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  • Morningstar
  • PSDII - Application Programming Interfaces (APIs)
  • Accounts
  • A new secure website: all details
  • Transfer of assets to MeDirect
  • How to become a client
  • Common Reporting Standard (CRS)
  • Mobile App
  • Tax matters & legislation
  • Mutual Funds
  • GDPR: All you need to know
  • Corporate actions
  • Safety
  • Who is MeDirect?
  • Model Portfolios
  • Wealth management
  • Trading platform
  • Complaints
Morningstar
Who is Morningstar?
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. They offer an extensive line of products and services for individuals, financial advisors and institutions. Morningstar is highly respected for their independent investment information. Their strength lies in their independent status, expert research and well tested rating and equity scoring models.
What is the Morningstar Star Rating?
The Morningstar Star Rating is derived from a quantitative method in which mutual funds are ranked on the basis of their historical returns (adjusted for risk and costs) over periods of at least three years. These "risk-adjusted returns" are based on the monthly returns of a fund, where downward variations result in a lower score and a consistently good performance is rewarded with a higher score. Another important aspect is costs, making it more difficult for relatively expensive funds to receive a high star rating.

The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. This Star Rating is calculated over periods of the past three, five and ten years. If possible, Morningstar will also calculate these ratings for all periods in its Overall Morningstar Star Rating.
What is the Morningstar Analyst Rating?
The Morningstar Analyst Rating is a qualitative assessment that is issued by Morningstar fund analysts. This rating represents a forecast on the future performance of funds relative to peers and/or relevant benchmarks.

In order to issue a rating, the Morningstar fund analysts base their assessment on five pillars: investment team, investment process, performance, costs and fund house.

A rating of 'Gold', 'Silver' or 'Bronze' is attributed to investment funds that are expected to perform better during a future full market cycle than the category and/or risk-adjusted relevant benchmarks. The difference between these ratings is determined by the degree of conviction of the fund analyst of the ability of the fund to achieve outperformance. Funds that are not expected to distinguish themselves will receive a 'Neutral', rating, while funds that perform below par on several levels will be assessed as 'Negative'.
What is the SRRI rating?

The Synthetic Risk and Reward Indicator (SRRI) was defined in 2009 by the Committee of European Securities Regulators (CESR) with the aim of providing investors with a method of assessing a fund's risk.

The SRRI measures the volatility of the fund. A higher volatility means there is greater uncertainty about the size of the changes in a fund's value. This means that the price of the fund can change dramatically over a short time period in either direction. A lower volatility means that a fund's value is not expected to fluctuate dramatically, but to rather change in value at a steady pace over a period of time. The table below shows the mapping between the volatility and the SRRI value. The table below shows the differences in percentages that the value of a fund may experience over one year (Annualised Volatility). The percentage is linked to the respective SRRI rating. The more limited the variation is, the lower the SRRI Rating of a fund. The higher the variation, the higher the SRRI Rating.

SRRI
Annualised Volatility 
1 0 - 0.49% 
0.5 - 1.99%
3 2 - 4.99%
4 5 - 9.99%
5
10 - 14.99%
6 15 -24.99%
7 25% +

The SRRI is calculated based on the fund returns over the last 5 years. If a fund is less than 5 years old, the returns of a comparable benchmark is used for the period before the fund was launched.

 

What are the selection criteria of funds for the Model Portfolio and the Best of Ideas Funds?

Fund Selection Process

MeDirect works closely with Morningstar Investment Management Europe (MIME) to define a bespoke fund universe or portfolio of funds to support specific investment goals. The fund selection process is comprised of the following quantitative and qualitative phases: 

  1. Determining asset allocation

    Before selecting individual funds, Morningstar looks at the composition of the portfolio in terms of stocks and bonds (the so-called asset classes), and examines its geographical and sectorial allocation.

  2. Quantitative Screening

    Morningstar applies a ranking process that considers the Morningstar Risk-Adjusted Return benchmark. Other factors that are taken into consideration are:

    • Performance consistency – if a manager has consistently performed poorly in three out of the last four calendar years, the fund will typically be removed at this stage. Empirical evidence suggests that long term poorly performing funds will continue to perform poorly going forward.
    • Manager Tenure – If a manager has been running a fund for less than three years, they will typically be removed from the selection.
    • Style – If the fund displays erratic changes in style, it will typically be removed at this stage.
    • Currency – If a multi-regional fund search is undertaken, those funds that do not have an offering in the base currency of the intended users will typically be removed from the selection.

  3. Qualitative Evaluation

The purpose of the qualitative selection methodology is to instil discipline into the manager research process by appraising critical factors that can help determine a fund’s ability to outperform. Funds are evaluated across the 5 pillars that Morningstar has identified as being helpful in predicting the future success of funds: Parent, People, Process, Performance, and Price.

  • Parent
    The culture and structure of an asset management firm can have an impact on its ability to attract and retain talent and its penchant for serving in the best interests of fund shareholders.

  • People
    Evaluating the depth and capabilities of an investment team is critical in attempting to identify funds that have a competitive advantage over their competition.

  • Process
    Morningstar favours managers who employ a disciplined, consistent, and repeatable investment process. Ultimately, Morningstar is looking for traits that give the investment team an edge over its competition.

  • Performance
    The goal is to identify management teams that in the past have demonstrated skill which we define as the ability to outperform their respective benchmark/peer group on a risk-adjusted basis in a consistent fashion.

  • Price
    Research indicates that expenses are critical in predicting future fund performance. A fund’s expense ratio should be evaluated within the context of the relevant region and relative to its Morningstar peer group and also consider the trend in expenses and assets in the fund.

Portfolio Construction

Morningstar firmly believes that asset allocation is a primary determinant of investment returns within a global fund portfolio. Hence, an important consideration for our final selection is how the fund will complement the remainder of the portfolio or select list.

What is the Morningstar Rating for stocks?

This is the quantitative rating of the fair value of a company per share. The Morningstar analysts calculate this estimated fair value by forecasting how much free cash flow the company will generate in the future. This means the amount of cash a company still has after all its costs and investments have been paid and what is available for distribution of dividends to the shareholders of that company. This value is then adapted by taking into account time and risk. Cash generated next year is worth more than cash generated over a number of years. In the same way, cash of a stable and consistently profitable company is worth more than of a company in a strong cyclical sector.

Shares that are traded at a price that is significantly lower than the fair value estimated by Morningstar, receive more stars. For high-quality companies we require a smaller undervaluation than for medium-sized companies. That is for one simple reason: Morningstar trusts more in its cash flow forecasts for strong companies and therefore also in its value estimates of such companies. If the market price of a share is considerably higher than the fair value estimated by Morningstar, that share gets relatively few stars, regardless of how great Morningstar believes the company in question to be. Even the best company is bad business if an investor pays too much for the shares.

In short: 1 star for a share stands for maximum overvalued and 5 stars stands for maximum undervalued. 3 stars means a share is reasonably or fairly valued. The rate is on or near the level of the fair value given by the Morningstar share analysts to the share.

What is the quantitative Fair Value Estimate for stocks?

The fair value is the outcome of the valuation models based on the discounted cash flow and is Morningstar’s estimate of the intrinsic value or fair value of a company per share.

Morningstar adapts its fair value to take into account obligations or assets a company might have that are not included in the balance sheet. For instance, Morningstar lowers the fair value of a company if it has issued too many stock options or if it has an under-financed pension scheme.

Morningstar’s estimate of the fair value differs in two aspects of a target price or profit target. First of all, it is an estimate of what the company is worth, whereas a target price usually reflects what other investors might pay for the share. And secondly it is a long-term estimate, whereas profit targets are usually aimed at the next 2 to 12 months.

What is the Quantitative Economic Moat for stocks?

The concept of the 'economic moat' or competitiveness or competitive advantage is essential, not only in Morningstar’s qualitative determination of the attractiveness to invest in a company, but also in the valuation process. Morningstar uses three evaluations of this competitive advantage: none, narrow and wide.

There are two important conditions for a company to obtain a narrow or wide evaluation of its competitiveness. First of all, the prospect of obtaining a more than average yield on capital and secondly a competitive advantage that protects and sustains this yield in the long term.

Competition usually lowers the profit. But companies that are able to sustain their profit over a long period because they have been able to create a competitive advantage, have a 'moat'. We consider these companies superior investments.

PSDII - Application Programming Interfaces (APIs)
Where can third party developers find more information about MeDirect PSD 2 APIs?

The APIs (account aggregation, payment initiation and confirmation of available funds) all relate to PSD2. The technical specifications and Sandbox environment relating to these are available on the developer portal. MeDirect Developer Portal allows third parties licenced by a national Central Bank to use Application Programming Interfaces (APIs) to enable them to co-create the best user experience possible. 

Click here to find the statistics on the interfaces availability and performance during the last quarter.

Accounts
What is the monthly deposit limit for the two types of regulated savings accounts held at MeDirect?

There is no monthly limit applicable to the Fidelity Savings account.  A maximum deposit to the value of EUR 5.000 (either a sole transaction or accumulated amount) is allowed to be deposited on the MeDirect Monthly Savings Max.

Can I instruct recurrent future dated payments between my MeDirect accounts?

Yes, it is possible to set up future dated payments with a weekly, monthly, bi-yearly or yearly occurrence.  To set this up, you will have to log to your personal online platform and surf to the section Move Money.

Can I transfer between the two types of regulated savings account held at MeDirect?

For a transfer to be allowed between the two types of regulated savings account which MeDirect offer, there must be a common account holder. The maximum number of transactions allowed per calendar year from one type to the other type of regulated savings account held at MeDirect amounts to 3 and a minimum amount of 500 euro applies for each transfer. 

An amount transferred from one regulated savings account to another will continue to accrue interest in terms of the fidelity premium, albeit with different accrual interest rates applicable for different portions of the relative 12 month period. Note this is subject to the maximum number of transactions which is set to 3.

What is a non-regulated savings account?

A non-regulated savings account is a savings account that does not fall under the regulations of a regulated savings account. It means that there is no obligation to split the interest rate in a base rate and a fidelity premium and the currency does not have to be necessarily in Euro. Interest is paid quarterly.

That also means, however, that the account is not exempt from withholding tax on the first €980 of interest. The applicable withholding tax is 30% and applies to the full amount of interest paid. MeDirect already handles this withholding tax for its customers and always mentions the net interest rates, after withholding tax.

The following savings accounts are ‘non-regulated saving accounts’:

  • ME3 Savings Account

Term deposit accounts also fall under the regulations of the ‘non-regulated savings account’. As for the MeDirect regulated savings account, the Belgian deposit guarantee scheme also applies for the MeDirect non-regulated savings accounts up to a maximum of €100.000.


Why did you open a Cash Account for me even if I did not apply for it?
For every new MeDirect client we automatically open a Cash Account. This Cash Account is the basic account you use to transfer money between your MeDirect accounts and to an account with a different bank. When you open an investment account an additional Cash Account will be opened.
Can I move money between different currencies?

If you have MeDirect accounts denominated in different currencies, you can move money between these accounts from the tab “My transactions” and then selecting the option “Move money”. Now select the box ‘Between my accounts’ and follow the further instructions. Given the fact that both accounts have a different currency, MeDirect applies an indicative rate that includes a margin of 0.50%.

How can I withdraw money from my ME savings account?

You can transfer money from your ME Savings Account to your Cash Account via our online banking platform. The funds will be transferred automatically to your MeDirect Cash Account, taking into account the following notice periods:

  • ME1: after 1 month
  • ME3: after 3 months
  • ME6: after 6 months
  • ME12: after 12 months

From the Cash Account you can then transfer your money to another MeDirect account or to an account with a different bank.

Once I open a Fixed Term Deposit, can I later change the amount, rate or term?
Once a Fixed Term Deposit Account is opened, you cannot change the amount deposited, the rate or the term.
Which transfers can I make with my MeDirect Cash account?

You can make transfers between your MeDirect accounts and a SEPA transfer in EUR to a valid IBAN number. This transfer is free of charge.

You can also make transfers from your foreign currency account. If a currency exchange is necessary, a 0,5% commission will be charged as exchange rate margin.

