Question 1

How to apply for a bank guarantee

Accepted Answer

Prepare your ING current account number, BCE number, as well as the documents relating to the bank guarantee (specifications, rental agreement, etc.).

Select the type of bank guarantee.
Enter all the bank guarantee data.

Complete the fields that are required. This information is necessary to establish your bank guarantee.

Have you chosen a type of bank guarantee for which the bank needs additional information, such as a (rental) contract? You can attach this information to the confirmation email that you receive after each request and to which you must reply.

Enter your contact details as well as the address details to receive your original guarantee.
Check the summary of your request, then click on "Send the request". The link to a printable version of the proposed text will already be available on the screen

A few minutes later, you will receive a confirmation email.

Download the draft bank guarantee also including a special letter of credit. Browse these documents and print them out.

You can download these documents both from the confirmation screen displayed when applying for the guarantee as well as from the email received.

Sign the document adding the words "read and approved".
To finish, send the signed document, and your appendices (if necessary), by replying to the confirmation email that you receive at the end of your request.

Question 2

The main bank guarantees

Accepted Answer

Here are the most frequently requested bank guarantees and how to request them

The payment bank guarantee: provides financial security to the beneficiary if the instructing party fails to meet its payment obligations.
The performance bond: provides financial security to the beneficiary if the instructing party fails to meet its contractual obligations.
- Performance bond
- Cautionnement pour des entrepreneurs agréés (Breyne Law)
The Bid Bond: provides financial security to the beneficiary if a contractor is unable or unwilling to perform the contract after being awarded the contract in a call for tenders
- Bid Bond
The rental guarantee: gives the beneficiary financial security if the tenant does not comply with its rental obligations
- Rental guarantee at first request
- Conditional guarantee

* These types of rental bank guarantees are not offered to private individuals. In case of rental contracts for private purposes, ING offers the rental guarantee deposit.

https://www.ing.be/en/retail/daily-banking/savings-accounts/rental-guarantee-account

Guarantee for public authorities:

Question 3

Administrative fees and commission

Accepted Answer

There is a handling fee for opening and modifying a bank guarantee.
A commission is also charged at the beginning of each quarter and this for the entire duration of the bank guarantee.

Question 4

Questions about bank guarantees ?

Accepted Answer

Find here the main questions you may have about bank guarantees and their answers

Question 5

Do you need to request an agreement from the beneficiary of your guarantee ?

Accepted Answer

You need an agreement from a beneficiary in order to obtain a release, a reduction of the amount or shorten the duration of a bank guarantee. Here are the documents that you will need to send to your business partner in order to obtain his/her approval:

Question 6

Contact

Accepted Answer

Questions on how to complete this form? Would you like more information on bank guarantees? Our ING Bank Guarantees team can be reached every working day from 8 am to 18 pm by telephone at +32 2 738 81 80.

Or do not hesitate to get in touch with your ING contact person.