Offshore Bank Account Formation – Moldova
Banking System in Moldova
Moldova has a banking system that was set up in two tiers. It was set up in the year 1991. It was done around the time of the breakup of the USSR. It currently comprises a central bank and 11 commercial banks in Moldova banking system. The central bank licenses, supervises, and regulates the activity of all financial institutions, in Moldova.
There are four foreign banks in Moldova. These foreign banks are having Societe Generale’s Mobiasbanca and Erste Bank’s BCR, which are the most well-known foreign banks in Moldova. While the Moldova’s regulatory landscape does not prevent banks from opening offices in other towns in Moldova, yet most of the bank offices are concentrated in Chisinau, which is both the administrative and economic capital of Moldova.
Banks in Moldova still play a minor role in the country's economic development and business activity, which is in sharp contrast to the Western banking activities. Moldova’s high credit risk and inflation rates determine the high interest rates, on limited bank loans.
A persistent problem in the banking system in Moldova is, the insufficiency of funds with longer tenors in the banks in Moldova. The population often opens deposits for periods of less than 12 months, in the banks. Loans and state treasury bills provide limited diversification for the banks’ assets because Moldova’s stock market remains underdeveloped and provides limited options for long-term investments.
As a result, banks have to rely on long-term credit lines from the World Bank, the European Bank for Reconstruction and Development, and other international financial institutions, to lend long term to banks in Moldova.
Foreign investors' share in Moldovan banks' capital is around 81 percent, although lack of clarity in ultimate beneficial ownership, calls that statistic into question. Moldova's three largest commercial banks account for around 64 percent of the total bank assets.
Moldova’s capital has been growing since 2001 due to globalization. It’s privatization of major industries has also added to its economic growth. There are quite a few banks in Moldova which are backed up by Russian capital however they always run into the risk of going bankrupt. Comert Bank is the only bank in Moldova which has a good banking history and provides world class service.
Banks Available at Moldova
An account can be opened within 2 weeks. This bank is primarily helpful for corporate clients. An account owner gets access to credit/debit card. Minimum account balance required is EUR 0 and initial deposit required is EUR 1000. Other services include – online banking, international wire transfers, trading services, treasury and foreign exchange services, personalized account services. Transaction fee is 0.1% of the amount transferred, account maintenance charges are EUR 10 to EUR 40 per month depending on the personalized account that has been created.
Documents Required For Opening Bank Account
Banking Benefits in Moldova
- Moldova is lesser known as compared to other tax havens
- High transactions per month
- Highly secured
- Less account maintenance fee
- Simple procedure to open account
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.