FAQs

Thank you for considering Prominence Bank for your banking needs.

Please note that KTT transactions are initiated and processed by the originating bank or institution. As a receiving bank, Prominence Bank is unable to provide any guarantees regarding the type of credit (e.g., real funds or credit enhancement) that will be received. We can only credit your account based on the information transmitted to us from the remitter’s bank.

To address your concerns:

1. Probabilities of Credit Enhancement: A KTT transaction credited as a “credit enhancement” usually occurs when the originating institution transmits the funds in this specific format. While an MT103 message may confirm payment instructions, it does not constitute a complete confirmation of the transaction without the accompanying MT202. Therefore, these messages alone cannot guarantee the nature of the credit (whether real funds or a credit enhancement).

2. Guarantees for a Successful Credit: Prominence Bank cannot provide assurances for any funds transferred via KTT originating from another institution. We strongly recommend you contact the remitter or originating institution for detailed information regarding the funds transfer to ensure clarity on the type of credit being transmitted.

3. SWIFT Transactions: To avoid complications or uncertainties, we recommend using SWIFT-based transactions. SWIFT is a reliable and traceable method for transferring real funds, minimizing the risks of credit enhancements or delays.

4. Fees and Liabilities: Please be aware that you are 100% liable for any fees associated with KTT transactions. These fees apply irrespective of the nature of the credit received. If you are unsure of the remitter or the client sending the funds, we strongly advise against utilizing KTT transactions.

In conclusion, if real funds are received, we guarantee that your account will be credited accordingly. If the credit is received as a credit enhancement, it will be processed as such. However, we cannot guarantee the nature of the funds from a KTT Telex transaction that originates or is issued by another banking institution.

Yes, you can access your account online! Our online banking platform allows you to manage your account conveniently from anywhere with an internet connection.

Yes, you can apply for a loan with a Safe Keeping Receipt (SKR) from Prominence Bank.  The SKR acts as valuable collateral, making it easier to secure a loan. 

Here’s what to expect:

• Distinct Services: We emphasize that asset custody and loan provision are separate services.  You’ll need to secure custody of your assets before we can proceed with a loan.

• Performance Bond Insurance Policy: We strongly recommend obtaining a performance bond insurance policy, as it significantly increases the chances of loan approval. This policy, combined with your SKR and “Full Bank Responsibility,” is widely accepted as collateral by financial institutions.

• Loan Approval: While the SKR is important, the final decision on loan approval rests with Prominence Bank’s Credit Department.  The SKR agreement itself does not guarantee loan approval.

Outlined Loan Procedure:

1. Open a Custodian Account: This account is for holding your assets.

2. Deposit Assets:  You will need to deposit your assets with the bank.

3. Asset Evaluation: An approved bank appraiser will assess the value of your assets. 

4. Loan-to-Value (LTV) Ratio: This ratio determines the maximum loan amount based on your asset value. It ranges from 20% to 65%.

5. Performance Bond Insurance Policy: After your asset evaluation and pre-approval are complete, we’ll request a performance bond insurance policy.

6. Loan Disbursement:  Once all necessary steps are taken, your loan will be disbursed within 72 banking hours.

Important Notes:

• Asset Valuation: The higher the valuation of your assets, the better your chances of loan approval and the more favorable the loan terms.

• Costs: All costs associated with this process (custodian account, insurance, appraisal, etc.) are your responsibility.

Cost Breakdown:

• Custodian Account: €25,000 upon application, plus 2% of the SKR face value (due within six months or at loan disbursement).

• Asset Deposit:  No cost involved.

• Asset Appraisal:  Costs are coordinated directly with the appraiser.

• Loan Application: No associated charges.

• Performance Bond Insurance: 0.05% to 2% of the insurance value (recommended from Lloyd’s of London).

Unfortunately, you cannot access a personal or business account prior to transferring funds and paying the account opening fee. These steps are essential to activate your account.

Yes, you can receive different currencies into your Prominence Bank account. However, please note that exchange and conversion rates may apply to your account. For example, the KTT conversion rate incurs a fee of 0.4%. 

While it is possible to receive funds in different currencies, we recommend using your account’s designated currency to avoid these additional charges and ensure a smoother transaction process.

