A Capital Security Bank cash account will give you access to 25+ different currencies, fixed deposits and worldwide money transfers all under the umbrella of a single account number.
Who can open an account with CSB?
Individuals, Companies (LLCs, IBCs, Limited Companies), Trusts Partnerships and Foundations may all open an account with CSB.
Accounts for entities require additional information over and above that for an individual including constitutive documents and Ultimate Beneficial Owner details traced back to a natural person.
CSB can open accounts for almost any citizenship including those from the Cook Islands and most other jurisdictions.
Am I required to visit the Cook Islands to open an account?
Whilst we welcome all clients to visit us it is not mandatory that they present themselves to open an account.
However, if an account applicant is not present in the Cook Island there are strict guidelines to evidence documents provided to CSB in opening an account. Please contact us directly if you require assistance in this regard.
What benefit is there in opening a Cash Account with CSB?
The key benefit in a CSB Cash Account is in the name of CSB, Capital Security Bank. CSB does not make loans of client deposits (other than lending clients their own funds) but rather spreads funds across a number of other financial institutions and in fixed interest bonds. All investments are selected and managed by reference to their credit worthiness to minimise the risk of default.
CSB is required by Cook Islands law to maintain a minimum 10% Total Capital to Risk Weighted Assets but has set a higher standard on itself to maintain this ratio at 13%, in line with Basel III. CSB has committed to further increase this to a minimum of 15% by the end of 2018.
What currencies will I have access to?
USD, AUD, NZD, CAD, CHF, EUR, JPY, HKD, GBP, SGD and NOK
We also have access to purchase and hold the below currencies for our clients, there are certain restrictions with these currencies and these as such are approved on a case by case basis.
Central Paciﬁc Franc (XPF), Chinese Renminbi (Oﬀshore) (CNH), Czech Republic Koruna (CZK), Danish Krone (DKK), Fijian Dollars (FJD), Hungarian Forint (HUF), Mexican Peso (MXN), Papua New Guinean Kina (PGK), Philippine Peso (PHP), Polish Zloty (PLN), Swedish Krona (SEK), Solomon Islands Dollar (SBD), Thai Baht (THB).
Tongan Pa’Anga (TOP), South African Rand (ZAR).
What are the fees associated with opening and maintaining a CSB Cash Account?
In summary, there is an establishment fee of USD 500 plus a monthly maintenance fee of USD 50, there are no establishment or maintenance fees for an account in a currency other than USD.
Transaction fees depend on the amount and currency of the transaction.
A balance lower than our minimum balance requirement (currently USD 20,000) attracts a higher monthly maintenance fee
Full details of all our fees can be found here
How do I move funds in and out of the account?
Our clients find that sending signed instructions by email or through our secure document portal is the most convenient method of withdrawing or transferring funds from their account. To transfer funds to your CSB account you will need to initiate the transfer with your own account and use our wiring instructions.
Typically you also will need to send us supporting documentation for your transfers to and from your account.
Our friendly banking team are available and will be more than happy to assist you in all your transaction needs
Does CSB pay interest on my funds?
Yes. CSB pays interest on funds placed on deposit, rates paid are dependent on currency, amount and term of your deposit with CSB.
Full details of current indicative interest rates can be found here
How do I keep track of my account balance?
We offer a live online banking platform for our clients for balance and transaction viewing and secure sending and receiving of instructions.