Key Post Opening an account with KeyTrade Belgium

Queried Keybank about the long delay in getting the letters (17 days)

I received this reply....

Dear Sir,

As a security measure, we've blocked your logon.

This can only been unblocked on your demand.
If someone else receives the letters, he/she won't be able to do anything.

We know for sure there is something wrong with the letters send to Ireland.
We don't know why, but it takes longer for our customers in Ireland to receive their letters.
This problem doesn't occur in other countries like UK or Spain for example.

We can send you new letters if you desire.
But be aware that if you receive the first letters, the passwords won't be valid anymore.
You'll then need to wait to receive the new passwords.

Therefore, please confirm us if you want us to send new letters.

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I had the same problem, rang them after 1st week to block my a/c and resend logon details. Details eventually started arriving sometime during 2nd week (I was away so can't say exactly), but strangely I never received the full contingent of 3 old and 3 new letters, so something still did go amiss somewhere. I put it down originally to sloppy belgian postal service (letters from keytrade had arrived correctly dated with when they'd said they'd posted them), but they might also be slightly overworked at the bank too with all their new Irish customers out there...any time I rang them I always get the same guy on the phone! Or could it be that some bulkier envelopes with their security logon keys could get somehow delayed for special security treatment?... intriguing ..I don't suppose that Lenny could have anything to do with it?

KeyTrade is also in Luxembourg, which is a far more 'sound' country than Belgium. The Luxembourg KeyTrade seems to as much a fund manager as a bank. The bank part is here:

http://www.keytrade.lu/en/banking

Key Post Opening an account with KeyTrade Belgium

I am still waiting for my letters from Keytrade Belgium

Can I decide to lodge the money with the Luembourg or Switzerland branch rather than the Belgium branch or must I reapply again ?

JohnH said:

Can I decide to lodge the money with the Luembourg or Switzerland branch rather than the Belgium branch or must I reapply again ?

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Beat you to it,sent them an e-mail asking that exact question..

and they said....

Dear Sir,

Unfortunately no. Keytrade Bank Belgium and Keytrade Bank Luxemburg are two distinct financial institutions.

You first need to open a banking relationship with Keytrade Bank Luxemburg, and then transfer your securities from one account to another.
To make this transfer, you only need to send us a written request.

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I had similar problems but the problem seems to be in Ireland, not Keytrade.
Delays with the first letters (never arrived), keytrade sent them again. When they finally arrived (in a different order to what they were sent in) the letter with my Digipass or whatever it’s called was open! It was fully open, looks like An Post or someone else opened it up to have a nosey and didn’t even bother their barney to close it or tape it shut again. Very worrisome but obviously I hadn’t deposited any funds it in yet. Finally got it sorted despite the best attempts of the Irish postal “system”.

Now that I think about it, it was a package from Belgium (the package may have been from the Netherlands actually, as I recall), and there was an unidentified lump in it so it may have been opened by customs, Re: drugs?

All sorted now anyway. Dealing with Keytrade online etc. has been perfect so far. 6% booster interest rate sounds great too.

I sent off application form to open a Keytrade a/c but have not yet heard back and so I have yet to deposit any money. However I am reconsidering putting any money there as I agree with goodgirl's assertion that if the Euro goes wallop there could be a return to each soverign nation's old currency OR there may be a sub Euro between the stronger countries. I would perfer to have deposits in France and Germany if this happens.

Are Luxembourg's and Belgium's economies tethered somehow? If so is there any advantage to opening a Keytrade account in Luxembourg over Belgium, it seems Belgium is now being lumped in with the piigs too.

I notice that the online application form for Keytrade does not show the padlock secure site symbol. Anyone else notice this?

chewchew said:

Are Luxembourg's and Belgium's economies tethered somehow? If so is there any advantage to opening a Keytrade account in Luxembourg over Belgium, it seems Belgium is now being lumped in with the piigs too.

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The main reason why Belgium is being added to the PIIGS is the dangerous level of public debt. Various sources put it at about 100%! By contrast, Luxembourg has a public debt (averaged from various Internet sources) of about 20%.

