We are a human-scale financial institution, established in the heart of Luxembourg for over 30 years. With us, you're a member, not a number. This philosophy defines our approach, which focuses on human relations and the creation of a committed community. As a member, you're not just an item in a database, but a valued member of our community. We believe in the strength of personal bonds, and in the importance of each individual, that's why we're committed to treating you with respect, care and authenticity. Being a member of our family means more than just joining us; it means joining a family where your contribution counts, where we strive to understand your specific needs and offer you personalised services. We pride ourselves on building meaningful relationships because, with us, every member is unique and valued.

Today, we have a staff of 20 people to serve our international civil servants, with a cosmopolitan team always available to answer questions in English or French. Some of us can also help you in German, Spanish, Italian or Portuguese.

Our team has a member-centric approach and is sensitive to the particular needs of international civil servants. Our efficient, responsive member service has regularly won praise in satisfaction surveys.

We offer a multi-currency account with no account management fees, including:

• A current account in 7 currencies (EUR/USD/GBP/CAD/AUD/CHF/DKK),
• A savings account in 7 currencies (EUR/USD/GBP/CAD/AUD/CHF/DKK),
• Term deposits (EUR, USD, GBP and CHF), for terms of 3, 6 and 12 months (subject to availability).
• Foreign exchange transactions (interbank rate + 0.4% administration fee),
• Free or low-cost bank transfers,
• Mastercard Gold in 4 currencies (EUR, USD, GBP or CHF),
• A retirement savings plan
• An investment fund savings plan,
• An external investment account for individual stock market transactions,
• A 0-18 savings account for minors, in 6 currencies (EUR, USD, GBP, CAD, AUD, CHF).

is avaTelephone assistanceilable during office hours, without the use of an Interactive Voice Response (IVR) system. Therefore, reception is always handled by human agents. This approach is designed to improve the member experience by promoting direct, efficient communication with qualified human representatives during working hours.

- All employees of intergovernmental organizations (including consultants with a contract of at least six months or more) in active service or retired.

 - Spouses/partners within the meaning of the relevant laws and any person with family ties in the direct ascending and descending line (i.e. parents and children), as well as brothers and sisters, nephews and nieces of members.

- Persons who receive one or more shares by gift or inheritance.

 - Persons officially sponsored by a member belonging to the category referred to in paragraph (7.1.b) of the Articles of Association under the conditions laid down by the Board of Directors are also eligible.

We are based in Luxembourg for its worldwide reputation and its centre of expertise in financial matters. 

We are a professional in the financial sector, with the status of asset manager. Our members' funds are deposited with partner banks, which are members of the FGDL (Fond de Garantie des Dépôts Luxembourg).

The security and quality of AMFIE's savings accounts are also guaranteed by the diversification and selection of investments offered by the best investment-grade issuers. In addition, deposits are held and invested in the currencies chosen by members. When you make a deposit in one of AMFIE's operating currencies, the sum deposited remains denominated in that currency unless you instruct us otherwise.

 The list below shows our custodian banks as of 8 January 2024

• - Banque de Luxembourg 
• - Banque Internationale à Luxembourg (BIL) 
• - ING Luxembourg 
• - Société Générale Bank and Trust, Luxembourg 
• - Swissquote Bank Europe, Luxembourg

AMFIE does not use any derivative instruments, such as forward contracts, which carry different risks. Investment criteria are decided by the Board of Directors, elected by the General Assembly, in line with the investment policy as described in the discretionary management mandate signed by all members.

We apply security compliance controls. These are diligently implemented to reinforce the robustness of our protocols, ensuring a safe environment that complies with all established standards.

An online site and a free mobile application allow you to:

• View your accounts, 
• Add beneficiaries, 
• View your credit card expenses, 
• Make transfer requests, 
• Update your data
•  ...

Our team is available by phone and email to answer all your questions.

Your money is always available. You may withdraw as much money as you need, when you need it. If your current account does not have enough funds, the money will be debited from your savings account.

Deposits may be made by cheque or bank transfer to one of AMFIE’s accounts. Subject to the rules and regulations related to money laundering, there is no limit to the amount you may deposit in an account.

