Expat guide: Banking in Luxembourg
Here's a short introduction to our Banking section for those living in Luxembourg.
If you're an expat, you'll probably want to open a bank account abroad. The paperwork associated with expat banking can be a hassle at first, but it often eliminates the fees associated with withdrawing cash from back home.
Overseas savings accounts also give you quick access to cash and a face-to-face relationship with local financial advisers who can help you with international mortgages and other loans. Different countries have different rules on foreigners' accounts, so check out 'Banking in Luxembourg', 'Why expats choose Luxembourg to manage their investments' and 'Tax efficient savings in Luxembourg' to learn more.
Choosing a local bank
Before you open an expat bank account, make sure that you know who owns the bank, its credit worthiness and which jurisdiction it falls under. As one of our experts advises, “In light of recent turbulence in the banking sector, you need to know if your bank deposits are protected by any government scheme. Each jurisdiction has a different position on this, and offshore accounts in particular should be checked.” And, as our article 'Depositors, beware!' points out, be sure to diversify your assets.
Expatica’s banking channel keeps you up-to-date with news from the financial world. Articles cover everything from the local and worldwide economic climate to mergers and acquisitions in the banking sector to the benefits of Islamic banking.
Ask the expert
Expert articles include the most cost-effective ways of transferring money abroad and choosing a bank. You can find expert tips in articles like 'Expert tips: How to invest your money wisely' and 'Expert tips: How to get a decent return on your saving'. Make use of our Ask the Expert section to pose your questions on your specific needs as an expat. Questions answered by our experts include: “How can I open a bank account while I am in Europe?” and “What is an IBAN number and where can I get one?”
Need advice? Post your question on Expatica's free Ask the Expert service to see if we can help.
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