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

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

August, 2014

Last contact

May, 2024

Last update

March, 2024
  • the bank opens savings (investment accounts);
  • 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 EUR 5 000 000;
  • 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
GSL rating
Beginning of cooperation
August, 2014
Last contact
May, 2024
Last update
March, 2024
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General information and rating

Not rated
Global rating
Not rated
Countrywide rating
Countrywide rating of the head bank
Global rating of the head bank
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. There are English-speaking personnel
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.
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    Minimum requirements

    100 000
    Minimum balance, €
    10
    Transactions permitted per month
    10 000
    Initial deposit of funds, €
    1
    Deadline for the initial deposit, month
    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

    75
    Outcoming transfer, €
    36
    Incoming transfer, €
    100
    Account maintenance, €/year
    2 500
    Payment limit for credit cards, €/day
    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

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Not necessary
    Purpose of the account
    Savings
    Visit to the bank
    To open an account, a personal meeting with a potential client is mandatory
    Required
    Photocopy of passport, standard set of corporate documents and other documents in support of the origin of funds
    Types of accounts
    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

    Banks of Luxembourg

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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