KBC has reduced the cost for maintaining a EURO expenses account from 208,33 euros (excl. VAT) to 33,33 euros (excl. VAT). Last year, KBC unexpectedly raised this fee to 208 euros, but now they corrected it.
These costs were exceptionally high since the account was only for paying expenses (like salaries) and couldn’t handle diamond transactions, making the fee unclear.
Since the increase, AWDC has actively worked with KBC to decrease it again, sending legal letters, raising the issue politically, and flagging it to the National Bank of Belgium. AWDC is pleased that its efforts have led to this positive outcome.
Additionally, it is worth mentioning that diamond traders can still open USD accounts for diamond transactions under the Basic Banking Law, with a maximum cost of 420 euros a year. We have observed high satisfaction from traders who have used this law.
