- BIC: EWUBLUL2
Who is behind East West Direkt?
East West Direkt is a brand belonging to the Luxembourg-based East-West United Bank S.A. When you open an account with East West Direkt, your account will be managed by East-West United Bank S.A. in Luxembourg. Your contractual partner is
East-West United Bank S.A.
10 Boulevard Joseph II
1840 Luxembourg>
As East-West United Bank S.A. is a Luxembourg bank, your balance is protected by Luxembourg’s deposit guarantee system, which guarantees 100,000 euro per person and bank. It goes without saying that this applies to German investors too. If you open a joint account, 100,000 euro is protected per person.
Since it was founded in 1974, East-West United Bank has been providing financial services to both companies and private persons. In 2016, East West Direkt was launched, offering a select range of savings products in Luxembourg and Germany.
East-West United Bank is part of Sistema JSFC, which is one of the largest listed investment companies in Russia. The Group invests in a wide array of industries, and its companies have more than 100,000 employees in Russia. Sistema is listed on the London Stock Exchange (under the symbol ‘SSA’) and on the Moscow Stock Exchange (as ‘AFKS’).
For more information, go to:
www.ewub.lu
www.sistema.com
What is the deposit guarantee system?
Who can open an East West Direkt account?
The East West Direkt instant-access savings account is for private persons only. You may open an instant-access savings account if you meet the following requirements:
- You are at least 18 years old.
- You act for your own account only.
- You have your permanent and fiscal residence in Germany or Luxembourg.
- You have an account with a bank in Germany or Luxembourg.
- You have a valid email address.
- You own a mobile phone with a German or Luxembourg phone number.
- You do not have US citizenship (including dual citizenship), are not a holder of a green card and are not subject to US taxation laws.
- You are not subject to the Foreign Account Tax Compliance Act (FATCA).
It is also possible to open a joint account.
What products does East West Direkt offer?
East West Direkt is an online-only bank and focuses on offering attractive instant-access savings accounts and fixed-term deposit accounts.
What do I need to be aware of when I deposit my money in Luxembourg?
If you place your money with East West Direkt but are not domiciled in Luxembourg, you must bear in mind that your interest income will not be taxed directly and taxes will therefore not be deducted automatically. Luxembourg has different taxation laws to those that apply in Germany. You are therefore required to have your interest income taxed when you submit your tax return. In the case of customers who are domiciled in Luxembourg, interest income is paid to their account on a monthly basis less 20% tax. You will find more information on taxes in the taxes section.
East West Direkt is subject to the Luxembourg’s deposit guarantee provisions – also in Germany. Luxembourg’s deposit guarantee scheme guarantees a sum of 100,000 euro per individual saver and per bank. It goes without saying that this applies to German savers too. If you open a joint account, 100,000 euro is protected per person.
Who should I contact if I have a question or wish to report a problem?
Do you have any questions? If so, we recommend you take a look at our list of frequently asked questions. This contains all the important information about East West Direkt.
If you still have questions that remain unanswered, please do not hesitate to contact us.
Who should I contact if I wish to report a complaint?
At East West Direkt, we give priority to high-quality services and, as such, we grant high importance to the feedback received in this respect. In the event that you need to address any complaint about East West Direkt, you can follow the procedure described here below:
You can lodge a complaint in writing by mail or email to our
Chief Compliance Officer
East-West United Bank
Compliance Department
10 Boulevard Joseph II L-1840 Luxembourg
E-mail : compliance@ewub.lu
Complaints must clearly indicate the customer’s contact details and include a brief description of the reason for the complaint. Our Compliance Department will acknowledge reception of the complaint within 10 business day and will respond to your concerns in the shortest possible timeframe. Upon demand, our policy on complaints handling may be obtained free of charge.
If you have not received any response or are not satisfied with the response given by East West Direkt within 30 days, you can file a request for an out-of-court complaint settlement, in accordance with the provisions of regulation no. 16-07 issued by the Luxembourg financial regulator (CSSF).
Commission de Surveillance du Secteur Financier
Département juridique II L-1150 Luxembourg
Fax : (+352) 26 25 1 - 601
E-mail: reclamation@cssf.lu
More details on the site of the CSSF:
www.cssf.lu/consommateur/reclamations
How do I open an account?
You live in Germany:
Setting up your instant-access savings account is quick and easy and is processed entirely online: on the webpage, click the button ‘Open account’ and enter your details.
