Key Post Opening an account with KeyTrade Belgium

Brendan Burgess

Founder
Messages
37,853
As KeyTrade Belgium has been mentioned in many posts, I will summarise them here. Would anyone who has been through the process like to do these Key Posts in the following format? Just post them as a reply and I will copy them to this thread.

Why KeyTrade Belgium?
Because they welcome Irish people to make deposits?

Who are they?


How safe are they?


Keytrade bank in Belgium:
http://www.keytradebank.com/en/banking

Keytrade bank in Switzerland
http://www.keytradebank.ch/en/banking/term


What guarantee applies to them?
http://www.askaboutmoney.com/showthread.php?t=142970
 

truthseeker

Frequent Poster
Messages
2,577
Had a look at opening a keytrade account this week - need to get a photocopy of passport and proof of address.

Have a reasonable sum in AIB - plan to move most to keytrade. Also have small sum in credit union - plan to move some of that too.

Have a substantial sum in An Post Certs that I do not want to move unless necessary - am waiting things out a bit before touching them.

I do think that its important to at least be ready to move quickly though so I am going to get the keytrade account up and running with a view to it being a safety net.
 

Lamps

Frequent Poster
Messages
61
I opened a keytrade account. I have all my money in Rabo at the moment...they dont allow transfers into international accounts. AIB max transfer is 5k per day. This means ill have to send 5k per day from my Rabo account to my AIB account and then to my keytrade account.

Not exactly ideal....

I also have a sterling account with LLoyds TSB from my time in London, but i reckon sterling is going to devalue so i dont want to put it there. Im enquiring about opening a euro account with them to.
 
W

we'redonefor

Guest
Re keytrade account which I opened this week. i phoned revenue today. If you have money on deposit overseas you have to complete a Form 12 at year end. She said this may also entail me making full returns and being issued with a Notice of Assessment. I would be taxed at full tax rate 41% on any interest earned overseas..sounds like a whole lot of trouble
 

damson

Frequent Poster
Messages
258
I've just been looking at making an application on the Keytrade website. The application form seems to be for starting a 'banking relationship' but there doesn't seem to be anywhere on the form (neither the printed or online application procedure) for specifying the type of account you want. I'm interested in the Azur deposit account, not a current account.

Can anyone who's gone through the process clarify - does the selection of an account type only come after you've created your 'banking relationship' with Keytrade?

Thanks.
 

Bcommercial

Frequent Poster
Messages
72
I've just been looking at making an application on the Keytrade website. The application form seems to be for starting a 'banking relationship' but there doesn't seem to be anywhere on the form (neither the printed or online application procedure) for specifying the type of account you want. I'm interested in the Azur deposit account, not a current account.

Can anyone who's gone through the process clarify - does the selection of an account type only come after you've created your 'banking relationship' with Keytrade?

Thanks.
Once you've sent off your completed 'banking relationship' application form & documentation, you will automatically open the Azur a/c and also separate current & trading a/c's (don't worry, they're also free!)
 

galleryman

Frequent Poster
Messages
168
Query about Keytrade Banks T&Cs

Trying to open an a/c at the moment. Just trying to read the T&C and I have no idea what this is all about. Can anyone explain ? What is the PLEDGE?

thanks

10. Bank guarantees​
10.1 All operations conducted between the Bank and the Client are based on a global business
relationship between them. The Bank is therefore authorised to consider that all the obligations
contracted with it by a Client are interconnected.

10.2 The parties agree, within the limits of the law, that the Bank shall always have the right, even in
the event of insolvency, seizure proceedings, or judicial reorganisation or any situation of concursus
creditorum and with due respect for the imperative legal provisions in force, to compensate its claim
against the Client with any claim that the Client might hold against it.

10.3 All assets (in particular cash and financial instruments as defined in the Law of 15 December
2004), whatever the currency, which are, or shall in the future be credited to one or more special
Client’s accounts with the Bank, and more generally speaking all assets that the Bank may owe to a
Client, shall be allocated to the constitution of a first-ranking pledge in favour of the Bank within the
meaning of the Law of 15 December 2004 and Coordinated Royal Decree no. 62 of 10 November
1967 relating to the deposit of fungible financial instruments and the settlement of operations on these
instruments, by their registration in the account, until payment in full of all sums, in principal, interests,
charges and other accessories payable to the Bank. The sub-deposit of assets pledged by the Bank to
third parties shall not affect this pledge.

