VP Bank (Schweiz) AG

Beginning of cooperation Last contact Last update
December, 1996 October, 2018 July, 2018

GSL reference about the bank

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Our cooperation began at the end of 1996, and not with the head (Liechtenstein) office, but with the then just newly-opened British Virgin Islands branch (long before a representative office opened in Moscow).
The following years saw our joint conferences and seminars in Liechtenstein and Moscow, bank accounts opened in Zurich, Liechtenstein and Singapore, joint legal projects, publishing of books and many many more. The bank has always been ready to cooperate, demonstrating flexibility and professionalism, but at all times staying within the limits of strict European banking regulations and its own corporate policy.
The bank currently rejects payments made to Latvian banks as its correspondent bank for USD transfers does not work with Latvian banks due to high risk

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    Bank's characteristics

    General information and rating

    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    923 3 A-
    Year of foundation 1956
    History The head VP Bank was founded on 6 April 1956 as Verwaltungs- und Privat-Bank Anstalt. It was later converted into a limited liability company in December 1962, and in 1974 it became Liechtenstein’s first public company, listed on the Swiss Stock Exchange since 1983. The bank has 10 offices all over the world (Switzerland, Liechtenstein, Luxembourg, Germany, Hong Kong, Singapore, British Virgin Islands, and a representative office in Moscow). VP Bank (Schweiz) AG was founded in May 1998
    Personnel The bank has over 750 staff in eight branches around the world. Besides, VP Bank has a Russian Desk with a significant number of Russian-speaking staff. The bank also speaks other languages such as English, German, French, Italian, Spanish, Czech, and Slovak
    Bank’s shareholders VPB Finanz Holding AG (Switzerland) - 100%
    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

    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    410 000 10 50 000 1
    Minimum balance, € For savings accounts the minimum balance is CHF 500 000, for trading accounts – CHF 1 000 000
    Transactions permitted per month 5-10 per month (depending on the average balance of account, purpose of payment etc)
    Initial deposit of funds, € The initial deposit is not a rigid concept: it can be made in several installments
    Deadline for the initial deposit, month The initial deposit should be made within one month
    How fast payments are executed Same-day. For payments in currencies other than EUR, CHF or USD, add three days

    Tariffs and services

    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    20 0 0 800 20 000
    Outcoming transfer, € CHF 8 for payments made via internet banking and CHF 20 for payments made through a bank’s officer. Plus correspondent bank fees
    Incoming transfer, € The bank does not charge any fees on incoming transfers
    Account maintenance, €/year Maintenance fee for the main account, for example in EUR, is free of charge. Maintenance fee for any additional subaccount, for example in USD, is CHF 60 per year and is debited from the account quarterly (i.e. CHF 15 per quarter)
    Payment limit for credit cards, €/day The minimum monthly credit card limit can be any amount, but not less than CHF 10 000. The client can either spend it in one go making purchases or ‘spread’ it over the entire month. However, the issuing bank sets a CHF 1000 limit on ATM withdrawals
    Funds to be blocked for CC issue, € The balance of account should always be twice as large as the monthly card limit, i.e., for the payment limit of CHF 10 000 the amount blocked in the account will be CHF 20 000, plus the money to be spent
    Distant access to the account The account can be operated online via a programme provided to the client on a CD or downloadable from the bank’s official website. For protection of payments the bank uses a three-level security system, including the Digipass with individual code card that generates passwords
    Financial products Trading accounts, deposits, loans, credit line, financial banking products
    Credit/debit cards Visa, Master Card, American Express. The mandatory condition for applying for a credit card is the balance of account of at least CHF 100 000, or an equivalent in another currency

    Account opening procedure

    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 Sketchy Savings
    Visit to the bank Not required, but befor the account opening Bank shell meet the client for the identification. VP Bank officers visit Moscow every month. Besides, it is always possible to contact the bank on the phone
    Required Passport, bank forms. For corporate accounts also: notarized and apostilled corporate documents (extract from the trade register, articles, list of directors with their specimen signatures, and other documents depending on the jurisdiction where the company is incorporated)
    Types of accounts Personal; Corporate; Savings
    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 The business description is put together by GSL and is relatively detailed. VP Bank does not open accounts to US individuals or companies