Discovering Luxembourg

Money and Banking

Banks Banks may charge for the products and services that they offer and fees vary between banks. Personal accounts may be more expensive in Luxembourg than in other countries, for example the U.K. or U.S., as banks charge separately for each service offered (such as debit and credit cards and internet banking facilities). Most banks operate their own network of ATM/cash dispensers. The Luxembourg debit card system, known as Bancomat, allows card holders to make cash withdrawals. The majority of banking transactions can be carried out at an ATM machine or through internet banking. Your Dwellworks Consultant can provide information on banks that offer special deals. Bank Accounts In Luxembourg some banks will allow customers to open an account online, but the relevant documents will need to be sent by post to the bank (please note, opening a bank account online may reduce your options and there may be limitations on corporate packages). Be sure to note a Luxembourgish bank account will be required to facilitate initial rental payments and entering into local service contracts (mobile phone, utilities, etc.). Typical required documents:  Passport  Employment contract  Certificate of residence (some exceptions may apply)  Further requirements may be needed based on your banking needs and nationality Exchange As a member of the European Union, Luxembourg uses the Euro as currency. As one of the strongest currencies in the world, it is important to consider if keeping your money in Euros or another currency is the best option. This decision should take into consideration exchange rates between currencies and market volatility. Payment Methods Credit Cards Credit cards are an option for payment in many establishments with most accepting cards issued by banks.

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Discovering Luxembourg