Bank account and ATM Bank Card in Saint Vincent & The Grenadines

Which are the Cards available?

Bank provides two kind of debit cards: Maestro Cirrus and a MasterCard. The MasterCard works on a credit platform so it is fully operational on internet and over the phone as well as POS and ATM's.

Which is the currency of the Card?

The card works only in USD$ but Bank do have multi currency accounts, so clients can transfer internally funds to the card from other currencies.
Which is the maximum to load on the card?
There is no maximum as the cards are linked to a bank account. However Bank reserve the right to request supporting documentation (source of funds) for credits of more than $5,000.
 

Which is the maximum can be withdraw per day?
 

Maximum to withdrawal per day is $2,000 (for both cards). The MasterCard has a POS limit of $25,000/day.
 

Can I deposit money in cash Bank corner when I visit St Vincent?

The Bank does not accept cash. Money must be transferred electronically to Loyal Bank i.e. bank to bank SWIFT transfer.
 

In which country is the Bank licenced?
 

Loyal Bank is licensed in St. Vincent and the Grenadines, which belongs to the British Commonwealth. It is a safe jurisdiction and at the moment Loyal Bank is the largest international bank. Loyal Bank also do have a Representation Office in Hungary.
 

Which is the Bank regulation?
 

Loyal Bank Ltd. is principal Member of MasterCard International Card Association as a Maestro/Cirrus and MasterCard Issuer. As a member of SWIFT, the bank is able to access a secure, encrypted banking network connection to more than 8,000 financial institutions worldwide. It is audited by KPMG. Bank complies with Anti-Money Laundering and Know-Your-Customer Policies. It is regulated by International Financial Services Authority of St.Vincent and the Grenadines www.svgifsa.com  http://www.svgifsa.com/fin_institutions.htm 


How to fund your Bank account?

Instructions for wiring payments in US Dollars to your own bank account at Loyal Bank Ltd:

DETAILS OF BENEFICIARY- WIRING INSTRUCTIONS

Receiver’s Correspondent: COBAUS3X

Intermediary Bank: CommerzBank AG, Frankfurt, Germany
Address of Beneficiary Bank D - 60261 Frankfurt am Main, Germany
SWIFT code: COBADEFF

Beneficiary Bank: Loyal Bank Limited
Address: Cedar Hill Crest, Villa, St. Vincent and the Grenadines, West Indies
SWIFT code: LOYAVCVX
Acc. No. 4008712192

Beneficiary: YOUR FULL NAME
Address: YOUR FULL ADDRESS
Beneficiary account number: YOUR ACCOUNT AT LOYAL BANK

70 Details of Payment: PORPUSE OF PAYMENT.


Note: For the Completion of a Swift/Wire transfer to Loyal Bank Ltd:

1. The Loyal Bank Customer Name, Customer Account Number and Customer ID Number must be included in all inbound SWIFT payments sent to Loyal Bank otherwise credit to the beneficiary might be delayed. Field Details of Payment must be filled out too.
 

Which is the Bank name I will open the Bank account?

It is Loyal Bank Ltd.



History of Loyal Bank Limited

Loyal Bank Limited was incorporated in St. Vincent and the Grenadines on the 17th of September, 1997 and was granted the Banking License from IFSA (International Financial Services Authority). Within one year Loyal Bank became a Principal Member of MasterCard International Card Association and a Member of S.W.I.F http://www.swift.com/ international interbank network (Loyal Bank code is: LOYAVCVX)

Year 1999 started with a new project – the Digipass. This credit-card size authentication device was designed to provide the highest level of security, privacy and confidentiality. Later on, the TeleBank facility commenced and enabled customers to execute transactions by themselves. At that time this was a unique empowerment for the customer in the international banking area.

Year 2001 commenced with the launching of Internet Banking, which allowed our customers to view their bank account history, initiate wire transfers and place deposits on-line 24 hours a day, 7 days a week and 365 days a year from anywhere in the world.

In order to satisfy the needs of the rapidly growing number of clients and to develop and offer them new products and services, the Bank enhanced its' customer service department and set up a marketing department to further assist its' rapidly expanding customer base and to foster loyalty to the Bank.
 

At the end of year 2002 Loyal Bank implements the Anti-Money Laundering Policy and Know Your Customer Policy to counter the threats arising from money laundering and financial crimes and to comply with the Patriot Act. Within the same year, and as a result of the rapid expansion of Loyal Bank all over the world, Bank have decided to introduce multicurrency bank accounts in EUR, GBP, CHF and JPY. This strategic development has helped the Bank enter new markets in a competitive way.
 

Year 2003, this was the year when the Marketing Department was opened, taking into their care loyalty programs and communication of the Bank. Marketing campaign was started all over the world in 2003 with the motto:
"The pursuit of Excellence in Advanced Banking Services". This year was really the turning-point of the Loyal Bank's life – Bank became one of the biggest international banks in St.Vincent and the Grenadines.
 

Further continuing its' development, Loyal bank in the year 2005 welcomed another executive to its' Board of Directors and increased the personnel at its' Headquarters in St. Vincent and the Grenadines. This year also represented a new campaign for Loyal Bank "Global Reach, Personal Touch".

With this new strategy the Bank intends to get closer to its customers, wherever they may be.
 

At present Loyal Bank has a fully operational Head Office in St. Vincent and a European Representative Office in Budapest, Hungary. All together with support, IT personnel and customer service the total number of employees at present is 60 full time employees.
 

Nowadays, the Bank not only offers private and corporate multi-currency bank accounts with Cirrus/ Maestro bankcards, but a full array of core services and value added services as well. Bank will continue to expand our range of products and services that are in demand on the international market.
 

