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How to open a bank account in ING Bank (Luxembourg) SA

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August, 2014 December, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens savings (investment accounts);
- an account can be opened in Moscow by meeting with a bank representative who regularly visit Moscow;
- the minimum account balance is EUR 1,000,000 (the initial payment may be less), the Private banking department takes over the services of companies that are ready to keep in the future as the minimum account balance 5,000,000 EUR;
- the term for opening an account - case by case (check with the consultant);
- the bank offers various investment programs, loans, cards;
- The Bank prefers to work with Luxembourg and European companies (holding structures are in priority, but not operational and trading);
- The bank currently does not work with Hong Kong and does not open accounts for offshore companies, as well as for persons on the sanctions lists.
ING Bank (Luxembourg) SA belongs to the international financial group ING (Internationale Nederlanden Group); was established in Luxembourg in 1987 under the name NMB Bank. ING is headquartered in the Netherlands with branches in 40 countries with a total of 94,500 employees.

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated Not rated A+
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    Year of foundation 1987
    History ING Luxembourg is the result of the merger in 2003 of two banks which were part of the ING Group in Luxembourg: Crédit Européen SA and ING Bank (Luxembourg) SA. ING’s network in Luxembourg consists of 15 branches
    Personnel ING Luxembourg employs about 800 staff. The Russian desk has 2 Russian-speaking officers
    Bank’s shareholders Luxembourg subsidiary bank wholly-owned by ING Belgium, which is in turn wholly-owned by ING Netherlands listed on the Dutch stock exchanged
    Confidentiality Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    100 000 10 10 000 1
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    Minimum balance, € The minimum balance is EUR 100 000. If a client’s business is expected to substantially grow over time for the account to accumulate, say, EUR 5 000 000 in 5 years, the bank is ready to accept a client with EUR 100 000. But generally the bank is interested in larger balances, ideally EUR 500 000
    Transactions permitted per month 10 transactions per month are permitted: the number is not an issue for the bank, but it would generally prefer to have as few transactions as possible
    Initial deposit of funds, € The initial deposit is EUR 10 000
    Deadline for the initial deposit, month The initial deposit needs to be made within the first month
    How fast payments are executed For ordinary transfers, the value date is the next day; for express transfers, the value date is the same day. The banking day ends at 16.00 Moscow time

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    75 36 100 2 500 5 000
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    Outcoming transfer, € SEPA transfers in EUR are free of charge. The transfer fee is 0.15% (minimum EUR 5 and maximum EUR 120)
    Incoming transfer, € Charges on incoming payments are 0.15% (minimum EUR 5 and maximum EUR 36)
    Account maintenance, €/year No fees are charged for account opening. The annual maintenance fee is EUR 100
    Payment limit for credit cards, €/day The minimum payment limit on credit cards is EUR 2 500
    Funds to be blocked for CC issue, € The deposit to be blocked in the account is twice as high as the payment limit
    Distant access to the account An internet banking system is available, with a limit of EUR 70 000 per week. Otherwise a payment instruction should be sent by fax with subsequent confirmation by phone. Codes are generated by a token
    Financial products The bank professionally works with any traditional banking products of investment nature (guarantees)
    Credit/debit cards The following cards are available: Visa Classic (issue and annual maintenance fee – EUR 20) and Visa Gold (issue and annual maintenance fee – EUR 105)

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    60 60 Not necessary Detailed Savings
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    Visit to the bank No visit to the bank is required as the bank’s officer comes to Moscow for interviews on a monthly basis
    Required Photocopy of passport, standard set of corporate documents and other documents in support of the origin of funds
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Transactions in account are allowed for providing maintenance and for personal needs. PURELY business transactions are not desirable
     
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