# Keytrade Luxembourg



## chewchew

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?


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## japester

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.


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## chewchew

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.


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## farmerette

chewchew said:


> 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


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## chewchew

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.


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## farmerette

chewchew said:


> 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


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## piggybank

*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


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## chewchew

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.


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## piggybank

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?


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## chewchew

Yea I was a bit stumped by that one too but I just ticked 'no' too, seems like the safest answer?!


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## Godfather

Hi, how much is each deposit protected up to at Keytrade Luxembourg please? 100K each? Thanks


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## bugler

Is there a reason people seem to favour Keytrade Lux (or even Belgium) over Keytrade Switzerland? Because they wish to keep to the euro?


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## Chris

bugler said:


> 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.


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## chewchew

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,


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## horusd

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.


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## chewchew

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.


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## horusd

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.


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## Trudy

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?


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## WaterWater

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....


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## piggybank

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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## Sim Two

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


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## chewchew

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?



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.


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## piggybank

*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.


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## chewchew

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.



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.


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## mrfrags

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?.


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## mrfrags

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.


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## horusd

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?.


 
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


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## Chris

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?.



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.


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## mrfrags

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.


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## piggybank

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.



Just to let you know that I transferred over a small sum successfully and have followed it up with a larger sum today.


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## bugler

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?


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## cork

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?


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## chewchew

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?



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?



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.


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## bugler

Thanks, chewchew.


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## unknown

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


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## 149oaks

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?


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## cork

They seem to require a certified copy of a passport.

You just bring the passport to a garda station for verification?


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## chewchew

cork said:


> They seem to require a certified copy of a passport.
> 
> You just bring the passport to a garda station for verification?



Yep, just get it stamped and signed at a garda station.


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## bugler

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.


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## Sim Two

Bugler 

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

Sim


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## Jiblet-run

@ Bugler - This happened to me but with Keytrade Belgium. I sent off my application before Xmas last year but around a week later, I got an email and was informed that my application was declined and no reason given. I emailed them a few times and tried to get a reason but they didn't give me one.

I was rather annoyed and was about to give up but an application form which I requested but took quite a time to arrive - finally came in the post.

I thought perhaps using the official form rather than the printed application form from the web (though both are exactly the same) might work a bit better. And so I was rather surprised that second time around with the exact same information my application was approved.

So I would say - don't give up. Although your query is about Keytrade Lux - there may be a similar approval process and a 2nd application may get through.


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## bugler

I figured there was no great level of thought gone into it - I guessed a second application may well have been accepted. 

@ Sim: I didn't pursue it at all, as I'm aware banks tend to be unwilling to disclose reasons for declination.

What annoyed me was they had gone to the trouble of asking me to send a certified copy of ID, and *then* declined the application.


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## bob_bob

For those who opened a Term account with no interest in the trading aspect, did you still fill in the "INVESTOR PROFILE (Mandatory under CSSF Circular 2000/15)" section of the application form?  Seeing as it says its mandatory I guess you did, just wondering what to fill in there.  Low risk, little to invest etc??  
Anyone who was successful opening an account like to share what they entered?


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## bugler

I believe I completed it but did as you say, and simply stated I'd no tolerance for risk, I also scribbled "Fixed Term only" on that piece. Maybe that's why they declined me 

KeyTrade Belgium have now opened an account for me, no problem. The process was even easier than that of the Lux arm.


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## chewchew

bugler said:


> I believe I completed it but did as you say, and simply stated I'd no tolerance for risk, I also scribbled "Fixed Term only" on that piece. Maybe that's why they declined me
> 
> KeyTrade Belgium have now opened an account for me, no problem. The process was even easier than that of the Lux arm.



I did the same thing on my application, I scribbled that I'm only interested in opening a savings account. After they received my application they emailed to tell me that they can't open an account for me as they're an investment bank and don't have 'savings acccounts'. 

The 'term account' is pretty much as a 'savings account' anyway, you get interest and are covered by the depositors guarantee, so I emailed back asking them to go ahead and open the account.


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## bob_bob

Thanks Chew_Chew/bugler sounds like the best thing to do is just fill it in with the least risk possible and not mention that I only what the deposit account until I'm approved.  I'll try it and see, fingers crossed.


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## chewchew

bob_bob said:


> Thanks Chew_Chew/bugler sounds like the best thing to do is just fill it in with the least risk possible and not mention that I only what the deposit account until I'm approved.  I'll try it and see, fingers crossed.



Yea, just tick the least risk option. You need never use anything other than the 'term account' if that's all you're interested in.


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## piggybank

*Credit Agricole looking to sell Keytrade Lux*

via Bloomberg 
"Credit Agricole tested the market in the past weeks for a possible buyer for its online unit Keytrade Bank in De Tijd reported, citing people it didn’t identify. Keytrade is the biggest online stockbroker in Belgium with more than 140,000 clients, according to the newspaper. No investment bank has been mandated to manage a sale, the newspaper said. "

Has anyone any thoughts about this?


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## Silvera

Apologies for resurrecting an old thread, however...

I've being reading this thread with great interest.

- Has anybody opened an account with Keytrade Lux (or Belgium) since the last thread?

- Has Keytrade been sold?

- Is it still a safe bet for deposits?


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## samsamson

I figured I would add some additional information of relevance to the thread here, rather than starting a new one. 

Credit Agricole, parent company of KeyTrade, has sold Emporiki Bank for €1. 
Source: Irish Times, October 17th 2012 (can't post URLS yet)

Just wondering if this has any effect on peoples opinions on the long-term safety outlook for KeyTrade? Getting rid of Emporik somewhat distances Credit Agricole from the financial disaster in Greece.


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