Thanks expat. I was thinking about what would happen in the event of the Euro breaking up. Belgium and Luxembourgs currency were set at parity prior to the Euro, if they had to return to their old currencies would the Luxembourgish franc be tethered to the belgian franc (which might weaken quickly) once again?

missing bank transfer to Keytrade

Hi,

I opened an account with Keytrade a relatively painless process. I did an international bank transfer from Ulster bank to Keytrade. 10K - the money has been transferred from Ulster bank to Keytrade but has not yet been applied to my account.

Ulster bank have sent a tracer to Keytrade and are awaiting a response. I have been onto Keytrade but they have been "unhelpful" so far to say the least.

Based on this experience - I will not be continuing with them as soon as the money is "found" - I will transfer it somewhere else.

I'm not sure what the procedure is - I'm awaiting first off Ulster Banks feedback from Keytrade.

davebrien said:

Hi,

I opened an account with Keytrade ... I have been onto Keytrade but they have been "unhelpful" so far to say the least ... Based on this experience - I will not be continuing with them as soon as the money is "found"

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A very unsettling experience for anyone and hopefully your money finds it's way home soon. Personally I've always found them extremely helpful and fault need not lie with keytrade alone and could be Ulster, or incorrect IBAN / BIC codes on transfer paperwork, or combination thereof.

Lot of people might like to hear the conclusion (hopefully happy) of this so keep us informed.

I got an email from them (Keytrade) backoffice to say they are looking into it now. They haven't responded to the Ulster Bank tracer sent two weeks ago but at least both sides are in contact with me. The next step is for them to communicate with each other

The latest is Keytrade have come back and said they have no record of this transaction and as of yet have not replied on the tracer from Ulster bank. I have suggested the engage with each as it seems strange they can hold 10K is some account without some alerts showing.

Do you have copies of the transfer documentation from Ulster including BIC & IBAN info etc which you would have signed to effect the transfer, and is this all in order? Assuming all details have been correctly included in the transfer documentation, you should really bring this to a higher authority..maybe try contacting Financial regulator's office and then something might happen on Ulster's end at least.

Iban

you may need to check your IBAN code
Keytrade supplied me with this link to check my iban/bic code.

Free IBAN BIC Calculator

letters

Opening account letters seem to be very slow coming from Keytrade.

I am now awaiting my third set.

On each previous occasion I contacted them after about 15/16 days after they said they were sent. After both calls the cancelled the codes and reissued new ones, only to have the letters arrive the following day in both cases.
This time I will give them a month.

Hi Guys,

Just so that there's some balance in this thread I thought I'd post my experience.

I applied for a keytrade account online on Nov 20th. I sent the documents to them on or around the 22nd and got an email on the 26th saying that my account was approved.

The letters did take a while to arrive, but that was during the height of the snow/cold weather here in Dublin and I didn't get ANY mail for days.

They all arrived around Dec 11-13th and I logged in 2 days later (was away with work).

I sent a test electronic payment from my AIB account to the new Keytade current account on Dec 15th and it was in the account by this morning. SO far I can't fault anything.

The website looks more professional than most Irish online banks (yes I know this means nothing), and the key fob security thing is very very simple.

So far I'm very impressed.


Don't forget there is a "IBAN & BIC" link on the centre right of the screen when you log in that gives you YOUR personal IBAN codes for your account. Those are what I used in AIB online banking to send the test money (500 euro).

Took me only seconds to have it all done. I'm ready to move a good bit more now that I'm confident in the process.

Hi,

There are different accounts when you open the saving account - there is one for trading and a 6% booster account. Each has an IBAN and BIC listed - I tried to transfer directly to the 6% booster - there is no clear documentation that I could see that explains this. anyway that is the problem the account I referenced was the 6% percent booster.

Ulster bank have been very helpful but todate Keytrade will not respond to their contact. Today they keytrade provided with a back office contact - they have the reference number for the transaction.

If they cannot trace it then Ulster bank will issue a recall on this. I think it is like so many businesses now when it works it works but a deviation from the process leads to endless mailing and calls.

A banking friend has given me the following advice albeit too late in my case - when transferring personal funds always use a different number than standard say for 5K transfer 5001 or 4997 or something - it just makes it easier to trace if something goes wrong.

Personally I was happy with the setup process and the onlne access is very good but even though I input the incorrect account - it still is a valid IBAN and BIC for my account. I wont be continuing with them once I get the funds back. I rang the helpdesk a few times and each time they were extremely unhelpful.