10.4 Pursuant to this general pledge, for whatever purpose it may serve, it is specified that all pledged
assets shall be considered as registered in a special account and to this end, the account opened in
the name of the Client is stated by mutual agreement to be a special pledged account pledged and all
the Client’s accounts shall therefore be considered as special pledged accounts to the benefit of the
Bank. Cash shall be pledged by the Client for the benefit of the Bank, which accepts, by the
registration of said cash in one or more special accounts opened in the Bank’s books. Where
necessary and insofar as the pledged assets include the Client’s credits with the Bank, the Bank
recognises and accepts this pledge in its capacity as debtor in accordance with Article 2075,
Subparagraph 2 of the Civil Code. The Bank is authorised to register in its name, in the issuer’s
registers, all registered securities to be held by the Client in his accounts with the Bank. All other
tradable securities can be officially endorsed by the Bank, in the name of and for the account of the
Client, indicating that the securities have been given in guarantee. The Bank is entitled to take all
measures that it considers necessary or desirable in order to make the pledge enforceable against
third parties. The Client undertakes however to complete all the necessary formalities so that the Bank
can assert all its rights resulting from this article 10. The Client authorises the Bank to send to any
third party, also in his name, any communication or notification concerning its pledge that might be​
necessary or that it deems appropriate.

10.5 If the Client fails to fulfil any of his obligations, the Bank shall be authorised not to fulfil its
undertakings and to retain the pledged assets. The Bank may consider any failure of any kind by the
Client to fulfil his obligations to pay as an act of default, for which the Bank shall, by way of guarantee,
have the right to declare that all the amounts payable by the Client have reached their due date and
as such are payable immediately. The Bank may proceed with the liquidation, in whole or in part, of
the Client’s open commitments and positions, at the Client’s expense and risk. In addition, the Bank
may, without formal notice and to the extent permitted by the law, either realise, or appropriate, all the
assets registered in one or more separate accounts that are subject of the pledge, notwithstanding
any insolvency or seizure procedure or any other situation of judicial reorganisation between creditors
11
of the Client or third parties constituting the pledge. In these cases, the expenses and risks are also
borne by the Client. The product of settlement/realisation shall be allocated to the refunding of the
guaranteed debt, in principal, interests, charges and accessories, by charging it to interest, the
charges and then on the capital to the extent permitted by law. The Bank shall have the right to claim
any possible losses from the Client that could result from the realisation of the pledge. In the event of
the appropriation of assets by the Bank, the assets shall be evaluated at the value at which they were
booked into the account and the assets shall remain with the Bank by way of payment and shall be
applied to the Bank’s claim on interests and charges, and then on capital to the extent permitted by
the law. Any balance shall return to the Client. The Bank shall also have the right to use the financial
instruments given in pledge, to the limits and conditions established by the applicable law.

10.6 The Client can use the pledged assets registered in a special account (including with a view to a
security for the benefit of a third party) in the amount in excess of the amount of the Bank’s claim at
any time. It is explicitly agreed that it shall be possible for the pledged assets to be substituted by other
assets equivalent to those originally pledged, in accordance with the legal provisions applicable to this
faculty of substitution, by the simple registration on an account of those other assets which shall follow
the same regime as the initially pledged assets, with no possibility of their being considered as
constituting a new security.

10.7 Provided the legal provisions and restrictions have been respected, the Client shall assign to the
Bank, by way of guarantee, all the debts owed or to be owed by him in relation to any person and all
the sums to become payable to him for whatever reason. The Client undertakes to supply the Bank, at
its request, with all information and documents relating to these assigned claims. He agrees that the
Bank itself shall obtain the information or documents that it wishes to obtain from the holders of the
assigned claims. If a Client fails to honour or fulfil any of his obligations towards the Bank, the Bank
shall, at the expense of the defaulting Client, send notification of the transfer mentioned above to the
holders of the assigned claims without prior formal notice or any other communication. The assignees
may not, from that moment on, validly discharge their debts other than to the Bank. In addition, and
without limitation to the rights mentioned above, the Client authorises and instructs the Bank,
irrevocably until all sums payable to the Bank have been paid to it in full, to collect or receive,
according to the methods laid down by the Bank, the payment, proceeds or income from the claims
mentioned above, in the Client’s name and on his behalf, if and to the extent at which the Client has
defaulted on payment, of any sum due to the Bank.

10.8 Without prejudice to any guarantee received, and subject to specific agreements to the contrary,
the Bank may at any moment demand the constitution of new guarantees or the strengthening of
guarantees already in its possession, in order to safeguard in any way that it deems reasonable
against any risks that it may incur following any transaction carried out with its Client. Any failure to
provide a new guarantee or to strengthen existing guarantees shall constitute a “failure of execution”
giving the right to realise the pledge in accordance with the Law of 15 December 2004.

