Discovering Luxembourg

Page 15

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.