The beneficiaries can be saved and you can also enter a memo date on which the transfer needs to be executed.

What is a regulated savings account?

 

MeDirect Fidelity Savings, MeDirect Monthly Savings Max and MeDirect Dynamic Savings are regulated savings accounts offered by MeDirect. The interest for holders of a regulated savings account must consist of two parts: a basic rate and a fidelity premium.  With these savings accounts you benefit from an exemption of withholding tax on interests received up to and including an amount of 990 euro. A withholding tax of 15% is applicable on any amount of interest received that exceeds 990 euro. In that case MeDirect will automatically deduct this withholding tax from the amount of interest higher than 990 euro. A double exemption up to and including 1.980 euro applies to a joint account for legal cohabiting or married partners.

 

What is the maximum daily amount that I can transfer to my linked account?
For security reasons outgoing payments are subject to a daily limit of EUR 50.000 per client. This limit is reset to zero every business day at midnight. Tranfers between your MeDirect accoutns are not limited. If you want to transfer an amount in one day greater than EUR 50.000, please send us a secure message, and we will gladly help you.
Can I open more than one regulated savings account?

Yes, each customer can open one of each type of regulated savings account which MeDirect offers, either sole or joint. Currently MeDirect offers three types of regulated savings account. A first payment to the regulated savings account can be instigated from a bank account held with another bank.

Can I withdraw money from my MeDirect Fidelity Savings account?

You can withdraw any amount at any time. Please take into account you might lose your fidelity premium or part of the fidelity premium on any amount that is not on the account for a period of 12 months. You can always start a simulation on your private banking platform. 

Where can I find the due date of the withdrawal notice of my ME savings account?

On the Home page click ‘Details’ of the ME1, ME3, ME6 or ME12 account for which you already submitted the withdrawal notice. You then open the information about the withdrawal notices by clicking the plus (+) sign. All the information is shown, including the due date of the withdrawal notice.

What if I need the money from my ME Savings Account now?

When you want to withdraw money from your ME Savings Account on your private website, you have to take into account the following notice period:

  • ME1: 1 month
  • ME3: 3 months
  • ME6: 6 months
  • ME12: 12 months
You cannot withdraw money from your ME savings account without respecting these notice periods.
Can I transfer from my ME savings account to my regulated savings account?

 

You have the option to transfer funds from your Me Savings Account via your personal online platform. It is important that you first open a regulated savings account.

Once done, click on the "My Transactions" button and select the option "ME Requests" to transfer the amount directly from your Me Savings Account to your regulated savings account.

Please note that the Me notice period must be respected, depending on the type of the Savings Account. During the notice period, however, you will continue to accrue interest on the total amount located on the Me Savings Account: requested amount + (possibly) residual amount.

 

How is the currency exchange rate determined?
MeDirect does not charge any commissions, only a margin over the market rate: under normal market conditions, this is a 0,5% margin over prevailing market rates. In periods of heightened volatility, a higher margin may apply. In any case, the indicative exchange rate is shown on the trade execution page before the transaction is executed and the applicable exchange rate can be found in the trade confirmation.
Will MeDirect send me any statements?

We will send you an official account statement once a year. At the start of January, you will find this official copy for the entire previous year in Statements.

Via the secure site you can also make, save and print periodic overviews with the dates of your choice.

Investment account statements will be made available twice a year: at the start of the year for the past 6 months and on 30 June for the first 6 months of the year. Statements are available on the online platform. You can request a paper copy of your statements at any time but there will be a charge. Please check our   Tariffs & Charges.

If you have a wealth management portfolio, the overviews of the executed transactions and last yields will be made available 4 times a year in Statements.


How can I close an account?

If you wish to close one of your MeDirect accounts, we ask you to send this request by means of a secure message with as subject ‘Service orders’. We also ask you to mention the name of the account and the account number in this message.

Accounts without a notice period can only be closed once you transferred the full outstanding balance onto an external account of your choosing.

If you close a ME Savings Account or Fixed Term Account, we will transfer the total outstanding balance, including any accrued interest till the day of closing, to your Cash account. From the Cash account you can transfer the full outstanding balance onto an account of your choosing.

Please do keep in mind that it is not possible to close a Fixed Term Deposit before its maturity date and you should take into account the following notice period for ME savings accounts:

  • ME1: 1 month
  • ME3: 3 months
  • ME6: 6 months
  • ME12: 12 months

Should you like to end the relationship, you are requested to confirm this once your accounts have no outstanding balance left.

MeDirect does not apply charges to close an account.

A new secure website: all details
How can I log in to the renewed secure site?

 

  1. First enter your user details in the same way as you did before:
    • You need to use the user name you chose and your surname.
    • Then enter the security questions: your password, a reply to a security question and your PIN code.

   2. Now you can set your new login data:

  • You need your new user name for this. You cannot choose this freely anymore. It is your MeDirect client number. We sent you this number by mail. You will also find this user name or client number on your account statements. If you are unable to find this number, please contact us.
  • Enter the password you chose.
  • Enter the security word you chose. You need this to restore your password if you forget your password.
  • Confirm by entering the SMS code MeDirect sent you.

You can now log in with your new data to access the renewed MeDirect website.

How is the basic interest rate and fidelity premium calculated and paid?

The basic interest rate applies from the day of your deposit into the MeDirect Fidelity Savings account up to the day of withdrawal. This basic interest rate is calculated on an annual basis and paid annually, on January 1 or at the moment of closure of your account.

The fidelity premium applies to each amount that stays on the account for 12 months. This fidelity premium will be paid on the first day of the quarter following the moment the premium is acquired: January 1, April 1, July 1 and October 1 or the moment of closure of your account. The fidelity premium rate applicable at the moment of the deposit or at the start of a new period will apply, without any change, during a period of 12 months.

I am already a client but how can I find out my current user name and security data if I've forgotten them?

To log in to the renewed MeDirect website, you need your current user name and security data. Please contact us by phone if you cannot find them anymore.

What is my user name?

Your isl client number is your new user name. You can find it on your account statements and in the e-mail we sent you concerning the renewed website.

When setting my new password for the new MeDirect website, can I keep my current password?

Yes, but we strongly recommend you choose a new password for security reasons.

Why do I need a mobile for the new improved website?

MeDirect now uses an identification method that sends you an SMS code. This is how you can access your accounts with this extra security. This SMS code is only valid for a limited time.

I did not receive an SMS code when I log in to the new website. What should I do?

In the login window you click on ‘’I did not receive an SMS code”. You will see the last four digits of your mobile number to which the SMS code was already sent. If this is not the correct mobile number, click “Change mobile number”. You can set your mobile number again here.

If the mobile number is correct, click “Send again” and you will receive a new SMS code. Please always use the most recent SMS code. You can also receive a call on your mobile with a spoken SMS code. For this you need to click “Call me with code”.

When do I receive an SMS?

To log in to the renewed website, you first need your user name and the password you chose. We will then send you an SMS code by way of identification. By using different ways of logging in, we can be sure you are the correct person to give access to the accounts.

How do I open a joint MeDirect account as an existing or new client?

An existing client can request to open a joint account. You first need to log in to the new secure site. Then click ‘Open an account’ in the top right-hand corner of your Home page. Here you can indicate whether you want to open a joint account with a new or an existing client. The consent of the second account holder is requested to open the joint account.

If neither of you is a client at MeDirect, you can request a new joint account by both becoming clients. The consent of both account holders is requested to activate the joint account. Joint account holders will both have access to the joint MeDirect Cash account. You can then both open a new joint Savings and/or Investment account.

In the event of a joint account each account holder can act as if he/she is the sole account holder. Once the account has been activated no further consent is required of the joint account holder to make transactions and payments.

How can I switch my sole account to a joint account?

A sole account cannot be converted to a joint account. An existing client is able to open a new joint account with an existing or new MeDirect client. Your joint account holder first needs to open a sole MeDirect account so that he/she also has login data and a personal MeDirect Cash account. After this sole account has been activated, you or your joint account holder can request a joint account via ‘Open an account’ on the secure website. You both need to electronically sign this new request via the secure website. In other words, you both log in separately with your personal login data to confirm your new joint account.

How can I transfer amounts and securities from my sole account to the joint account?
  • You can transfer cash and savings to this joint account via ‘My transactions – Transfers’.
  • For the ME1, ME3 and/or ME6 Savings account the normal notice period needs to be respected. To transfer savings of a ME1, ME3 and/or ME6, you can give an online instruction via ‘My transactions – ME withdrawal notice’.
  • Fixed Term Deposits cannot be transferred before the expiry date. Once the Fixed Term Deposit has expired you can transfer the amount online to an account of your choice.
  • To transfer securities from your securities account you can send us a secure message with the instruction.
  • Currently, funds of a personal model portfolio can only be transferred if there is a joint model portfolio. It has to concern the identical model portfolio. If you don't have one yet, open it first. When opening a joint model portfolio, a minimum amount of EUR 2,500 is required. To transfer the funds from your personal model portfolio to the new joint model portfolio, send us a secure message.
  • Unfortunately, wealth management portfolios cannot be transferred to a joint account.
I am a MeDirect client but I don't have a mobile number. How can I access my account?

Unfortunately, from 16 April 2018 it is no longer possible to access your online MeDirect accounts if you do not have a mobile. Please call us if you don't have a mobile.

I don't have a mobile number. Can I become a MeDirect client?

Unfortunately, you cannot become a MeDirect client if you don't have a mobile.

Where can I update my personal details?

Via the Home page, by clicking in the top right-hand corner on ‘Profile’ you can change your e-mail address, address, your security data and your mobile number.

Can I open a joint or several wealth management portfolio(s)?

No, the MeDirect wealth management portfolio takes into account your personal investor's profile and is restricted to one portfolio per person. Joint account holders cannot request one wealth management portfolio.

If I already have a wealth management portfolio, what will happen when I fill out the questionnaire again?

If you already have an existing wealth management portfolio and you fill out the questionnaire again, your wealth management portfolio will be updated to the most recent investor's profile if you changed it. This transaction will take place during the next rebalancing of your portfolio. MeDirect will regularly ask you to fill out this questionnaire again so that we are sure you always invest in the most suitable portfolio for you.

How can I send a secure message?

After logging in, you can send a secure message by clicking “Messages” in the top right-hand corner. At the bottom of the page click “New message” and then “Send message”.

What do I do when I've lost my mobile?

Please immediately contact our client service to temporarily block access to your account.

Transfer of assets to MeDirect
What are the steps for transferring my portfolio?
To transfer your portfolio to MeDirect, you need to download the Asset Transfer Form, complete it and send it to us. MeDirect will review your request and let you know whether all securities can be transferred. For some funds (bond and mixed funds) we need the average purchase value to calculate the capital gains tax for you in case of a sale. As soon as we have all the necessary information, MeDirect will send you the final transfer document (form B) for signing via a secure message. In most cases this can be returned to us via a secure message. Some brokers demand an original document. MeDirect will let you know at the time of the application. On receipt of this signed document, we will contact your current bank or broker directly to arrange the transfer in your name.
What are the fees for transferring a portfolio to MeDirect?
We do not charge any fee for transferring your existing portfolio to MeDirect. We will also reimburse you any fees that your current broker may charge you for moving your securities, up to a maximum of €500 per customer. The amount in question totals €500 per customer throughout the entire customer relation period. (For example: you were already reimbursed for an amount of €250 earlier, then there’s an amount of €250 that still can be introduced.) The reimbursement is limited to maximum of €100 per transferred line and the value of the transferred line is at least €500 (or the equivalent of €500 if the security is quoted in a different currency).
How to become a client
What is the maximum daily amount that I can transfer?
For security reasons, outgoing payments are subject to a daily limit of EUR 50.000. This limit is reset to zero every business day at midnight. Transfers between your MeDirect accounts are not limited. If you want to transfer an amount greater than EUR 50.000, you should divide your transfers over multiple days.
How do I become a client?
  1. Click ‘Become a client’ to start the online application process. You will be asked if you wish to open up a single or a joint account. Complete your personal data as requested on screen.
  2. You will be guided to provide a clear copy of the front and back of a valid Belgian ID and to take a selfie.

