Banking in Luxembourg

Information on opening a bank account in Luxembourg - what documents to provide - the credit and debit cards, payment methods, cheques and more...

With over 150 banks, Luxembourg is a well-known major financial centre. Only a small proportion of these banks provide retail banking services for individuals. Luxembourg has a significant number of bank branches per head and electronic banking is widespread.

Most banks operate their own network of ATM/cash dispensers. The Luxembourg debit card system allows card holders to make cash withdrawals. Payments in stores are usually made in cash, or by debit or credit card. Major credit cards are usually accepted. Cheques are not used in Luxembourg, except for certain types of transactions.

The majority of banking transactions can be carried out at an ATM machine or through Internet banking. Some banks operate exclusively online, and it is possible to do everything from opening an account to using the bank's investment services. Some banks provide a telephone or fax banking service.

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 UK or USA, as banks charge separately for each service offered (such as debit and credit cards and Internet banking facilities), in addition to each transaction. Most banks offer a variety of packages for an annual fee, which include the fees for bank cards, Internet banking access, some transactions at ATMs and generally some form of account insurance.