All deposits are automatically and immediately credited to the member’s current account in that currency unless we are instructed otherwise. You may ask us to transfer these funds to your savings account (on a specific date or on a regular basis).

Withdrawals may be made by standing order instructions, “one-off” transfers or payments to third parties.

If there is not enough money in your current account to cover a transfer, AMFIE can draw the money from your savings account. No fees will be charged.

Most transfers to and from member accounts through our network of correspondent banks are without charge.

Please pay attention to the currency of the AMFIE bank account to which you are sending money. For instance, if you send USD to an account in EUR, the amount will be credited but the bank will charge fees for the foreign exchange.

You can simply ask the Office in Luxembourg and will be charged a 2€ fee for each request.

• With a credit card

With Capitol Mastercard Gold, you can withdraw up to  EUR 2,000 / USD 2,600 / GBP 1,600 / CHF 2,400 per day, and Mastercard charges 2.5% of the amount withdrawn (with a minimum of 5 EUR / 7 USD / 4 GBP / 6 CHF).
In the event of payment in a currency other than EUR, Mastercard will apply an exchange rate charge. The exchange rate is 3%.

If you have a VISA with BIL (no longer offered), you can withdraw up to € 1,500 per day and the fee is EUR 4 plus 2.5% of the amount withdrawn. In case of payment in another currency than EUR, the exchange fee will be applied by WORLDLINE, the company that manages the cards, but we do not know in advance the exchange rate that will be used.

• You can also arrange to have up to 10,000 euros (or the equivalent in another currency) in cash available at some of our partner banks. Please notify the Secretariat four business days in advance.

Unfortunately, for security reasons, it is not possible to withdraw cash directly from the Secretariat.

AMFIE will send a transfer within two working days of receipt of your instruction. If a simultaneous currency exchange is being requested, this delay is extended to four working days.

You can also arrange to have up to 10,000 euros (or the equivalent in another currency) in cash ready at some of our partner banks. Please notify the Secretariat four business days in advance.

 If you intend to withdraw over € 50,000 or the equivalent in other currencies, the delay is increased by a minimum of five working days.

Transfer: An amount deposited on an AMFIE bank account is credited with a +1 day as value date on the member’s account.

Cheque: AMFIE will wait for the bank’s confirmation that the cheque has been cleared before crediting the amount to the member’s account. This means that members will see cheques credited to their accounts only once payment of the funds has been confirmed (payment will remain subject to the possibility of the issuing bank demanding repayment).

The process can take from three to four weeks.

Cash: An amount deposited on an AMFIE bank account is credited with a +1 day as value date on the member’s account. AMFIE should be informed at least 1 day prior, by completing an origin of funds form.

In the interest of better security, members who wish to make deposits or withdrawals in cash will need to do so directly at the counter of one of our banking partners (the full list is available in the private area of our website).
The AMFIE secretariat is not authorised to handle cash on your behalf.

Just complete and sign a withdrawal form and indicate the name and the account number of the beneficiary.
Via your on line private access: Pre-register the non-AMFIE account number in advance. Then, send your withdrawal request in a few clicks.

In the interest of our members’ security, the secretariat has received clear instructions never to give financial information pertaining to members accounts over the phone.

AMFIE’s online banking service is available without charge and provides full information on members’ accounts, which is updated every day at 8pm.

If a member mentions a figure or information relating to his/her account, then the secretariat may only confirm or deny the information provided without correcting it if incorrect.

You can also ask to receive information by FAX or email (scanned request with handwritten signature).

The multi-currency savings account is a remunerated account and money is available at any time.

The rate is set on the first day of the quarter for each currency and interest is paid at the end of the quarter.

There is no minimum or maximum amount required for deposits into a savings account.

The AMFIE Flexible Term Deposit offers a higher rate than the savings account.

The investment period is one year and the interest rate is fixed at the beginning of the period; the interest is credited at maturity. In case of early departure, penalties apply.

Like the savings account, there is no minimum amount and no maximum to open a flexible AMFIE.

AMFIE, the savings and investment solutions

Members maintain total control over their own accounts; they make investment decisions and choose which currencies to buy.