    You can choose from the following 2 options:

    • Use your smartphone to take a photo of your ID and a selfie.
    • Upload a photo or a scan of your ID and take a selfie using the camera on your electronic device (eg webcam).
  3. Complete the online application process and sign it digitally. Keep your mobile close at hand.
  4. Make a first payment to your MeDirect Cash Account from an external account registered in your name.
    • If you applied to open a joint account, you can transfer your first payment from an external joint account (registered in the name of both account holders) or from two different accounts, each registered in the name of the individual account holder.
  5. Once the payment has been received, a MeDirect Cash Account will be opened for you. You will then get full access to the secure website.

Once logged in into the secure website, you can open a Savings, Fixed Term Deposit and/or an Investment account via ‘Open an account’.


What are the requirements to open an account?
If you wish to open an account with MeDirect, you must have your official and fiscal residence in Belgium. You must hold a Belgian ID card, in possession of a mobile phone and be at least 18 years old. You must also have an account with another bank based in Belgium from where you can make your first deposit via a SEPA or European transfer. A first transfer is required to activate the Cash Account.
Is a minimum amount required to open an account?
You have to execute a first payment to your new account of minimum €1. No minimum amount is required to open a ME1, ME3, ME6 or Express savings account and investment account. For the Fixed Term Deposit a minimum amount of € 100, $100 or £100 is required.
What is a selfie?

A ‘selfie’ is a photograph that one takes of oneself, usually framing ones face, with either a mobile phone or via the camera of another electronic device (eg webcam).

What type of accounts can I open?

MeDirect offers four different types of accounts:

  • When you become a MeDirect client, we automatically open a Cash Account for you. This account allows you to easily manage incoming and outgoing payments yourself.
  • With the MeDirect investment account you can transfer, shares, bonds, trackers and investment funds to the MeDirect platform and buy or sell them, as well as start investing in our model portfolios. For each model portfolio we open a separate portfolio. On your investment account you can find information about the current value and transaction costs of your investments, as well as an estimate of the unrealised profit or losses of every security separately and also per investment account.
  • If you choose online wealth management a separate portfolio will be created.
  • MeDirect Fidelity Savings is a savings account those who want to save and receive a basic interest from day 1 with in addition a fidelity premium. You will receive the latter for every deposit that is on the account for 12 consecutive months. Interest is exempt from withholding tax up to and including €960 per person. For interests that exceed this amount a withholding tax of 15% is applicable. Click here to check the current interest rate. Base rate is paid annually. The fidelity premium will be deposited on your account on the first day of the following quarter.
  • The Express Savings Account gives you immediate access to your savings: you can withdraw your money at any time. It is available in EUR and offers one clear and high interest rate. Click here to check the current interest rate. Interest on the Express Savings Account is paid quarterly.
  • The ME3 Savings Account is a savings account where you can withdraw money with a three-month notice period. It is available in EUR and allows you to benefit from a competitive savings rate. Click here to check the current interest rate. Interest on the ME3 Savings Account is paid quarterly.
  • The ME6 Savings Account is a savings account where you can withdraw money with a 6 month notice period. Deposits can be made at any time. This account is available in EUR and allows you to benefit from a competitive savings rate. Click here to check the current interest rate. The interest on the ME6 Savings Account is paid quarterly.
  • The Fixed Term Deposit guarantees a fixed interest rate for a fixed term of up to five years. Fixed Term Deposits are available in three currencies: EUR, USD and GBP. Click here to check the current interest rates. Interest on Fixed Term Deposits is paid annually.
    I can’t take a selfie in real time. Can I become a MeDirect client?
    Unfortunately, it is not possible to become a MeDirect client if you are not able to take a selfie via a smartphone or using the camera on your laptop or computer.
    Can I open a joint account?
    New clients can open a joint account with another account holder. If you already opened a MeDirect Cash Account, you can open a savings account(s), Fixed Term Deposit(s) and/or investment account(s) in 2 names, with your partner or with someone else. The minimum age for this is 18 for both holders. Both are also residents and taxpayers in Belgium.
    Can I open a individual account?

    If you opened a MeDirect Cash Account, you can open a savings account(s), Fixed Term Deposit(s) and/or investment account(s) in your personal name on the secure website. The minimum age for this is 18. You are a resident and taxpayer in Belgium.

    How can I switch my personal account to a joint account?

    A sole account cannot be converted to a joint account. An existing client is able to open a new joint account with an existing or new MeDirect client. Your joint account holder first needs to open a sole MeDirect account so that he/she also has login data and a personal MeDirect Cash account. After this sole account has been activated, you or your joint account holder can request a joint account via ‘Open an account’ on the secure website. You both need to electronically sign this new request via the secure website. In other words, you both log in separately with your personal login data to confirm your new joint account.

    • You can transfer cash or savings to this new joint account yourself.
    • For the ME1, ME3, ME6 and/or ME12 Savings Accounts the normal notice period needs to be respected. To transfer amounts from your ME1, ME3, ME6 and/or ME12 you can give an online instruction.
    • Fixed Term Deposits cannot be transferred before the expiry date. Once the Fixed Term Deposit has expired you can transfer the amount online to an account of your choice.
    • To transfer securities from your securities account you can send us a secure message with the instruction.
    • Funds of model portfolios can only be transferred in case of a joint model portfolio. If you don't have one yet, activate it first. To transfer the funds from your personal model portfolio to the activated joint model portfolio, you can then send us a secure message.
    • Unfortunately, Wealth Management Portfolios cannot be transferred to an account in 2 names, because the portfolio is linked to an individual investors profile.
    Can I open a professional account?
    MeDirect can only accept retail customers. If you are a professional investor, we will be happy to look into how we can assist you on a case by case basis. Please call at 02 518 0000 or email us at info@medirect.be to see what we can do.
    Can I open an account on behalf of my children or grandchildren?

    MeDirect currently does not offer the possibility to open an account on behalf of a minor child or grandchild. You can, however, open an extra savings account or model portfolio in your name. You can continue to manage this and are free to donate the money to your (grand)children whenever you wish to do so. Either through a bank transfer or through a donation.

    Can I follow up my application to open an account?

    Yes, after you logged on to the MeDirect secure site, you can follow up your application to open an account and see which steps you might still need to take.

    • signing your application by yourself and/or your joint account holder.
    • upload a copy of your ID card, front and back of every account holder.
    • you make a first payment of minimum €1 on the MeDirect Cash Account from an account number registered in your name.

    After receiving your activation code, you have access to your Cash Account and full access to all functionalities of the MeDirect secure website. You can open a savings, Fixed Term Deposit and/or investment account via ‘Open an account’.

    Are there any fees for opening an account?
    No charges are applicable when opening an account with MeDirect. There are also no charges for the maintenance of your accounts.
    What is itsme®?

    itsme® is an app that allows you to safely, easily and reliably confirm your identity via your mobile phone. To use the itsme® app, you can register your account via de itsme® website, which you can access here.

    How do I use itsme® to become a customer at MeDirect?

    After you have selected ‘Become a client’, you can opt to open a Sole or Joint Account. After you have entered your initial details, you will have the option to verify your identity via itsme®. You are then prompted to connect to the itsme® app; you will be asked to enter your mobile phone number and then to open the app on your mobile phone. Next just follow the steps on your screen.

    Do I have to use itsme®?

    No, if you do not have itsme®, you can choose to verify your identity by taking a picture of your ID card (front and back) and a selfie. You can take these pictures via your mobile or your PC.

    If I opt for a Joint Account Application, do both applicants have to use the same form of verification?

    No, each applicant will be given the choice for the type of identity verification they prefer; itsme® or the selfie-based verification.

    I used itsme®, why am I being requested to upload my ID card?

    itsme® is set up to provide the information required to complete your application. However, it may happen that some of this information is not completely up to date. When this is the case, we will send you a request to complete your application by taking a picture of your ID card (front and back) as well as a selfie. You can take these pictures via your mobile or your PC.

    Why do I have to mention during the application process if I or any of my relatives hold any public office?
    In order to comply with Belgian and European regulations, MeDirect must apply enhanced due diligence procedures to politically exposed persons. Politically exposed persons are individuals who have been entrusted with a prominent public function or who are closely related to such persons.
    Why do I have to tell you during the application process whether I am a US citizen, US resident alien or US tax resident?
    MeDirect asks this question because of the Foreign Account Tax Compliance Act (FATCA), a US law which requires non-US financial institutions to provide the US tax authority (the Internal Revenue Service or IRS) with information on certain US persons with accounts outside of the United States. In order to comply with FATCA, non-US financial institutions need to set up specific procedures to provide this information. Unfortunately MeDirect has not yet established the procedures needed to meet these obligations. Therefore, if you qualify as a US person, we are at this moment unable to complete your request to open an account with MeDirect.
    Common Reporting Standard (CRS)
    What is CRS?
    The Common Reporting Standard (CRS) is a regulation applicable to financial institutions and its customers, obliging financial institutions to collect and report required information on tax residents in participating countries. CRS is applicable as of the 1st of January 2016.
    Who is reportable?

    Under the CRS the bank is required to identify customers who appear to be tax resident outside of Belgium in one or more countries.

    To be able to open an account with MeDirect you are required to be a Belgium tax resident. If you are also tax resident in other countries, you are required to inform us of the country and your Fiscal Identification number (FIN).

    Customers that don’t provide the required documentation when requested, will be reported by MeDirect to the Belgian tax authorities.

    How is my tax residence defined?
    This depends on where you live and your personal circumstances. We ask you to contact a professional tax advisor or check the Automatic Exchange of Information (AEOI) website for more information. MeDirect doesn’t offer tax advice.
    How often will I need to provide this information?

    Once we have received a valid self-certification you will only be asked to complete another form if you update certain information in your file or when we believe your reportable status may have changed. This may be indicated by:

    • Your residence address being outside of Belgium
    • Your telephone number(s) being outside of Belgium
    What information will be reported to tax authorities?

    The information reported to the Belgian tax authorities will have been provided in the self-certification form and details the accounts and products you have with us, such as your account number(s) and their respective balances and the income. The Belgian tax authorities will then report these details to the tax authority of the country or countries where the account holder is fiscal resident.

    If you are a new client to MeDirect, you will be asked to provide this information at the account opening stage.

    Mobile App
    What is MeDirect Mobile Banking?

    MeDirect’s Mobile Banking is available via the MeDirect’s Mobile App and allows you to view your balances and investments, while also providing you with the ability to conduct financial transactions using your mobile device.  

    You will still be able to use Internet Banking via your laptop, tablet or PC, and all functionalities will remain available via your online platform. 

    What services are available via the MeDirect Mobile App?

    The MeDirect Mobile App offers you a convenient way to take control of your finances on the go.

     With your MeDirect Mobile app, you can: 

    • Use the MeCode functionality to log in securely onto the online banking platform.
    • View your savings account balances and transactions. You can also copy details such as your IBAN and BIC to facilitate the transfer of deposits to your MeDirect account.
    • Rename your savings accounts 
    • View your investment account details and holdings 
    • Transfer deposits  between your accounts and other financial institutions or third parties.
    • Add, remove or edit your saved beneficiaries 

    More functionalities and features will be included in the future as MeDirect is constantly striving to improve the MeDirect Mobile App.  

    Who can use the MeDirect Mobile App?

    The service is available to all our existing and new clients. If you are an existing customer, you will need access to our existing online banking services to link your app. If you are not a client of MeDirect, you will first need to Become a Client and follow the steps indicated on the screen. Once you open you account, you will be able to make use of the app.

    Is the MeDirect Mobile App compatible with all mobile devices?
    The MeDirect Mobile App is compatible with smartphones running on IOS version 11 and above, or Android version 6 and above.  The MeDirect Mobile App is currently not available on tablets and wearables such as smartwatches. 
    How do I download the MeDirect Mobile App?

    To download the MeDirect Mobile App, access your Google Play (for Android devices) or Apple Store (Apple devices), search for ‘MeDirect’ and click ‘Install’.