Absolutely! Prominence Bank offers a comprehensive and versatile banking experience. You can seamlessly receive funds through KTT Telex, a reliable and efficient method for transferring large sums of money. Once the funds are in your account, you have the flexibility to make payments to any bank globally using wire transfers via IBAN or SWIFT. This capability ensures that you can manage and distribute your funds efficiently, whether for personal or business purposes.

While we understand the importance of financial transactions and the need for transparency, we must clarify that the fees incurred from KTT transactions are non-refundable in accordance with our policies.

We kindly ask that you refrain from seeking refunds for services rendered, regardless of issues related to your remitter, as such requests do not align with our banking policies. 

Prominence Bank does not impose upfront fees; charges apply only when a specific service has been rendered. When a KTT (of any type) is credited to your account, fees will be applied. By authorizing your account to receive KTT transactions, you accept full responsibility for all incoming transactions and associated charges.

For any inquiries or assistance, we encourage you to contact our help desk at helpdesk@prominencebank.com. Our team is available 24/7 to respond to all your questions. Please kindly list your queries, and they will be addressed accordingly.

Please note that we do not provide customer service via phone for security reasons. Utilizing our certified email ensures you receive accurate responses while also maintaining a record of all communications, which helps us enhance our customer service.

We look forward to assisting you!

No, you cannot use a KTT Telex funds transfer to pay for the bank account opening fee. The opening fee must be paid via Swift wire transfer or Cryptocurrency (USDT). KTT is not accepted for this payment, but once your account is opened, you can request to enable KTT transfers for future transactions.

Thank you for your interest in visiting our head office. As a digital bank, we operate exclusively online to ensure we provide our customers with efficient and convenient banking services. We do not have physical branch locations for customer visits or appointments.

Our primary channel for customer support is through our 24/7 helpdesk email service. If you have any inquiries or require assistance, please feel free to contact us through this platform, and our dedicated team will be happy to assist you promptly.

Additionally, please note that our bank account opening process is conducted entirely online to streamline and expedite your onboarding experience.

We appreciate your understanding and cooperation as we focus on delivering seamless digital banking services. Should you have any further questions or require assistance, do not hesitate to reach out to us via our helpdesk email.

Thank you for considering our digital banking services!

No, you cannot open an account without paying the bank account opening fee upfront. The bank account opening fee must be prepaid before you can gain access to a bank account with Prominence Bank. Unfortunately, you will not be able to use your first funds transfer to cover the bank account opening fee. Please ensure that you have the appropriate amount to cover this fee before initiating the account opening process.

No, we do not offer POS services at this time.

Yes, Prominence Bank accepts all types of KTT transactions. We provide comprehensive KTT services to all account holders. You do not need to be concerned about whether the originating system is analog or digital. If you wish to received a funds transfer or communicate with another bank via the KTT system, simply provide the necessary information to our bank, and our department will manage the KTT request and ensure it reaches the intended recipient.including cash transfers, bank instruments, and direct bank-to-bank communication. We strive to provide our customers with flexible options for their banking needs.

We are pleased to inform you that Prominence Bank’s services are available worldwide, with no country restrictions. This allows us to serve clients across various regions, including the USA and Europe, without limitations.

Yes, we have a mobile banking app that allows you to manage your accounts, and send money conveniently from your smartphone.

Stay in control of your finances with our mobile banking app. 

Our app lets you:

• Manage your accounts

• Transfer money between accounts

• Make payments and transfers

• Update your personal details

• Track your expenses

• Manage your regular payments

• Send money to friends and family

Download our app today and manage your money conveniently from your smartphone.

Prominence Bank does not provide debit cards, including Visa or MasterCard. All account access and transactions can be conducted through our secure 24/7 internet banking platform, which offers a comprehensive range of banking services at your convenience.

Prominence Bank does not charge upfront fees for any of our services. All of our fees are deducted from your bank account available balance only after we have provided a service to you.

You can reach our customer service team through various channels to ensure you receive the assistance you need:

1. Phone: Call our customer service hotline at +(44) 208 895 6493. Our representatives are available [insert hours of operation] to help you with any inquiries.

2. Email: You can send us an email at helpdesk@prominencebank.com. We strive to respond to all email inquiries within [insert response time, e.g., 24-48 hours].

3. Live Chat: Visit our website and use the live chat feature for immediate assistance. Our chat support is available 24/7, allowing you to get real-time help.

