Opening account with Loyal Bank Limited
With the start of first operations in the late 1990s when the bank’s shareholders were English foundations and further banking license acquisition, this relatively young newcomer has demonstrated the capability of becoming one of the most dynamically evolving establishments in the banking sector which is so sought for in order to stimulate successful development of modern services. At this time, Loyal Bank is a member of S.W.I.F.T. and MasterCard International Card Association.
The headquarters are located in St. Vincent and the Grenadines with representative offices in Hungary (Budapest).
Loyal Bank Limited was marked to be among the largest international banks operating in St. Vincent and the Grenadines. Currently its services include opening of multi-currency accounts for authorized persons and individuals along with a variety of other financial operations.
Among Loyal Bank’s advantages are a delicate approach to each customer and its concentration of considerable efforts to provide top quality services. Thanks to vast experience all clients` needs are considered and, if no impediments are discovered, fulfilled. Loyal Bank is aiming to keep up with the latest developments in the market of finances while at the same time retaining secrecy and safety as a priority.
Banking services offered:
- online banking
- corporate multi-currency accounts
- corporate MasterCard, Cirrus/Maestro bank cards
- service presented in 11 languages
To open a current corporate account remotely, please present the legal papers listed below:
- Apostilled copies of corporate documentation;
- A passport copy of the account owner certified by a notary;
- A notarized copy of residence address confirmation (utility bills or bank references are acceptable) of the person authorized to use the account and of the beneficial owner;
- A reference from a bank stating that the bank knows the client for more than 1 year;
- Company business plan (with the account owner’s signature);
- Signed bank forms.
Approximate time frame for completing and activating a new account:
- Generally 7-10 days provided that all necessary application forms have been received by the bank.
- In order to activate an account the amount of 1,500 USD has to be transferred according to the details provided by the bank. The bank's account opening fee shall be deducted from this amount according to the bank's tariffs; 300 USD shall be blocked; the rest of the amount shall stay in the account.
Blocked amounts on the listed bank cards:
- blocked amount on Maestro card and digipass is 120.00 USD + 1% of total funds on the account from the day before.
- blocked amount on MasterCard and digipass is 120.00 USD + 1% of total funds on the account from the day before.
Required time period to open an account:
- 7-10 weekdays after all paperwork has been received by the bank.
- 2-3 weekdays after all paperwork has been approved by the bank. An account number (12 digits) and client ID number (8 digits) will be sent in an email along with other necessary details.
- After you have received the account information, ID number and full banking details, all services and functions will be unlocked and you are free to start any desirable money transfers.
Separately paid services:
- Debit card issue, PIN, online banking, document forwarding (a fee of 180 USD is charged from the activation amount)
Fees & rates:
Account opening costs:
- 500 USD