Banking in Luxembourg
Luxembourg is a country of economic stability, a high standard of living, and a great financial reputation. Moreover, every year the number of people who want to open a bank account in the Grand-Duche is growing. Luxembourg banks are among the most reliable in the world. They have long been popular for their high level of banking services and strict banking secrecy rules. A Luxembourg bank account is an excellent tool for investment and for storing earned funds. Banks in Luxembourg offer the opening of accounts of different types, customer support in different languages of the world, internet banking, card products, private banking.
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Types of bank account
The Luxembourg banking system is very developed. The interests of the client in the bank sector are above all, therefore, the non-disclosure of bank secrets is protected at the legislative level and clients can rely on the confidentiality of information. Luxembourg is a perfect country conducting international business.
Corporate
A corporate account has a wide range of instruments, as well as a range of different types of lending. Provides trade and structured finance services for your business in Luxembourg, both for operating companies and for holding one. The corporate account offers the development of individual solutions in the field of corporate finance - the acquisition of assets, securities, and other operations.
Merchant
A merchant account is a special type of trading account. The owner can accept payment cards VISA, Master Card, and others, as well as receive money from the bank accounts of clients. Merchant is a trading account. Also, keep in mind that the money from the merchant does not go to the current account immediately, but after a while: this is done to return the money to the client as soon as possible if he made a transfer by accident.
Escrow
The escrow account is a special account for the secure settlement of payments between a buyer and a seller. The buyer deposits the money in an escrow account, and the seller can collect it when he fulfills the conditions previously prescribed in the contract. The Bank, as an independent intermediary, monitors the fulfillment of these conditions.
Requirements
The conditions for opening accounts with banks in Luxembourg are different. Banks pay 4-6.5% per annum, and the bank gives each client individual rates on deposits, the maximum rate is 10% (the rate depends on the currency in which the deposit is).
Non-residents can open a bank account online on the websites of most banks. This requires a mobile signature. Activation of an electronic signature and its binding to a personal mobile phone are free operations. The owner gets convenient access to numerous Internet services, including government ones.
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