Frequently asked questions


1. What is Bank of Asia?

Bank of Asia is a purposely designed digital global cross-border bank where clients can execute banking transactions online through a smart device without ever visiting a physical branch. In time, we will also make our banking services available to trusts. We want to make your banking experience as convenient and seamless as possible.


2. Where are you based?

Bank of Asia is licensed by the BVI Financial Services Commission. The bank is headquartered and based in the BVI.


3. What jurisdiction do you operate in?

We are licensed by the BVI Financial Services Commission and we will serve customers from most jurisdictions as long as our licensing, onboarding and stringent KYC requirements are met.


4. Where are your branches?

We do not rely on physical brick and mortar branches as we are a digital bank. Please refer to the Contact Us for our address and contact details.


5. How are you different?

Our competitive advantage lies in the advanced technology we employ. This enables us to be both more responsive and cost-effective. We are also a cross-border digital bank which accepts clients from multi-jurisdictions as long our licensing, onboarding and KYC requirements are met.


6. Where is your technology from?

We have built the bank from the ground up with a combination of partnering with global reputable solution providers, such as Avaloq, Oracle and Thomson Reuters.


7. Who are your correspondent banks?

Amerbank LLC is currently our correspondent bank. Amerbank uses the Kronos payment system which is one of the most secure global systems for financial transactions and services. As customers’ online security and privacy are our first priorities, we seek to provide maximum security in all transactions.


8. Who can open an account with Bank of Asia?

We will bank corporates or individuals that pass our robust KYC checks with the exception of individuals who are residents of the BVI due to the type of license we carry. In our subsequent phase, we will also make our banking facilities available to trusts.


9. What is the minimum age for account opening?

The minimum age for account opening is 18 years old as of the application date.


10. How do I open an account?

You can open an account from anywhere as long as you have internet access and a smart phone or computer with camera and video functionality. We will require a selfie and a short video stating your full name and nationality. We will also require the typical documentation required for bank account opening.


11. What is the cost of opening an account?

Our fee for account opening is US$1,000. In some cases, Enhanced Due Diligence (“EDD”) may be required before we can ascertain whether we can open an account for you. In that case, our customer service representative will contact you and you can choose to obtain a full refund on the initial fee of US$1,000 or to proceed with the EDD, the cost of which will be borne by you.


12. Is the account opening fee refundable if my account is rejected or if I change my mind regarding opening an account?

The account opening fee of US$1,000 is non-refundable unless we have determined at the initial stage that we are unable to open an account for you, in which case the fee paid will be refunded in full to you. If EDD was required and once you have agreed to proceed with the EDD process, we are unable to provide any refund.


13. Can I open an account in person or by post?

The fastest way is to apply for an account online. However, you can open an account in person if you visit our office in the British Virgin Islands where our team will guide you through the online process. Please note that we are unable to bank individual residents of the British Virgin Islands. We suggest that you contact us to make an appointment prior to visiting us. We are currently unable to accept account applications by post.


14. What type of device do I need?

We will support most updated mobile devices that run Android and iOS. A mobile device is required for the two-factor authentication.


15. What documents will I need?

Please refer to our account opening documents list.


16. What products and services will you have?

We currently offer deposit and remittance services. We are working hard to bring you more products and services such as foreign exchange, ATM cards and credit cards. We are also setting up affiliated licensed companies to provide wealth management, securities trading, asset management, corporate finance, and insurance products and services.


17. What currencies do you accept?

We accept US Dollars. We are working to accept all other major currencies soon.


18. Do you accept cryptocurrencies?

We understand the growing demand and are closely monitoring the development of cryptocurrencies. At this stage, we are not accepting cryptocurrencies.


19. What are your fees?

Please click here for our fees schedule.


20. Do you have overdraft facilities and what is the interest rate?

We will be offering overdraft facilities in the near future.


21. How do I access my money?

You can transfer money electronically to other bank accounts. You will also be able to withdraw cash through ATMs when that service becomes available in the near future.


21. How do I access my account?

Our banking services are available 24 hours a day through our online platform. You can access it from a computer or from a smart device as our web pages are optimised to be mobile-friendly.


23. What is your SWIFT code?

Our SWIFT code is ABVIVGVG.


24. Is my money safe?

We are regulated by the BVI FSC and in accordance with international standards. We are also subject to regular FSC inspections and have external auditors appointed. We will provide loans in the near future and intend to adopt a conservative credit risk control.


25. How do you ensure my personal information is safe?

All your personal information is encrypted during transit over the internet and at rest in our database. Our infrastructure is continuously audited in compliance with the relevant laws and regulations.


26. How do you prevent unauthorised access to my account?

Our two-factor authentication login system ensures secure and authorised access to your account. We treat cyber-security very seriously and we use best-in-class technology in multiple layers to ensure the security of your data.


27. What will you do with my information?

We will only use your information in order to provide you with banking services. Upon receiving your consent, we may also use it to provide you with other financial services from our affiliates such as wealth management.


28. With the recent increase in hacking, what measures have Bank of Asia taken to ensure security?

The Bank implements central access privileges to prevent accidental data corruption, improper manipulation and outright fraud. To protect transactions, the Bank utilises secured data transmission, enables real-time fraud alerts, monitors information use, and provides for secure transaction record storage.

Furthermore, the Bank adopts a two-factor authentication system which strengthens cyber-security by requiring a combination of two different types of authentication to log into your account. This would be information you already know (e.g. your user ID and password) and a one-time password sent via SMS. We have within our team cyber security specialists and external resources and strive for the best use of cutting edge cyber-security technology.


29. Will you support all mobile platforms?

Our websites are mobile-friendly. You can access our services using common web browsers from most Apple and Android devices.


30. How secure is the mobile validation procedure?

The free mobile one-time password is one of the safest procedures in e-banking. When you conduct online transactions, you will be asked to input a validation code in order to log into your e-banking account. The validation code will be sent via SMS to the mobile phone number that you have registered with us. For security reasons, the validation code is only valid for a short period of time.


31. How do you ensure your system is reliable?

We treat cyber-security very seriously and it is built into the foundation of our platform. Our core banking system conforms with global security standards such as ISO27001 and is regularly audited and reviewed.

Cyber defence controls such as multilayer of firewalls, anti-malware, email sandboxing, end user protection software are in place to protect the bank’s core network from internal and external security threats. Furthermore, bank critical systems are housed at specialised data centres with industry standard physical access controls with monitoring in place to restrict access to authorised personnel only.


32. How do I get help?

You can reach us by phone, email or write to us. Please refer to Contact Us for our details.

33. How do I file a complaint?

You may contact our complaint hotline at +1 284 394 2403 or email us at cs@bankasia.com.