Opening a bank account in Luxembourg in 2023

Opening a bank account in Luxembourg in 2023 offers many advantages to its owner. Among them are high confidentiality, reliability, a large number of banking services. An important advantage is that local banks are interested in foreign customers and are happy to accommodate them.

Features of Luxembourg banks

Although Luxembourg is one of the smallest states in Europe, there are more than a hundred banks, many representing foreign conglomerates. They are regulated by the Commission for the Supervision of the Financial Sector (CSSF).

Luxembourg banks offer a wide range of high quality services:

• Personal and corporate accounts.
• Lending, mortgages.
• Insurance of all types.
• International money transactions.
• Mobile and online banking.

If the bank is no longer satisfied, the account can be transferred to another financial institution with all payments. Be sure to make sure that the account at the old bank is officially closed, you have not been charged overdue payments or penalties.

The Best Banks in Luxembourg

Local banks open an account, regardless of citizenship. The applicant must be of legal age, have a passport and prove that they already live and work here or plan to do so. Each bank has its own requirements for opening an account, and they must be taken into account.

Societe Generale Bank & Trust

Société Générale Bank & Trust is one of the oldest banks in the country and belongs to the large financial conglomerate Société Générale. This institution works with business clients, institutional investors, and wealthy individuals. For clients who decide to open an account at Societe Generale Bank & Trust, it offers an extensive range of banking services, among which:

• cash management;
• issuance of credits;
• issuance of financial and commercial guarantees;
• exchange of currencies;
• custody of financial assets.

Banque de Luxembourg S.A.

Banque de Luxembourg S.A. is owned by Credit Industriel et Commercial (France). It works with clients who choose to open an account at the Banque de Luxembourg S.A. both locally and internationally. The bank offers various services, including investment management, asset management and private banking for wealthy clients.

BGL BNP Paribas S.A.

BGL BNP Paribas S.A. is the fifth largest bank in the country. Clients who choose to open an account at BGL BNP Paribas S.A., it offers retail and corporate services, asset management, etc. The bank has a Moody's A1 (above average) long-term credit rating, which positions it as a reliable international creditor with a good reputation.

What to do if you receive a refusal

Banks in Luxembourg can refuse to open an account if you haven't done the paperwork correctly or don't meet the requirements. But they can't refuse to open an account if an employee doesn't like your nationality. If you think you have been unfairly denied, contact the complaints department of the bank you are trying to open an account with. If you were ignored, you can complain to CSSF.

How to register an account

Contact IT-OFFSHORE experts to open a bank account in Luxembourg 2023.