    Can I use MeDirect’s internet banking without the app?
    Yes, internet banking can still be used. You will receive the usual SMS verification code. 
    How many accounts can I register on one mobile device?

    For security reasons, only one account per device can be paired with your account at any given time. 

    What does the ‘pair device’ option mean and ow can I pair my MeDirect Mobile App to my MeDirect Internet Banking?

    By pairing your device, you link up your MeDirect Internet Banking, which you usually access via your PC or laptop,  with the  MeDirect Mobile App on your device, is used to activate the user’s profile from their app.

    To pair your MeDirect Mobile App to your MeDirect Internet Banking, you need to: 

    1. Login to our online banking platform.  
    2. Click on the “Profile” section on the top right-hand side of the screen  
    3. Click on “Mobile Banking” 
    4. Scan the QR Code using the MeDirect Mobile App. Alternatively, you can enter the activation code to pair your account.
    5. Create a passcode, and confirm the passcode
    What will my passcode upon registration be used for?

    The passcode is a 6-digit code that will be used to log into your app, as well as authorise payments and manage your beneficiaries as an alternative to using facial recognition or a finger print scanner. We have placed security restrictions on the passcode for your safety; for example, 111111, 123456 or 654321 will not be accepted by the MeDirect Mobile app. We recommend using a passcode that is as complex as possible and is well-known to yourself. 

    Why do all numbers highlight when pressing a digit?

    When inputting digits, the full pinboard illuminates. This was implemented as a secondary level of security to avoid any hacking software from reading what the user is inputting and to avoid anyone around the user from clearly seeing what they are tapping.

    How do I change my passcode?

    Your passcode can be changed from the ‘More’ tab.

    After how many incorrect login attempts will be access to MeDirect Mobile App be locked?

    For security reasons, the MeDirect Mobile App will be locked indefinitly after five wrong attempts. To unblock the MeDirect Mobile App you will have to unpair your device from your MeDirect Internet Banking.

    What shall I do if I forget my passcode or if I lock my MeDirect Mobile App?

    To reset your Passcode, the device will need to be unpaired. To unpair your Mobile device, you need to:

    1. Login to our online banking platform.  
    2. Click on the “Profile” section on the top right-hand side of the screen  
    3. Click on “Mobile Banking” 
    4. Unpair Mobile Application 
    5. Uninstall and re-install the MeDirect Mobile App 
    6. Re-pair the MeDirect Mobile App to your account   
    What does the ‘Unpair device’ option mean?

    ‘Unpair device’ is used to deactivate the user’s profile from their app. The user would also have to unpair their device from their client profile. Once this is done, the user will not be able to see their information anymore on their app. 

    What shall I do if my mobile is stolen?

    If your mobile is stolen or lost, unpair the mobile application as soon as possible. To unpair your app, you need to:

    1. Login to our online banking platform.  
    2. Click on the “Profile” section on the top right-hand side of the screen  
    3. Click on “Mobile Banking” 
    4. Unpair Mobile Application.

    Alternatively, you can call us on 02/518 00 00. 

    What shall I do if I change or lose my mobile device?

    For security reasons, you should always unpair your device by using the unpair functionality in the MeDirect Mobile App before changing your device. If you are unable to do so, you can log in to our Online Banking Platform and unpair Mobile Banking from there.  You can then proceed to re-pair your device with your MeDirect account. 

    Will my app session time out?
    For security reasons, the app is set to be timed out after 30 seconds of inactivity. This can be increased to 1 minute from the settings section of your app. 
    How many devices can I pair the app with?

    For security reasons, only one device can be paired with your account at any given time. Furthermore, only one User per device can be paired with your Medirect Mobile app at any given time. 

    Can I use my fingerprint or facial recognition to log in to the MeDirect Mobile App?

    Yes, the MeDirect Mobile App supports facial recognition and fingerprint scanning. 

    Why is the ‘Accept’ button greyed out on the End-User License Agreement and on the Terms & Conditions?
    For the ‘Accept’ button to be clickable, you must read and scroll to the bottom of the End-User License Agreement and Terms and Conditions. 
    How can I switch off my fingerprint or facial recognition?

    Biometrics can be switched off from the ‘More’ tab. 

    Is the MeDirect Mobile App secure?

    Yes. Your personal information is safe with us. We use advanced encryption and monitoring technology and we never store any personal banking information on your phone.

    My fingerprint scanner or facial recognition are not working. What should I do?

    The fingerprint scanner and facial recognition might not be working for one of the following reasons:

    • You have not granted access for MeDirect Mobile App to use this function.
    • Too many incorrect facial or fingerprint recognition attempts will disable this functionality automatically. This can be resolved by locking and unlocking your device. 
    What is the preferred account?
    A preferred account will be the account you choose to have displayed first on your homepage, along with being the first account suggested when making a transfer between your accounts or to an external account. The gold star near your account refers to your selected preferred account. Your preferred account can be changed from the ‘More’ tab. 
    Do the balances displayed in each of my accounts represent my Actual Balance or my Available Balance?

    The balance shown in each account represents your available balance.

    Why is the “Make a Payment” button greyed out?

    All mandatory fields must be filled in before being able to proceed with the payment. 

    What is the gold star displayed near my account icon?

    The gold star near your account refers to your selected preferred account. 

    What does the date represent under each transaction?

    The date found under each transaction represents the transaction date. 

    How do I change my preferred account?

    Your preferred account can be changed from the ‘More’ tab. 

    Why is the Payment Narrative mandatory?

    This field can help distinguish between transactions when viewing the transaction list in an account’s details page. 

    Why are no accounts appearing in the “Accounts” tab?

    Kindly contact our Wealth Support Team on 02 518 0000 or at info@medirect.be to guide you accordingly. 

    I am trying to make a transfer, but I cannot select my account in the "To" or “From” account field?

    Kindly contact our wealth support team on 02 518 0000 or at info@medirect.be to guide you accordingly.  

    How do I create a new beneficiary?

    A beneficiary can be created by navigating to the ’Transfer’ tab, followed by ‘Manage Beneficiaries’ and press on the icon found on the top right of your screen. 

    How do I delete or a beneficiary?
    A beneficiary could be deleted by navigating to the ’Transfer’ tab, followed by ‘Manage Beneficiaries’. Here either select the three dots located next to the beneficiary and choose ‘Delete beneficiary’, or alternatively, select the beneficiary you want to delete and press on the bin icon in the top right corner of the screen. 
    Can I set up future dated payments on the app?

    Yes, you can set up future dated payments for up to twelve months in advance, through the Mobile App (Transfer > Pay someone else), if the debit and credit accounts have the same currency.

    How do I view my up-coming Me Account transactions?
    You can view your up-coming Me Account transactions, by selecting that specific Me account and choosing the withdrawals tab.
    Why can’t I enter my BIC when making a payment?

    The BIC is auto-populated if the country chosen is within the EEA. If the BIC is not auto-populated, please contact the customer service.

    Can I edit or cancel my future-dated payments?
    By selecting Scheduled Payments in the Transfer tab, you will be able to view all your scheduled payments and you will have the option to amend or delete such payments.
    What is MeCode used for?

    The ‘MeCode’ tab is used for logging into your Online Banking Platform. It is an alternative to the SMS code and will generate a 6 digit code which you will have to enter after your password while logging into your mobile banking services via your PC or laptop.

    What is the maximum daily amount that I can transfer to another bank through the Mobile App?

    For security reasons, transfers to an external account and to a third party MeDirect account are subject to a daily limit set by the bank. If you would like to transfer an amount exceeding this daily limit, please contact our Wealth Support Team, where you will be guided accordingly.

    Tax matters & legislation
    What is the tax on investment accounts?

    The Belgian government introduced a new tax on investment accounts held by individuals with Belgian and foreign financial institutions. A tax rate of 0.15% is due when the average total value of taxable securities during the ‘Reference Period’ is equal to or in excess of EUR 500,000.

    The average total value is calculated over a period of twelve months defined as ‘Reference Period’. The Reference Period runs from 1 October to 30 September, taking into account the values of investment account(s) on certain ‘Reference Points’, which are the quarter end dates (31 December, 31 March, 30 June and 30 September) and account opening/closing dates of the investment accounts. 

    This tax applies on the following securities offered by MeDirect:

    • Shares
    • Bonds
    • Trackers
    • Mutual Funds
    Where can I find my Investment Account Tax statement?

    All customers with one (or more) active investment account(s), may consult their Investment Account Tax statement in the section ‘Statements’. This overview will stipulates the average total value on which possible taxes can be calculated.

    Investment tax: Will I automatically be charged when the average total value with MeDirect is more than EUR500.000,00?

    If the average total value of the securities held on one or more of your MeDirect investment account(s) is above EUR500,000 MeDirect will be obliged to charge, declare and pay the applicable tax to the Belgian Tax Authorities. This tax will be collected automatically from your cash account (EUR).  If the balance is not sufficient, please credit your cash account (EUR) before 30 November.

    Investment tax: Will I automatically be charged when the average total value with MeDirect is less than EUR500,000?

     

    If the average total value of the securities held on one or more of your MeDirect investment account(s) is lower than EUR500,000 but exceeds this threshold when taking into consideration holdings with other Belgian and foreign financial institutions, you are able to instruct MeDirect to charge the Investment tax – applicable on the total value of all your MeDirect Investment accounts – and have it paid to the Belgian Tax Authorities directly on your behalf (opt-in).

     Should you wish to exercise this option, you are kindly requested to confirm you choice by means of a secured message before 30 November. If the balance on your cash account(s) (EUR) is insufficient, please credit your cash account (EUR)before 30 November.

     Should you wish to opt-in via MeDirect, but the available balance in your cash account(s) (EUR) is insufficient on 30 November, the “opt-in” will be deemed invalid.

     

    Will I receive an Investment Account Tax statement when I close an Investment account?

    MeDirect will compose the Investment Account Tax statement of the closed investment account(s) by the end of the month following the account closure. You will be able to consult this via the section ‘Statements’. Further instructions on payment of the tax will be provided in the Investment Account Tax statement. 

    Will I receive an Investment Account Tax statement when I close the relationship?

     

    If you closed the relationship with MeDirect, MeDirect will compose the Investment Account Tax statement of the closed investment account(s) by the end of the month following the account closure. The Investment Account Tax statement will be sent by post. Further instructions on payment of the tax will be provided in the Investment Account Tax statement.

     Please note that “Opt-in” instructions will be deemed invalid if MeDirect did not receive any instructions and payment before the stipulated deadline set out in the Investment Account Tax statement.

     

    Why does MeDirect have non-regulated savings accounts and why must I pay withholding tax on my interest?

    The term “non-regulated account” can be confusing. All savings products offered in Belgium are subject to the supervision of the financial regulators (the National Bank of Belgium and the FSMA) and are in accordance with Belgian law.

    A regulated account means that the first €980 in interest on a savings account is exempt from withholding tax. The account must comply with certain rules for this, such as a loyalty bonus. Savings products that do not meet these requirements (such as fixed term deposits and other simple savings accounts with one clear interest rate) do not fall under the technical category of regulated accounts. They are subject to withholding tax. Non-regulated accounts are therefore completely legal and approved by the financial regulators. MeDirect chooses to offer non-regulated accounts because the clear and high interest rates (even after deduction of withholding tax) offer great advantages for our customers.