10.9 This provision does not limit in any way any other rights and securities from which the Bank
benefits under the law, in particular the Bank’s privilege under article 31 of the Law of 2 August 2002,
on funds, Financial Instruments and currencies (i) that were handed over to it by Clients in order to
constitute the cover to guarantee the execution of Orders on Financial Instruments or fixed-term
operations on currencies or (ii) that it holds following the execution or settlement of Orders on
Financial Instruments or fixed-term currency operations. This privilege guarantees any claim from the
Bank following the execution or settlement of the above-mentioned Operations, including claims
originating from loans or advances. In the event of default on the payment of guaranteed claims, the
Bank may proceed by operation of law, without notification and without a legal decision, to the
realisation of Financial Instruments and fixed-term currency operations and to the compensation of
any claim against the Client with the cash or currencies in the account being subject to the privilege,​
according to the applicable legal formalities.
 

plendoza

Registered User
Messages
14
Keytrade are good to deal with - no big charges or anything like that. Website and interface clear and very easy to deal with/access.

I never read these things, did the same when I was signing up for my subprime mortgage a few years ago!!
 

galleryman

Frequent Poster
Messages
168
I never read them either BUT... this is a new departure for me, moving money abroad and so I though I should really look for any clangers! I just don't understand all of it.
 

Alfatronic

Registered User
Messages
30
Is everyone happy with Keytrade so far? Any teething problems? Have been transferring savings over the last week or so (from Rabo to BOI to Keytrade) and, apart from BOI trying to get me to lock up my money with them, everything seems to have gone smoothly. Think I just want someone to reassure me that I've done the right thing!!!
 

Bcommercial

Frequent Poster
Messages
72
.... Think I just want someone to reassure me that I've done the right thing!!!
I'm quite happy with them so far and have seen only positive posts about them on site. However ... assurance that you've done the right thing? .. strange times we're living in and no one can give you that. I'd say never all eggs in same basket from now on for us all!
 

damson

Frequent Poster
Messages
258
Quick question for someone who's opened an account with Keytrade: Is an ordinary photocopy of passport ok, or does it need to be certified by someone? And what did you send as proof of address: utility bill/bank statement?
 

milic

Frequent Poster
Messages
85
I have just opened Keytrade account. I got a letter from them telling me as a non Belgian resident I have to process "a first wire" on one of my accounts before I can execute transactions. I assume this means I must make a lodgement from my Irish account. Am I right?

Other than my Keytrade account no. what else do I need? AN IBAN No? a Sort Code?

I would appreciate info. from anyone who has been through this process.
 

Bcommercial

Frequent Poster
Messages
72
I have just opened Keytrade account. I got a letter from them telling me as a non Belgian resident I have to process "a first wire" on one of my accounts before I can execute transactions. I assume this means I must make a lodgement from my Irish account. Am I right?

Other than my Keytrade account no. what else do I need? AN IBAN No? a Sort Code?

I would appreciate info. from anyone who has been through this process.
Opened an a/c relatively recently and first I've heard about a "first wire" transfer or whatever, must be something new. I got immediate confirmation per email once they had received all my docs that my a/c was opened, along with just the deposit a/c number. I emailed them back for the IBAN & BIC numbers and received them pretty quickly.
 

Knuttell

Frequent Poster
Messages
704
Ordinary photocopy of passport (inside & out), and utility/bank statement suffice fully.
The utility bills must be no more than 4 weeks old,I sent in a photocopy which was 5 weeks old...they requested a bill of no more than 4 weeks...thank God for scan and email.
 

milic

Frequent Poster
Messages
85
Hi Knuttell,

For the record Keytrade state, an additional requirement as a consequence of my status as a Belgian non resident that;

"you will only be able to execute transactions on your Keytrade accounts once you have processed a first wire on one of your accounts from an account opened in your name with a credit institution incorporated in the European Union"

I will contact them about this.
 

georged3rd

Frequent Poster
Messages
44
If anybody's wondering Keytrade accept utility bills that were originally issued via email rather than in hard copy format (e.g. some Telcos issue their statements via email rather than by letter).
 
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Knuttell

Frequent Poster
Messages
704
Hi Knuttell,

For the record Keytrade state, an additional requirement as a consequence of my status as a Belgian non resident that;

"you will only be able to execute transactions on your Keytrade accounts once you have processed a first wire on one of your accounts from an account opened in your name with a credit institution incorporated in the European Union"

I will contact them about this.
Thats the first I heard of this,sent a small amt this morning to test that it lands,bit worried now.
 
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