How to open a personal bank account in Luxembourg

How to open a personal bank account in Luxembourg

Opening a personal bank account in Luxembourg is not a problem: local banks are oriented to work with foreign clients. The main thing is the age from 18 years old, passport and proof that you live here, work or plan to do so.

What you need to know about banks in Luxembourg

Luxembourg is a small country that makes its money specifically from banking. There are more than a hundred banks, a quarter of which are foreign branches. Mostly from Germany, France and Switzerland. So they are eager to meet foreign clients.

Documents for an account in Luxembourg

The possibility of opening an account in Luxembourg is as simple as possible. Each bank has its own conditions, but on average, the applicant must meet these conditions:

  • Be over 18 years old;
  • Present a valid passport;
  • Prove that s/he works, lives or studies in Luxembourg. To do this, it is sufficient to bring one of the documents:
  • An employment contract with a local company:

recent pay statement or letter from the employer, which confirms the status of the employee;
certificate that proves residence in the jurisdiction;
certificate of study or enrollment in a course of study in Luxembourg;
document that confirms income in Luxembourg (pension, rental agreement, if there is real estate);

  • Have a bank account in a SEPA zone, for a quick identification;
  • Present a certificate that confirms residence. Interestingly, many local bank customers live in neighboring countries and work here;
  • The account is opened for personal purposes, not for commerce.

Documents for a credit card

If you want to open a credit card in parallel, you need to provide documents that confirm the ability to pay the bills. Most banks only need to show payment slips, but there are some that will not give you money without a thorough check.

Which bank to open an account with

The procedure for opening a bank account in Luxembourg can be started online. The necessary documents can be sent by mail or brought in person to the bank upon arrival. At some financial institutions, e.g. BNP Paribas, it is possible to open a bank account before arrival in the country by making a minimum transfer of €100. If the application is rejected, the money will be refunded. If not, it will remain in the account and can be withdrawn.

BNP Paribas

BNP Paribas is the largest bank in Luxembourg. It offers the ability to open several accounts for different offerings, including student bank accounts for non-residents studying in Luxembourg. BNP Paribas also offers an online account which can be used for transactions anywhere in the world. Although it is free to open an account with BNP Paribas, the bank charges a monthly fee for access to various services.


It's convenient to open an account at ING, which has the most extensive ATM network in Luxembourg. The customer does not have to pay for an account, withdrawals are free. The prerequisite is that the minimum amount specified in the contract (e.g. €1,000) is deposited into the account.  The bank offers a unique system of online banking for individual groups, e.g. migrants, foreign students.

Post Luxembourg

Post Luxembourg is an opportunity to open an account at a post office. The procedure is quick and hassle-free. The bank has an extensive network of ATMs throughout the country, for which it does not charge withdrawal fees. But before you open an account with Post Luxembourg, make sure its ATMs are easy to reach. Withdrawal fees at other banks' ATMs are high.

Virtual banks

Important: Before you open an account in Luxembourg 2022, be sure to ask about fees. Pay attention to whether there are monthly fees for debit and credit cards, ATM cash withdrawals.

Transferring money to an international bank account using a standard bank account is usually expensive. Local banks charge higher fees than the average market rate for this service.

To save money, you can use a virtual bank (e.g., N26, bunq, Revolut) whose fees are lower than those of traditional banks and registration is easier. They also provide faster and more convenient bank transfers. With a virtual bank account, non-residents can get their IBAN, which they can use for free money transfers.

How to become a bank customer in Luxembourg

To open quickly in Luxembourg, contact IT-OFFSHORE experts and we will help you.

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