    What is the stock exchange tax?
    The stock exchange tax or tax sur les opérations de bourse (TOB) is a Belgian tax due on transactions in public securities and other financial instruments. The Belgian stock exchange tax rate varies depending on the type of transaction (subscription, purchase, sale, etc.) and on the asset type (shares, bonds, etc.) and is applied on the value of the transaction, subject to maximum thresholds. You can check for each financial product how much the stock exchange tax will be. You will also find this amount on your order confirmation. MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment.
    What is a W-8BEN Form?
    The W-8BEN Form is issued by the US Internal Revenue Service (IRS) and documents that an investor is a non-US person, thereby allowing the investor to benefit from a reduced rate of taxation on dividends and coupons paid by US companies. If you wish to invest in US securities, you will have to provide us with a signed W-8BEN Form. The W-8BEN Form is valid for three calendar years after the year in which it was signed. A new form must be submitted when the existing one expires, and MeDirect will inform you in advance of its expiration. MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment.
    Does MeDirect offer foreign tax relief or foreign tax refund services?
    You can benefit from foreign withholding tax reduction on income paid on US equities, ETFs and bonds. In order to claim the benefit on your behalf, we need you to submit a W-8BEN Form. We do not offer foreign tax refund services. Click here to find out how much you will be charged for foreign tax reduction.
    Is the income I earn from savings and investment products subject to foreign withholding tax?
    Interest income earned on Cash Accounts, Express Savings Accounts, ME3 Savings Accounts and Fixed Term Deposits is not subject to foreign withholding tax. Income from securities issued by foreign companies may be subject to withholding tax in the country where the security was issued. However, a Belgian investor may benefit from a lower foreign withholding tax rate or be entitled to a refund of foreign withholding tax by virtue of the double taxation agreement between Belgium and the country where the issuer of the security is located. MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment.
    What is the current applicable withholding tax rate in Belgium?
    The current withholding tax rate in Belgium is 30%. MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment.
    What type of income or capital gain is subject to withholding tax in Belgium?

    MeDirect has an obligation to deduct Belgian withholding tax on:

    • Interest income paid on Cash Accounts, Express Savings Accounts, ME Savings Accounts and Fixed Term Deposits.
    • Coupons paid on bonds’ holdings.
    • Dividends paid on equities, ETFs and funds’ holdings.
    • Capital gains earned from the sale of funds and ETFs that invest 10% or more in fixed income securities (such as bonds). The withholding tax is applied on the capital gains arising from fixed income securities.

    In such cases MeDirect will pay your income/sale proceeds net of withholding tax due and remit the withholding tax to the Belgian tax authority.

    MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment. 

    Is the income I earn from savings and investment products subject to withholding tax in Belgium?
    According to the laws of Belgium, MeDirect has an obligation to withhold tax on income distributed to Belgian residents (both from deposits and wealth management products) whenever withholding tax is due and depending on the nature of the income. In such cases MeDirect will pay your income net of withholding tax due and remit the withholding tax to the Belgian tax authority. MeDirect recommends that you seek professional tax advice if you have any questions about the tax treatment of any investment.
    Which data does MeDirect need to communicate to the Central Point of Contact (CPC) of the National Bank of Belgium?

    Article 322§3 WIB inserted by the Act of April 14, 2011 containing various provisions (subsequently amended by the law of December 28, 2011 and March 29, 2012) obliges banks, savings and credit institutions operating in Belgium, to communicate on a yearly basis certain data of clients and some of their accounts/contracts to a Central Point of Contact, also known as “CPC”.

    The CPC is held by the National Bank of Belgium (NBB). The CPC will give tax officials in charge of the establishment and recovery of tax, the opportunity in certain cases and according to strict legal procedures to determine at which financial institutions taxpayers are holding accounts or contracts in order to request to these institutions further information in this regard.

    The following information about customers will be communicated to the CPC:
    1) The national number (if not available: name, first name, date, place and country of birth)
    2) A list of the accounts of which the client has been a (co-)holder at any time of the year to which the data relate.

    Since March 2015 we are also transmitting details on certain contracts to the CPC, such as wealth management contracts, that were already active in 2014.

    You have the right to examine your data registered by the CPC at the NBB. In the event that such information is inaccurate or wrongfully registered, you have the right to correct this information or to have it removed by the financial institution, which has communicated this information to the CPC.

    The data are stored for a maximum of 8 years by the CPC, starting from the last year in which information regarding the client and/or account was communicated.

    For more information you can find the full Royal decree by clicking here (French and Dutch only).

    Tax declaration of the income from mutual investment funds

    Income obtained from foreign mutual investment funds (also known as FCP - Fonds Commun de Placement) are not taxed at the source.

    This is because these mutual investment funds do not have their own legal personality. It is assumed that you, as a unit holder, collect all income from moveable assets yourself. If you declare the total amount of this income (consisting of dividends and, depending on the fund, interests) in your yearly tax declaration, you are in order with regard to the levy in discharge.

    The unit holders of FCP mutual investment funds must declare this income (dividends and interest) themselves in their personal income declaration under Part I, Section VII A2d 1° (codes 1444-11 and/or 2444-78).

    For the sake of clarity, this tax declaration does not apply for mutual investment funds with their own legal personality, such as an open-ended investment company (SICAV or BEVEK).

    In your own personal situation, you can calculate this, amongst others, using the fiscal simulators of the following fund houses:

    Carmignac: www.carmignac.be/nl/fiscale-simulator 

    FR0010149302: Carmignac Emergents A EUR Acc
    FR0010149179: Carmignac Euro-Patrimoine A EUR
    FR0010148981: Carmignac Investissement A EUR Acc
    FR0010135103: Carmignac Patrimoine A EUR Acc
    FR0010149120: Carmignac Sécurité A EUR Acc
    FR0010149211: Carmignac Profil Réactif 100 A EUR Acc
    FR0010149203: Carmignac Profil Réactif 50 A EUR Acc

    Flossbach von Storch: www.fvsinvest.lu/en/investment-funds/tax-indicator.html

    LU1038809395: Flossbach von Storch - Multiple Opportunities II RT

    Ethnea: www.ethna-calculator.be/nl/

    LU0431139764: Ethna-AKTIV T
    LU0279509144: Ethna-DEFENSIV T
    LU0455735596: Ethna-DYNAMISCH T

    La Financiere de l’echiquier: http://int.lfde.com/en/

    FR0010321802: Echiquier Agressor
    FR0010611293: Echiquier Arty
    FR0010434019: Echiquier Patrimoine

    Stock exchange duty is not payable when these funds are sold.

    How does MeDirect calculate the capital gains tax or Reynders tax for investment funds?

    Capital gains tax only applies to the sale of:

    Funds purchased before 31 December 2017

    1. capitalisation funds and trackers which invest 25% or more in fixed-income investments such as bonds.
    2. distribution funds and trackers which invest 25% or more in fixed-income investments, and do not pay out 100% of their interest income.

    In both cases a withholding tax (capital gains tax) of 30% is deducted from the capital gains resulting from these fixed-income securities.

    Funds purchased after 1 January 2018

    1. capitalisation funds and trackers which invest 10% or more in fixed-income investments such as bonds;
    2. distribution funds and trackers which invest 10% or more in fixed-income investments, and do not pay out 100% of their interest income.

    In both cases a withholding tax (capital gains tax) of 30% is deducted from the capital gains resulting from these fixed-income securities.

    There are 2 methods to calculate this tax:

    • either the fund calculates the BE TIS value (Taxable Income per Share).
    • or the tax is calculated on the capital gains resulting from the fixed-income securities when the BE TIS value is unknown.

    For example:

    A capitalisation fund invests 40% in bonds and 60% in shares. The investor purchased the fund for EUR 100, and sells it for EUR 120.

    The BE TIS value is known at the moment of purchase and sale. If the difference is positive, it is taxed at 30% withholding tax.

    The fund does not calculate any BE TIS value. The realised capital gains is EUR 20. As the fund invested 40% in bonds, the tax is only calculated over 40%. 40% of EUR 20 is EUR 8. The tax is 30%, which means EUR 2.4 is deducted and the investor will receive EUR 5.6 net. The fund invests 60% in shares; 60% of EUR 20 is EUR 12, for which no capital gains tax is calculated. The investor will receive EUR 120 – EUR 2.4 (capital gains tax) = EUR 117.6 on selling the fund.

    Mutual Funds
    Can I transfer my existing portfolio of assets to MeDirect?
    You can transfer your existing mutual funds. You can always send us a summary of your portfolio via email to info@medirect.be, call us at 02/518.00.00 or via a secure message. We will do everything in our power to give you all the help that is necessary
    Which securities I cannot transfer to MeDirect?
    Unfortunately we are not able to accept the following funds as MeDirect can not act as a distributor:
    • all KBC funds
    • all Candriam funds
    • a limited list of BNP Paribas funds
    • the Belgian pension funds
    Which mutual funds can be traded on the MeDirect trading platform?
    We have selected a list of more than 500 funds in which you can invest. These are funds which we believe are strong in their investment areas or are particularly interesting compared to their peers. They cover a range of investment objectives, markets and asset classes in order to help you diversify your portfolio. We offer both capitalisation and distribution funds. The easy-to-use fund navigator allows you to filter on various search criteria.
    Can I request to add a fund to the universe of tradable securities of MeDirect?

    Can I request to add a fund to the universe of tradable securities of MeDirect?

    Yes, it is.

    MeDirect has a navigator available on our website for each type of securities. If the fund is not available in the list of results, you can ask us to add it to our current universe.

    How? By sending us a secure message from your personal dashboard which includes the following information:

    • ISIN code
    • Currency

     Your request will be forwarded to our investment department, which will carry out a check to determine whether it would be possible to add it to our existing securities. This operation may take up to 3 working weeks after acknowledgement of receipt of your secure message.

    When will my fund order be executed?

    Each fund house has its own cut-off times. This means that any order received before a set time will be processed by the next business day. Any order that is received after its cut-off time, will be on the list of the following business day.

    If you want to make sure that your order is processed by the next business day, please give your instructions before 9.15 am. Of course, MeDirect transmits orders to the fund houses throughout the day. If a fund house has a late cut-off, it is still possible that your order is processed by the next business day.

    My fund order remains ‘pending’. Why does it take so long?
    MeDirect has to wait on the definitive confirmation of your fund order. Some fund houses send this confirmation already after 2 business days, but this can also take up till 5 business days. As soon as we receive your confirmation, we will provide you with a ‘Confirmation of Transaction’, including the transaction date and the purchase/sale price. We will also update your Securities Account.
    What is the minimum amount to invest in funds?
    For most of the funds offered by MeDirect, you can register as from € 100. For a limited number of funds, this minimum amount is higher. You can check this minimum amount in the fund detail page, which is available for each fund.
    What are the costs?

    At MeDirect, the costs associated with your investment are clearly listed in the detail page.

    Stock exchange tax

    No stock exchange tax is due when purchasing or registering. 

    If you sell a capitalisation fund, you will pay a stock exchange fee of 1.32% on the total sales price, limited to a maximum of €4,000. 

    If you sell a distribution fund, no stock exchange tax is due either. You pay the 30% withholding tax on each dividend pay-out. 

    Capital gains tax is also applicable on the sale of funds which invest for 25% or more in fixed income securities such as bonds. If you purchased these funds after 1 January 2018 this limit value of fixed income securities drops to 10%. This 30% withholding tax is withheld on capital gains, arising from these fixed income securities.

    Entry or exit fees

    MeDirect does not charge any entry or exit fees. Only for the Carmignac and Degroof Petercam funds and 2 Aberdeen funds, a 1% entry fee is payable. No custodial fee or any other costs are due to keep the account Check our tariffs and charges overview.

    Ongoing charges

    Ongoing charges represent the costs you can reasonably expect to pay as an investor over 1 year. The ongoing charges include the management fee of the fund manager, administrative and legal costs for audit and registration of the fund as well as the taxes payable by the fund. Entry and exit fees or any performance fees are not covered. Ongoing charges are incorporated in the value of the fund on a daily basis and are therefore not processed individually. You can check this cost in the fund report, which is available for each fund. 

    MeDirect receives part of the fund manager's management fee as distributor of the fund. This is called a repurchase agreement and is our only payment.


    Can I invest in funds with a foreign currency?

    Yes, this is certainly possible. You can place a fund order through one of your Cash Accounts in the fund’s currency. At MeDirect you can open a Cash Account in EUR, USD, NOK, CHF and GBP.

    If you want to invest in a fund with another currency than EUR, USD, NOK, CHF or GBP, you can place the order via your Cash Accounts in another currency. Even if your Cash Account has a currency other than the fund you want to purchase, MeDirect uses an indicative exchange rate. For the calculation of the exchange rate, MeDirect uses a 0.5% margin. Compared to most fund suppliers, MeDirect’s exchange costs are both low and transparent, because there are no other hidden fees or costs.

