Rietumu Bank (Latvia)

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Rietumu Bank (Latvia)

The history of one of the biggest commercial banks in Latvia – Rietumu Banka – begins in 1992. Its foundation happened thanks to Toni Levin, vise-president of Diners Club Company that is the member of the group Citicorp. Having come from the USA to Latvia in order to examine the financial market of Baltic countries, Tony Levin decided to create an independent bank in which the idea of western conservatism would combine with the leading level of financial service.

The main goals of Rietumu Banka are providing services to the enterprises and companies that maintain international economic processes through exercising financial transactions in countries of CIS, Europe and Northern America.

In 2015 Rietumu Banka has launched a brand-new service being the direct cash transfers to payment cards. Due to this service, clients of the bank (both legal entities and individuals) are able to make international payments to the cards Visa and MasterCard issued by other banks of the world. Neither the account number nor any other supporting information are required for the above money transfers. The only thing you need to provide is the number of the card as well as the name and surname of the recipient. The transferred funds are automatically converted into the recipient’s card currency.

 

OPEN AN ACCOUNT IN RIETUMU

Types of bank accounts

Personal, corporate (all accounts are multicurrency).

The cost of opening of the account (bank tariff) 

For natural persons – 300 EUR.

 

For the legal entities of group A (registered in one of the countries of EU, CIS, OECD, as well as in China (including Hong Kong), Andorra, Georgia, Liechtenstein, Macedonia, isle of Man, Serbia, Singapore and Montenegro, except for the legal entities in the form of a Partnership) – 300 EUR.

For the legal entities of group B (registered in any other jurisdiction, which is not included into the list of group A countries, and those in a legal form of Partnership, including legal entities which are residents of isle of Man) – 600 EUR.

The amount shall be credited to an open payment account within 3 months or immediately after the account activation.

 

In addition, the bank gives the opportunity to open the bank account urgently (in the period of 24 hours from the moment of filing the whole set of documents to the bank (in the working hours of the bank).

Additional fee for the urgent opening of the account:

- for natural persons – 100 EUR;

- for legal entities – 250 EUR.

 

Minimum account balance (the amount shall be credited to an account either immediately after opening or no later than 3 months after the account opening):

- for the legal entities of group A – 5 000 EUR;

- for the legal entities of group B 10 000 EUR.

Representative offices

The bank has an extensive network of agents throughout the world.

Management of the account

Via free software – Internet Bank.

Bank’s tariffs

Maintenance of the active account:

 

for natural persons – free of charge, if at least one of the following conditions is satisfied:

- if in the period of the last 3 months the monthly average:

margin on all accounts is more than 25 000 EUR or

amount of outgoing foreign payments (SWIFT, SEPA, TARGET) – 3 and more or

turnover on card accounts exceeds 10 000 EUR;

- total balance and/or the total number of transactions in all accounts of the beneficiary group covers the requests for all customers of the group;

- existence of a credit agreement in force for the amount of more than 50 000 EUR;

- during the first 6 months from the moment of activation of the first account.

 

for the legal entities of group A – 20 EUR per month, if at least one of the following conditions is satisfied:

- if in the period of the last 3 months the monthly average:

margin on all accounts is more than 50 000 EUR or

amount of outgoing foreign payments (SWIFT, SEPA, TARGET) – 5 and more or

turnover on card accounts exceeds 10 000 EUR or

turnover on the merchant account (e-commerce) exceeds 25 000 EUR;

- total balance and/or the total number of transactions in all accounts of the beneficiary group covers the requests for all customers of the group;

- existence of a credit agreement in force for the amount of more than 50 000 EUR;

- during the first 6 months from the moment of activation of the first account.

 

for the legal entities of group B – 50 EUR per month, if at least one of the following conditions is satisfied:

- if in the period of the last 3 months the monthly average:

margin on all accounts is more than 50 000 EUR or

amount of outgoing foreign payments (SWIFT, SEPA, TARGET) – 5 and more or

turnover on card accounts exceeds 10 000 EUR or

turnover on the merchant account (e-commerce) exceeds 25 000 EUR;

- total balance and/or the total number of transactions in all accounts of the beneficiary group covers the requests for all customers of the group;

- existence of a credit agreement in force for the amount of more than 50 000 EUR;

- during the first 6 months from the moment of activation of the first account.

 

Maintenance of the low-active account (if the conditions of an active client are not fulfilled):

- for natural persons – 20 EUR per month;

- for the legal entities of group A – 200 EUR per month;

- for the legal entities of group B – 200 EUR per month.

 

Low-active account fee is not charged in the following cases:

- during first 6 month;

- average monthly account balance ≥ 50 000 EUR (for legal entities);

- average monthly account balance ≥ 25 000 EUR (for individuals);

- average monthly external transfers (SWIFT, SEPA) ≥ 3.

 

Transfers (EUR):

- on the territory of EEA countries:

standard – 15 EUR;

express – 30 EUR.

- out of the territory of EEA countries:

standard – 30 EUR;

express – 50 EUR.

 

Transfers (USD):

- for clients of group A:

standard – 60 EUR;

express – 85 EUR.

- for clients of group B:

standard – 120 EUR;

express – 170 EUR.

 

Fee of direct money transfer to payment cards, such as Visa and MasterCard is 2% from the amount (minimum 3 EUR).

The limit per one transfer is 2000 EUR. The limit of transfer from individual’s account to one recipient per month is 8000 EUR, from legal entity’s account is 40 000 EUR.

 

More detailed information concerning tariffs can be found on the website of the bank.

Terms of opening the account

The process of opening an account starts with preliminary stage that includes gathering and providing all necessary documents in order to open the account. The duration of the preliminary stage depends on you exclusively.

The process of consideration of the documents by the bank and taking the decision concerning opening the account takes from 10 to 12 working days starting from the date when the documents and forms are submitted to the main bank office (these is a possibility of express account opening within 1 working days).

Rietumu Banka adheres to the principal «know your client» and reserves the right to require any additional data or documents that would lead to the prolongation of the term for opening the account. Also, the bank may refuse to open the account without any reasons.

Staff

Russian speaking.

Credit/debit cards

Maestro, MasterCard, Visa, American Express.

Other bank’s products

Credits, fiduciary services, trade finance, e-commerce, cash-in-transit services (encashment), safe box.

Documents for opening an account

Forms for signing are provided in our office.

 

Company’s documents – originals of all statutory documents are required. The Certificate of Good Standing (apostilled) is also required in case when more than one year has passed after the company’s registration.

 

Documents for the account holder:

- original of internal passport;

- original of foreign passport (if you have).

 

Documents for the beneficiary:

- original of internal passport;

- original of foreign passport (if you have).

 

Also you need minimum 2 documents out of the list below:

- employment certificate;

- if the beneficiary owns a residential company, the Certificate of Registration and Articles of Association of this company are required;

- document that proves education;

- statement from the account opened in the name of the beneficiary;

- documents proving the acceptance of inherited property;

- the bank reference.

The procedure of opening an account

Before the procedure, you should visit our office for filling in the questionnaire, signing the bank’s forms and to verify the documents for the company, attorney and beneficiary.

The requisites of the bank account may be provided by a bank before the real moment of account’s acceptance (opening).

Bank site

www.rietumu.com

For further consultation concerning the terms of account opening in Rietumu Banka (Latvia) please contact our office. We will respond to any questions you may have and will help you open an account in Latvian Rietumu Bank or any other bank out of 70 foreign banks you may choose from.