Keytrade Luxembourg

chewchew

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I've had my money in Rabo since November but I'd like to get my cash out of Ireland altogether. I've tried various French and German Banks but setting up an account via correspondance in either of those Countries is proving to be a bit of an ordeal.

I've been looking at Keytrade and I know some people here have managed to open an account at their Belgian branch but has anybody opened an account with Keytrade Luxembourg?

If so, how long did the enitre process take? Do they provide security tokens like the Belgian branch do? Any other info that would be helpful to know in advance?

The biggest question I have though is whether having an account in Luxembourg would be a safer bet than a Belgian one in the event of a Euro breakup?
 
Hi chewchew, I opened a keytrade Luxembourg account recently. I sent off the paperwork just before Christmas and this week I have received my online account details so they were very quick really. I'll probably transfer some money into it in the near future. I chose Luxembourg over Belgium because I've been hearing some bad things about Belgium recently in terms of their debt and Luxembourg has always had a very good, financially sound, situation going on. My thinking is that if a 2-tier Euro should ever come about or if the Euro should go wallop, the Luxembourg currency would possibly be stronger than the Belgium one and that Luxembourg would be part of the "stronger" Euro along with Germany, France and Austria. I received security tokens in the post also. There is no minimum deposit.
 
Hi Japester, thanks for the info. The fact they provide a security token is a nice plus. Not having much luck with German banks so I might go with keytrade luxembourg for now.
 
I've had my money in Rabo since November but I'd like to get my cash out of Ireland altogether. I've tried various French and German Banks but setting up an account via correspondance in either of those Countries is proving to be a bit of an ordeal.

I've been looking at Keytrade and I know some people here have managed to open an account at their Belgian branch but has anybody opened an account with Keytrade Luxembourg?

If so, how long did the enitre process take? Do they provide security tokens like the Belgian branch do? Any other info that would be helpful to know in advance?

The biggest question I have though is whether having an account in Luxembourg would be a safer bet than a Belgian one in the event of a Euro breakup?


interesting that you dont even fully trust rabbobank with your savings
 
It's not that I don't trust Rabo farmerette. My worry is what will happen in the case of a Euro breakup, Rabo have already said that our deposits would be converted to punt nuas.
 
It's not that I don't trust Rabo farmerette. My worry is what will happen in the case of a Euro breakup, Rabo have already said that our deposits would be converted to punt nuas.

investec allow you to pen accounts in canadian , australian dollars , swiss francs , norwegian krone etc , its south african owned , perhaps its an option or are you determined to get your savings away from the clutches of the irish goverment
 
Do I have to transfer 2,500 as a first step to open Keytrade Lux

For those that have opened up a Keytrade Lux account..

I've 1) filled out the form and got a certified copy of my passport.
Is that all I need to get started?

Or do I also need to 2) complete and sign the bank transfer form for 2,500 at this point?

I'd rather do step 1 first and complete step 2 when Keytrade get back to me. The instructions seem to indicate that it can be done this way. But its not 100% clear.

Have any of you done it as two steps?? (ie the application form first followed by the deposit of 2500 after hearing back from Keytrade)

If you have done it this way...Please let me know :)
 
I'm still in the process of opening my account piggy, I emailed them about the bank transfer form and here's what they replied with.

Dear Sir,
You just have to fill in the form ( do not forget signatures, , political mandate, the name of your employer and your function)
It is not necessary to send the bank transfer form if your passport is certified.
We will inscribe as your country of residence the country that appears on your certified identity .
(If your residence is in another country then, we need an official document that confirms it).
Best regards,

So no need to send them any money yet if you're sending them a certified copy of your passport as far as I understand. Btw...I don't see any mention of needing to send a utility bill as proof of address, but it might be safer to send one anyway just incase.
 
Thanks Chewchew. :) That's just the clarification I was looking for. Like yourself I will also send a utility bill (just in case)

Any idea what is meant by 'political mandate'? I just circled 'no' myself but I don't really know what they are asking about?
 
Yea I was a bit stumped by that one too but I just ticked 'no' too, seems like the safest answer?!
 
Hi, how much is each deposit protected up to at Keytrade Luxembourg please? 100K each? Thanks
 
Is there a reason people seem to favour Keytrade Lux (or even Belgium) over Keytrade Switzerland? Because they wish to keep to the euro?
 
Is there a reason people seem to favour Keytrade Lux (or even Belgium) over Keytrade Switzerland? Because they wish to keep to the euro?

For me the reason was that Switzerland is outside the EU and therefore interest earned would have to be declared here as income, and would be subject to income tax.
 
Godfather, the deposit guarantee is 100k. Got this email from them...

Dear Sir,


The term account is covered by a depositors guarantee. In case of a bankcruptcy of Keytrade Bank Luxemburg, the Luxemburgish legislation can offer maximum 100.000 € to the beneficiary of the account.

Kind regards,
 
Just looking on the Keytrade LUX website. They all seem to be only term accounts on the "banking" section. Do they not offer an "instant Access" type of account ? Deposits seem to be €1000 not the €2500 mentioned here. Am I missing something? I would prefer an instant access as I dislike tying up money for any length of time, but would be interested if they offered this.
 
Look here for info on the penalty for breaking the term...http://www.keytrade.lu/en/banking/term_extra

I'm not sure about how severe the penalties would be, that formula is kind of confusing! I'm going to go with a short term, low interest but I still feel better about having my money there than an Irish bank.
 
Thanks Chewchew. I'm looking around for a better instant access deposit a/c held abroad. The interest from keytrade are lousy, but I take your point on the safety aspect. If I find anything worth looking at, I'll post about it.
 
Thank you Chris for that info on the Keytrade Switzerland account being liable for income tax as its non-EU. Am still considering opening a sterling account in NIrl as I have an Ulster account in ROIrl. Has anyone opened a sterling a/c in the North through their local ROIrl Ulster branch? and what sort of commission/fees are charged?
 
I spoke with the manager of my local Ulster Bank. He said that he could open a sterling account for me here in the south however it would be "nil" interest paid. He never offered to open an account for me in the North but then again he was the sort of person who didn't offer....
 
How are people progressing with opening accounts with Keytrade Lux?
I've sent off the application about 14 days ago and am awaiting the reply.
Anyone know how long should I expect to wait?
 
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