Opening bank account

Opening bank account

A: Foreign Currency Deposits

1.Foreign Exchange Savings Gharz-al-Hasaneh Account

After referring to one of the Forex Branches, the valued customers applying for opening foreign exchange Gharz-al-Hasaneh account, can open foreign exchange savings Gharz-al-Hasaneh account.

Documents and Conditions for Opening Foreign Exchange Savings Gharz-al-Hasaneh Account

  1. Presenting the original ID card and a copy,
  2. Completing account opening form,

Please note that the minimum balance of the account for participating in Savings Gharz-al-Hasaneh Account festival, will be 50 Euros or its equivalent in other foreign currencies.

When exchanging foreign currencies to Iranian currency (Rials), the holders of foreign exchange Gharz-al-Hasaneh account, are exempt from paying commission.

2.Foreign Exchange Current Account

Foreign exchange current account is one of the various types of Banks Gharz-al-Hasaneh Account, opened for applicants including natural and legal persons in compliance with the applicable rules and regulations. The holder of the account issues the order for payment of funds deposited to his/her account. Natural and legal persons may open the following accounts:

The account can be opened for:

  1. Iranian natural persons,
  2. Foreign natural persons,
  3. Joint accounts
  4. Iranian legal persons,
  5. Foreign legal persons,
  6. Iranian and foreign banks

Documents and Conditions for Opening Gharz-al-Hasaneh Current Account

Applicants for opening foreign exchange current account in Bank including natural and legal persons, can open foreign currency current account if they are qualified to open domestic currency current account and upon presentation of the following documents and completing the special forms and current account opening form and a reference.

The applicant must:

  1. Be at least 18 years old.
  2. Be a literate person, able to read and write
  3. Have reference: for foreign natural persons, the reference could be one of the customers of the bank or a person who is known to the manager of the bank branch and/or a letter of reference from one of the state organizations and embassies of the respective country, indicating the identification and approval of such people, along with the original and a copy of the passport and residence permit in Iran,
  4. Must not be deprived from opening current account in domestic and foreign currencies,
  5. The ID card, bearing the holder’s photo, and a copy thereof,
  6. The company’s articles of association, certificate of incorporation and the notice of establishment and the latest notices of changes in the official gazettes regarding the legal entities,

Note: Opening current account for agency offices of foreign banks and companies, registered in Iran, is the same as Iranian companies.

When exchanging foreign currency to Iranian Rials, the holders of foreign currency Gharz-al-Hasaneh current account are exempted from paying commission.

3. Short Term& Term Investment Deposits in Foreign Currency

The valued customers, who intend to apply for opening foreign currency term deposit accounts, must refer to one of FOREX branches of Bank, present the required documents, and also complete and sign the forms and papers.

In order to open the account, the applicant must:

  1. Be 18 years old,
  2. Present the original and a copy of his/her ID card,
  3. Open a foreign currency account at the same currency with the opening branch for deposit of interest,
  4. The interest of foreign currency term deposits will be payable in the respective foreign currency on the due dates.

4.Special Short Term Investment Deposit Account in Foreign Currency

Minimum acceptable amount for opening and balance of special short-term investment deposit account in various currencies is as follows:

200 Euros, 300 CAD, 200 GBP, 50,000 JPY, 500 SFr., 2,000 AED, and 2,000 Saudi Riyal (SR),

The on-account interest payable to special short-term investment deposit account in foreign currency shall be calculated on daily basis and taking into account the minimum balance of each day and deposited to the same account at the end of each calendar month as the last turnover of the account.

B: Opening deposit account (local currency) for foreigners

Opening deposit account (local currency) is allowed for foreign individuals having a permanent residence permit. As well, it is allowed for the foreign individuals having employment authorization from the Ministry of Labour and Social Affair and foreign legal entities can open deposit account (local currency) in Iran.

Banks can open current Gharz-al-Hasaneh (interest-free) deposits without having cheques, Gharz-al-Hasaneh saving deposits, and long-term investment deposits, for those foreigner individuals having the refugee documents issued by the police or identity card issued by the Ministry of interior and the long-term departure card.

On the other hand, banks are allowed to open accounts for non-resident foreign individuals on the condition that the applicant attends in the bank and provide a valid passport.

Although, opening an account for non-resident foreign individuals should not be allocated to people who are under 18 years. Opening qarzolhasana (interest-free) deposits and long-term investment deposits are just allowed by their father or grandfather.

In addition, non-resident foreign legal entities can open Gharz-al-Hasaneh (interest-free) and long-term investment deposits. These people ought to present documents including statute of the person, which is confirmed by Iran agency in the legal entity’s home country or the nearest Iran agency to their country.

There is no problem in opening account for non-resident foreign individuals and legal entities up to the annual turnover of about 100 mn tommans by receiving identification information and compliance with laws and regulations of anti-money laundering. Of course, this amount is changed appropriately according to the retail prices index changes by the central bank.

As well, transference of long-term deposits is based on the condition that it is just possible to transfer to foreign individual father, mother, wife and children, and the Bank is obliged to impose all the requirements of instructions to the transferee.

Embassies might open deposits provided that, the state department approves it and bank opens a deposit account for those foreign individuals, which their residence is limited to specific geographic areas such as province in the same area.

The foreign individual’s investment deposit accounts will be renewed in the maturity date unless the account owner has another request.

There are conditions in order to open deposit accounts for non-resident foreign individuals including:

  1. Obtaining a valid buying currency certificate (issued by the bank, traceable in ITRS )
  2. Or similar document issued by authorized and traceable exchanges in SANA

Anti-money laundering laws and regulations are considered at the opening of deposit accounts for foreign entities.

Central Bank emphasized on all the cases, which are not mentioned in opening local currency account by the foreign entities in this instruction, subject to the rules governing opening a deposit account for Iranian, and all of the inconsistent rules are abolished since their running.

Comments

Leave a Comment

Don’t Miss The Hottest News

Subscribe our Newsletter

Image