The subsequent steps to complete the account opening process are as follows:
- Within a matter of minutes, we will send you a confirmation email containing your login details and the IBAN number of your new instant-access savings account.
- Customers in Germany will need to identify themselves to East West Direkt by means of Deutsche Post’s Postident identification process. To do so, please log in to your personal customer area using your login details (https://www.eastwestdirekt.lu/thclu/policyenforcer/pages/loginB2C.jsf). Please click on the Postident link – this will take you to the Deutsche Post website to undergo the identification process. Please follow the instructions you are given. You will also find details there how you can complete the identification process using a webcam.
- You make a first money transfer from your stipulated reference account (e.g. your current account with your principal bank) to your instant-access savings account with East West Direkt.
You live in Luxembourg:
Setting up your instant-access savings account is quick and easy and is processed entirely online: on the webpage, click the button ‘Open account’ and enter your details.
The subsequent steps to complete the account opening process are as follows:
- Within a matter of minutes, we will send you an order confirmation email containing your login details and the IBAN number of your new instant-access savings account.
- You send a copy of your passport or of both sides of your ID card to us by email.
- You make a first money transfer from your stipulated reference account (e.g. your current account with your principal bank) to your instant-access savings account with East West Direkt.
How does the identification process work?
You live in Germany:
Customers in Germany will need to identify themselves to East West Direkt by means of Deutsche Post’s Postident identification process. To do so, please log in to your personal customer area using your login details (https://www.eastwestdirekt.lu/thclu/policyenforcer/pages/loginB2C.jsf). Please click on the Postident link – this will take you to the Deutsche Post website to undergo the identification process. Please follow the instructions you are given. You will also find details there how you can complete the identification process using a webcam.
You live in Luxembourg:
Customers in Luxembourg will need to identify themselves to East West Direkt with a copy of their passport or ID card. Simply send a copy of your passport or ID card (both sides) to us by email.
Do we need a joint reference account in order to open a joint account?
Yes, it is essential that you have a joint reference account held in both of the account holders’ names if you wish to open a joint account with East West Direkt.
Can I also open an account for a minor?
At present, it is unfortunately not possible to set up instant-access savings accounts or fixed-term deposit accounts for minors. The services of East West Direkt are currently for natural persons of legal age only.
Why is my mobile phone number needed?
For security reasons, East West Direkt uses the mobile TAN method for money transfers and other sensitive processes. A six-digit code known as an mTAN is sent to you by text message, which you then use to confirm your transaction.
What is East West Direkt’s BIC?
East West Direkt’s BIC is EWUBLUL2.
I have not received a confirmation email. What should I do?
I have not received a confirmation email despite having correctly filled in and submitted the online account opening application form. What should I do?
Please check your email program’s spam folder as East West Direkt emails may, in isolated cases, be redirected to a spam folder.
If you do not find your confirmation email in your spam folder, you may have inadvertently provided us with an incorrect email address. In this case, please contact our service centre.
What are the technical specifications?
Your PC, tablet or smartphone must have a reliable Internet connection and an up-to-date Internet browser. We recommend you use the latest versions of the following browsers:
- Internet Explorer (version 9 or higher)
- Mozilla Firefox (version 32 or higher)
- Google Chrome (version 37 or higher)
- Safari (version 7 for Mac OS X, version 5.1.7 for Windows 7)
JavaScript should be activated in your browser in order for all the website features to work correctly. We recommend that you accept cookies so that we can better tailor our services to your interests.
How can I change my personal details?
You can change your personal details such as your postal or email address at any time online in your protected area.
Changing my mobile phone number
a. I would like to change my current mobile phone number and still have access to my old number
If your phone number has changed, you can update this information in your personal online banking area (in the ‘Data’ section). The confirmation text message for this modification will be sent to your old phone number. Once this change has been saved, you can use the mTAN process as usual using your new number.
b. I would like to change my current mobile phone number, but I no longer have access to my old number
If your old mobile phone number has already been deactivated, please contact our service centre to let us know your new mobile phone number. We will then cancel the use of your old number for transactions.
For security reasons, your new mobile phone number will have to be confirmed. To do so, please transfer a sum (of at least 0.01 euro) from your reference account to your instant-access savings account and enter your new mobile number in the communication field. Once the payment has been received in your instant-access savings account, we will activate your new mobile phone number.
c. I have lost my phone/my phone has been stolen
If you have lost your phone or it has been stolen, please contact our service centre, so that we can cancel your phone number for use in the mTAN process. If you then find your phone or buy a new phone and keep your old number, please contact us so that we can reactivate your mobile phone number for use in the mTAN process.
