The bank makes opening accounts in foreign currencies available to individuals, institutions, companies (individual and legal entities), organizations, embassies, diplomatic corps, societies and banks:
-To mature qualified individuals over 18 years old.
-To residents or non-residents of any nationality.
-Any individual is allowed to open a joint current account with another individual, or with more individuals.
-Just one account is allowed to be opened in the same currency at the same branch, while more accounts could be opened at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
The CBS decided lately to grant creditor interests on current accounts time deposits in foreign currencies whose unused balance amounts or exceeds million U.S dollars or equivalent thereof in other currencies. The rate of exchange is to be fixed consequent to analyzing the intended rate in accordance with the amount and the period of the deposit. This is carried out to entice its customer to increase their deposits in foreign currencies.
The exchange rate bulletin released daily by the bank in the bank’s web are applied to current accounts and deposits accounts in foreign currencies whose amount is less than U.S dollars or equivalent thereof in other foreign currencies.
Advantages of such accounts:
-The bank doesn’t allow any suspended seizure effective when deemed necessary, on banking accounts.
-It adheres to the absolute banking secrecy.
-If no interests are applicable to the account pursuant to the customer’s wishes, no fees are collected on issuing a statement of such account.
-Fully exempted from taxes levied on inheritance.
-The ability to move the account by virtue of a banking proxy drawn up at the branch, or by virtue of a private or general proxy drawn up by a notary register.
-If external transfers or cheques nourish the account, its owner has the right to transfer, abroad, of such account to:
-Funding its import from abroad in adherence to decision 1100.
-If external transfers or cheques nourishes such accounts, the owner may get an e-payment card (International Visa electron) which enables the holder to withdraw from the bank’s ATMs or the electronic collection machines, or make payments at shopping points inside or outside the country, if equipped by such machines.
-Banking cardholders who have open accounts are exempted from any commissions when withdrawing amounts from the ATMs.
-Accounts owners who hold e-payment card issued at the CBS are exempted from paying any commissions upon withdrawing from CBS ATMs.
-Accounts owners may get an auxiliary card to be handed to whomever they wish from the family member (husband, wife, children…etc) to be able to withdraw from the same account.
-Cardholder may, in case of opening an account to children or in or the case of issuing an auxiliary card, set a weekly withdrawing ceiling in accordance with the needed amounts to monitor the weekly spending.
-Cardholder may, whenever needed, have access to check the last 7 movements thorough the ATM.
-Cardholder may, whenever needed, have access to a balance statement.
-The customer may get a semi-annual balance statement, or as frequent as he/she requests.
-Public sector institutions should be provided with a monthly statement of balance.
-Account owner may get a chequebook.
-Account owner may get certified cheques.
-Account owner may withdraw from accounts opened in adherence to decision 690 nourished (by transfers or by cash): this is performed upon a written, duly signed, application presented by the customer to the exchange division stating the needed amount. The customer has various withdrawing options:
*The customer may exchange the needed amount in Syrian pounds in accordance with the free exchange rate and performed subsequent to presenting exchange purchase receipt.
*Be cashed the amount in foreign currency.
*The customer may withdraw the amount to make a transfer or draw a cheque. If the account is nourished in cash, the customer may transfer or write a cheque to repay non-commercial dues (such as medical treatments, studying expense, subscriptions to medical and scientific conferences and exhibitions, and to scientific papers, magazines, and books).
*A legal representatives may withdraw from the accounts of the authorizing customer in both Syrian pounds and foreign currencies provided it is included in the text of the proxy or by virtue of a general proxy, and observing that the withdrawing is done in the same deposited currency.
*Transfer from one account to another of the same type is permissible.
*The customer may withdraw in currency other than the currency of the account if the currency of the account was available neither at the branch nor at the central treasury department.
Important points about accounts opened in foreign currencies:
-Individuals may open joint foreign accounts with no need to an existing company.
-Foreign companies, embassies, and organizations are allowed to receive the values of transfers wired to their accounts, in cash in U.S. dollars.
-Accounts may be opened by virtue of transfers from a customer’s account opened at one branch pursuant to decision 690 and forwarded to another branch. A commission in the sum of 50 $ or equivalent thereof in other currencies is collected upon opening such an account.
-Transfers by virtue of which an account was opened could be repatriated abroad or transferred to the same type of account opened to another customer in adherence to decision 690.
