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Frequently Asked Questions

Who can open an IZOLA BANK PRO ACCOUNT?

Only small and medium sized enterprises and sole traders can open PRO Bank Accounts with Izola Bank. You also need to be based in Belgium, France or Malta.

What is the BIC and IBAN and why do I need to use them in relation to PAYMENT TRANSFERS?

 As Izola Bank is a non-Belgian bank we have to perform certain tasks in a different way. This does not mean, however, that dealing with Izola Bank will be difficult or complicated! We are committed to helping you in every way and to ensure our services are easy to use.

Transfers to / from Izola Bank to / from Belgian banks are considered cross-border transfers. There are EU rules concerning such transfers and if the customer abides by these rules then such transfers are to be treated as domestic transfers and priced accordingly. In Belgium these transfers will be free of charge. The rules basically state that the payment instruction should include a valid BIC ( bank identification number) and IBAN (international bank account number). Charges relating to the transfer must also be classified as 'SHARED' (SHA).

Izola Bank will provide you with every assistance in ensuring that your payments in favour of a Belgian counterparty contain a valid BIC and IBAN number. Simply enter the Belgian bank account number (BBAN) on the relevant screen and Izola Bank will convert this into a valid BIC and IBAN.

(Though we shall make every effort to ensure that this conversion is a valid one, you always remain responsible for the correctness of the BIC and IBAN)

For transfers to your account held with IZOLA BANK, we will supply you with the BIC and IBAN that you must provide to your Belgian bank in order that the transfer will be affected without cost (if all the above conditions are fulfilled).

How can I open an IZOLA BANK PRO ACCOUNT?

To get started, you will need to complete an application form. Once approved, you will receive details of your account in the post. To complete the process, you will then need to move funds from your existing bank account into your IZOLA BANK PRO ACCOUNT using the IBAN and SWIFT BIC codes quoted in our confirmation letter.

When making the transfer we recommend selecting ‘SHARED’ (SHA) to ensure you get the quickest and most cost effective service possible. Selecting this option will share bank charges between both accounts and will speed up the transfer process.

If you need any help arranging a transfer please contact izolapro@izolabank.com

What is Izola Pass?

Izola Pass is our mobile token app, which you must download onto your smartphone or tablet from the Apple or Google stores.  Izola Pass is used to generate the security number or numbers which in effect is a one-time password (OTP) to allow you to login or sign transactions on Izola’s internet banking.

What is my Transaction Daily Limit and how can I change it?

When using  Izola’s internet banking the standard daily limit for transfers out of your account is €125,000.00.  This means that on a daily basis you can effect transfers up to this indicated amount. If you require a higher daily limit, you can send a request to the bank by filling out and signing a form online.  Go to "Account Maintenance Services", "Daily Transfer Limit", fill in the form, enter your electronic signature using Izola Pass and send it to us.   We will review your request and get back to you as soon as possible.

Can I pay other suppliers using my IZOLA PRO BANK ACCOUNT?

Yes, you can make payments to other suppliers or transfer the money to another bank account just like a normal current account. You can also make payments in many different currencies and to recipients anywhere in the world.

The only difference is that payments can only be made online. You also cannot withdraw cash from ATMs or send cheques.

Can I search transactions in my account?

When you first login the last 50 transactions will be displayed. You can then search transactions up to one year ago by date or amount. To assist with your accounting, you can also export your account details into CODA or CSV format.

To help look after the environment and to reduce our carbon footprint, Izola Bank doesn’t post printed copies of statements. These are available online for the previous 12 months. So we recommend printing out copies for your records on a regular basis.

IZOLA PRO BANK ACCOUNTS are covered by the Depositor Compensation Scheme

Go to E-Banking General Terms and Conditions for more details on the operation of your accounts with Izola Bank.

How can I apply for an IZOLA PRO Credit Card?

As with all credit cards, we will need to conduct a few checks before cards can be approved. You will also need to complete a direct debit form so that the minimum amount (15% or €50) can be debited each month. Setting up a direct debit saves you the hassle of having to keep checking your account to make payments. You also avoid incurring charges from overdue payments because the minimum will be paid automatically.

When are my Credit Card payments debited?

There is no interest free period with IZOLA BANK PRO CREDIT CARDS. Payments will start to be debited the month following your first purchase. The minimum amount will be debited on the 10th of the following month.

Are there charges for late payment on my Credit Card?

If a direct debit fails then we’ll first get in touch to resolve it. Please note that a default admin charge will need to be raised along with interest until you can clear the minimum amount. So it’s a good idea to keep an eye on the balance in your main bank account to ensure there is always enough money to clear the minimum due each month. Please look at our tariffs for more information.

How can I check my credit balance?

To minimise waste and to look after the environment, we don’t post out monthly credit card statements. You can log in to your Izola Bank internet banking application to view your balance and download statements whenever you please. 

Can I make purchases from other stores with my IZOLA BANK PRO CREDIT CARD?