Changing my reference account
You can change your reference account at any time in your personal online banking area (in the ‘Data’ section). To conclude the change, transfer a sum of money from your new reference account to your instant-access savings account.
Please make sure that, like your old account, your new reference account is a current account held in your name at a bank in Germany or Luxembourg.
Changing my postal address
To change your postal address, log in to your online banking area and go to ‘Data’, where you can then enter your new address. The change is confirmed and saved by means of the mTAN process.
Changing my email address
To change your email address, log in to your online banking area and go to ‘Data, where you can then enter your new email address. The change is confirmed and saved by means of the mTAN process.
Changing my password
To change your password, log in to your online banking area and select ‘Password modification’. The change is confirmed and saved by means of the mTAN process.
Changing my username
For security reasons, your username cannot be changed. Please contact us if you no longer know your username.
What is a reference account?
Your reference account for your instant-access savings account is a current account held in your name at another bank; in the case of joint instant-access savings accounts, this current account must be held in both of the account holders’ names. Only current accounts may be used as a reference account.
Transfers made to your instant-access savings account may only be made from your stipulated reference account. Payments from your instant-access savings account can only be made to your reference account. Your reference account therefore offers you additional security.
You can change your reference account by logging in to your personal customer area.
Changing my reference accountYou can change your reference account at any time in your personal online banking area (in the ‘Data’ section).
To conclude the change, transfer a sum of money from your new reference account to your instant-access savings account.
Please make sure that, like your old account, your new reference account is a current account held in your name at a bank in Germany or Luxembourg.
How do I get an account statement?
At East West Direkt, account statements are provided electronically. You can then simply save your account statement on your computer or print it out.
At East West Direkt, annual statements are provided electronically. You can then simply save your annual statement on your computer or print it out. Annual statements are issued once a year starting in January.
What is an instant-access savings account?
An instant-access savings account is a simple and effective way in which to deposit sums of money flexibly and profitably. With an instant-access savings account you can access your money whenever you want. It is subject to a variable rate of interest, which may change on a daily basis. You can find the current interest rate here.
The account is provided free of charge. Interest is credited to the instant-access savings account at the end of each month. The account is held purely as a savings product and may not be used for payment transactions.
What is a fixed-term deposit account?
With a fixed-term deposit account, you deposit your money for an extended period (e.g. 1 year) on the basis of a guaranteed rate of interest. The longer the deposit period you choose, the higher the interest rate.
Please note that you cannot close your fixed-term deposit account during the fixed term. You cannot access the deposit account balance during this fixed term and the investment amount cannot be altered.
The interest rate is fixed and interest is credited to the instant-access savings account on a monthly basis. Upon the maturity date, the account balance is automatically credited to your instant-access savings account. There is no need to actively terminate the account.
You can find the current interest rates for the various fixed-term deposits here.
Like the instant-access savings account, East West Direkt’s fixed-term deposit account is free of charge.
For how long is the interest rate guaranteed?
The interest rate on your instant-access savings account is guaranteed for a period of 3 months from the moment you submitted the account opening request.
For you as a customer, this means that even if East West Direkt lowers interest rates, you will continue to receive the original interest rate on the entire balance of your instant-access savings account throughout the guaranteed period. Naturally, in case East West Direkt raises interest rates, you will benefit immediately from that moment on.
The interest rate applicable to fixed-term deposits is the rate agreed at the beginning of the term. This interest rate is then guaranteed for the duration of the entire agreed term.
What is the difference between a fixed-term deposit account and an instant-access savings account?
An instant-access savings account is a simple and effective way in which to deposit sums of money very flexibly and also profitably. In contrast to a traditional savings account or a fixed-term deposit account, with an instant-access savings account you can access your money whenever you want. It is subject to a variable rate of interest, which may change on a daily basis.
The situation is different with a fixed-term deposit account: in this case, you deposit your money on the basis of an agreed fixed rate of interest, which is then guaranteed for the duration of the agreed term. You cannot close a fixed-term deposit account during the fixed term. You cannot access the account balance during the fixed term and the investment amount cannot be changed.
Can I access my fixed-term deposits before the end of the agreed term?
