Keytrade Luxembourg


From reading all various AAM threads on possible/probable defaults, a 2-tiered Euro, re-introduction of the Punt, deposits being moved abroad etc, as an ordinary Joe Soap with minimal understanding of what has or is about to happen, I find it hard to separate fact from fiction or to get a clear idea of what the future holds.

However, I’ve read enough to be worried that, by leaving my c.€20K hard-earned savings in the country, I am running the risk of it being wiped out at some stage in the future. I know this is not a huge amount but to me and my family it is everything and I don’t want to regret, at some stage in the future, not moving it.

So, I’m reading this thread with great interest and am leaning to opening an account with Keytrade Luxembourg. As far as I can make out from reading here and on their website, they are an investment bank not a retail one with various branches and ATMs.

I have three very basic questions which hopefully somebody can confirm

  • Am I right in thinking that the only way therefore to withdraw money from a High Value Term Account in Keytrade is electronically back to Ireland or possibly in person at their bank in Luxemboug?

  • If I open a 1 year deposit account, for example, I assume that at the end of the agreed term, I will be able to enter into another fixed term arrangement with the original funds + interest on deposit.

  • If I have further funds to lodge, will I be able to lodge these to the existing term deposit account?

Thanks

Sim
 
piggybank said:
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?
Click to expand...

I sent my application off about 2 weeks ago too. I got a letter back from them last week asking for some info I forgot to include, I emailed it to them and they were happy with that. I recieved my electronic security device and username in the mail this morning. They told me I'll recieve my password in a seperate letter in the next few days.
 
My details have arrived

Thanks chewchew,
I received my electronic security device and username on Thursday. And password in a seperate letter yesterday.

I was quite pleased and was showing them off to my partner. Who then remarked that the addresses on the envelopes were handwritten as opposed to being printed. Which was true. And that the envelopes were stamped with ordinary stamps as opposed to being 'franked' or postage paid. Which was also true.

I don't know if that is relevant. But it has given me pause for thought.
 
piggybank said:
Thanks chewchew,
I received my electronic security device and username on Thursday. And password in a seperate letter yesterday.

I was quite pleased and was showing them off to my partner. Who then remarked that the addresses on the envelopes were handwritten as opposed to being printed. Which was true. And that the envelopes were stamped with ordinary stamps as opposed to being 'franked' or postage paid. Which was also true.

I don't know if that is relevant. But it has given me pause for thought.
Click to expand...

I did find the handwritten envelopes and stamps a bit odd too but given that we're logging in through the genuine Keytrade.com website (which with all the passwords and electronic security seems very secure) I hope theres nothing to be concerned about? Still would be reassuring to hear from someone who has already transferred funds to the site.

Anyone done a successful transfer yet? I want to transfer a small sum over 1st to make sure everything goes smoothly.
 
Folks, a quick question for you. I opened up a Keytrade account before Christmas with ease and bought my first block of shares this evening (a whopping 5). Im just messing around at the moment to try and familiarise myself with their platform. If a company pays dividends are they sent to my home address or are they lodged to my keytrade account. Secondly what about share certificates?. Do I have to order them?.
 
chewchew, I transfered a couple of hundred of euro last week from NIB. It took about 2-3 working days to arrive. As mentioned earlier I did my first trade this evening on the London Stock exchange. Was a bit shocked at the fees and also forgot about the stg rate so was down about about 50 euro straight. Hopefully will be planning to invest longterm so it should not be much of an issue. Set up a virtual portolio last week alos and Im already down 1.2%. Thankfully its only virtual.. So much for making a quick buck lol.
 
mrfrags said:
Folks, a quick question for you. I opened up a Keytrade account before Christmas with ease and bought my first block of shares this evening (a whopping 5). Im just messing around at the moment to try and familiarise myself with their platform. If a company pays dividends are they sent to my home address or are they lodged to my keytrade account. Secondly what about share certificates?. Do I have to order them?.
Click to expand...

I don't use Keytrade, but another online share provider although I imagine the system is pretty much the same. Shares are most likely held electronically on your behalf by KEYTRADE in a nominated account and therefore you would not receive share certificates. Online share trading (without certificates) allow for quick purchase and sale. Holding share certs makes selling a more time-consuming business. Check with them as to how they will deal with your holdings for clarification. From a quick look on their website they don't address this issue. The brokers I use employ the CREST system on the London Stock Exchange, and my holdings are held in electronic format
 
mrfrags said:
Folks, a quick question for you. I opened up a Keytrade account before Christmas with ease and bought my first block of shares this evening (a whopping 5). Im just messing around at the moment to try and familiarise myself with their platform. If a company pays dividends are they sent to my home address or are they lodged to my keytrade account. Secondly what about share certificates?. Do I have to order them?.
Click to expand...

Dividends are credited to your investment account. Share certs are not issued, as they provide nominee accounts only.
5 shares is a very small number, and unless they are worth several hundred euro each it will not be worth your while to buy shares in such small numbers.
 
Thanks for that folks.. Im just playing around at the moment. Its great to be able to buy shares now online for long term investment. Pity we have to go to foreign bank to do it.
 
chewchew said:
I did find the handwritten envelopes and stamps a bit odd too but given that we're logging in through the genuine Keytrade.com website (which with all the passwords and electronic security seems very secure) I hope theres nothing to be concerned about? Still would be reassuring to hear from someone who has already transferred funds to the site.

Anyone done a successful transfer yet? I want to transfer a small sum over 1st to make sure everything goes smoothly.
Click to expand...

Just to let you know that I transferred over a small sum successfully and have followed it up with a larger sum today.
 
Am I missing something re: Keytrade Lux term deposits? The only account opening form I see on their site does not mention term deposits, and seems to be geared toward the dealing account.

Has anyone on this thread actually opened a term deposit with them?
 
What type of interest does it pay?
Are there costs associated with the international transfer of deposits?
Are ye all going for the 1 year fixed rate option?
 
bugler said:
Am I missing something re: Keytrade Lux term deposits? The only account opening form I see on their site does not mention term deposits, and seems to be geared toward the dealing account.

Has anyone on this thread actually opened a term deposit with them?
Click to expand...

I was a little confused by the application form too. I was only interested in the term account but the application form seems to mention trading and nothing else. The term account is included though, when you transfer your funds to keytrade they go directly to the trading account and you can move the money to the term account from there.

cork said:
What type of interest does it pay?
Are there costs associated with the international transfer of deposits?
Are ye all going for the 1 year fixed rate option?
Click to expand...

https://www.keytradebank.lu/en/banking

Rates aren't the best unless you commit your money for at least a year. I'm keeping mine on a 1 month term so the interest is not good, but I'm happier to have it there than in an Irish bank. I've made deposits to and withdrawals from the account using AIB internet banking and wasn't charged a fee for transferring either way.
 
Hi

What key trade seem to offer is an off shore fixed term deposit account. Does anyone know of someone who provides an off shoer current account that doesnt require a large relationship balance to open?

Thanks
 
I've opened a Keytrade A/C with the Brussels branch online. Yesterday I sent over a small test lodgement (cost 51c) so I'm waiting to see how long it takes - was told 2 days. What about transferring money back from Keytrade - has anybody done it and at what cost (if any) and how long did it take to get into your a/c here?
 
They seem to require a certified copy of a passport.

You just bring the passport to a garda station for verification?
 
FYI to anyone thinking of opening an account with Keytrade Lux: I today was notified that my request to open an account had been "declined by our management". No other reason was given. This was after sending them all necessary documents.
 
Bugler

Have you had any further contact with/from Keytrade as to why your account application was declined?

Sim
 
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