Your satisfaction is our priority, and we are here to assist you with anything you need!

To open a bank account with Prominence Bank, you can follow these steps:

1. Complete the online application form for either a Personal or Business Bank Account:
   • Open a Personal Bank Account Application here!
   • Open a Business Bank Account Application here!
2. Pay the minimal non-refundable opening fee of €25,000 via Swift wire transfer or Cryptocurrency (USDT). Please note that KTT cannot be used for this payment.
3. If you encounter difficulties with the online form, you can download a hard copy of the application:
   • Download Personal Bank Account Application here!
   • Download Business Bank Account Application here!
4. Submit the completed application along with proof of payment to Account@prominencebank.com.

Your application will be processed, and your account will be ready for transactions within 72 banking hours after payment confirmation.

To open a KTT bank account with Prominence Bank, follow these steps:

1. Complete the Personal or Business Bank Account Application:
   • Open a Personal Bank Account Application here!
   • Open a Business Bank Account Application here!
2. Pay the minimal non-refundable opening fee of €25,000 via Swift wire transfer or Cryptocurrency (USDT). Please note that KTT cannot be used for this payment.
3. Once your account is opened, you can request to enable KTT transfers, which typically takes 24 hours at no extra cost.

Your account will be ready for transactions within 72 banking hours after payment confirmation.

You can deposit funds using the following cryptocurrency wallets:

• Crypto USDT Wallet (Tether TRC20): TPYjSzK3BbZRZAVhBoRZcdyzKpQ9NN6S6Y

• Crypto BTC Wallet (Bitcoin network): 3FGg8FL4uGHNy6diioTXRpzRrotHsGvkx9

Important Note:  To ensure your funds are credited correctly, please send a confirmation of the cryptocurrency transaction to our Account Department at account@prominencebank.com.

Locate Wire Transfer Instructions: Inside your online banking portal, there should be a specific area that details how to receive wire transfers, including KTT (Telex) transfers. This will typically include:

• Bank Name: 
• Bank Address: 
• Account Number: (Insert your bank account number)
• Account Name: (Insert the account holder name)
• KTT Telex Code: 
• Bank Officer: 
• Bank Officer PIN Code: 
• Bank Email:
• Bank Tel:

At this time, the €25,000 fee is non-negotiable. This fee is a fundamental part of our service model, ensuring we can maintain the high level of security and compliance required for our clients.

Upfront Fee vs. Available Balance

Upfront Fee:

An upfront fee is a one-time charge that a bank or financial institution requires to initiate a service or product. This fee is paid before the service is rendered or the product is delivered. For example, when applying for a loan, you might encounter an upfront fee, which could cover administrative costs, processing your application, or obtaining necessary documentation. 

– Example: When applying for a mortgage, you may be required to pay an upfront fee of €1,000 at the start of the process. This fee is non-refundable and is deducted from the total amount you would owe if your mortgage application is approved.

Available Balance:

Your available balance refers to the amount of money in your bank account that you can access or withdraw at any given time. This balance takes into consideration any pending transactions, holds on deposits, and your account’s overall balance. Having a sufficient available balance means you have enough funds to cover transactions, such as bills, purchases, or withdrawals, without incurring overdraft fees.

Summary:

– An upfront fee is a pre-payment for a service or product, generally paid at the beginning of a transaction.

– Your available balance is the actual amount of money you can use from your account at any time, which may differ from your total account balance due to pending transactions.

Understanding the difference between these two concepts is essential for effective financial management and ensuring you have adequate funds to meet your obligations.

For opening a personal account, only a passport is required. To open a business account, both a passport and company incorporation documents are necessary.

We would like to inform you that all types of KTT Telex transactions incur a fee of 1.5% of the face value received. This fee applies to bank instruments such as Bank Guarantees (BG), Standby Letters of Credit (SBLC), and any other type of KTT transaction, including funds transfers.

As our bank policy dictates, we are unable to determine the type of KTT that will be received through the KTT Telex system until the transaction is fully downloaded and credited to the account holder’s profile. Consequently, we require that any client wishing to utilize the KTT Telex system services possess the financial capacity to cover the associated fees before the service is provided.

Although we do not charge upfront fees, it is essential for account holders to maintain a sufficient available balance to cover the KTT Telex fees before any KTT Telex transaction can be credited to their profile. Typically, clients who utilize KTT Telex services are high-net-worth individuals, ensuring they have the necessary financial resources to cover all associated fees.