You cannot close your account during the fixed term. You cannot access the account balance during this fixed term and the investment amount cannot be changed. Payments cannot be made to a fixed-term deposit account.
How do I open a fixed-term deposit account?
The primary prerequisite for opening a fixed-term deposit account is that you already have an East West Direkt instant-access savings account. Once this account has been opened and activated, you can open a fixed-term deposit account as follows:
Log in to your personal area on the East West Direkt website and click on ‘Create term deposit account’.
Enter the amount you want to invest and select a fixed term.
A transaction number (mTAN) will then be automatically sent to your mobile phone as a text message. Enter this number into the appropriate box and confirm it. The process is then concluded and your new fixed-term deposit account will appear in your overview.
What is the minimum or maximum amount of money that I can deposit?
There is no minimum amount for an East West Direkt instant-access savings account. The minimum deposit amount for a fixed-term deposit account is 1,000 euro.
Each customer can deposit up to 250,000 euro with East West Direkt (total of fixed-term deposit accounts and instant-access savings account). If you wish to deposit a larger amount with us, please get in touch with us either by email or by telephone.
How is the interest paid?
Interest is paid on your instant-access savings on the last business day of every month.
Interest on your fixed-term deposits is paid monthly as from the creation date. Interest is credited to your instant-access savings.
What are the interest rates at East West Direkt?
You can find the current interest rate here.
You can find the applicable interest rate for your accounts at any time in the online banking area.
How do I calculate my interest?
Interest is calculated according to the 30/360 interest rate method. In other words, each month comprises 30 interest days, and an interest year comprises 360 days.
Can I open multiple accounts with East West Direkt?
Only one instant-access savings account may be held with East West Direkt at any one time. You may, however, open multiple fixed-term deposit accounts with East West Direkt.
What is the difference between the nominal and the effective interest rate?
As East West Direkt pays interest on a monthly basis, the actual interest (effective interest rate) received by the customer is even higher. The compound interest effect makes itself felt here as the interest paid each month then also generates interest.
I cannot log in because I have forgotten my password. What should I do?
Please go to the East West Direkt website, click on login and, on the login page, click on ‘Forgot your password?’
Enter your username, followed by the security code shown. If you are unable to read the code, please click on the button to the right to generate a new security code. Simply repeat this process until a legible code is shown, then enter this code.
Please then answer your personal security question and we will send you a new time-limited password right away. If you copy and paste this password from the email we send, please make sure you do not copy any blank spaces with the password.
Access to my online account has been blocked. What should I do now?
For security reasons, access to your account will be automatically blocked if your password is entered incorrectly five times in a row. In this instance, please contact our service centre without delay.
What criteria does my password have to meet?
Your East West Direkt password has to meet the following criteria:
- Between 8 and 16 characters
- At least one number
Please note that your new password may not be identical to the last three passwords used and that passwords are case-sensitive.
What purpose does my personal security question serve?
If you forget your login password, your password can be reset. For security reasons, you will then be asked your personal question that only you can answer. You will then be sent a password by email, which you must change as soon as you log in.
Is online banking with East West Direkt secure?
East West Direkt sets great store by security. Your online savings are, of course, secure.
When you open your account, you will give details of a reference account held in your name with another bank. As a security measure, you can only make transfers from your East West Direkt instant-access savings account to your reference account.
In addition, access to your account is only possible via your username and password. You will confirm transactions with separate transaction numbers (mTAN) that we will send to your mobile phone for each transaction.
What can I do myself to make online banking as secure as possible?
Please observe the following points to make online banking as secure as possible:
- Regularly check the devices that you use to log in for computer viruses using an up-to-date virus scanner and a firewall. Do not open attachments or install software from unfamiliar senders or sources.
- Choose a secure password and never write it down or share it with anyone. East West Direkt employees will never ask you for your password. Make sure that no one is watching you when you log in.
- Check encryption and the website’s certificate. Log out at the end of every session. As an added security measure, the system will automatically log you out if you are inactive for more than ten minutes.
- Never open an email attachment if you are unsure of or have doubts about its contents – even if you know the sender of the email. Please note that East West Direkt will never send unsolicited emails with attachments to its customers.
- Directly after logging in, please verify that the URL starts with ‘https’. The ‘s’ in https stands for ‘secure’ and shows that you are in the secure part of the East West Direkt website.
What should I do if I suspect that someone has gained unauthorised access to my account?