-Residents and non-residents are allowed to use their cash- nourished accounts in funding their imports performed pursuant to foreign trade legislations. These transactions are subject to the commissions collected on foreign currencies time deposits, that is % 05(five per thousand). This type of account is available to individuals, personal and legal institutions and companies, organizations, embassies diplomatic corps, societies and banks.
Papers required in opening such accounts:
Of residents:
-Identification document (identity card or passport)
-Fiscal stamp in the value of 100 Sp. .
-In case of a joint account, 2 fiscal stamps in the value of 100 Sp.
- A photo
-Filling in of (KYC) form required in the AML context.
-If a group of individuals agreed to open a joint account, they have to submit a joint application to opening the account. The same identification document is required from each one of them. Such application must refer to the type of the required account (whether with or without interest), the persons authorized with signatures specifying whether collectively or individually).
Of non-residents:
-Identification document (passport)
-Fiscal stamp in the value of 100 Sp.
-In case of a joint account, 2 fiscal stamps in the value of 100 Sp.
-Filling in of (KYC) form required in the AML context.
-If a group of individuals agreed to open a joint account, they have to submit a joint application to opening the account. The same identification document is required from each one of them. Such application must refer to the type of the required account (whether with or without interest), the persons authorized with signatures specifying whether collectively or individually).
Some exceptional cases:
-Illiterate: has to imprint the left thumb witnessed and verified by the signatures of two witnesses other than the bank’s workers.
Private companies:
-Private companies are not allowed to open more than one account in the same currency at the same branch while they can open another accounts at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
-Individual institutions are entitled to open a deposit account with a certain property protection logo included in a special commercial register.
Papers required of resident companies:
-A recent, not more than three month old, commercial register issued by the chamber of commerce.
-Constitutional contract of the company.
-A letter, duly signed by the company, referring to the individuals authorized to moving the account specifying whether collectively or individually.
-Two fiscal stamps in the value of 100 Sp.
-A copy of the identity card or the passport of the individuals authorized with signatures.
-Filling in of (KYC) form required in the AML context.
Papers required of non- resident companies:
-A written approval of the ministry of commerce (division for registering the foreign companies and agencies).
-Constitutional contract of the company.
-A letter, duly signed by the company, referring to the individuals authorized to moving the account specifying whether collectively or individually.
-Two fiscal stamps in the value of 100 Sp.
-A copy of the passport of the individuals authorized with signatures.
-Filling in of (KYC) form required in the AML context.
Papers required of public companies:
-Just one account is allowed to be open in the same currency at the same branch, while more accounts could be open at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
-Individual institutions are entitled to open a deposit account with a certain property protection logo included in a special commercial register.
-An application to opening the account by the company certified by the competent minister.
-A letter, duly signed by the company, referring to the individuals authorized to moving the account.
-A copy of the identification document of the authorized individuals.
-Two fiscal stamps in the value of 100 Sp.
Papers required of societies:
-Just one account is allowed to be open in the same currency at the same branch, while more accounts could be open at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
-An application to opening the account by the society’s board of directors certified by the minister of social and labors affair.
-A letter duly signed by the association or the society, referring to the individuals authorized (exclusively collectively) to moving the account.
-A copy of the identification document of the authorized individuals.
-Constitutional contract certified by the ministry of social affairs.
Papers required of Diplomatic organizations and corps:
-Just one account is allowed to be open in the same currency at the same branch, while more accounts could be open at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
-An application to opening the account by the organization’s board of directors certified by the competent entity.
-A letter duly signed by the diplomatic organization or corps, referring to the individuals authorized (exclusively collectively) to moving the account certified by the ministry of foreign affairs.
-A copy of the passports of the authorized individuals.
-Two fiscal stamps in the value of 100 Sp.
Papers required of private banks:
-Just one account is allowed to be open in the same currency at the same branch, while more accounts could be open at the other branches provided that the rights and, and prevailing instructions are observed. Clearing transactions among such accounts are allowed.
-A recent commercial register.
-Duly signed constitutional contract.
-Licensing decision.
-An application to opening the account by the bank’s board of directors.
-A letter duly signed by the bank, referring to the individuals authorized (exclusively collectively) to moving the account.
-A copy of the identification document of the authorized individuals.
-Two fiscal stamps in the value of 100 Sp.
-The written approval of the general management-planning & statistics department to opening the account at the concerned branch.