No, IZOLA PRO CREDIT CARDS can only be used for Van Marcke Technics purchases, so they won’t work in any other store.

What are the minimum requirements for an IZOLA PRO CREDIT CARD?

Only company owners and directors are eligible for an IZOLA PRO CREDIT CARD. Should your staff require a card to make purchases then they will need an IZOLA PRO BANK CARD.

To qualify for either credit card you will need to have been trading with Van Marcke for the last 12 months. You will also need to have placed the following minimum order values during this period:

  • Silver card:  A minimum annual volume of EUR 20,000 (excluding VAT)
  • Gold card: A minimum annual volume of EUR 80,000 (excluding VAT)

*There is a one-time charge of €5 for either card. The minimal account maintenance fees (Silver: €25 / Gold:€50) are paid on the first anniversary of your card being issued and then every year thereafter.

IZOLA PRO CREDIT CARDS are currently only available in Belgium.

Do I have to report my Izola Bank account to the Belgian authorities because it is a non-Belgian account?

 From January 2006 onwards Belgian companies no longer have to report on a regular basis to the Belgian National Bank on accounts they maintain abroad for statistical purposes.

Belgian individual persons, including sole traders, should at the bottom of each annual income tax return indicate whether they have had at any moment in time during the relevant tax period an account with a foreign bank, exchange, credit or savings institution. If yes, then they should provide the name of the account holder as well as the country where the account is opened.

Not disclosing any existing foreign account could have serious tax consequences for the sole trader i.e. the tax return could potentially be held to be incomplete and irregular, triggering a longer assessment period and a reversal of the burden of proof concerning the exact taxable income. In addition, sanctions could be imposed, such as fines and tax increases.

Will Izola Bank deduct withholding tax on interest income similar to the Belgian banks?

As Izola Bank is a non-Belgian bank, without any establishment in Belgium, it is not possible to deduct Belgian withholding tax on interest income for Belgian customers. Therefore Izola Bank shall pay all credit interest gross (i.e. without deducting Belgian withholding tax) to the customer. There is also no Maltese withholding tax applicable on interest income earned by Belgian customers. If no other Belgian financial intermediary deducts the Belgian withholding tax, it is the customers' own responsibility to declare this income in their annual tax return to the Belgian authorities. However Izola Bank customers can view and print out a Quarterly Position Report which shall include all credit interest earned and any debit interest incurred in order that the figure to be included in the tax return will already be calculated.

Corporate customers with a financial year different from the calendar year may request such a statement from Izola Bank as and when needed, subject to prior notice of at least one calendar month.

By virtue of the EU Savings Directive, Izola Bank will report on an annual basis the details of the customer and the amount of interest earned on Belgian sole trader (not corporate) deposits to the Maltese tax authorities, who in turn will report this data to the Belgian tax authorities.

Please note that this section on the EU Savings Directive only applies to sole trader accounts. There is no reporting to the Belgian tax authorities on credit interest earned on corporate deposits under the EU Savings Directive. There is no difference in treatment of credit interest between Izola Bank and Belgian banks for corporate deposits.

It should also be pointed out that for sole traders and companies any withholding tax levied in Belgium on interest earned in Belgium is only an advance payment and not a final tax ( which is the case for private individuals) and so the full professional income will have to be declared anyway on the tax return and be subject to tax accordingly, and any withholding tax can normally be credited against the final tax due, while any excess is refundable.

What are the minimum system requirements to access the Izola Bank site?

To be able to access the Izola Bank website all you need is a computer connected to the Internet and a web browser. The internet banking application requires a browser that supports 128-bit encryption. Recommended browsers are Microsoft Internet Explorer (download here) or Mozilla Firefox (download here) or Google Chrome (download here), all of which support 128-bit encryption by default.

Do I need to enable Javascript to use the Izola Bank website?

Yes, JavaScript is required to use the Izola Bank website correctly.

Do I need to enable cookies to use the Izola Bank web site?

Cookies are used in the internet banking section of the Izola Bank website and should therefore be enabled.

What do I do if I keep getting pop up messages concerning secure/non secure items when accessing the Izola Bank site?

Please check the following:

Go to "My Computer" Go to "Control Panel" Click on "Internet Options" Click on "Advanced" section on top right of screen Scroll down to HTTP1.1 settings, and check the following: Use HTTP 1.1 should be ticked Use HTTP 1.1 through proxy connections should be unticked.

Discounts on payments with Credit Notes

If there is a dispute on an Invoice (for example delivery of wrong or faulty items), Van Marcke can decide to issue a Credit Note. This Credit Note will be linked to the disputed Invoice.
A discount will be calculated on the Invoice pro rata and according to the date the invoice is paid. The same discount will also be applied to the linked Credit Note if either:

a) The Invoice and linked Credit Note are selected during the same payment transaction.

b) The Invoice was paid before the linked Credit Note is used.

Please note that whenever a Credit Note is used before the linked Invoice is paid, the system will apply the maximum discount of 3% by default.

 

 

 

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