For example, if you are receiving a Standby Letter of Credit (SBLC) via KTT Telex with a face value of 500 million, the associated banking fee of 1.5% would amount to 7.5 million dollars. If your account does not have the available balance to cover this fee, it could lead to a substantial negative balance, in addition to potential Non-Sufficient Funds (NSF) penalties, which would negatively impact our banking records with regulatory agencies. This could leave your account significantly in the negative, which we strongly recommend avoiding. It is essential to ensure that you have sufficient funds in your account to cover all associated fees before initiating a KTT transaction.

Yes, there are various fees associated with your account at Prominence Bank, which may vary depending on the type of account you hold and the services you utilize. Understanding these fees is important for effective account management. Here are some common fees you may encounter:

– Monthly Maintenance Fee: This fee is charged for maintaining your account on a monthly basis.
– Overdraft Fees: Incurred when you withdraw more than your available balance, this fee is applied to help manage overdrafts.
– Wire Transfer Fees: These fees apply when sending or receiving money via wire transfer, whether domestically or internationally.
– Insufficient Funds Fee: This fee is related to transactions that bounce due to insufficient funds in your account.
– Foreign Transaction Fee: Applied to purchases made in a foreign currency, this fee helps cover the costs associated with such transactions.
– Minimum Balance Fee: Assessed if your account balance falls below a specified minimum threshold.
– Inactivity Fee: This fee is applied if your account remains inactive for a certain period, encouraging account usage.

For a comprehensive list of all fees associated with your account, we recommend that you refer to our publicly available fee schedule at Prominence Bank Basic Fees.

Bank endorsement is a form of guarantee provided by a bank, often used for negotiable instruments like banker’s acceptances or time drafts. It essentially assures the parties involved in a transaction that the individual or business has the bank’s backing, creating a sense of trust and security. 

Think of it this way:

• The bank acts as an intermediary:  They vouch for the trustworthiness of their customer, making the transaction smoother and safer.

• Bank endorsements are common in international trade: They help build trust between parties from different countries who might not know each other well.

What Prominence Bank Offers:

Prominence Bank provides a bank endorsement guarantee, which means we confirm that we will uphold and guarantee an agreement or commitment made by our customer to a third party.  This assurance gives your partners confidence that Prominence Bank will step in if your customer is unable to fulfill their obligations.

Benefits of Prominence Bank Endorsement:

• Full Endorsement: Covers agreements, projects, and specific negotiable instruments.

• Increased Trust:  Gives you the leverage needed to confidently negotiate and close deals.

• Enhanced Reputation: Our reputation strengthens your own, boosting your standing in the marketplace.

• Global Reach:  We support local and international transactions.

• Comprehensive Coverage: We cover both banker’s acceptances and time drafts.

• New Opportunities: Our endorsements can open doors to new partnerships and business ventures.

Cryptocurrency is a digital form of currency that uses cryptography for secure transactions and to create new coins.  Think of it as a digital version of traditional currencies like the US dollar or the Euro.  Bitcoin was the first cryptocurrency, created in 2009, and since then, hundreds of other cryptocurrencies have emerged. They are sometimes called “altcoins.”

Prominence Bank offers cryptocurrency accounts to help you manage your digital assets.  Here’s what you get:

• Cryptocurrency Wallet: You can fund your crypto wallet and transfer funds directly from your cryptocurrency account to your regular bank account.

• Secure Transactions:  All your transactions are conducted securely and confidentially.

• Multi-Currency Support: You can transfer funds from your Prominence Bank account to your cryptocurrency account in multiple currencies like USD, GBP, or EUR.

• Easy to Use: Opening and using your account is straightforward.

Benefits of a Prominence Bank Cryptocurrency Account:

• Tax Havens Banking Secrecy: Prominence Bank offers the highest level of privacy and security.

• Control:  You have complete control over your account.

• No References Needed: No need for bank references or personal visits.

• Minimal Fees:  A low deposit is required for opening the account.

• Swift Transactions:  You can send and receive swift wire transfers instantly.

What are the Opening Fees and Procedures for a Cryptocurrency Bank Account?

• Opening Fee:  €25,000 per cryptocurrency account.

