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

April, 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

April, 2024

Last update

March, 2024

Поиск консультанта...

+44 0 207 822 85 93

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

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