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POST Luxembourg expands and simplifies its eboo banking offering

05 October 2021

From January 10, 2022, POST Finance will be offering a new range of banking services in the form of attractive and inclusive eboo packages. Aimed at both private and business customers, these packages offer different levels of services linked to flat-rate monthly fees. This new offering is accompanied by a simplification of POST's financial services pricing structure. 

In view of the persistent negative interest rate environment on the current interbank market, POST Luxembourg has decided to react and to upgrade its payment services to perpetuate the quality of services offered to its customers and to cope with this situation. 

A new, simple and transparent pricing structure 

The proposed changes to payment services involve a complete overhaul of POST's financial services fee structure, with the priority on maximum simplification and transparency for both private and business customers. Announced today, the new pricing structure will be effective from January 10, 2022. This early announcement, in line with existing regulations, means that the customers concerned can anticipate the new conditions and have the time they need to make their best choice in relation to the new offer with complete peace of mind. 

Promoting financial inclusion for all 

From January 10, 2022, POST will offer certain services free of charge, and will introduce single rates for over the counter and paper transactions. The intention is to meet a real need in the Luxembourg market by giving all residents access to secure and simple payment services. POST thus fully assumes its role as an organization promoting financial inclusion in Luxembourg's financial landscape, among other things through an entry-level offering that is affordable and accessible to all, and more specifically through a responsible commitment to vulnerable customers and senior citizens. The latter have been particularly hit by the health crisis, which has accelerated the trend towards digital banking, and with it the risk of exclusion for non-digitized populations. 

A local network to remedy digital exclusion 

In order to guarantee equal access to banking services for all customers, regardless of their degree of digitalization, POST's new commercial offering is part of its proximity strategy, and is accessible via whatever channel the customer prefers: remotely via its e-Banking application or call-center, in self-service via its cash dispensers, but also physically throughout the Grand Duchy via postmen, the postal counters of the 44 POST Finance sales outlets or in many Banque Raiffeisen branches. 

Negative interest rates for large deposits 

Due to the persistent negative interest rate situation, and in order to guarantee the sustainability of its payment services, POST has decided to follow the lead of the market players and, from January 10, 2022, will apply a negative interest rate of -0.5% for deposits in excess of 250,000 € for private and business customers. 

The simplicity of flat-rate pricing, with no surprises 

Gabriel de La Bourdonnaye, Managing Director of POST Finance, explains: "In order to maintain the continuity and quality of our services, as well as proper banking accessibility without excluding any part of the population from our offer, POST has decided to apply a flat monthly fee of €2 for account maintenance charges. Our customers are not asking for free service, but for access to it. In addition, all transfers - in EUR, USD, GBP, CHF, DKK, NOK, SEK and JPY - made online by private individuals to any destination will be free of charge." 

Unique in Luxembourg, in addition to free online transfers for individuals, this reorientation of POST's banking offering will enable its customers from January 10, 2022, to make free withdrawals from all cash dispensers in Luxembourg and abroad, and to use their cards, free of charge, anywhere in the world. 

Gabriel de La Bourdonnaye concludes: "In short, except for over-the-counter or paper transactions, the monthly fee for individuals includes all account and card charges. It's simple, transparent and without surprises.” 

Last but not least, in line with the POST Group's commitment to environmental protection and corporate social responsibility, the launch of POST's new banking offering is accompanied by the gradual replacement of all payment cards by cards made from recycled plastic for Easy VISA cards, and corn for all other debit and credit cards issued by POST. 

(Source : POST Luxembourg, 5 octobre 2021)

About POST Luxembourg

POST Luxembourg is the country's leading postal and telecommunications operator, offering its services to residential and business customers. Other activities include postal financial services and philately. With over 4,700 employees working for the company and its subsidiaries, the POST Luxembourg Group is one of Luxembourg's leading employers.

Founded in 1842 as an administration, POST Luxembourg has been a public company owned by the Luxembourg State since 1992. Facilitating the communication and transmission of information, data and content between individuals and businesses in Luxembourg and around the world is the vision of the POST Luxembourg Group.

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