The banks in the region have long led the world in the field of electronic banking, and there are few transactions you can’t do either from an ATM (automatic teller machine) or from your home computer. Banks offer a wide range of services, including personal and commercial banking, investment and insurance services, and personal, commercial and mortgage loans.
Not all banks in Luxembourg offer savings accounts and most are focused on investment and financial services. Both residents and non-residents can open a bank account and many banks offer online accounts that can be opened from abroad before you move into the country. Most banks now also offer online banking services free of charge.
Bank accounts
When you open an account, you will often need to make a minimum deposit (generally around €100). Generally, accounts incur a small management charge every month and transactions can cost money as well. Usage of debit and credit cards can also incur charges. Most banks offer a variety of ‘package programmes’ which include the fees for the various bank cards, online banking access, a number of transactions and often some form of account insurance, all for a single annual fee.
You can arrange to receive bank statements at regular intervals (daily, monthly, quarterly or annually), or to pick them up at your branch (in which case you avoid being charged a mailing fee), or simply print them from your home computer (and not be charged at all). Bank fees are usually deducted directly from your account either quarterly or at the end of the year.
Major banks
Wandering through central Luxembourg City, you’d be forgiven for thinking that every bank in the world has a Luxembourg branch – in fact many have. If you wish, you can deal with banks based in your home country, although their accounts, terms and services are often quite different from what you’re used to. The major indigenous banks are Banque & Caisse d’Epargne de l’Etat (BCEE), also known as Spuerkeess in Luxembourgish, the Banque du Luxembourg and the BGL BNP Paribas.
You can find information about all banks in the Duchy on this informative website which details the services they offer to individuals and corporations. You can also search for banks that offer a particular service.
Opening Hours
Most banks are open Mondays to Fridays from as early as 8.15am to around 5pm, but opening hours vary between banks. Many branches close for lunch from 12pm to 2pm. A few banks in and around major shopping centres stay open through lunchtime and some are open on Saturdays.
This article is an extract from Living and Working in Holland, Belgium & Luxembourg.