How to open a bank account in Luxembourg

How to open a bank account in Luxembourg

Luxembourg is one of these amazing small nations that happen to be so strategically located that is became of of Europe’s finest financial corridors. It is also popular because of its rather amazing standard of living and - naturally - because of the fact that it is within a short drive from Belgium, Germany and France. Luxembourg city is one of the 3 official European Union capitals.

It is no wonder it attracts expats in droves working in Industry, tech and banking, tourists, students and retirees as well. If you are planning a move there, here is our guide on how to open a bank account in Luxembourg.

Documents needed to open a bank account in Luxembourg

The process for opening a bank account in Luxembourg is rather straightforward and it is possible to open a bank account as a non-resident as well as long as you have the documentation as following:

  • Passport or ID card
  • Proof of address - usually documents that have your address on it such as apartment leases, utility bills and official correspondence
  • A payslip or letter from employer could be requested
  • If you want extra perks such as overdraft protection you are likely to be required to provide a credit report.

If is possible to get a credit card with your Luxembourg bank account but it usually means you will need to have proof that you are solvent - that is - that you are able to pay for the credit card bills.

Can I open a bank account in Luxembourg as a non-resident?

Yes, you are able to open a bank account in Luxembourg as a non-resident. With so many people commuting to the country to work, they have legislation in place to deal with the large influx of non-residents and banks are used to work with foreigners. All you are required to have is proof of address which means you need a recent utility bill, official correspondence or your rental or lease contract.

Best banks in Luxembourg

There won’t be a shortage of banks to choose from since Luxembourg’s banking sector is the country’s largest source of revenues. It is important, however, to note that most banks in the country are there to provide services for the wealthy and to manage investment funds.

There are plenty of retail banking options for your everyday banking needs and it is probably best to stick with these as they are likely to offer good rates for out of network banking such as using ATMs.

  • BNP Paribas: this is the largest bank in the country and as such have a full set of offers for foreigners including a free bank account option that is internet only. They have a great ATM network and plenty of branches all over Europe.
  • ING: known for their great ATM partner network and excellent online banking, they are popular with students, workers and expats in general. Accounts come with a contactless debit card and credit cards are available too.
  • Post: opening a bank account is as simple as walking into a post office which is exactly what you can do with Post. They have one of the most affordable bank accounts in the country. Their ATM network is rather good but you have to watch out for out of network charges with them so make sure that you choose them if their ATMs are located for your convenience.
  • BCEE: with a large network of branches, you are likely to encounter a conveniently located access point to your banking needs not to mention the ability to use online banking anywhere. They have all the typical bank account types available to you which include debit cards for a fee.

It will be rather easy to open a bank account in Luxembourg as a non-resident. There are literally hundreds of banks within its borders and ATMs everywhere.

It is important to understand your bank’s fee structure and read the fine print. This will certainly save you money long term, so reading that rather boring text is a smart idea. For example, using ATMs located abroad are likely to carry extra charges including currency conversion and the same goes for ATMs that are operated by non partner networks.

The virtual bank account alternative

It is expensive to do international money transfers from Luxembourg

International money transfers can be expensive in Luxembourg because banks charge you above the mid market rate which is the rate banks use to transfer money to one another. For example, if you move 10 thousand euros to India, you will get about 9000 euros worth of rupees back in India which is not a good deal.

With a virtual bank account by B2B Pay, you get 9900 euros worth of rupees in India because we charge a 1% flat rate for all transfers. This happens because we do not have the high operation costs that banks have.  Additionally, your money gets there must faster often in 24 hours.

You also get your own European IBAN to receive payments from within SEPA for free and to transfer money to 32 countries in 212 currencies for the best rates in the market

How to open a bank account in Europe

We have a few guides to guide you through the process of opening a bank account in multiple European countries and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.



How to open a bank account overseas

We have a few guides to guide you through the process of opening a bank account in multiple countries all over the world and explaining why a virtual bank account with B2B Pay may be a better alternative if you are transferring money outside of Europe and taking advantage of a better rate.


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