Fees and Charges: Bank Card Only - Personal Account

Personal Account - USD Current Account with the bank card only.


 

Which are the benefits of Digipass device? You can open multicurrency account, or open subaccounts, so you can exchange between the accounts. Also you can do international wires to other Banks account anywhere in the world. If you only require a Bank card you do not need the Digipass device. Please note that you can request the Digipass device anytime after your Bank ATM Card account is opened.
 

** Please note that for security reasons courier is mandatory in case of ordering a MasterCard debit card so the account opening fee includes 2 couriers service.
Both Maestro (cirrus) and Master Card are worldwide accepted in any ATM worldwide, so you can withdraw your money from your Bank account anytime, anywhere.

Account Maintenance Fee
 

Bankcard Fees
Bank issues Maestro/Cirrus debit cards to USD denominated accounts only.
 

Fees and Charges for corporate account:

You can choose to open an account with Maestro or Mastercard.
 

For account with Maestro/Cirrus debit card the first transfer should be

larger than:

·         Account with the bankcard only USD 180 (includes an account opening fee, Maestro/Cirrus debit card, PIN code, IAC, its issuance, personalization, the postage and a blocked amount)

·         Account with Digipass USD 285 (includes an account opening fee, Maestro/Cirrus debit card, PIN code, IAC, the Digipass, its issuance, personalization, the postage and a blocked amount)

·         Once the funds are on your account, USD Maestro/ Cirrus debit card will be issued.

Due to possible correspondent bank charges we suggest to transfer: minimum USD 230 for the account opening with Cirrus/Maestro card only; minimum USD 335 for the account opening with Digipass and Cirrus/Maestro card.

·         First the PIN code for your debit card, together with the 8-digit Internet Access Code for balance enquiry, Account Number and Customer ID will be mailed to you.

USD Maestro/ Cirrus debit card together with Digipass (if requested) will be sent separately on the next few days.

You should receive all of the above items within 5-12 business days from the date of dispatch (depending on your location).
Please specify additionally, if you wish to receive them by courier at your own cost (85 US$).

For account with MasterCard debit card the first transfer should be larger than:

·         Account with the bankcard only USD 370

·         Account with Digipass USD 415

Due to possible correspondent bank charges we suggest to transfer: minimum USD 420 for the account opening with MasterCard debit card only minimum USD 465 for the account opening with Digipass and MasterCard debit card.

·         Once the funds are on your account, USD MasterCard debit card will be issued.

·         First the MasterCard debit card together with Digipass (if requested), Account Number and Customer ID will be mailed to you.

·         PIN code for your debit card, together with the 8-digit Internet Access Code for balance enquiry will be mailed to you separately on the next few days.
Please note that MasterCard debit cards are always mailed by courier for security reasons. The account opening fee includes the cost of two separate courier packages (85.00 USD/package).

·         The security deposit of USD 200 should be transferred as soon as you receive the MasterCard debit card and the PIN code

Both Maestro (cirrus) and Master Card are worldwide accepted in any ATM worldwide, so you can withdraw your money from your Bank account anytime, anywhere.

Fees and Charges: Bank Card Only - Corporate Account

Corporate Account: USD Current Account with the bank card only

Account Opening

*Please note that for security reasons courier is mandatory in case of ordering a MasterCard debit card. Courier fee: 2× 85.00 USD

Account Maintenance Fee

Bankcard Fees

Loyal Bank issues Maestro/Cirrus debit cards to USD denominated accounts only.

Please note that on non-USD card transactions a conversion fee of 1.15% will apply.

Other Fees

Fees and Charges: With Digipass

Corporate Account: USD Current Account with the Digipass and the bank card

Account Opening

*Please note that for security reasons courier is mandatory in case of ordering a MasterCard debit card. Courier fee: 2× 85.00 USD

Account Maintenance Fee

Digipass Fee

The Digipass is a small device that is necessary for the secure execution of transactions through the Internet Bank.

Payments

Bankcard Fees

Loyal Bank issues Maestro/Cirrus debit cards to USD denominated accounts only. There is NO bankcard to accounts in other currencies.

Please note that on non-USD card transactions a conversion fee of 1.15% will apply.

Other Fees

Multi-Currency Current Account Fees

To open a Current Account(s) in currencies other than USD specifically: EUR, GBP, CHF, JPY - you should have an active or have applied for a USD Current Account with Digipass. Without Digipass you will be not able to operate your multi-currency accounts.

There will be only ONE Digipass for the USD and all multi-currency accounts of one client that is issued to USD account.

The bank reserves the right to charge any overdue account management fees on Multicurrency accounts to whichever account of the client that has the highest available balance.

Please note that on non-USD card transactions a conversion fee of 1% will apply.

Information About:

Offshore TERMS - Offshore DICTIONARY - Offshore GLOSSARY

Forex Terms

ALL or NONE - ARBITRAGE -  ASK - AUTOMATIC EXECUTION - BASIS POINT - BID - BROKER - COST OF CARRY - COUNTERPARTY - ENTRY ORDER - FOREX - FOREX TRADER - LEVERAGE - LIMIT ENTRY ORDER - LIMIT ORDER - LONG POSITION - LOT - MANUAL EXECUTION - MARGIN - MARGIN CALL - MARKET MAKER -  MARKET ORDER - MINI ACCOUNT - OCO ORDER - OVERNIGHT - PEGGING - PIP or POINTS - POSITION - PREMIUM - QUOTE BUY SELL - ROLLOVER - SHORT POSITION - SLIPPAGE - SPOT FOREIGN EXCHANGE - SPREAD - STOP-ENTRY ORDER - STOP-LOSS ORDER - SWAP - TICK - VOLATILITY - WHIPSAW - WHISPER NUMBER