Bank (Austria) AG

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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
    3 374 72 6 3 719 A+
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    Year of foundation 1890
    History The Bank was established in 1890 as Bankhaus Rosenfeld. In 1995 the Bank acquired the Austrian Branch Credit Lyonnais. In 1998 the Bank was purchased by Anglo Irish Banking Group. On 19.12.2008 Anglo Irish Bank (Austria) AG acquired Valartis Group, and in connection therewith the Bank was renamed Valartis Bank (Austria) AG
    Personnel There are 110 specialists employed with the Bank, among them 7 employees are responsible for cooperation with the clients from Russia and former CIS countries. The Bank has a highly developed work direction with the clients from Eastern Europe
    Bank’s shareholders Valartis Group AG (Baar Switzerland) - 100%
    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
    150 000 10 25 000 3
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    Minimum balance, € The bare minimum balance is 150 000 EUR, but it is desirable to have a balance in the amount of 300 000 EUR. The balance in the amount of 100 000 EUR is covered with the national deposit insurance system
    Transactions permitted per month Notwithstanding that the Bank declares its investment focus; nevertheless it is ready for a limited number of commercial remittances. So, 10 transactions per month are allowable. For opening of a purely commercial account, the balance in the amount of EUR 500 000 is required
    Initial deposit of funds, € Immediately upon opening of the bank account, 25 000 EUR should be paid in, and then within three months the said amount should be increased to the minimum balance
    Deadline for the initial deposit, month In case if within three months from the date when the bank account was opened no money arrive in the account, the account will be blocked
    How fast payments are executed The value date is the third day. For EUR and EU or EEA currency the transaction day ends at 1 p.m., for USD - at 3 p.m. (Vienna time)

    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, €
    125 1 200 3 750 7 500
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    Outcoming transfer, € Transaction fee makes up 0.25 per cent, minimum 50 EUR, maximum 500 EUR
    Incoming transfer, € In-coming transfer fee depends on accounting transaction, which makes 1-1,5 EIUR
    Account maintenance, €/year Account maintenance makes 200 EUR per year
    Payment limit for credit cards, €/day The limit is not determined; the minimum advisable limit is 3750 EUR. The most common limit makes 7500 EUR, which ensures the issuance of a Visa Gold card
    Funds to be blocked for CC issue, € The insurance coverage is equal to the double credit limit. So, for the credit limit of 3750 EUR the amount of 7500 EUR should be blocked, and money for transactions should be available
    Distant access to the account Fax and confirmation over the phone with a codeword. Internet access is passive (only balance control, without the possibility of any transactions)
    Financial products Deposit-secured loan, asset-based loan, lease of safe deposit boxes, mutual funds, stocks, precious metals (certificates, in physical form). Management of capital is also offered (minimum 1 000 000 EUR). One can also buy physical gold, the commission of the Bank makes 2 percent of purchase, 2 percent of sale and 5.5 percent of storage per year. Non-resident of Austria can buy gold without paying VAT. The Bank is not limited to its own products
    Credit/debit cards VISA Card – for the clients with the balance of 150 000 EUR at least, the limit is set by the client himself and confirmed with the Bank upon account opening. The limit amount can also be changed as agreed upon with the bank officer. The card will be blocked when the limit is reached
    Hold mail Bank statements are kept with the Bank (free of charge). Additional bank statements can be ordered by fax or email

    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
    14 14 Necessary Detailed Savings
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    Visit to the bank At the opening of the bank account the visit to the bank is not necessary, but within the first month of bank account usage the personal meeting with a bank officer is required. The meeting can be organized both in Vienna and in Moscow
    Required А copy of foreign and national passports; Сonfirmation of residential address (a copy of the page from the national passport with the residential address stamp); Вusiness description, curriculum vitae (prepared by GSL employees); Letters of recommendation from business partners (desirable); Letters of recommendation from banks
    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; It is possible to open an account without meeting the banker
    Chances to open an account Predictable
    Business description When carrying out transactions, the Bank requires documents which describe business areas of the company (such as contracts, invoices etc.)
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