Please call us immediately. An East West Direkt employee will then check your account and will block it, if necessary.
What should I do if I have lost my mobile phone or it has been stolen?
If you have lost your phone or it has been stolen, please call our service centre so that we can cancel your phone number for use in the mTAN process.
What is a mobile TAN?
For security reasons, East West Direkt uses the mobile TAN method (otherwise known as mTAN) for transfers and other sensitive processes. A six-digit code known as an mTAN is sent to you by text message, which you then use to confirm your transaction.
The mobile TAN process is an established and very advanced security process. Each mobile TAN can only be used once and becomes invalid after two minutes. A new mobile TAN is sent to your mobile phone by text message for each online transaction you effect. Unauthorised use of your account access in conjunction with your reference account is virtually impossible, as it requires not only your personal access details and your password, but also simultaneous access to your mobile phone and your reference account.
The services of East West Direkt can only be used by persons with a valid German mobile phone number (if living in Germany) or a valid Luxembourg mobile phone number (if living in Luxembourg).
I am unable to download/open a PDF document. What might the cause be?
This may have something to do with your browser version. We support the common browsers Internet Explorer, Mozilla Firefox, Safari and Google Chrome.
Please keep the Internet browser you use up to date in order to avoid issues relating to outdated browser versions. Should you have any problems with downloading an East West Direkt file, please also check your browser’s security settings. You can temporarily reduce your browser’s security settings in order to download a file if downloading is being blocked by the security settings.
Data protection
Handling your personal details carefully and securely is something that matters greatly to us. East West Direkt therefore handles all personal customer data with great diligence.
Where do I pay tax on my interest income?
You live in Germany:
If you place your money with East West Direkt and are domiciled in Germany, you must bear in mind that your interest income will not be taxed automatically because East West Direkt is based in Luxembourg. As such, you must pay tax on your interest income annually, in accordance with the legal provisions. Interest income will be paid to your account without any tax deductions. East West Direkt automatically notifies the relevant financial authorities of your interest income annually. This exchange of information does not, however, release you from disclosing your interest income yourself in your annual tax return.
You live in Luxembourg:
In the case of customers who are domiciled in Luxembourg, interest income is paid to their account less 20% tax.
Can I apply for an exemption order?
As East West Direkt is based in Luxembourg, an exemption order is not possible. Your interest income will be disclosed to the tax authority responsible for you, with no taxes being deducted from your account. This is similar to an exemption order, except that there is no cap on the amount which is exempted. If you exceed the statutory tax exemption allowance, you may hear from your tax authority.
Can I submit my non-assessment certificate?
As East West Direkt is based in Luxembourg, it is not possible to submit a non-assessment certificate. Your interest income can, however, be disclosed to the tax authority responsible for you. Nevertheless, taxes will not be deducted from the accounts of customers who do not live in Luxembourg. Only customers who are domiciled in Luxembourg are paid their interest income less 20% tax.
Will East West Direkt provide with a statement of the taxes deducted for a calendar year?
An annual overview is issued every year in January on your personal online banking area. This overview will include all the interest income received during the year and (if applicable) the amount of withheld taxes.
What do I need to take into account when I file my tax return?
Please note that tax is not automatically paid on the interest income from deposits made with East West Direkt by customers who are not domiciled in Luxembourg. As such, you must disclose your interest income in accordance with the legal provisions.
Information with regard to the automatic and mandatory exchange of information in the field of taxation.
East West Direkt is a brand belonging to the Luxembourg- based East-West United Bank S.A.
East-West United Bank S.A. complies with the reporting obligations applicable to financial institutions, including but not limited to the Common Reporting Standard (CRS) implemented within the European Union via Council Directive 2014/107/EU of 9 December 2014 (Official Journal of the European Union, 16th December 2014, no. L 359/1) and into Luxembourg law by the Luxembourg law of December 18th 2015 relating to the automatic exchange of information in tax matters.
East-West United Bank S.A., as a reporting financial institution under these reporting obligations, will transfer information (personal identification information, tax identification information, and financial information) relating to its clients that are not fiscal residents of Luxembourg to the Luxembourg tax authorities once per year. The latter will exchange this information with the competent authority or authorities of the client’s respective country or countries of tax residence that are participating jurisdictions under CRS laws.
This automatic and mandatory exchange of information does not relieve clients from independently reporting their interest income to the competent tax authorities.
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