Correspondent Account

[Baby]

Hi, Everybody!
Had someone any experience with correspondent accounts openning in favour of small offshore bank?

[slogold]

only if you have real bank license and most probably also swift you can get correspondent account

[Baby]

REAL license - whot does it mean? For example, I got a license under legislation of the Commonwealth of Dominica, but I afraid about rejection of nostro accounts openning by potential corresponding banks as I have an offshore status (reputable risks). What about SWIFT - you can get it having no any banking lcense (legal or not) for money - it is only save and useful instrument to communicate, but not a garantee that somebody wants communicate with you.

[slogold]

are you sure you have license on Dominica, according to my info there are only 2 licensed offshore banks there?

About SWIFT, if central bank recognize your license and you have good references you can connect to SWIFT, but this is very expensive, you need it since most of banks will only communicate with you by SWIFT.

[Baby]

Thank you for the discussion,
Of course, you are right - I have no license under the law of Dominica. There was indicated that it is "for example" only. And could you indicate these "2licensed offshore banks" - as I now only one (Griffon Bank Ltd). But the question is different: is it hard to negotiate with europian and/or US bankers about correspondent accounts if you are been licensed in offshore jurisdiction (even if you have a phisical presence in the country you been licensed)?
P.S. And what do you think about the reason that only 2 (or 1) offshore banks were licensed in Dominica?

[PanamaLegal]

You need to be a legitimate licensed bank first. Then you apply for a correspondent bank. The initial fees can be six digits in usd. I would concentrate on getting a real bank license first. They are rarely given out from a legitimate jurisdiction unless you already hold a bank license elsewhere. When I say real bank that is what I mean not the new zealand structures or the swedish credit unions which are not real banks and will never result in you having correspondent banks. it is against FATF regulations to bank inside of another bank without a brick and mortar bank. In the old days one could do such things but no more.

[slogold]

without local presence you can not get bank license, without license you can not have correspondent account, so without locla presence you cna not have correspondent account

this is second licensed offshore bank on Dominica http://www.privatecapitalbank.net/

you can get bank license even if you do not hold bank license in some other country in some offshore locations