The process is usually simple as long as you provide the relevant documents. If you want to open a retail bank account, you will need a valid ID such as an international passport or EU/EEA identity card or EU/EEA driver’s licence. You must bring a proof of address with your name such as a certificate of residence delivered by your commune, a housing contract, a proof of mortgage on a house, or even a recent utility bill. Some banks may also ask for a proof of employment such as a copy of your employment contract or a letter of employment.
The trouble is that quite frequently, as an expat or a newcomer, you need a bank account before your arrival in order to sort out accommodation. If you are renting, you will need to pay 2 to 3 months’ deposit upfront. This means that you must have a Luxembourg bank account to arrange the bank guarantee. If you are in this case, don’t worry. More and more banks in Luxembourg have expat-friendly offers that allow you to open a bank account from abroad. You can even open your bank account and savings account online. You just have to send your application and the documents required – your valid identity document, your Taxpayer Identification Number (TIN) and bank details of an account you already own. After a few working days, your bank account is open!
If you want to access credit cards, debit cards or other financial services linked to your bank account, you must show a proof of income for a consistent amount of time such as your last monthly payslips. Or, failing this, an amount to be agreed must be paid monthly into your bank account.
If you live outside Luxembourg but work in the country, you can get a non-resident bank account. You simply need to prove your address for correspondence purposes if you live in a neighbouring country.
Banks in Luxembourg offer different packages depending on the level of banking support you need, whether you are a family settling down in Luxembourg, a business traveller, a young entrepreneur or anything in between. These packages include monthly statements, access to transactions, online banking, bank cards, access to loans, investments, insurance and securities accounts. Don’t hesitate to compare the charges of the different banks and check each package before opening a bank account. Make sure you understand all the potential fees you may be required to pay, including charges on your account, credit cards and debit cards. Some banks are limiting the number of electronic transfers you can make per month. You may also be charged for withdrawing cash from ATM operated by another bank than yours. Not all banks work in partnership in Luxembourg.