Zapad Banka (Montenegro)

The cost of opening an account:

- preliminary analysis of company documents for opening an account - 200 EUR;

- for legal entities registered in group A countries - 4700 EUR;

  - for legal entities registered in countries of group B (all countries that are not included in group A) - 2100 EUR.

The cost of opening an account includes the first 6 months of account maintenance.

- for individuals - 540 EUR;

- for private entrepreneurs - 740 EUR.

Using free Internet banking software.

Cost of servicing accounts:

- for legal entities registered in countries of group A and B, from the 1st to the 6th month - no commission is charged;

- for legal entities registered in Group A countries, starting from the 7th month - 150 EUR/month;

- for legal entities registered in group B countries (all countries that are not included in group A), starting from the 7th month - 50 EUR/month;

- for individuals - from the 1st to the 6th month for free;

- for individuals - from the 7th month - 15 EUR/month;

- for private entrepreneurs - from 1 to 6 month for free;

- for private entrepreneurs - from 7 months - 25 EUR/month.

The cost of transfers for legal entities (in EUR):

- ordinary - 45 EUR;

- express - 65 EUR.

The cost of transfers for legal entities (in USD):

- ordinary – 0,1% of the amount (min 50 EUR, max 90 EUR);

- express – 0,1% of the amount (min 80 EUR, max 200 EUR).

The bank has restrictions on outgoing transfers to the following countries: 

Independent State of Western Samoa, US Virgin Islands, Principality of Andorra, Anguilla, Antigua and Barbuda, Aruba, Commonwealth of the Bahamas, Barbados, State of Bahrain, Belize, Bermuda, Bonaire, British Virgin Islands, Brunei Darussalam, The Commonwealth of Dominica, Dominican Republic, Falkland Islands, Faroe Islands, Grenada, Gibraltar, Netherlands Antilles, Cayman Islands, Republic of Costa Rica, Curacao, Liberia, Republic of Mauritius, Malaysia, Republic of Maldives, Montserrat, Republic of the Marshall Islands, The Republic of Nauru, Cook Islands, Republic of Liberia, Isle of Man, Republic of Palau, Panama, Western Samoa, Republic of Seychelles, Saint Kitts and Nevis, Saint Vincent and the Grenadines, Saint Lucia, Saint-Martin, Northern Mariana Islands, Togo, Turks and Caicos Islands, Democratic Socialist Republic of Sri Lanka, Republic of Vanuatu.

Correspondent banks for USD transfers - Alfabank and Transcapitalbank.

More details on bank rates can be found here.

The procedure of opening the account consists of two stages: the preliminary stage and final stage of opening an account.

The preliminary stage includes the process of collecting and filing your documents, which are required for opening an account. The terms of preliminary stage depends wholly on you

The process of reviewing documents by the bank and making a decision on opening an account takes 10 to 20 business days from the date of submitting documents and forms to the head office of the bank.

Zapad Banka  follows KYC policy and reserves the right to require additional documents what may lead to account opening term exceeding, as well as refusing of account opening without reasons explanation.

English speaking.

MasterCard, Visa.

Deposits, loans, trust custody, asset trust management, investments.

Forms for signing are provided at a personal meeting with a bank representative.

The following documents for the company have to be provided in originals as well as all statutory documents:

- financial or audit (if preparing audit reports) report for the last 2 years;

- Certificate/certificate of tax residency (for onshore companies);

- brief information about the business (company, jurisdiction, beneficiaries, type of activity, main partners, business geography, etc.).

If more than 1 year has elapsed since the date of registration of the company, it is also necessary to provide a Certificate of Good Standing under the apostille. If more than 3 months have passed since the date of registration of the company it is necessary to provide a Certificate of Incumbency under the apostille.

It is necessary to provide bank statements for the company for a period of at least 1 year in order to agree on the possibility of opening an account.

The company must meet the following requirements:

- reporting is mandatory in the country of registration of the company;

- in the country of registration, income tax is paid;

- the company’s office is located in the country of registration.

Supporting documents that have to be submitted to the bank:

- the presence of a property right or an office rental agreement;

- confirmation of rental payments;

- presence of a tablet with the name of the company near the entrance to the office (the requirement for the office must be met before 01.01.2019).

All incoming/outgoing payments must be accompanied by relevant documents (contracts/invoices). And at the first request of the bank, it may be necessary to disclose any available information on the activities of the company and / or the activities of counterparties (senders/recipients).

While payments processing, the bank also verifies signatures on documents with sample signatures of persons authorized to sign such documents.

Documents for the account holder:

- original of internal passport;

- original of foreign passport (in case of its presence);

- confirmation of the address (utility bill not older than 3 months).

Documents for the beneficiary:

- original of internal passport;

- original of foreign passport (in case of its presence);

- confirmation of the address (utility bill not older than 3 months);

- documents confirming education, work experience, material status (CV, copy of diploma, bank statements, ownership of movable/immovable property).

Documents for nominal director, shareholder and secretary (in case of using nominal service by company):

- set of documents affixed with apostille, which includes copies of: passport, utility bill no older than 3 months (if nominal director, shareholder and secretary are natural persons);

- set of statutory documents affixed with apostille, which includes Certificate of Good Standing no older than 3 months, Certificate of Incumbency no older than 3 months (if the nominee leader, shareholder is a legal entity).

The client should provide us with the requested documents, as well as the completed questionnaire (send to the email address), on the basis of which we prepare and send a request to the bank. If the bank makes a positive decision to open an account, we agree on the date and time of the personal meeting of the attorney and beneficial owner with the bank representative in Kiev or Odessa. After that, the original documents and signed forms will be sent to the main office of the bank. The bank returns the original documents within 2-3 weeks after opening the account.

www.zapadbanka.me