Basics of banking in Luxembourg

Opening a bank account in Luxembourg requires a passport, a valid identification card and proof of the applicant's current address in the country. Usually, a current bank account (compte à vue) is opened instead of a savings account. For working expatriates, an employment contract and a letter from the employer are two other basic requirements. Online bank application is also acceptable in Luxembourg, but the necessary documents should be sent through post mail.

Most of the local payments in Luxembourg are usually done with a debit card or a credit card known as Bancomat or Maestro. It will be issued when a successful bank account application in a certain bank has been made. Automatic teller machines (ATM) are also popular with the locals in Luxembourg. Some banks may charge a certain amount for the use of their ATM. Cheques are not that popular in Luxembourg and is only used in big transactions like buying real estate properties.

Foreign cheques are not acceptable in Luxembourg where the currency is the Euros. Banking hours start at 8:30 in the morning and end at 4:30 in the afternoon, Mondays through Fridays.