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Luxembourg Banking System

Luxembourg Banking System

2017-11-21
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Today, banking is one of the main part in the financial center of Luxembourg. Professionals in the financial sector, including banks and asset managers, pay great attention to their efforts to develop and provide customized services for demanding customers who expect high standards of professional support.

In order to work or do business in a jurisdiction, you need to open an account in Luxembourg. Therefore, local and foreign banks operating here are set up for optimal conditions for foreign citizens.

The success of the financial center is based on the social and political stability of the Grand Duchy and on the modern legislative and regulatory framework, which is constantly updated, which is facilitated by regular consultation between the government, the legislator and the private sector.

This regulatory framework, combined with the advanced financial system of Luxembourg, attracts banks, insurance companies, promoters of investment funds and specialized service providers from around the world.

Luxembourg banks offer several options for foreigners who decide to open a bank account in Luxembourg. Those who live here or work in a Luxembourg company can open current or savings bank accounts in Luxembourg. Compared with other countries where current accounts are the most popular, savings accounts in Luxembourg may be an appropriate choice, as a small country offers tax breaks for certain incomes stored in a savings account.

Speaking about personal account, Luxembourg banks have softened the requirements for those who seek to open a bank account in Luxembourg. Foreign citizens will only need a passport and confirmation of their residential address to open a bank account in Luxembourg. For those who work here, the bank may request a letter from the company indicating their employment status.

And for those who want to open an account for a company in Luxembourg it will be necessary constituent documents and documents of account holders.

The procedure for opening a bank account in Luxembourg involves a personal visit to the bank or the provision of the necessary documents on the Internet. For an online procedure, the applicant must have a valid email address.

Opening a corporate account in Luxembourg

The financial center and banking system of Luxembourg is characterized by a strong culture of investor protection and strict anti-money laundering policies.
Its specialized teams are multilingual and multicultural, with a long tradition of financial experience and extensive knowledge of the needs of an international customs.

In accordance with the laws of Luxembourg, there are several types of banks:

• Universal banks, which are allowed to carry out all types of banking activities (the majority of banks established in Luxembourg act as universal banks).
• Issuing banks of mortgage bonds whose activities are limited to issuing covered bonds.

Luxembourg banks specialize in international loans, private banking and financial services for large and medium-sized enterprises.

Both residents and non-residents can open a corporate account in Luxembourg. Many banks offer online accounts that can be opened from abroad. Most banks also offer online banking services for free.

Luxembourg Banks - English speaking staff

In Luxembourg, there are a variety of banks - both in Luxembourg and other countries. The following are the banks of Luxembourg and foreign.

HSBC Trinkhaus

HSBC strives to be where there is continuous development, helps businesses thrive and allows people to realize their ambitions. HSBC has been operating in Luxembourg since 1977, offering a wide range of banking and financial services, including private and corporate banking, Securities Services and Asset Management.

The founder of the bank was Thomas Sutherland, a scotsman, who then worked for the peninsular and eastern shipping company. He realized that there was significant demand for local banking services in Hong Kong and on the coast of China and helped create a bank that opened in Hong Kong in March 1865 and a month later in Shanghai.

Bil

Founded in 1856, it was one of the largest banks in Luxembourg. The bank is owned by Precision Capital and the Government of Luxembourg. Along with its subsidiary bank KBL European Private Bankers, it was controlled by the European Central Bank because of the size.

Banque Internationale à Luxembourg is a diversified bank that provides banking and financial products, as well as services for individuals and business customers.

It works through a network of 40 branches. Previously, the company was known as Dexia Banque Internationale A Luxembourg and changed its name to Banque Internationale à Luxembourg SA in March 2012. Banque Internationale à Luxembourg has headquartered in Luxembourg.

Fortuna banque

Fortuna Banque is a banking landmark in Luxembourg, serving customers since the 1920s. The historic cooperative bank has a long tradition of supporting the local economy and initiatives, providing contactless services and individual products to its customers.

Their mission is to support the client in the long term for all its operations and financial procedures, which the bank has been working for over 90 years.

Puilaetco

Puilaetco Dewaay Private Bankers SA is a bank that has three main areas of activity: asset management, stock market operations and corporate finance. The company provides both private and corporate banking services, and also manages several funds. Puilaetco Dewaay Private Bankers SA was founded in 1878 and is based in Brussels. As of June 30, 2004, Puilaetco Dewaay Private Bankers SA is a subsidiary of Kredietbank SA Luxembourgoise.

Keytrade Bank Luxembourg

Luxembourg-based Keytrade Bank Luxembourg SA provides discount online brokerage services to residents and international investors, both individual and corporate. Keytrade Bank Luxembourg offers real-time access to the world's most important stock exchanges and provides financial information and first-class investment tools aimed at enhancing overall trading experience.

Ing

ING is a global financial institution of Dutch origin, offering banking services through its management company ING Bank. The goal of ING Bank is to give people the opportunity to stay one step ahead in life and in business. ING Bank's 53,000 employees offer retail and commercial banking services to customers in more than 40 countries.

ING has a strong position in Europe. It relies on experience, commitment to quality service and a global scale to meet the needs of a wide client base that includes people, families, small businesses, large corporations, institutions and governments.

As a rule, the minimum deposit with banks operating in Luxembourg is at least 500 thousand euros. If Luxembourg banks meet your requirements, but you don’t like the minimum deposit, our professional experts will help you to choose alternative options that fully meet your requirements and a low or absent minimum deposit.

All questions about opening an account are answered by our professional specialist for free. Use any form of feedback!

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