FAQ About Bank Codes
Frequently Asked Question About Bank Abbreviations.
Protect Your Assets: The main reason why you may need to have a bank account offshore or just across the border
is to protect your assets from a variety of risks in your home country.
Information about Single Euro Payments Area (SEPA)
BIC: Bank Identifier Code
BIC/SWIFT: When making international money transfers, you’re usually required to enter the bank SWIFT code
EPC: European Payments Council
FCA: Financial Conduct Authority is the conduct regulator for financial services firms and financial markets in the UK.
FPS: Faster Payments Scheme
IBAN: International Bank Account Number
LEI: Legal Entity Identifier.
PSD2: Payment Service Directive 2
ATM: Automated Teller Machine / Bankomat
B2B: Business to Business
B2C: Business to Consumer
BOD: Board Of Directors /
CRN: Customer Reference Number
KYC: Know Your Client
NIN: National Insurance Number (UK)
PEP: Politically Exposed Persons
PoA: Power of Attorney /fullmakt
PoR: Proof of Residence /adressverifikation
PoS: Point of Sale / Point of Service
UIN: User Identification Number
UTR: Unique Taxpayer Reference (in UK 10-digit )
BEN – Beneficiary: In the financial world, a beneficiary typically refers to someone eligible to receive distributions from a trust, will, or life insurance policy.
Beneficiary bank: The receiving bank where a person or entity has an account.
Details of payment: Details you need to give us to either pay money into your account or take money out of your account.
Yes we can help – it is true that any business that is considered high risk will be declined by all the mainstream banks purely because of the nature of their business.
However, we can help open an account for anyone associated with gambling, gaming, adult entertainment, pharmaceuticals, jewelry, MSBs (Money Service Business) & financial services etc.
This is only for English Limited
Contact us for more information
A letter of credit is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount.
KYC check is the mandatory process of identifying and verifying the client’s identity when opening an account and periodically over time. Banks must make sure that their clients are genuinely who they claim to be.
Banks may refuse to open an account or halt a business relationship if the client fails to meet minimum KYC requirements.
We’ll guide you!
Directors and shareholders can not be nationals of the countries below:
Afghanistan
Bosnia and Herzegovina
Central African Republic
Democratic People’s Republic of Korea
Democratic Republic of the Congo
Eritrea
Guyana
Iran
Iraq
Lao People’s Democratic Republic (Laos)
Lebanon
Libya
Somalia
Sudan
Syria
Uganda
Vanuatu
Yemen
- In general companies operating in the below industries are not able to open an account:
- Adult Industry
- Arms Dealers
- Antique Dealers
- Auctioneers
- Cryptocurrency Companies
(there are banks that accept that one privately trades with cryptocurrency) - Defence system
- Foreign Exchange Companies
- Gambling Companies / Casino
- Jewel / Gems / Precious Metals Dealers
- Nuclear Power
- Pawn Shops
- Plane Dealers
- Pyramid selling
- Stock Securities Companies
- Products / services illegal under the law
The reasons domestic banks employ correspondent banks include limited access to foreign financial markets and the inability to service client accounts without opening branches abroad.
Correspondent banks can act as intermediaries between banks in different countries or as an agent to process local transactions for clients when they are traveling abroad. At the local level, correspondent banks can accept deposits, process documentation and serve as transfer agents for funds.
The capability to execute these services relieves domestic banks of the need to establish a physical presence in foreign countries.
Nostro and Vostro Accounts
The accounts held between correspondent banks and the banks to which they are providing services are referred to as nostro and vostro accounts. An account held by one bank for another is referred to by the holding bank as a nostro account. The same account is referred as a vostro account by the counterparty bank. Generally speaking, both banks in a correspondent relationship hold accounts for one another for the purpose of tracking debits and credits between the parties.
