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ING Pop videos
Discover our new financial education videos. Complex topics simplified and explained in a short and simple format.
Insurance: can my credit card protect me?
Play the video: Insurance: can my credit card protect me?
"Insurance: can my credit card protect me?"
with Gabriel.
Can my credit card protect me?
Apart from paying, what other use has a credit card?
A credit card isn’t only for paying. It can also cover you. In order to do so, insurance and assistance are included.
But how does it really work?
When you order your credit card, you have to carefully check which insurance and assistance it provides.
You have multiple choices of cards, which will cover you in different ways.
In order to benefit from insurance and assistance, you need to pay with the card.
Any examples?
Concerning assistance, you have 3 distinct segments: assistance for individuals, vehicles and homes.
A concrete example: you left your keys inside your house. With home assistance, a locksmith can come to your home and the costs will be covered.
For your vehicle, a repairman can be covered thanks to your credit card alongside with a replacement car.
And for insurances?
Concerning insurances, imagine you order a tablet on internet and it arrives broken. Your credit card’s insurance can cover the broken order and provide an automatic refund for the expenses.
You are obviously not covered for everything; it will all depend on the assistance and insurance services of your credit card.
The most important thing to do is to take the time to get familiar with the available options in order to make the right decision.
I just arrived in Luxembourg, what now?
Play the video: I just arrived in Luxembourg, what now?
"I just arrived in Luxembourg, what now?"
with Johan.
How do I open a bank account?
There are several ways to do this:
- First, you can open a bank account and order a credit or debit card online. If you do this, you can even do it before you arrive. If your application is successful, please note that banks may ask you to come in person to finalize the procedure.
- Secondly, you can go directly to one of the branches of your choice, making an appointment in advance.
- Thirdly, some of you may be assisted by a relocation agent who, among other things, will help you choose the bank with the account opening procedure.
- And finally, some banks have designated teams who will guide you through the account opening process or even just help you set up your LuxTrust and, by the way, check out our other video because we give some other useful information there.
How do I get in touch with a bank?
The banking environment in Luxembourg may differ from that in your home country. Here, the "click-call-meet" approach is often the most common and effective. So, basically, you make an appointment in advance, for example to open a bank account, apply for a loan, make an investment or simply to get help installing your LuxTrust app on your cell phone.
Can I visit a branch at any time?
You can always visit your branch. Some branches are open to the public, but please check beforehand whether they are. And if you do, bring the documents required. For example, to open a bank account, this includes identification documents, official proof of residence and an employment contract.
What is a rental deposit?
A security deposit or rental guarantee is a financial guarantee that is provided by the tenant to block a certain sum of money until the end of the rental contract. There are various possibilities here in Luxembourg, but the most common and secure way of requesting this is via a bank guarantee, which is a document issued by the bank providing a right for the landlord to claim a certain sum of money in the event of damages and rent arrears arising.
First and foremost, welcome! Don't worry too much about the administrative side of things - the banks are there to help you. Take your time to settle in and do as you please!
Phishing: how to avoid taking the bait?
Play the video: Phishing: how to avoid taking the bait?
"Phishing: how to avoid taking the bait?"
with Christopher
What’s phishing?
Phishing is a form of fraud mainly on the internet where internet hackers usurp a trustworthy organisation’s identity such as banks, insurance companies or institutions in order to extract sensitive information such as confidential data, credit card details and so on which they will wrongly use.
What does it look like?
Phishing could take different forms: by phone, mail, text messaging, via chats...
We can receive an email from an organisation or shop asking us to click on a link to fill in all our information, IDs, credit card details and so on to get an illegitimate refund, for example.
We should bear in mind that either an institution, bank or most shops will never ask you for sensitive information such as your passwords or IDs.
Most of the time, if someone asks you for these information be it by phone, email, message, chances are, it’s fraud.
What are the best practices to avoid taking the bait?
Good question!
When in doubt, get in touch with the organisation immediately to make sure it isn’t fraud and if it turns out to be fraud, take the adequate measures such as blocking your card immediately for banks.
It’s also important to secure your own systems at home such as antivirus and firewall software to make sure you won’t get caught.
To resume, the most important is to remain vigilant when we ask you to share confidential and personal information.
KYC: why does my bank ask a ton of questions?
Play the video: KYC: why does my bank ask a ton of questions?
"KYC: why does my bank ask a ton of questions?"
with Véronique
Why does my bank ask me a lot of questions?
KYC is an English term which means “Know Your Customer”
It is a legal obligation for banks as much as it is for other professionals in financial institutions to know their customers in the best way.
And when we say customer, there are 2 types: individuals and companies.
For individuals, we can ask for their address, civil status, profession, job contracts etc,.
For companies, we could ask for an extract of their commercial register, who their shareholders are etc,.
All of this data is asked to know and understand the client well.
What’s it for?
The aim is to respect legislation to prevent money laundering and the financing of terrorism.
By respecting all these regulations, we ensure the bank’s integrity.
What does the bank expect from its clients?
The banks expect to be informed of any situation change.
We really have to make updates during the entire client relationship.
Clients can inform us through different means. They can either contact us by phone, send us a mail, contact us via My ING or ask us directly by booking an appointment.
What happens if the client doesn’t communicate information on time?
There are often reminders to ask information to clients, if we don’t get the information in time, we may block accounts until the right information is shared.
A blocked account means blocked cards, so the relationship with the client would run more smoothly if we have their correct information.
Communicating any change to us is the most important to allow us to serve you better.
Remaining Due Balance Insurance (RDBI): Should I insure my home loan?
Play the video: RDBI: Should I insure my home loan?
"Remaining Due Balance Insurance (RDBI): Should I insure my home loan?"
with Clémence.
Should I insure my home loan?
What is a Remaining Due Balance Insurance (RDBI)?
A RDBI is a debt balance insurance which allows you to cover your monthly home loan expenses in the case of death or severe injury of the insured.
What are the benefits of subscribing to a RDBI?
The main benefit is to insure the person with whom you are doing the loan hence not having to sell the goods.
In the event of a death or severe injury, the insurance company will pay a part of your loan back in order to reduce your monthly instalments.
The second benefit is tax deduction. You can indeed deduce the cost of this insurance from your tax declaration.
Is it compulsory to get a loan?
A Remaining Due Balance Insurance isn’t compulsory depending on your family, asset and economic situation. In some cases, it is strongly recommended or even required by banking institutions.
How much does it cost?
Its cost depends on different factors: age, sum insured, length of insurance and health.
So if you apply for a home loan, think about Debt Balance Insurance to protect your loved ones.