AMFIE draws on its collective members’ financial strength to invest with care, thereby earning the best possible inter-bank returns offered by only the highest rated institutions. All other types of investments are made only upon receipt of a member’s specific instruction and under their own responsibility.

Members' savings are directly managed by AMFIE. AMFIE is not authorized by the discretionary management mandate to delegate this task to third-party management companies. The staff dedicated to this task manages the assets in coordination with the treasurer of AMFIE, member of the Board of Directors.

Investment criteria and decisions are continuously reviewed by our Board of Directors, elected by the General Assembly.

In 2021, AMFIE began offering its members ESG-labeled solutions. As a result, within the framework of the provident savings plan, half of the available investment solutions are ESG-labeled. Additionally, for each AMFUND investment plan, a Morningstar sustainability rating is available in each fund's Factsheet.

Regarding the portfolio managed discretionarily by AMFIE, no sustainability objective is specified in the mandate. However, AMFIE prohibits investments in sectors such as arms, alcohol, gambling, etc…  Moreover, AMFIE prefers investing in ESG bonds when opportunities arise, provided they align with risk and return objectives.

AMFIE offers a Capitol Mastercard Gold, whose features are explained in the section on Credit Card.

AMFIE.NET is your online account system. It allows you to add beneficiaries, to transfer funds or to make other operations safely.

Please see the User's Guide to AMFIE.NET

This section is only accessible to our members. Please connect to the Member area.​

AMFIE is a financial institution bound by Luxemburg law, and as such, it is legally obliged to determine the identity of its business clients and to use suitable means to verify its clients’ identity.

The authority in charge of overseeing Luxemburg financial institutions, the CSSF (la Commission de Surveillance du Secteur Financier [Commission for the Surveillance of the Financial Sector]) has specifically stipulated that AMFIE obtain a certified copy of either the passport or the national ID card of each of its members.

AMFIE is also legally required to submit regular reports on the business relations it has with its members and to submit certain legally required data, which must be regularly updated. This is the reason why AMFIE requires its members to submit a new officially certified copy of their identity document whenever the previous one has expired.

These measures have been put in place by the European regulatory authorities as part of their campaign against money laundering and against financing of terrorist activities.

Legal reference: The Regulatory Act of Luxemburg dated 12/11/2004 in its most recent version.

In order to satisfy anti-money laundering regulations and other requirements set by the Luxembourg regulatory authorities, AMFIE is obliged to obtain a certified copy of your valid passport or national identity card. 

This copy must include the document’s number, the bearer’s photo, signature and birth date as well as the validity date. The certification of the identity document should also include the surname, first name and position of the person who certified the document and the official stamp.

The original certified copy must be sent to AMFIE by postal mail.

 The certification of your identity document can be done by either:

1. The Human Resources Director of your organisation,

2. An authorised official:

• notary public,
• police officer,
• city-hall official,
• consular official,
• lawyer.

3. A person accredited by AMFIE:

• AMFIE directors,
• AMFIE coordinators,
• AMFIE Staff.

 If you  have multiple citizenships, please provide AMFIE with a certified copy of the corresponding passports or national identity cards.

The legislative institutions regulating financial services sector in Luxemburg require financial service institutions to obtain relevant information about their clients before beginning business relations. This is referred to as the “Know Your Customers due diligences”. Proof of a client’s country of residence forms part of the required information.

The residence status information can also be used as an important document for electronic information exchange with different European institutions in financial matters (this is comparable to the use of residence documents for FATCA in the U.S.).

The financial information form contains two questions on the use of your account with AMFIE and on the origin of the funds that you plan to deposit into your AMFIE account.

The Luxemburg CSSF has identified this information as relevant for its campaign against money laundering.

In this declaration, you state whether or not you are a US citizen within the meaning of the American tax regulation FATCA (Foreign Account Tax Compliance Act).

This tax regulation has been put in place by the Federal Government of the United States of America with the intention of reducing opportunities for tax evasion by American tax payers through the creation of a global information exchange between US financial authorities and financial institutions across the globe, including the Grand Duchy of Luxembourg.

