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, and versatile banking services. A significant advantage is that local banks are interested in foreign customers and are happy to accommodate them.
Features of Luxembourg banks
Although Luxembourg is one Europe's smallest states, there are over a hundred banks, many representing foreign conglomerates. The Commission regulates them for the Commission for the Supervision of the Financial Sector (CSSF).
Luxembourg banks offer a wide range of high-quality services, including:
- Personal and corporate accounts.
- Lending and mortgages.
- Insurance of all types.
- International money transactions.
- Mobile and online banking.
If the client is no longer satisfied with the bank, the account can be transferred to another financial institution. Ensure to make sure that the old bank account is officially closed, so you will not be charged overdue payments or penalties.
The Best Banks in Luxembourg
Local banks open the accounts, regardless of citizenship. The applicant must be of legal age, have a valid passport, and prove that they already live and work in Luxembourg or plan to do so. Each bank has its requirements for opening an account, which must be considered.
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 are the following:
- cash management;
- issuance of credits;
- issuance of financial and commercial guarantees;
- currencу exchange;
- 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 open an account locally and internationally at the Banque de Luxembourg S.A. The bank offers various services including investment management, asset management, and private banking for vip clients.
BGL BNP Paribas S.A.
BGL BNP Paribas S.A. is the fifth-largest bank in the country. It offers its clients retail and corporate services, asset management, and many other services. The bank has a Moody's A1 (above average) long-term credit rating, which positions it as a reliable international creditor with an excellent reputation.
What to do if you receive a refusal
Banks in Luxembourg can only open an account if you have done the paperwork correctly and meet the requirements. But they can't refuse to open it based on your nationality. If you think you have been unfairly denied, contact the bank's complaints department 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.