| Personal Bank Account in Latvia Set Up
Fees: 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. About Latvian Banks: 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.
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. 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. Fees for secured credit cards: POSI, Inc.'s Processing
Fee MasterCard - Set Up
Fee Gold MasterCard - Set
Up Fee Business MasterCard
- Set Up Fee VISA Classic - Set
Up Fee VISA Business - Set
Up Fee VISA Gold - Set Up
Fee Fee for Replacement
Card Fee per Purchase Fee for Cash Withdrawal
at ATMs 1.5% of transaction amount Annual Interest Rate Late Payment Fee Annual Deposit Interest *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: Maestro/Cirrus International Debit Card: This type of debit card can be issued for a person (individual) or corporate entity (corporation, foundation, trust, etc.). It can be used for purchases, or for ATM withdrawals at all Maestro / Cirrus participating ATM's around the globe. 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: -
POLS, 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). 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. Saving Accounts: Our primary correspondent bank offers savings accounts with the following features: -
Set Up Fee is US$700.00 * Interest payment qualification may be subject to a minimum balance requirement. -
Account
Set Up Fee: $700.00 * Fees are subject to change without prior notice. POSI, Inc. does not guarantee the accuracy of the above published fees. ** 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. The minimum account opening deposit is US$3000, which should be made by USD check, wire transfer, or ACAT / DTC securities transfer. After the account is set up, additional deposits may be made by USD check, securities transfers, or by wire transfer. The brokerage firm will forward you the check deposit, securities transfer, and wire transfer instructions once the account is set up. Account
Opening Fee: Free w/ purchase of entity, otherwise US$500 ** Third party wire transfers are not permitted. Wire transfers out are only permitted to accounts with the same name. For example, "John Smith" can only wire funds to another account with the beneficiary name "John Smith". For payments to third parties, you must use the checkbook or debit card. We recommend that if you need to make payments to third parties by wire transfer, you should set up a bank account instead of (or along with) a brokerage account. *** Internal transfers (journals) to accounts within the same institution are permitted. **** Acceptable deposits are USD Checks (personal or bank certified checks), wire transfers, or publicly traded securities. Unacceptable deposits are cash, money orders, travelers checks, double endorsed checks, foreign items/thrift withdrawal orders, returned checks, and checks referring to more than one account number. Set Up Procedures:
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 for the structure, we will forward you the brokerage account applications for your signature. You should sign the account applications where indicated, and forward them back to us along with the required documentation and initial deposit check. D. Account is Set Up - When we receive the signed applications, the account applications will be forwarded to the brokerage firm. The account number will generally be provided within 5 business days from the date the documents are submitted to the brokerage firm. E. Begin Using Account - You will receive the complete account protocol for making deposits, executing trades, contact information of the brokerage firm, etc.
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