    Can I cancel a fund order?
    Fund orders cannot be cancelled. They are forwarded immediately to the fund broker for execution.
    How does MeDirect make any money if it does not charge an entry fee?
    You pay the management fee for the fund managers, as with all funds, regardless from which bank you purchase them. This is included in the ongoing charges of a fund and is the same for every fund, regardless from which bank you purchase this fund. We are paid by the fund manager who pays part of his management fee to us. And that is enough for us. You can check this repurchase or distribution fee on every fund report.
    GDPR: All you need to know
    What are the conditions an organisation needs to meet to use your data?

    GDPR legislation stipulates that at least one of the following conditions must be met to process your personal details:

    • Active consent: every person who has actively given his/her consent to use personal data. This consent can be obtained both digitally and on paper.
    • Contract: the processing of personal data can be necessary to comply with certain contractual obligations.
    • Legal obligation: the processing of personal data can be necessary to respect legal obligations
    What measures did MeDirect take to be in line with this legislation?

    A couple of months prior to 25 May 2018, MeDirect already took some measures to be in line with GDPR legislation. Various initiatives were implemented to protect our clients and employees, such as:

    • An amendment of our privacy policy.
    • Giving privacy training to all our employees.
    • Amendment of our general terms and conditions and cookie policy.
    • Training to our employees concerning HR requests.
    • A review of how we ask whether someone wants to be informed of our commercial offers or newsletters.
    • Amendment of internal policies to ensure they are in line with GDPR legislation.
    What does GDPR imply?

    The General Data Protection Regulation (GDPR) is a set of rules to ensure a better protection of European citizens' data. It is a revision of European legislation from 1995, the Data Protection Directive. The GDPR's goal is twofold: on the one hand it aims to safeguard European citizens' privacy, on the other hand it wants to give citizens more rights as to what happens with their personal data. GDPR came into force on 25 May 2018.

    What does GDPR mean with regard to my rights?

    We can summarise GDPR using the following principles:

    1. Right to information: personal data is collected for a specific legitimate purpose, and may not be used for other purposes. Organisations need to be fully transparent about this.
    2. Transparency: the person whose data is processed actively agreed to this and has been informed of his/her rights.
    3. Right of access to your data: every person has the right of access to his/her personal data and supplementary information. These data must be correct at all times. Every person has the right to correct his/her data.
    4. Right to be forgotten: every person has the right to request removal of his/her personal data without having to provide a specific reason for this.
    5. Retention period: personal data may not be retained longer than deemed necessary for a specific purpose.
    6. Data protection: all personal data must be protected against access by unauthorised persons or loss of data.
    7. Right to use data for one's own goals: every person has the right to request his/her personal data and/or to use it for his/her own goals. Every person also has the right to move his/her data and/or to copy it to another organisation.
    8. Restriction of information: every person has the right to restrict or block access to his/her data. 
    Protection of your personal data

    MeDirect ensures that all personal data is securely stored. To protect your personal details against access by unauthorised persons or loss, we implemented the necessary technology and keep it up to date at all times.
    In the event that third parties offer a service to MeDirect, a contractual agreement ensures they implement the correct security procedures to safeguard your personal data such as working with encrypted information. The transfer of personal data to third parties will only be for purposes laid down in our agreements with clients and/or our term and conditions.

    What is included in our privacy policy?

    We amended our privacy policy to be in keeping with GDPR legislation. This privacy policy defines which information we collect of every person, why we collect this information and with which parties this information is shared. This privacy policy also defines your rights and specifies MeDirect's contact if you have questions relating to the security of personal data. 

    Permission to send information about promotions and/or offers

    MeDirect uses a number of channels to keep clients up to date of new products, services and/or offers, such as email and post. MeDirect gives its clients the possibility to register for this communication. If no use is made of this possibility by the client, he/she will not receive this communication. Every client can modify his/her preferences at all times by:

    • Unsubscribing by clicking the “unsubscribe” link in the email communication.
    • Contacting our client service.
    • Sending an email to dataprotection@medirect.be for the attention of our Data Protection Officer (DPO). 
    • Update your preferences of your profile on your secure website
    Corporate actions
    What is the difference between a mandatory and a voluntary corporate action?

    A mandatory event does not require any investment decision from you, it is simply for your information. An example of a mandatory event would be a spin-off, where part of a company is spun-off to create a new company. If you have shares in the original company, you will receive shares of the new company whilst retaining your original investment.

    A voluntary event invites you to take part in an offer, but you may also decline to take part, in which case the default option will apply. Usually, the default option for a voluntary event is to ‘take no action’. A tender offer is an example of a voluntary event, where a third party wants to buy a portion of equity in your invested company, you will have the option to tender all or part of your investment. The event could eventually become a mandatory takeover where the third party attempts to buy the entire share capital leaving you without the choice to tender or not.


    What do I need to do if I hold a securities investment which is undergoing a corporate action?

    You should await contact from us. You will receive a secure message in your online secure inbox for any corporate actions that require your attention.

    You may be required to make a decision for certain corporate actions. If this is the case, we will indicate which options are available. Your instruction must be delivered by return secure message. We will also confirm the date by which your response must be received on our corporate action notification.

    Does MeDirect charge for administering corporate actions?
    No, it is free to participate in corporate actions.
    Are there certain corporate actions not offered by MeDirect?

    Your investment is safe kept in our nominee account which allows us to give you the lowest execution fees under our scalable business model. However, this means we have certain restrictions on the corporate action types MeDirect offers.

    Below are some corporate actions which are currently not offered:

    • Dividend reinvestments/dividend options on international markets. Where possible we will offer this option on the local Belgian, French and Dutch markets.
    • Odd lot offers, typical in the United States market, e.g. mini tenders.
    • Non official offers, or offers that are not supervised or regulated by an official entity.
    • French loyalty bonus offers.
    • Company meetings, proxy voting, and consent offers.
    • Unregulated/unprotected corporate actions offered by third parties.
    How do I provide MeDirect with my instruction?
    Send us your instruction online by logging into your account and sending us a return secure message. Instructions must be very clear and not be subject to interpretation, clearly stating the option number you are choosing.
    Why is the MeDirect deadline for corporate actions earlier than the company registrar deadline?
    The company's registrar will set a deadline for security holder responses to a corporate action and we must ensure that all the instructions of our clients reach the registrar by this deadline. Therefore our deadline will always be before the company registrar's deadline to give us time to process and forward on customer instructions.
    Can MeDirect advise me on which option I should take?
    Our investment services are on an 'execution-only' basis. This means we shall not provide personal financial advice about the suitability of an account or an investment you hold within it.
    What happens if I miss the deadline for returning my choice of option?
    If you have missed the MeDirect deadline then the default instruction option will be applied on your investment.
    Will MeDirect always have the same default election as the company registrar?
    The company's registrar will often set a default election option for security holders to be used when no reply is received. MeDirect will tend to use the same default option, however, there may be some occasions when MeDirect will set a different default option. MeDirec will always advise the default option on our corporate action notifications.
    I submitted an election for a corporate action. Why can I no longer sell my related investment?
    In certain scenarios, your investment will be blocked from market trading upon receipt of your submitted corporate action election. An example of this scenario would be a tender offer or a company repurchase offer: if you opt to sell your shares under the offer then it is necessary to block your holding from market trading.
    I have heard that a company is planning a corporate action, when will MeDirect contact me about it?
    This will vary, but generally this will not be until the company has sent out the official documentation to shareholders. We will not contact customers as a result of press releases or market speculation. We also validate and second source the corporate action before distributing the information to you.
    What should I do if I have not received information on a corporate action I was expecting to have received by now?
    If you believe you should have received correspondence from us, please send a secure online message.
    How can I find out why a company has decided to undertake a corporate action?
    Explanations can be found in the official documents issued by the company. These documents are usually located directly on the official company website, or on the stock exchange website which the company is listed on.
    How do I attend and/or vote at a company meeting?
    Your investment is safe kept in our nominee account, which allows us to give you the lowest execution fees under our scalable business model. However, this means we cannot offer the ability to submit votes or to attend company meetings.
    How do I receive new shares or rights arising from a corporate action?
    In normal circumstances, any new shares or rights resulting from a corporate action will be automatically credited to your Investment Account on the date specified in the corporate action notification. However, due to market or operational constraints, there may be a delay of 1 or 2 days.
    How is cash arising from a corporate action paid to me?
    Cash entitlements resulting from corporate actions will be paid straight to your Investment Cash Account, in the same currency of denomination of the security. Should you not have an Investment Cash Account in the currency of denomination of the security, a new Investment Cash Account in this currency will be automatically opened to allow processing of the entitlement.
    Safety
    How are my securities protected?

    Customers retain ownership of the securities that they hold in custody with MeDirect at all times. In the case of bankruptcy, they have a direct right of revocation, which means that the securities must be returned to them by the bankruptcy trustee and cannot be considered assets involved in the bankruptcy of the bank. This restitution will be made by transfer to a securities account of the customer at another institution, regardless of the value of these securities.

    Thanks to this strong guarantee, there is only limited risk that the customer would not recuperate all of their securities. In exceptional cases where the customer cannot exercise the right of revocation, the customer benefits from a protection scheme of up to € 20,000 per person. Detailed information about the financial instruments covered by the Protection Fund can be found on the website http://www.protectionfund.be. Note that the protection scheme does not cover any loss of value of the securities.

    Is it possible to change my security and contact details?
    You can change your security details (password and security word) by logging in to our secure website and clicking ‘Profile’ on the Home page. You can also request a change of address, e-mail and mobile here.
    How can I request my login data again?

    In case you forgot your password, you should click on ‘Forgotten password’ during the log-in process. Afterwards you will be asked to enter your security word and an sms code. Once you have entered these details, you will receive an email on your email address, which is registered in our system, which allows you to reinstate your password. Please note that this email is valid for a limited time only. In case you don’t possess of your security word anymore, we request you to contact us by phone.

    How can I register for online banking?
    Click here and enter your user name, your password and SMS code. This gives you access to the secure website and allows you to consult your MeDirect accounts and execute transactions.
    What does MeDirect do to guarantee the security of online banking?

    MeDirect always makes a secure connection between your computer or another device and the secure website. You can check this yourself in the URL address bar of your browser, where it says https://secure.medirect.be/banking/abaxx-. In this way you can be sure of a secure connection.

    You now have to log in with your user name and your password. The final step is an SMS code by way of verification. By using different ways of logging in, we can be sure you are the correct person to give access to the accounts. You also always need to sign transactions with the SMS code.

    We will never contact you by e-mail to send personal or login data. We always use our messaging service for this which is accessible via the secure website.

    If your secure connection is inactive for 10 minutes or more you will be logged out automatically. You can log in again by following the usual login process.

    What can I do to guarantee the security of online banking?

    First of all, notify us as soon as possible if your mobile number or e-mail address have changed.

    If you receive suspicious e-mails (phishing mails), on behalf of MeDirect, please notify us. Do not open this mail and under no circumstance provide any data or click a link. We will notify the competent authorities.

    Do not provide any personal details over the telephone either.

    We also advise you not to save your user name on a public computer and to keep your password and security word a secret. Only send us financial or personal details via secure message.

    Always keep the security of your computer up-to-date by installing the last version of your virus detection program and the last version of your used browser. If you use a wireless network, you should also install an extra security for this so that not everyone can use it.

    When you have finished your MeDirect banking business, always log out completely and close the browser window.

