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For setting up Personal Bank Accounts with our primary correspondent bank in Latvia, we charge a set up fee of US$700. For setting up Personal Bank Accounts with other correspondent banks in Latvia, we charge a set up fee of US$1000. If you know of a particular bank that you would like to set up an account at, you simply notify us and we can assist you in setting it up . * Time frames for
setting up accounts with banks other than our primary correspondent
bank may take longer due to additional documentation that may
be required. Latvia is part of the Baltic Region, in Eastern Europe. Latvia is the most stable country in the Baltic States, with the largest banking center in Eastern Europe. Latvia enforces strict bank secrecy laws, and provides 100% anonymous international banking services. There are approximately 20 international banks in Latvia. We have relationships with a variety of international banks in Latvia through which we open corporate accounts for our clients. However, we mainly open accounts for our clients through our primary correspondent bank, with whom we have an excellent working relationship. Our primary correspondent bank is a 10 year old medium sized international bank with seven branches spread throughout Latvia and three representative offices in Russia, Ukraine, and Kazakhstan. The bank as a whole administers over US$500 million in deposits, making it the third largest bank in Latvia in terms of assets, and the 6th largest bank in the Baltic Region. The main offices of the bank are located in Riga, Latvia. Our primary correspondent bank has an excellent reputation and it is very advanced technologically for internet banking transactions. All accounts are multi-currency accounts which can receive or send funds in any currency through the banks online banking service. All of our clients
are handled by the Private Banking Department of our primary correspondent
bank. An English speaking customer service staff is available
24 hours a day to attend to clients via telephone or email. Online Banking: Internet access
to your bank account is offered through our primary correspondent
bank, as well as through most of the other banks in Latvia. Latvian
banks use the utmost in internet security technology so your banking
information is 100% secure and confidential. All transactions
can be executed online, 24 hours a day, 7 days a week using the
internet banking services of our primary correspondent bank. The
internet banking services are offered in English, Latvian, and
Russian languages. Using the internet banking service, you can
access up to the minute account statements, make currency conversions
in any currency, and execute wire transfers to any third party. Credit Card: Our primary correspondent bank offers secured credit cards (Visa, MasterCard or American Express). Our firm charges a processing fee of US$100 for assisting in setting up of secured credit cards. Secured credit cards are only available to individuals or corporations that have a 6 month credit history with the bank (you can begin a credit history by opening a bank account). The cards can be issued with the individuals name only, or corporations name only, or both. Secured credit cards are issued after the bank reviews the credit history and approves of the secured credit card. Secured credit cards
require that the client place a security deposit in the amount
of the credit limit chosen. The security deposit is frozen in
the bank account until the card is closed, yet earns interest
at the same time. As the credit card is used, the bank will debit
the entire monthly balance of the credit card charges from the
remaining bank account balance automatically at the end of the
month. If there are not enough funds in the account to cover the
entire balance of credit card charges, then annual interest will
be charged. POSI, Inc.'s Processing
Fee *Note:
Courier fees to send the card and pin are separate charges Through our primary correspondent bank, debit cards are available for bank accounts in Latvia. Debit cards allow you to access your funds through the Maestro / Cirrus system at ATM's worldwide. The bank does not impose any daily ATM cash withdrawal limit restrictions, so you can withdraw as much money as your account has in it at any time. For cash withdrawals, you simply enter your card into any Maestro / Cirrus participating ATM (there are millions of them around the world), enter your pin, select withdrawal from savings, enter the amount of money you wish to withdraw, and the ATM hands you your cash - it's that simple! There are
two types of debit cards available: Fees for Maestro/Cirrus International Debit Cards: - POSI, Inc.'s Processing
Fee US$100.00
This debit card system works as follows: You open a bank account. Each employee (or person who you wish to pay via a debit card deposit) is provided with a debit card that is linked to your bank account. Through the banks internet banking system, you can electronically transfer any specified amount of funds from your company's account to each employee's debit card account. Fees for EDC / Maestro / Cirrus Salary Debit Cards: - POSI, Inc.'s Processing
Fee US$100.00 Our primary correspondent bank offers up to 2% annual interest on savings accounts, and up to 4% annual interest on USD time deposits (Certificates of Deposit). Time Deposits: Our primary correspondent bank currently offers the following rates for time deposits: US$1000.00 Savings Deposit (with ability to add funds in increments above US$200.00): -
6 months = 3.4% annual interest. US$2000.00 Time Deposit (interest paid annually): -
1 month = 3.0% annual interest. US$2000.00 Time Deposit (interest paid monthly, quarterly, or semi-annually): -
6 month = 3.4% annual interest. *Interest rates
published on this site are subject to change without notice. We
do not guarantee the accuracy of these rates as the bank may change
rates without notification. Quoted rates may vary depending on
the LIBOR (London InterBank Offering Rate) and may be subject
to minimum deposits and/or minimum balance requirements and/or
certain terms for CD's. Our primary correspondent bank offers savings accounts with the following features: - Set Up Fee is
US$700.00 Miscellaneous Fees (In US$): - Account
Set Up Fee: $700.00 ** Acceptable
deposits are cash, checks (personal or bank certified checks),
international money orders, travelers checks, or wire transfers
in any currency. Unacceptable deposits are double endorsed checks,
foreign items/thrift withdrawal orders, returned checks, and checks
referring to more than one account number. Documentation Requirements: (Banker-Documents) For set up of Personal Bank Accounts in Latvia, we require that the client provide us with the following documentation: A. Photocopy of passport for each signatory. The photocopy of passport should have the photo of the person, signature, personal details, should be clear and legible, and MUST BE NOTARIZED. B. One (1)
Financial Reference Letter. The financial reference letter
can be from any bank, brokerage firm, or credit union. The letter
should be on the financial institutions letterhead, and should
include the signature of an official, and the contact information
(address, telephone, fax, email, etc.). There is no specific format
that the reference letter must be written in, however, we have
provided an example for your reference. C. Signed Account Applications. You must sign the bank account applications. * Documentation
requirements are subject to change without notice. Set Up Procedures: Below we have included bank account set up procedures for our primary correspondent bank (Please note that set up procedures may be different if dealing with other banks): A. Submit an Online Application - Click on "Order Now", and complete an online application, then hit "submit". B. Submit Payment - Payment can be made by Bank Wire Transfer, Western Union Money Transfer, E-Gold, USD Check, or USD International Money Order. C. Receive Documents - Once we receive payment, we will forward you the account applications for your signature. You should sign the account applications where indicated, and forward them back to us along with the required documentation. D. Account is Set Up - When we receive the signed applications and required documentation, the account applications will be completed and forwarded to the bank. The account number will generally be provided within 7 to 10 business days from the date the documents are submitted to the bank. E. Begin Using Account - Once the bank issues the account number, you will receive the complete account protocol for making deposits, executing wire transfers, contact information of the bank, online access codes, etc.
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