Foreign Banking

The Company bank account and its operation

The operation of a bank account, the services offered by the bank and their quality level are key factors in order for the client to be able to utilize his company in the most effective way.

Consulco has long established relationships with top rated banks in several countries such as Cyprus, England, Austria, Greece, Denmark, Luxembourg, Sweden, the Netherlands, Switzerland and Hungary.

Our Banking Department specialises in providing for all our clients' banking requirements and is the single point of contact for all their banking requests.

• Introductions to top ranked banks in Cyprus and worldwide;
• Opening of corporate, trust and personal accounts with test key codes;
• Administration and maintenance of bank accounts;
• Arranging back-to-back and other credit facilities;
• Assistance with drafting and negotiating Letters of Credit if requested;
• Assistance with arranging credit and debit cards;
• Assistance with arranging on-line banking services;
• Arranging introductions to reputable private banks;
• Continuous monitoring of bank movements for up to date information on transactions for clients;
• Problem resolution with banks on complicated transactions and miss-routed funds;
• Executing the transfer of funds and the follow up.

In what bank can I open an account?
Over 5000 banks are currently operating in the world, ranging significantly in factors such as size, dependability, age and conservatism. Regarding the latter, quite a few well known banks have chosen to follow the policy of a private club, opening and servicing accounts only for well known companies, and rejecting to do banking business with clients unknown to them. Consulco is able to offer to our clients various options, from well known banks having a ranking in the World Bankers Almanac, as well as a security risk ranking of A- or better.

How is the bank account opened?
Consulco will provide the bank with all the necessary documentation for the account opening, and fill out the specimen signature cards in co-operation with the client. After the bank gets all the documentation, it provides us with an account number for the client showing all the account particulars.

How is the account operated?
Clients may operate the account from a distance. In other words, they may give instructions to the bank over the Internet or via fax. As long as the bank receives legible and correct instructions, the payment or other transaction is executed the same day. However, Consulco may be appointed as signatory (or co-signatory) to the accounts as well. The latter may be recommendable from "substance" point of view.

How are my funds protected from unauthorised access?
Most of the banks introduced by Consulco issue their clients test key codes. These codes are unique for each client, and are designed for the purpose of preventing unauthorised access to the account. The client receives these test key codes in a sealed envelope directly from the bank by DHL, and must keep them in a secure place.

How are bank debit cards issued, and operated?
The bank issues bankcards, in exchange for the blocking of a deposited amount. The requested amounts vary from bank to bank and also depend of the type of card. In addition, the client must deposit a sum of money, which he would like to have access to through the card. Cards are issued always with the person's name on it. Only one person can use the card. Corporate cards can also be issued, with the company's name appearing together with the person's name. The client can use the card to withdraw cash at cash machines all over the world and also use it for payments and purchases at any merchant or commercial point accepting Visa or MasterCard.