    How can I be sure that my investments are protected no matter what happens to MeDirect?
    All client holdings are held in segregated investment accounts with robust and reliable custodians. Such accounts are held in the name of MeDirect as nominee for its clients. As a result, no matter what happens to MeDirect, all investments will remain on these segregated accounts.
    How are my savings protected?
    All savings accounts of MeDirect Bank NV, which is a Belgian bank under Belgian law with a Belgian bank licence) are protected under the deposit guarantee scheme up to € 100,000 per person. Savings over €100,000 can possibly be converted into shares (bail-in) which are wholly or partly lost in the event of the (impending) bankruptcy of the bank. For more information, see the Deposit protection information sheet.
    Who is MeDirect?
    Is MeDirect a Belgian bank?
    MeDirect is a Belgian bank under Belgian law and a subsidiary of MeDirect Group plc, that belongs to a solid European bank group with strong financial ratios. Deposits with MeDirect are guaranteed up to 100.000,00 EUR per client by the Belgian Deposit Guarantee Scheme.
    Model Portfolios
    What is a model portfolio?
    A Model Portfolio is composed of a basket of top funds. By investing in a Model Portfolio, you spread your money over all these funds. This way you can invest efficiently and diversify your portfolio in just a single click.
    What are the criteria for the selection of funds?

    The funds for the Capitalisation and Regular Income model portfolio are selected based on their ratings in co-operation with Morningstar. Not only past performances are important, but also the analyst reports for the future. Based on 5 pillars (management team, fund house, investment process, yields and costs), the Morningstar analysts make an estimate which indicates whether or not the fund has the potential to perform better than similar funds.

    How can I invest in a model portfolio?
    You’re not yet a customer? First, become a client by clicking here. When your MeDirect Cash Account has been opened, you can click the portfolio of your choice in the ‘Model portfolios’ menu via the secure site and enter the amount you want to invest in ‘Invest in this portfolio’. All funds in this portfolio will be purchased together for you and kept in this model portfolio.
    What is the minimum amount to invest in a Model portfolio?
    You can start investing in a Model Portfolio from 2.500 EUR.
    Can I deposit a monthly amount in my Model Portfolio?
    You can invest an extra amount in your portfolio every month. The minimum amount is 100 EUR per month. The only possible frequency is once per month.
    Am I obliged to keep my Model Portfolio in its original state?
    No, you can always change your Model Portfolio later if you wish. You can sell a fund, several funds, or a part of a fund in the portfolio.
    How to buy and sell funds in your Model Portfolio ?

    First and foremost, the Model Portfolios have been designed so that you, as an investor, don’t have to invest too much time in managing the portfolio. You already have a ready-made, diversified portfolio of funds. So you do not have to look for funds yourself to compose your portfolio. Within the portfolio, each fund is also actively managed by professional fund managers.

    But if you wish, you can of course buy and sell funds within your Model Portfolio. Below the steps to buy, sell and manage the monthly contribution.

    1) How to sell a fund

    2) How to buy a fund

    3) If you have a monthly contribution (or wish to activate this in the future) and you wish that it takes into account the new portfolio composition and weightings, then you need to send us a message via your secure website. Otherwise the monthly contribution will still be based on the original portfolio.

    1. How to sell a fund ?

    Instruct your sell trade by going to the ‘Overview’ tab in the top navigation menu ‘My investments’. Click on ‘Investment details’ and select the respective portfolio from the field above the ‘Account type’. Please take note of the reference number – located in the dropdown menu – that is displayed here, you will need it for future steps in the process.

    Underneath ‘Assets’ you unfold the details (if not already done so) by clicking on the plus sign. The funds will be displayed. Click on the ‘Transact’ button next to the fund name you wish to sell.

    The fund report will be opened, scroll down till you see the ‘Buy/Sell’ button as visible on the below print screen.

    On the opened screen you click on ‘Sell’ followed by ‘Sell all’. On the right hand side you verify that the correct portfolio is selected in the ‘Settlement details’. Then you select the EUR Cash account in the second field. You are now ready to ‘Estimate’ your order and see the applicable taxes (stock exchange tax and possible capital gain tax).

    If you agree with the estimated values, you can now confirm your order by clicking on ‘Place Order’, per below print screen.

    It might take up to approximately 7 days before the sale proceeds are available on the selected Cash account. In the meantime, you can find your trade in ‘Pending Trades’. You can either wait for the sale proceeds or decide to immediately transfer the cash you wish to invest to the same Cash account by using the ‘Move money’ tab in the top navigation menu ‘My transactions’ and then continue with the below step(s).

    2. How to buy a fund ?

     When the appropriate Cash account has sufficient money*, instruct your buy trade by going to the ‘Place an order’ tab in the top navigation menu ‘My investments’. Select ‘Mutual Funds’ in the field ‘Search for’, then insert the corresponding ISIN code of the fund you wish to buy. Click on the name that is suggested by the system or on the spyglass on the right.

    The fund report will be opened, scroll down till you see the ‘Buy/Sell’ button as visible on the below print screen.

    On the opened screen you click on ‘Invest’ and enter the amount you wish to invest. On the right hand side you verify that the correct portfolio is selected in the ‘Settlement details’. Then you select the EUR Cash account in the second field (that should have the available cash amount you entered in the field ‘Amount’). You are now ready to ‘Estimate’ your order.

    If you agree with the estimated values you can now confirm you order by clicking on ‘Place Order’, per below print screen.

    It might take up to approximately 7 days before the purchased fund will be visible in the portfolio. In the meantime, you can find your trade in ‘Pending Trades’.

    3. Change monthly contribution (optional)

     If you have a monthly contribution (or wish to activate this in the future) and you wish that it takes into account the new portfolio composition and weightings, then you need to send us a message via your secure website. Otherwise the monthly contribution will still be based on the original portfolio. After logging in, you can send a secure message by clicking ‘Messages’ in the top right-hand corner. At the bottom of the page click ‘New message’ and then ‘Send message’. *To see which Cash account you need to credit, you click on the plus sign on the ‘Investment details’ page as per below print screen’.


    Can I change the amount and frequency of monthly contribution?
    You cannot change the frequency of monthly contributions, as this is automatically set to once a month. If you want to change or stop your monthly contribution, you can do this in the model portfolio via ‘Monthly contribution’. If you want to stop your monthly contributions, you can set the amount to 0. If we received your instruction to change or discontinue the monthly contribution before the 10th (for new clients) or the 14th (for existing clients) of the month, the change will be processed in the same month. If we receive your instruction to change or discontinue the monthly contribution after the aforementioned dates, the first monthly contribution will be processed in the subsequent month.
    How will the monthly contributions be executed exactly?
    Your monthly contribution will be broken down over the different funds, based on your first initial purchase of the model portfolio, i.e. based on the original composition model portfolio. If you made any changes to this model portfolio, you need to take this into account.
    What costs are there for my Model Portfolio?
    There are no additional costs for the Model Portfolios. There are no entry or exit fees. When selling a fund, you have to take into account the exit tax, or, if applicable, capital gains tax on funds that invest for more than 10% in bonds. This deduction is final, which means that you do not have to declare it on your tax form.
    Do the Model Portfolios have a specific risk profile?

    The ‘Capitalisation’ Model Portfolio has 5 different risk profiles. You can choose a risk profile from defensive to dynamic. A defensive portfolio contains mainly fixed income funds, whereas a dynamic portfolio mostly contains equity funds. Therefore, a dynamic portfolio will be more sensitive to fluctuations on stock markets. The profit expectations of a dynamic portfolio will also be higher than those of a defensive portfolio.

    The ‘Regular Income’ Model Portfolio always has a balanced risk profile.

    Can I invest in multiple Model Portfolios?
    Yes, you can invest in multiple Model Portfolios.
    Do I also get advice with the Model Portfolios?
    The model portfolio is a diversified basket of funds that you can buy with one mouse click, but you do not receive any investment advice. You decide whether you want to invest in this basket of funds. You must read all legally required documents of all the funds carefully, such as the prospectus, and the KIID That way you know what you are investing in. The model portfolios are offered based on ‘execution only’, which means MeDirect does not manage them for you. You need to follow up your investment yourself.
    How and when is the dividend payment of the Regular Income Model Portfolio?
    Whenever a dividend is paid on one of the fund included in your Model Portfolio, the dividend will be paid to the Cash Account linked to your portfolio. You can either leave it there, transfer it to other MeDirect accounts or transfer it to your linked account.
    When will the monthly contributions be executed?
    The monthly contribution will be processed on the 20th of each month or the next available business day if 20th is not a working day. This contribution will be taken from the original Cash Account, defined at the initial set-up of your Model Portfolio. In case of not sufficient balance, your contribution will not be processed.

    If your Model Portfolio was created before the 10th of the month then the first monthly contribution shall be processed in the same month, if your Model Portfolio was created on or after the 10th of the month, then your first monthly contribution shall be scheduled for the next month.
    Can I add an additional amount to my Model Portfolio?
    You can add an additional amount according to the current weightings of the funds at that moment. You can add this amount yourself on the secure website. You choose the Model Portfolio via 'My investment overview' and the button 'Add additional amount'. The minimum amount is 2.500 EUR.
    How are these transactions carried out for my Model Portfolio?
    If you would like to withdraw or add an additional amount, this amount will be composed according to the current weightings of the funds in the Model Portfolio at that moment. The percentage distribution per fund is rounded down, without decimals. For example, 9,63% will become 9%. The remaining amount will then be added to the largest fund in the Model Portfolio, in order to always make up a total of 100%. When you have confirmed the order, it is sent for processing. You must take into account that funds do not always have the same processing time. For every order, you will receive a confirmation of execution via the mailbox of the secured website. The requested amount will be available on the cash account that is linked to the Model Portfolio.
    Can I sell my Model Portfolio in one go?
    Instead of selling each fund separately, you can sell all funds in the Model Portfolio via the button 'Sell all'. Please note: MeDirect does not charge any transaction costs. However, when selling capitalisation funds, you must pay the stock exchange tax and possibly also capital gains tax.
    Can I withdraw an amount from my Model Portfolio?
    You can withdraw an amount from the model portfolio. This amount will be composed based on the current weightings of the funds in the model portfolio at that moment. You can withdraw this amount yourself via the secure website. You choose the model portfolio via 'My investments' and the 'Withdraw amount' button. The minimum amount is €2.500. You must also ensure that a minimum of EUR 2.500 in investments remains in your model portfolio. You can also choose to sell all funds in the model portfolio via the 'Sell all' button. Please note: MeDirect does not charge any transaction costs. However, when selling capitalisation funds, you must pay the stock exchange tax and possibly also the capital gains tax.
    Wealth management
    How much do you charge for providing wealth management services?
    The simulation tool to determine your investor's profile on our website is free of charge. MeDirect suggests a wealth management portfolio, in keeping with your personal investor's profile. If you decide to follow our recommended portfolio and to invest in the discretionary managed portfolio, an amount is charged based on the total value of the managed assets at the end of every quarter. Click here to view all applicable tariffs and charges.
    If I use the wealth management tool to get my recommended portfolio, am I obliged to purchase it?
    Absolutely not. We will offer recommendations that are designed to help you meet your financial needs and objectives, but you are under no obligation to invest in accordance with our recommendations.. Before you make a decision to let us manage your portfolio, you can save your virtual portfolio and track it before making an informed judgement.
    How are these transactions executed for my Wealth Management Portfolio?
    If you would like to add an additional amount, this amount will be composed in accordance with your pre-established investor profile, and not according to the current composition of your Wealth Management Portfolio. Because of the market conditions, it is possible that the funds in your portfolio have, meanwhile, a different weighting. The big advantage is that less operations are needed during the rebalancing every quarter. This way, you pay less tax when you sell.

    If you would like to withdraw or add an additional amount, this amount will be composed according to the current weightings of the funds in the Wealth Management Portfolio at that moment. The percentage distribution per fund is rounded down, without decimals. For example, 9,63% will become 9%. The remaining amount will then be added to the largest fund in the Wealth Management Portfolio in order to always make up a total of 100%. When you have confirmed the order, it is sent for processing. You must take into account that funds do not always have the same processing time. When all orders have been processed, you will receive a confirmation of execution via the mailbox of the secured website. The amount will be paid into your cash account.
    How can I put my financial plan into action?
    After opening an account with MeDirect, you can invest in the portfolio we proposed after you entered all the information. You have to make sure the balance on your MeDirect Cash Account is sufficient. You can then track the performance of your recommended portfolio via the secure site.
    Does MeDirect offer investment advice?

    No, MeDirect does not offer individual investment advice regarding specific securities. MeDirect does manage your Wealth Management Portfolio as a whole.

