Banking is a major industry in Luxembourg, and there’s no shortage of banks to choose from. Luxembourg is home to over 220 different banks employing 10 per cent of the population!
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. Most larger banks have websites containing information about the services they offer, including online banking, and in some cases application forms.
Despite the spread of electronic banking, it’s still necessary to have at least a current account ( compte à vue) in your country of residence, as cross-border bank transactions can be expensive and complicated, even when everything is denominated in euros. Online banking, using bank-supplied software or via the Internet, is gaining in popularity.
Personal accounts are generally more expensive in Luxembourg than in the UK or USA. You should expect to pay between €50 and €100 per year for a standard current account that includes debit and credit cards, plus ATMs and Internet banking facilities. Banks usually charge for every service separately, as well as for each transaction, although they may offset charges by paying a (very small) rate of interest on your average account balance each month (provided you remain in credit). Most banks offer a variety of ‘package programmes’ which include the fees for the various bank cards, online banking access, a number of transactions at bank machines 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 plus postage) or simply print them at a bank machine or 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.
Wandering through central Luxembourg City, you’d be forgiven for thinking that every bank in the world has a Luxembourg branch – in fact you’d probably be right! 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 Lëtzebuergesch, the Banque du Luxembourg and the Banque Générale du Luxembourg.
The Luxembourg banking industry maintains an informative website (www.bank.lu ) where you can find information about all the banks in the Duchy, including the services they offer to individuals and corporations. The site has a search engine that you can use to draw up lists of banks offering particular services.
Most banks are open Mondays to Fridays from as early as 8.15am to around 5pm. Most branches close for lunch from 11.45am to 2pm. A few banks in and around major shopping centres stay open through lunchtime and some are open on Saturdays.
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