Procedure for applying for a prepaid credit card

There are suppliers of (virtual) credit cards who do not apply a 'Know your customer procedure'. This is allowed if the electronic money institutions impose restrictions on the use of the issued credit card. For example, without identification, you can only spend or charge a limited amount per year to your credit card account. To make optimal use of a prepaid credit card, you can expand, top up or upgrade your account.

How to expand your credit card account?

to prove identity

Before a prepaid credit card can be issued, the supplier must have received the necessary information to allow him to identify you and comply with all anti-money laundering obligations.

Documentary evidence to prove your identity and address may consist of copies, scans or digital photos of your identity card or driver's license in color and recent gas, water or electricity bill. You cannot obtain a prepaid credit card without these documents.

You have created an account with one of the electronic money institutions. After you have registered you can expand your account to an extended account. With an extended account you can, for example, request a physical credit card. To obtain an extended account, your identity must be proven. As mentioned, this can be done by sending copies, scans or digital photos of identity card or driver's license in color and recent gas, water or electricity bill to the electronic money institution via the e-mail address registered with your credit card account or post.

Criteria for copy of identity card:

  • Use * .jpg, * .jpeg, * .bmp, or * .gif format
  • Make sure all four edges are clearly visible
  • Address on document must match address of your credit card account
  • Submit in color
  • Must be valid ID (must not be expired)
  • Document must be of high quality. Make sure it is legible
  • Online or electronic documents are not accepted

Example of a valid ID

Criteria for copy of proof of residence:

  • Use * .jpg, * .jpeg, * .bmp, or * .gif format
  • Make sure all four edges are clearly visible
  • Address on document must match address of your credit card account
  • Must not be older than 90 days
  • Must be correct utility account type
  • Document must be of high quality. Make sure it is legible
  • Online or electronic documents are not accepted
  • Mobile phone bills will not be acceptable

Example of valid proof of residence

Anti-Money Laundering Law

The Belgian law of January 11, 1993 , amended on January 18, 2010 , to prevent the use of the financial system for money laundering and terrorist financing requires customer identification. In the America there is the Money Laundering and Terrorist Financing Prevention Act (Wwft) . The European directive of 26 October 2005 to prevent the use of the financial system for money laundering and terrorist financing supports this. In the United States, the Know Your Customer (KYC) compliance regulation consists of section 326 of the USA PATRIOT Act .