How to open a bank account in Zapad Banka

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September, 2018 June, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens settlement (operational) personal and corporate accounts;
- the procedure for opening an account must be preceded by a meeting / interview with representatives / beneficiaries of the company;
- to open an account, a meeting with a bank representative is required, which can be held in Montenegro, Ukraine, Vienna and Riga;
- it is possible to open an account to withdraw insurance deposits from ABLV (subject to certain conditions);
- there are no requirements for minimum balances;
- the bank does not work with offshore jurisdictions;
- the term for opening an account - case by case (check with the consultant);
- to open an account, the company must meet the following requirements:

  • reporting is required in the country of registration;
  • income tax is paid in the country of registration;
  • the company's office is located in the country of registration (confirmation is the presence of ownership or an office lease agreement, the fact of payment of rent payments, the presence of a plate with the name of the company next to the entrance).

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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 2015
    History Zapad Banka was founded on February 24, 2015
    Personnel Bank staff - about 40 employees, speak English
    Bank’s shareholders Volodymyr Kostelman, Vadym Morokhovskyy, Liya Morokhovska
    Confidentiality AML legislation is strictly observed

    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 0 No restrictions
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    Initial deposit of funds, € No down payment requirements
    How fast payments are executed Standard translation - T + 2, urgent - T + 1, express - day to 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, €
    25 0 600 N/A N/A
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    Outcoming transfer, € Transfer fee in EUR: standard - 25 EUR (SHA / BEN), 35 EUR (OUR); urgent - 35 EUR (SHA / BEN), 45 EUR (OUR); express - 40 EUR (SHA / BEN), 50 EUR (OUR). Transfer fee in USD: standard - 0.1% minimum 70 EUR, maximum 190 EUR (SHA / BEN), 0.1% minimum 80 EUR, maximum 200 EUR (OUR); urgent - 0.1% minimum 80 EUR, maximum 290 EUR (SHA / BEN), 0.1% minimum 90 EUR, maximum 300 EUR (OUR); express - 0.1% minimum EUR 90, maximum EUR 390 (SHA / BEN), 0.1% minimum EUR 100, maximum EUR 400 (OUR)
    Incoming transfer, € The Bank does not charge for incoming calls
    Account maintenance, €/year Preliminary examination of documentation (before opening an account) - 200 EUR. Monthly account maintenance - from 50 to 150 EUR. Closing an account - from 500 to 1000 EUR
    Distant access to the account Account management is carried out using free software for Internet banking
    Financial products The bank provides a wide range of financial services, including opening current accounts, deposits, bank guarantees, loans, Escrow accounts, asset management, etc.
    Credit/debit cards MasterCard, VISA

    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 To meet with the bank representatives, you can go to the bank (Montenegro) or its representative office (Ukraine), or a meeting with the banker in Riga or Vienna
    Required To open an account with the Bank, you must provide the ORIGINALS of the company's registration documents (documents will be returned after opening an account within 2-3 weeks), including the current Certificate of Good Standing (not older than 3 months). All documents must be with Apostille. In addition, for the initial consideration of a potential client, it is necessary to provide an account statement from the bank in which the client has or had an account for a period of 6 months, if this period does not reflect the client's activities, then for a longer period
    Types of accounts Personal; Corporate; Current
    Chances to open an account Predictable
    Business description Moderately detailed: along with a description of the business, it is necessary to provide information on the sources of origin of funds
     
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