GSL / Offshore and International Law / Offshore Banking / VTB Bank (PJSC) Shanghai Branch

How to open a bank account in VTB Bank (PJSC) Shanghai Branch

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

August, 2020

Last contact

October, 2022

Last update

September, 2022
  • branch of the Russian financial group VTB. Aimed at servicing large businesses and operations between Russia, the CIS and China;
  • the bank opens savings (deposit) and settlement accounts. NO retail banking, corporate banking only;
  • during the current pandemic, no visit to the country is required: the bank opens accounts based on notarized and legalized documents;
  • there are restrictions on yuan payments for Chinese non-residents. Chinese residents are subject to the foreign exchange control of China and have to provide the relevant documents, depending on the purpose of payments;
  • no minimum account balance;
  • Internet banking is available;
  • the account opening timeframe should be checked with the consultant
GSL rating
Beginning of cooperation
August, 2020
Last contact
October, 2022
Last update
September, 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
2008
History
The VTB Bank has been operating in China since 2008 and is the only Russian Bank with a financial license to conduct banking operations in China
Personnel
The bank has Russian-speaking staff
Bank’s shareholders
VTB Bank’s majority shareholder is the Russian Government, which, through the Federal Agency for State Property Management, owns 60.9% of the Group's share capital. The rest of the shares belong to GDR holders and minority shareholders, both individuals and legal entities
Confidentiality
Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed
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    Minimum requirements

    0
    Minimum balance, €
    No restrictions
    Transactions permitted per month
    0
    Initial deposit of funds, €
    0
    Deadline for the initial deposit, month
    Minimum balance, €
    No minimum balance for settlement accounts
    Transactions permitted per month
    No restrictions on the number of transactions
    How fast payments are executed
    Same day or the next day

    Tariffs and services

    100
    Outcoming transfer, €
    0
    Incoming transfer, €
    400
    Account maintenance, €/year
    N/A
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    Transfer fee is 0.2% (min. USD 25 – max. USD 205). The bank’s fee schedule is available from the consultant when opening an account
    Incoming transfer, €
    No fee on incoming transfers
    Account maintenance, €/year
    The monthly account maintenance fee for Chinese residents is CNY 300, for non-residents - USD 40. If during the year there are no movements in the account and it has a zero balance, the account will be closed
    Distant access to the account
    Internet banking is available. Provision of software for services and cryptographic protection of information, client connection - free of charge. Internet banking fee - USD 15 per month
    Financial products
    Conducts both domestic and cross-border transactions in various currencies, including RMB, RUB, USD, EUR. Is a member of CFETS -China Foreign Exchange Trade System and market maker for RUB trading. We have considerable experience in direct RMB/RUB conversion, as well as in settlements on foreign trade contracts in rubles and RMB. Provides services to its Customers under the laws of China and Russia

    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
    Savings & current
    Visit to the bank
    During the current pandemic, no visit to the bank is required: the bank will open an account based on notarized and legalized documents
    Required
    A standard set of notarized corporate documents. Notarized scanned copies of passports. Completed forms and bank questionnaires
    Types of accounts
    Savings
    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
    The bank aims at servicing large businesses and operations between Russia, the CIS and China.

    Banks of China

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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