Just arrived in Luxembourg as an expat? One of your first steps will be the opening of a bank account to receive, particularly, your salary.
The banking system in Luxembourg consists in retail banks for your everyday needs. Private banking offers a service more oriented toward private asset management and fund management.
Retail banking for your daily needs
Bank branches are generally opened from Monday to Friday from 9:00 am to 4:30 pm. Watch out, certain agencies close between 12:00 am and 1:30 pm.
To open an account in a bank branch, present your ID card (ID card or valid passport), a proof of residence (electricity bill, contract of lease…) and according to the banks, your contract of employment. Make sure also that the chosen bank has a good network of branches and cash machines on the Grand Duchy territory. It is among others the case of retail banks.
Holding a bank account can be free or chargeable, from 2 to 10 euros per month, depending on the services chosen.
Bank cards and cash machines
Except with the machines of your own bank, retreats are charged. Some banks propose all the same formulas including a number of free withdrawals in Luxembourg and in the European Union.
With regard to cash payments, it should be noted that Luxembourg is one of the few countries un the European Union that allows cash payments, with no limit on the amount.
Cash withdrawals are mainly made with the V PAY card (European system of debit card) offered by numerous banks or possibly (but with additional costs) with your Visa card or MasterCard.
You can pay your purchases with the V PAY card (non-deferred debit) and the VISA or MasterCard credit cards (deferred debit).
Internet and mobile banking
The main banks with counters offer an access to your accounts via a banking internet service with numerous online tools (taxes and loans simulator, etc.).
Banking institutions are more and more numerous to propose a banking mobile application.
Before visiting a specific agency, do not hesitate to visit the different banks’ websites to get some information and a first impression.
Your bank is also your partner if you wish to buy a real estate property. It can indeed complete your provision by the granting of a real estate loan according to your income and your financial charges.
Assistance in case of loss or theft of your bank card – blocking your bank card
In case of loss or of theft of your American Express, V PAY, Visa or Eurocard MasterCard card, contact the Six Payment service (Cetrel) (24/7).
Phone: +352 49 10 10
Bank account for the Luxembourg non-residents
It is quite possible to open a bank account in Luxembourg, even if you are not a resident. Be careful, however, it depends on your country of residence. While this is allowed for European Union countries, other countries such as the United States impose restrictions. Find out more locally.
They can thus benefit from numerous services, including either a V Pay or a MasterCard or Visa card on condition of domiciling their income, a savings account…
It is however necessary to know that within the framework of the fiscal transparency, banks practise the systematic exchange of banking data to fight against tax evasion. Banks are therefore required to communicate to the Administration the financial information of their customers, including the administration of the country where fiscally lives the bank account holder. You will therefore have to declare your Luxembourg account to the tax authorities of your country of residence.
Everyone also has to declare all their sources of income, including the foreign ones, to their country of residence administration.