The FATCA agreement requires AMFIE to provide a certain amount of financial data about its account holders who are US citizens. The Luxembourg financial authorities will then transfer this information to the American financial authorities.

The FATCA agreement signed on March 28, 2014 treats any person as a US citizen, if that person has not declared whether or not he or she is a US citizen.

Legal reference: The FATCA (Foreign Account Tax Compliance Act) agreement signed and dated March 28, 2014 by the United States of America and the Grand Duchy of Luxemburg.

This form protects all AMFIE members, whether they are actual investors or only potential investors.

AMFIE is legally required to take note of your knowledge and experience in investment matters as well as your financial situation when creating an investment profile for you.

Once your profile is complete, AMFIE will only offer you products and services that are appropriate for your profile.

Legal reference: Luxembourg Law on Market for Financial Investment, dated July 13, 2007.

This form protects all AMFIE members, whether they are actual investors or only potential investors.

AMFIE is legally required to take note of your knowledge and experience in investment matters as well as your financial situation when creating an investment profile for you.

Once your profile is complete, AMFIE will only offer you products and services that are appropriate for your profile.

Legal reference: Article 54 of the Commission Delegated (EU) of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive.

The Capital Adequacy Directive (CAD II) has adopted the Common Reporting Standard (hereinafter CRS), a financial regulation mechanism adopted by the OECD, which requires all countries who have adopted the CRS (hereinafter CRS jurisdiction), such as Luxembourg, to exchange financial information.

Relations between countries outside the EU that have also adopted the CRS are regulated by multilateral agreements.

The CAD II requires AMFIE to document and communicate information on its members, whether they are legal corporations or individuals residing outside its borders and to pass this information on to the Luxembourg financial authorities, who will then communicate it to other countries under CRS jurisdiction.

The data exchanged includes personal details (last name, first name, address, tax reference number, place and date of birth) and details on the accounts you hold with AMFIE (account number, account balance, gross interest paid within a calendar year).

The first data transmission based on CAD II will take place in 2017 and cover the whole of 2016.

This is why AMFIE asks you to fill in the self-declaration of tax residence, including your current tax residence address or addresses and your tax reference number.

If you do not submit this self-declaration, AMFIE may be required to treat you as a tax resident of several countries (in accordance with CAD II) and would then be required to exchange the above-mentioned data with several countries (countries which might not be your actual tax residence).

Legal reference: Luxembourg Law on Automatic Information Exchange on Accounts and Financial Matters dated 18 December 2015.

If you have questions regarding controls on movements of cash within the European Union, please read the file on this subject as well as Regulation (EC) No 1889/2005 of the European Parliament and of the Council of 26 October 2005 on controls of cash entering or leaving the Community.

The cash withdrawal limit authorised by AMFIE is EUR 10,000 per day and per member, but may be increased / decreased by AMFIE at the discretion of an Authorised Director.

Moreover, the CSSF Regulation 12-02 obliges AMFIE to request, in certain cases, and at its sole discretion, information on the reasons for the transactions planned or carried out.

Please see our file on the automatic exchange of information.

AMFIE provides information concerning the complicated business of succession when you are an international official.

 ‘Planning cross-border EU inheritance’

Since 2016, Luxembourg has applied a 10% withholding tax on income from indigenous capital assets such as:

• dividends and other income from shares or units of public limited companies, limited partnerships, limited liability companies and cooperative companies,
• the profit from shares in a commercial, industrial, mining or artisanal enterprise, remunerated in proportion to the profit,
• arrears and interest on bonds where, for these securities, there is a right to the allocation, apart from the fixed interest, of an additional interest varying according to the profit distributed.

The rate of withholding tax on movable capital income listed  is set at 15% from 1 January 2007 (20% until 31 December 2006). It is to apply to gross income without any deduction. Some international conventions provide for lower rates of withholding tax and Article 147 of the amended Law of 4 December 1967 concerning income tax (LIR) specifies under which conditions the withholding tax is not applicable.

The income listed is considered to be indigenous when the debtor is the Grand-Ducal State, a municipality, a Luxembourg public institution, a private-law entity with its registered office or headquarter in the Grand Duchy of Luxembourg or a natural person who has in the Grand Duchy of Luxembourg his fiscal residence.

