Panama Offshorepanama offshore services, panama foundations, offshore investment, ibc, panama passport, real estate, tax haven
FAQs    SITE MAP     CONTACT US     SEND ME EMAIL     ORDER NOW     HOME

 

FEE SCHEDULE
CORPORATIONS
FOUNDATIONS
CORPORATE ACCOUNTS
PERSONAL ACCOUNTS
MERCHANT ACCOUNTS
MAIL FORWARDING
PASSPORT PROGRAMS
INVESTMENTS
YACHT REGISTRATION
WEB HOSTING
REAL ESTATE
WHY OFFSHORE?
WHY PANAMA?
WHY US?
PANAMA LINKS


 

 





offshore personal accounts

Corporate Bank Account in Latvia:
Set Up Fees
About Latvian Banks
Online Banking
Credit Cards
Debit Cards
Interest Rates
Time Deposits
Savings Accounts
Miscellaneous Fees
Documentation Requirements
Set Up Procedures
Latvia bank, Latvia economy, Latvia accounts, Latvia financial procedures, Latvia fees




Set Up Fees:

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.

TOP
BACK



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.

TOP
BACK



Online Banking:


Internet access to your corporate 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.

TOP
BACK


Credit Cards:


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 individual or corporate 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 corporate 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:

P-WOS, Inc.'s Processing Fee US$100.00
MasterCard - Set Up Fee US$60.00
Gold MasterCard - Set Up Fee US$120.00
Business MasterCard - Set Up Fee US$120.00
VISA Classic - Set Up Fee US$60.00
VISA Business - Set Up Fee US$120.00
VISA Gold - Set Up Fee US$150.00
Fee for Replacement Card US$30.00
Fee per Purchase 0.5%
Fee for Cash Withdrawal at ATMs 1.5% of transaction amount (minimum US$3.00)
Annual Interest Rate
20%
Late Payment Fee US$15.00
Annual Deposit Interest 3.5%

*Note: Courier fees to send the card and pin are separate charges.

TOP
BACK



Debit Cards:

Through our primary correspondent bank, debit cards are available for individual or corporate 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:

P-WOS, Inc.'s Processing Fee US$100.00
Personal Debit Card - Set Up Fee US$18.00
Corporate Debit Card - Set Up Fee US$30.00
Annual Debit Card Fee US$10.00
Supplementary Debit Card Issuing Fee US$8.00
Fee per purchase No charge
Fee per ATM Cash Withdrawal 1.5% of amount (minimum US$3.00)

EDC / Maestro / Cirrus Salary Debit Cards: This type of debit card is useful for companies who wish to pay their employees, commissioned agents, or any third party via an international debit card. Through the EDC / Maestro / Cirrus salary debit card, the card holder can access their funds via any Cirrus participating ATM around the globe.

This debit card system works as follows: Your company opens a corporate bank account. Each employee (or commissioned agent, etc.) is provided with a debit card that is linked to your company's 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:

P-WOS, Inc.'s Processing Fee US$100.00
Salary Debit Card - Set Up Fee US$18.00
Annual Debit Card Fee US$10.00
Supplementary Debit Card Issuing Fee US$8.00
Fee per purchase 0.5% of transaction amount
Fee per ATM Cash Withdrawal 1.5% of amount (minimum US$3.00)

TOP
BACK



Interest Rates:

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).

TOP
BACK



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.
· 12 months = 3.9% annual interest.
· 18 months = 4.15% annual interest.
· 2 years = 4.4% annual interest.

US$2000.00 Time Deposit (interest paid annually):

· 1 month = 3.0% annual interest.
· 3 month = 3.15% annual interest.
· 6 month = 3.5% annual interest.
· 12 month = 4.0% annual interest.
· 18 month = 4.25% annual interest.
· 24 month = 4.5% annual interest.

US$2000.00 Time Deposit (interest paid monthly, quarterly, or semi-annually):

· 6 month = 3.4% annual interest.
· 12 month = 3.9% annual interest.
· 18 month = 4.15% annual interest.
· 24 month = 4.4% 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.


TOP
BACK



Savings Accounts:

Our primary correspondent bank offers savings accounts with the following features:

  • Set Up Fee is US$700.00
  • Corporate or Personal Accounts
  • Multi-Currency Account
  • No Minimum Initial Deposit
  • No Minimum Balance Requirement
  • Interest Rate: 2% annual interest rate*
  • No Monthly Maintenance Fees
  • Account statements may be accessed online
  • Wire transfers may be executed online
  • Certified International Checks may be requested online
  • English Speaking Customer Service 24 hours a day, seven days a week
  • Friendly Online or Telephone Customer Service
  • Debit Cards are available for Corporate or Personal accounts
  • Secured Credit Cards are available for Corporate or Personal accounts

* Interest payment qualification may be subject to a minimum balance requirement.

TOP
BACK



Miscellaneous Fees (In US$):

  • Account Set Up Fee: $700.00
  • Certified International Check Fee: $15.00
  • Wire Transfer In Fee: No Charge
  • Wire Transfer Out Fees: 0.2% of amount (min $20, max $50)
  • Internal Bank Transfer: $1 per transfer
  • Wire Tracking Search Inquiry: $15.00
  • Amendment/Cancel of Transfer: $15.00
  • Wire Transfer Confirmation Copy: $5.00
  • Processing Fee for Orders by Fax : $2.00
  • Mailing of Documents: $5.00 + postal charges
  • Faxing of Documents: Europe - $2 per page
  • USA/Canada - $3 per page
  • Other - $5 per page
  • Closing of Account: $100

* Fees are subject to change without prior notice. P-WOS, 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.

TOP
BACK



Documentation Requirements:

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.


Example of Reference Letter

C. Signed Account Applications. You must sign the bank account applications.

* Documentation requirements are subject to change without notice.
** Banks other than our primary correspondent bank may require other documentation.

TOP
BACK



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.

TOP
BACK




Tel (Panama): ++ (507) 227-6645
Fax (Panama): ++(507) 227 7485
Toll Free Voicemail / Fax (USA): 1-800-716-3452

Note: If calling to Panama from the US or Canada, you must dial "011" prior to the country code (507).

Email: info@p-wos.com
Encrypted Email: posinc@hushmail.com

P-WOS, Inc.
PTY 296, PO Box 0832 - 2745, WTC
Panama City, Republic of Panama

 

© Copyright 2000 - 2006 Panama Wholesale Offshore Services, Inc. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or any computer network, or transmitted, in any form or by any means, electronic, mechanical, electro-optical or otherwise without the prior written permission of the copyright holder for which written application should be made.

DISCLAIMER: Panama Wholesale Offshore Services, Inc. is not a bank, nor does it provide banking services. Panama Wholesale Offshore Services, Inc. offers international company formation, corporate administration services, and bank/broker introductory services and account opening assistance. This website is only used for promotional marketing purposes of Panama Wholesale Offshore Services, Inc. and is not intended to portray that this is the site of a bank.

FURTHER DISCLAIMERS & NOTICES