Can I use the custody account to receive third-party transfers or make payments?
No.
Your custody account and your operational bank account are separate:
No. The custody account, as a “cost to the account” / asset-holding account, does not require any minimum balance. It is
No. The EUR 25,000 is not a minimum balance.
The custody account carries a non-refundable fee of EUR 25,000.
A custody account is an account designated to hold and safeguard assets, not to hold liquid funds for day-to-day banking.
At Prominence Bank, we value transparency and appreciate the importance of sharing experiences to educate others about financial transactions. One
Yes. You can receive funds in different currencies into your Prominence Bank account. Please note, however, that exchange and conversion