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

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

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August, 2020 December, 2021 March, 2021

GSL reference about the bank

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Main requirements:
- 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.

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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 BBB-
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    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

    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
    0 No restrictions 0 0 No restrictions
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    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

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    100 0 400 N/A N/A
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    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

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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 Savings & current
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    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 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 The bank aims at servicing large businesses and operations between Russia, the CIS and China.
     
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