    Our tool uses sophisticated profiling systems to provide you with financial advice tailored to your personal situation, preferences and financial objectives. The methodology underlying our wealth management tools was developed by financial planning agency Stremersch Van Broekhoven & Partners. This agency has offered financial advice since 1990 in terms of financial planning and is an expert in performing wealth analyses. Morningstar, market leader in providing key investment information, creates the portfolio recommendation They are also reviewed by the MeDirect Investment Committee, whose members have a wide range of experience in the investment banking and investment management sector.

    Can I withdraw an amount from my Wealth Management Portfolio?
    You can withdraw an amount from the Wealth Management Portfolio. You can withdraw this amount yourself via the secure website. Select the Wealth Management Portfolio via 'My investments' and click the 'Withdraw amount' button at the top of your Wealth Management Portfolio overview. The minimum amount is € 5.000. You must also ensure that a minimum of EUR 5.000 in investments remains in your portfolio. You can also choose to sell your entire Wealth Management Portfolio via the 'Sell all' button. Please note: MeDirect does not charge any transaction costs. However, when selling capitalisation funds, you must pay the stock exchange tax and possibly also capital gains tax.
    Why do I have to answer certain questions in order to get a financial plan?
    The purpose of our wealth management tools is to help you define your financial objectives and find the optimal way of achieving them, given the information you provide in relation to your income, savings, attitude toward risk and so on. The more we know about you, the better we can assess whether certain investments are suitable to you and increase the likelihood of achieving your financial goals. As you progress through the planner and move from generic to customised investment advice, we will need to ask you additional questions in order to be sure that our advice is tailored to your specific circumstances.
    Can I sell my Wealth Management Portfolio in one go?
    You can sell the entire Wealth Management Portfolio via the button 'Sell all'. Please note: MeDirect does not charge any transaction costs. However, when selling capitalisation funds, you must pay the stock exchange tax and possibly also capital gains tax. MeDirect will also calculate the proportional outstanding Wealth Management fees still to be paid.
    Do I need specialist knowledge in order to use MeDirect wealth management tools?
    Absolutely not. Our planners are user friendly, step by step tools that will help you understand your financial situation and better define your financial goals. Clear guidance and useful help text will be available during your journey to ensure that you enter and select the correct information. You can always contact us via phone on 02 518 0000 or via email at  info@medirect.be.
    How can I benefit from wealth management?
    Through financial planning, you can increase the likelihood of achieving your financial goals within your preferred time horizon. In order to make the best use of our wealth management tools, you will need to be realistic about your goals and resources and to update your plan on a regular basis to ensure that it takes into account changes to your personal or financial circumstances and to your risk preferences. In today's turbulent economic environment, financial planning makes even more sense as it allows you to create a long term plan to face future events in a more predictable way.
    What is a risk profile?
    An investment plan is the starting point for the management of your wealth. It is therefore important that you invest your capital in a way that suits your personal and financial situation. By setting out your risk profile, you exercise control on how much risk you are willing and/or able to take and avoid investments that are not suitable or appropriate for you.
    My portfolio has fallen in value; why don’t you take any action?
    The portfolios are designed as long-term investments and we will only react to short-term drawdowns in exceptional circumstances. At MeDirect, we believe that the best way to protect against future volatility and capital losses is to diversify, or spread the risk of the portfolio, across multiple types of investments.

    As market conditions change, so does the performance of this diverse range of asset classes, and this can help protect investments.

    We also believe in keeping turnover low and investing for long-term. Short-term trading involves market timing which is extremely difficult to do. Market timing requires two decisions, when to sell and more importantly, when to get back in. Very few investors, if any, have been able to consistently deliver a successful market timing strategy. When markets turn, they turn quickly, and a recent study by Fidelity Worldwide Investment shows the dangers of missing out on market bounces.

    An investor in global equities (MSCI World) would have generated a return of 68.95% between 31 December 2002 and 31 December 2012. Missing the market’s best 10 days over this ten-year period would have led to a return of -4.64%, while missing the best 20 days would have led to a loss of 32.19%.

    Our portfolios are built around the principle of ‘buy & hold’ as we look to maximise an investor’s time in the market, rather than try to time the market.
    My portfolio is not performing very well while I have a portfolio at another bank which has been performing a lot better over exact same period. Why is that?
    It is often too simplistic to compare the returns of two portfolios without undertaking an analysis on their risk profiles and investment universe.

    At the very least, an investor should look at the equity weight of the two solutions, however other factors such as currency, credit rating, stock concentration, volatility and usage of derivatives should also be considered when comparing the performance of two portfolios.

    The MeDirect portfolios are designed to offer the optimal investment profile for a given level of risk and as such should be measured against their custom benchmarks and Morningstar peer group averages.
    What is the minimum amount I have to invest in my portfolio?
    You can start from €5.000.
    Can I change the amount of the monthly contribution?
    Yes, you can change your monthly contribution amount via the secure website. The frequency of the amount cannot be changed.
    Can I add an additional amount to my Wealth Management Portfolio?
    You can add an additional amount to the Wealth Management Portfolio. You can transfer this amount yourself via the secure website. Select the Wealth Management Portfolio via 'My investments' and click the 'Add additional amount' button at the top of your Wealth Management Portfolio overview. The minimum amount is € 5.000.
    Trading platform
    Can I request to add an equity or a tracker to the universe of tradable securities of MeDirect?

    Yes, it is.

    MeDirect has a navigator available on our website for each type of securities. If the equity or ETF (tracker) is not available in the list of results, you can ask us to add it to our current universe.

    How? By sending us a secure message from your personal dashboard which includes the following information:

    • ISIN code
    • The stock exchange it is trading on
    • Currency

       

      Your request will be forwarded to our investment department, which will carry out a check to determine whether it would be possible to add it to our existing securities. This operation may take up to 3 working days after acknowledgement of receipt of your secure message. 

    Are the prices quoted real time?
    The prices quoted on MeDirect online trading platform are normally delayed by 15 minutes, with the exception of bonds and mutual funds for which previous day closing prices are provided. These price quotes serve only as an indication of the real-time market price.
    How can I track the performance of the securities in my portfolio?
    The securities in your portfolio can be viewed in one place by logging in to our secure website via your investment accounts on your Home page. By clicking the ’My Investments’ tab, you will find information about the value of your investments, the book cost and an estimate of the unrealised gains or losses related to each security in your portfolio. This information is updated every day.
    Can I trade or transfer securities that are not currently offered on MeDirect trading platform?
    If you wish to trade or transfer a security or fund that is not currently available on our platform, please contact us on 02 518 0000 or email us at  info@medirect.be and we will determine whether it is possible to arrange for the requested security or fund to be made available on our trading platform.
    Which ETFs can be traded on MeDirect trading platform?
    You can trade over 225 trackers that are listed on all major European markets, covering a wide range of investment strategies, market indices, and asset classes.
    Which bonds can be traded on the MeDirect trading platform?

    You can trade over 500 bonds on the MeDirect platform. These have been selected to provide you with a wide variety and choice and cover the following areas:

    • Issuers: governments, corporate issuers, financial institutions, super-national bodies
    • Domicile: Belgium, US, Germany, UK, France and many more
    • Maturity: short term (less than two years), medium term (two to five years), long term (over five years)
    • Only simple bonds come into consideration which pay the agreed coupon annually as well as the capital on the maturity date, i.e. without special terms and conditions, (plain vanilla bonds)
    • Currencies: EUR, USD, GBP and possibly others
    Which stock markets can I invest on using the MeDirect trading platform?

    You can invest on the most important stock markets across the world, including, amongst others:

    • Euronext Brussels
    • Euronext Amsterdam
    • Euronext Paris
    • Xetra Frankfurt
    • Borsa Italiana
    • Nasdaq
    • New York Stock Exchange (NYSE)
    • London Stock Exchange (LSE)
    • SIX Swiss Exchange
    How do I place an order?

    After you logged in on the secure MeDirect website, you can place an order in different ways:

    • If you don't have an Investment account yet, you first have to open one by clicking ‘Open an account.’
    • You can buy or sell the securities already on your MeDirect Investment account by clicking the ‘Investments’ tab and then ‘investment account’ via the secure website. You can then buy or sell the security. If you know the name, ticker or ISIN of the security, click 'My investments' in the main menu and then click 'Place an order'.

      You can also use the Fund navigator, Tracker navigator, equity or bond navigator to find the security that meets your criteria. After the product detail page, you then make a purchase.
    • You order can only be executed if the balance on your account is sufficient.

    When a share has an exceptional price rise or price drop of more than 50% in relation to the closing price of the last business day, you cannot trade online via the secure website. You need to call us for this at 02 518 0000 Mon-Fri 9.00 AM to 8.00 PM Sat. 9.00 AM to 2.00 PM

    What order types are available?
    You can purchase or sell securities on the MeDirect trading platform by placing market orders or limit orders.

    Market Orders: If you place a market order, your order will be executed at the best available market price, and this according to MeDirect's Best Execution which is included as Appendix 4 of MeDirect ’s General terms and conditions.

    Limit Orders: Limit orders are available only for shares and trackers (ETFs). When submitting a limit order, you will have to provide a limit price. Buy orders will only be executed at a price equal or lower than the limit price, while sell orders will be executed at a market price equal or higher than the limit price. You can choose between three different types of limit orders:
    • Fill or Kill: your order will be executed immediately in its entirety or cancelled
    • Immediate or Cancel: your order will be executed immediately in whole or in part, otherwise the order (or any unfilled parts of it) will be cancelled. Partial fills are accepted with this type of order, unlike a Fill or Kill order, which must be filled immediately in its entirety or cancelled.
    • Good for the Day: your order will automatically expire if not executed at the end of the day when the order was placed. A “Good for Day” order is an order that is good for that day only, during which time partial fills can take place. If it is not filled, the order (or any unfilled parts of the order) will be cancelled. If you wish, you can re-input the order on the next working day.
    All limit orders expire at the end of the trading day. If you want the order to run longer, you need to enter it again.
    Can I cancel an order that I have submitted?
    Orders for mutual funds cannot be cancelled. Orders for equity and ETFs can be cancelled on our investment platform if they are still pending. Instructions to cancel a bond order can be sent by secure message. MeDirect will use reasonable efforts to cancel the order if it has not yet been executed.
    Can I settle a trade with a different currency than the currency of denomination of the security?
    When placing an order, you can choose any of your Cash Accounts to settle your trade, even if the Cash Account is in a different currency than the security you are trading. In such cases MeDirect applies an indicative exchange rate. The effectively used exchange rate and amount of the order are confirmed after the execution. Of course, you can also settle a trade in a foreign currency through your corresponding currency account. For the calculation of the exchange rate, MeDirect uses a 0,5% exchange rate margin. Compared to most other banks MeDirect applies a low exchange rate fee and in addition is transparent because there are no other hidden costs.
    How do I place a limit order, by taking the tick size in consideration?

    As from the 3rd of January 2018, in line with the provisions of the second Markets in Financial Instruments Directive (MiFID II), prices on equities (shares) and exchange-traded funds for limit orders are to be entered in accordance with the applicable decimal price increments (tick size) for the respective financial instrument.

    A tick size is the minimum upward or downward price movement of a security, and is determined by the stock exchange where the security is traded. For example, if the tick price of a security is EUR 0.01, when submitting a limit order on that security, the limit price that you enter must be a multiple of EUR 0.01 as the price of the security can only vary by EUR 0.01. Otherwise your order cannot be executed.

    You can check the tick sizes of most frequently traded stocks on Euronext by clicking on this link.

    Complaints
    Who shall I contact if I have a complaint?

     

    What you have to say is important to us. If you have a complaint please email us at info@medirect.be, call us at 02 518 0000 or send a letter to the following address:

    MeDirect - Compliance Officer
    Keizerinlaan 66, Boulevard de l'Impératrice
    1000 Brussels
    Belgium

    If you are not satisfied by the way your complaint was handled, please contact the MeDirect Compliance Department by email at complaints@medirect.be. You may further address your complaint to the Ombudsman by email at Ombudsman@Ombudsfin.be or otherwise as described in our General Terms and Conditions.