• Minimum Balance:  $100 value in cryptocurrency.

• Monthly Charge: Free.

• Completion Time:  7 banking days after the opening fee is paid.

• Procedures:

    1. Complete the application form accurately.

    2. Email the application form to account@prominencebank.com.

    3.  Send the opening fee deposit. 

    4.  Your account will be opened within 7 banking days.

Prominence Bank operates under a Class ‘A’ Banking License, which is essential for providing comprehensive banking services within the framework established by the governing authorities in Mwali. This license signifies our commitment to maintaining the highest standards of regulatory compliance and operational integrity.

– License Number: B201918
– Regulatory Authority: Issued under the International Business Companies Act of 2014 with the registration number IBC HY0051932 and overseen by the International Services Authority Institution of Mwali.

KTT Telex Code: (051) 210567 PROMIN G

We utilize our correspondence bank’s SWIFT code for transfers, which may vary depending on the currency of the transaction (USD or Euros). Please note that this information is accessible exclusively to our account holders and can be found within the internet banking platform under the “Funds Transfer” section.

Prominence Bank offers a variety of financial services, including:

• Bank Endorsement
• Bank Instruments
• Business Banking
• Corporate Banking
• Corporate Finance
• Cryptocurrency Bank Account
• Custodial Bank Safe Keeping Receipt (SKR)
• Investment Banking Services
• Investment Services
• KTT Bank Account
• Loans
• Mergers & Acquisitions
• Mortgages
• Personal and Business Bank Accounts
• Private Banking
• Retail Banking
• Structured Finance
• Trade Finance
• Institutional Sales

If you forget your password, you can use the “Forgot Password?” feature on our login page to reset it. Follow the instructions provided to regain access to your account.

At Prominence Bank, we want you to feel confident regarding our fee structure. Rest assured, we will never charge you a fee for services not rendered. Any fees deducted from your account signify that we have indeed provided the service, and you will see the corresponding transaction reflected in your account.

For instance, if a client sends a bank instrument via KTT to your account, we will not deduct any fees until we have successfully received that KTT transaction. If a fee does appear on your account, you can be certain that the KTT transaction will also be recorded.

We guarantee that you will not incur any fees if we do not provide the service for which you have fully paid. Upholding the integrity and responsibility of our bank to our clients is our top priority.

Different banks offer different services and have varying cost structures. While some banks may not charge an upfront fee, they may have higher transaction fees or require a minimum balance. Our fee structure is transparent and allows us to provide the specialized, secure, and confidential banking services that our clients value.

Benefits of Banking with Prominence:

• Unmatched Confidentiality: We prioritize your privacy. All transactions are processed through trust accounts, ensuring complete anonymity.

• Global Reach: Our international network of correspondent banks makes global transfers seamless.

• Robust Security:  We invest in advanced security technology to safeguard your assets.

• Dedicated Support:  Our team is dedicated to providing exceptional customer service and support.

The €25,000 account opening fee is a standard industry practice for banks offering specialized services like ours, particularly those focused on international banking and confidentiality. This fee covers the significant administrative costs associated with setting up and maintaining secure, anonymous accounts. It also ensures compliance with international banking regulations and facilitates our collaboration with correspondent banks in the U.S. and Europe.

The fee reflects the comprehensive suite of services we provide, including:

• Secure, anonymous account management: We prioritize the discretion and privacy of our clients, safeguarding their financial transactions.

• International banking infrastructure: We maintain a network of trusted correspondent banks globally, facilitating seamless international transfers.

• Robust security measures: We invest in advanced security protocols and technology to protect your assets and maintain the integrity of your account.

• Unparalleled Discretion:  We are committed to providing the utmost level of privacy and anonymity for our clients. All transactions are processed through trust accounts, ensuring complete discretion and protection of your personal information.

The fee reflects the comprehensive suite of services we provide, including:

• Secure, anonymous account management: We prioritize the discretion and privacy of our clients, safeguarding their financial transactions.

• International banking infrastructure: We maintain a network of trusted correspondent banks globally, facilitating seamless international transfers.

• Robust security measures: We invest in advanced security protocols and technology to protect your assets and maintain the integrity of your account.

• Unparalleled Discretion:  We are committed to providing the utmost level of privacy and anonymity for our clients. All transactions are processed through trust accounts, ensuring complete discretion and protection of your personal information.