International organisations and authorities including the United Nations and the European Union, and local and national governments, are empowered to impose restrictive measures on countries, organisations, legal persons and individuals implicated in or suspected of breaches of human rights or international law, criminal activities, terrorism, money-laundering, etc.

These measures are generally known as “sanctions” or “embargos”.

AMFIE has a duty to comply with the applicable laws and regulations, and with the obligations implicit in them, and may on occasion be more strict than the rules require.

An embargo is a restrictive measure or sanction adopted at national and/or international level.

Although the provisions vary according to countries, persons and institutions, we can distinguish two types of embargo:

• Financial embargos, which impose restrictions on financial transactions and financial resources;
• Trade embargos, which impose restrictions on the import or export of certain goods, or trade with certain countries or partners.

AMFIE must respect not only the financial and trade embargos imposed by the United Nations (and given legal effect in the Grand Duchy of Luxembourg), the European Union and the Luxembourg Parliament, but also those edicted by third countries which AMFIE regards as important such as the United States (OFAC).

For further information on UN, EU and OFAC sanctions please follow the links at the end of this document.

Observing the rules on embargos means that AMFIE will not provide funds or financial resources to individuals, government agencies or bodies figuring on embargo lists and will play no part in any transaction involving such counterparts.

AMFIE may make the execution of certain transactions and certain payments subject to the member’s production of additional information or documentation relating to the requested transactions and the counterparts concerned.

It should be noted that AMFIE’s correspondent banks also have the duty to suspend any transaction if their monitoring system detects a potential embargo breach. If one of AMFIE’s correspondent banks suspends a transaction, the Association will intervene only as the intermediary between the member and the correspondent bank, and will not be able to influence the inquiry’s outcome.

To avoid any difficulties, AMFIE members planning to conduct business with countries which are the subject of restrictive measures are invited to consult the Association first. 

For more information about applicable embargos or on the Association’s specific policies, please consult your AMFIE contact person.

For reasons of internal policy and risk evaluation, AMFIE has chosen to be stricter than the legally applicable sanctions programmes require, and to apply a stricter embargo policy.

If you have any questions regarding our policy vis-à-vis any specific country you should therefore always refer to AMFIE.

AMFIE will systematically examine in depth the details of any transaction in order to ascertain that it is lawful and falls within the limits of the Association’s own policy.

The details of policy regarding each country can change at any moment as a result of changes in regulations or the political situation.

Find here all the countries affected by these sanctions:

UN: https://www.un.org/sc/suborg/en/sanctions/un-sc-consolidated-list

EU: http://ec.europa.eu/dgs/fpi/what-we-do/sanctions_en.htm

US (OFAC): http://www.ustreas.gov/offices/enforcement/ofac/sdn/

The protection of your personal data is important to AMFIE.

This Data Protection Notice is directed to the members of AMFIE, direct relationships and services providers/vendors of the Association, as well as the persons set out in section 2 (“you”).

This Data Protection Notice provides you with detailed information relating to the protection of your personal data by AMFIE, Financial Cooperative Association of International Civil Servants “AMFIE” or “Association”), 25A, Boulevard Royal L- 2449 Luxembourg (« we »).

We are responsible, as a controller, for collecting and processing your personal data in relation to our activities. The purpose of this Data Protection Notice is to let you know which personal data we collect about you, the reasons why we use and share such data, how long we keep it, what your rights are and how you can exercise them.

Further information may be provided where necessary when you apply for a specific product or service.

This document constitutes the Best Execution Policy of the Financial Cooperative Association of International Civil Servants, hereafter “AMFIE” or “the Association”. Developed by the authorized management, it describes the investment services provided by AMFIE as well as the channel chosen for the execution of investment instructions in order to obtain the best possible result.

This Policy is based on current regulatory compliance requirements. It will be reviewed regularly to reflect regulatory developments.

The Association’s internal control service regularly verifies compliance with current regulatory requirements and, if necessary, makes recommendations for updating the Policy.

Any order placed by a Member with AMFIE implies the unconditional acceptance of this Best Execution Policy.