With its assets of more than EUR 600 billion, the Duchy of Luxembourg is Europe's second largest banking country. So if you're either planning to move your business to any of the banks of Luxembourg or already have business dealings there, it's important to familiarize yourself with the laws and regulations of banks in that country. Take the time to learn as much as you can before you open a Luxembourg bank account to prevent any problems with your business finances. Since banking laws and regulations differ from country to country, you're going to need to find reliable sources of information so that you can be completely prepared to align your business with those laws and thankfully there are many where you can find the information you require.

Be sure to find out what you as a banking customer can do if you have any complaints or need special services from Luxembourg banks. Here are some things to consider about banks in Luxembourg laws and regulations:

1. Familiarize yourself with the laws and regulations of banks in Luxembourg.

2. Find out about the various Luxembourg business banking institutions.

3. Learn who to contact at associations and agencies that govern global central banks in Luxembourg if you have any problems or questions.

Action Steps
The best contacts and resources to help you get it done

Learn the laws and regulations of global banks in Luxembourg

Since Luxembourg is part of the European Union (EU,) and a member country of the Organisation of Economic Co-Operation and Development(OECD), which is committed to democracy and market economy, it is a great location for expanding your business. There are listings of Luxembourg laws and regulations that business owners need to know in order to ensure that their business dealings are in line with Luxembourg laws to make the transition efficient and stress-free.

I recommend: Familiarize yourself and your staff with banking in Luxembourg rules and regulations by reviewing the listings available from the Network of International Business Resources website. Read the article from the International Financial Law Review to receive information about international banking in Luxembourg that covers issues for commercial companies and financial conglomerates.

Gather information about Luxembourg business banking institutions

The Duchy of Luxembourg is Europe's largest private banking country. Besides being a giant in private banking, it also has more than 220 Luxembourg offshore banks. Both of these types of bank institutions cater to the needs of international businesses, so learning about these and other Luxembourg banking systems will make your business transition easier.

I recommend: Learn about the World Bank of Luxembourg which features information about the history of Luxembourg banking and how as one of the 184 members of the World Bank Group, Luxembourg works with other banking institutions around the world to discuss business and financial policies. Visit the ABN AMRO Private Banking Luxembourg website to learn about the services by this and other private banks in Luxembourg to international business. Go to Shelter Offshore Investment and Financial News to learn how businesses can benefit when they use offshore services that protect their investments.

Get contact information for global banks in Luxembourg for customer complaints and questions

There are several organizations that offer information and services to businesses that work with Luxembourg banks. Speaking to representatives of these organizations is a great way to learn how to work with these organizations as well as get information about banks of Luxembourg rules and regulations.

I recommend: Visit both the International Centre for Settlement of Investment Disputes and International Financial Corporation to learn how these organizations help international businesses who invest their money with any bank in Luxembourg settle disputes and deal with financial crises.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Speak with business associates to learn about their experiences with banks in Luxembourg. A business owner's experiences - as well as trials and errors - can greatly assist you when making the same transition.

If you’re thinking of moving to Luxembourg or doing business in the country, then finding the right Luxembourg bank to handle your financial business is going to be at the top of your To Do list.

Take the time to research the Luxembourg banks carefully. Volatility in the financial sector of all countries is not uncommon these days. Here a few things to keep in mind:

1. Collect all of the information you can on banks in Luxembourg before you move or conduct any business in the country.

2. Seek help with finding the right bank in Luxembourg from people who have already gone through the process. Ask friends, family, expatriates or anyone who has banked in the nation for information regarding the steps you need to take to get things done.

3. Use the largest commercial bank in Luxembourg for personal use since they will have the most branches throughout the nation as well as provide more services.

Action Steps
The best contacts and resources to help you get it done

Assemble general information on Luxembourg business banking

It is important to know all you can about business banking in Luxembourg before you begin the process of opening a bank account in the country. You want to know about the banks policies, foreign investment, the exchange rate and any other information you can think of to make your business or personal transactions easier.

I recommend: Justlanded.com has detailed information on money on the banking industry in Luxembourg that’s useful for anyone thinking of visiting or moving to country. ShelterOffshore gives detailed information regarding Luxembourg offshore banks and its status as an offshore haven.

Contact expatriates for advice on Luxembourg banking institutions

If you don't know where to begin when banking in Luxembourg, seek out expatriates for advice. They have already made the transition from the US to Luxembourg so they can give you the information you need to begin that process.

I recommend: Expat and Travel Forum is a site where you can communicate with expats from any country of your choice, including Luxembourg. Expat Blog has several blogs by those who have made the move to Luxembourg. It’s a great way to make contact with people who have made the move and set up a home or business in the country.

Use the largest Luxembourg commercial banking institutions for everyday business

Just as there are benefits to using the big banks here in the US, there are advantages to using the biggest of Luxembourg commercial banks for your everyday banking. Using the largest of Luxembourg banks will give you more access to branches throughout the nation, more access to ATM's as well as just making your transition to Luxembourg much easier.

I recommend: Banque Générale du Luxembourg is one of the main banks in the country and Banque et Caisse d'Epargne de l'Etat, Luxembourg (BCEE) is one of several global banks in Luxembourg and also the country’s oldest financial institution.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Pay attention to the actions of the Central Bank of Luxembourg. The decisions they make will affect monetary policy, other banks in Luxembourg, and the economy as a whole.