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Opening a bank account in Luxembourg: Requirements, prices and steps
Everything you need to know about opening a bank account in Luxembourg as a foreigner is set out in this guide.
Opening a bank account in Luxembourg for foreigners doesn’t require as many documents or procedures as you might think. Moreover, this European country stands as one of the most requested destinations for opening bank accounts due to its practicality and security.
Here, we’ll explain how you can do it, what a fintech or a traditional bank offers when applying, which costs you must consider, and the best choice between an online or in-person account.
How to open a bank account online in Luxembourg as a foreigner?
In Luxembourg, you can open a bank account without visiting a bank branch. However, as a foreigner, you must understand that online processes follow regulations you can’t ignore during any procedure.
First, you should know opening an account in this country doesn’t always grant a local IBAN (International Bank Account Number). This alphanumeric code identifies a bank account internationally.
Digital banks like Revolut or N26 offer fast account opening processes. However, their IBANs aren’t local and are usually Lithuanian or German. Still, most European countries accept them, and you can receive salary payments in Luxembourg.
On the other hand, traditional banks like BIL or Spuerkeess have digitised their processes. However, they keep stricter procedures and often request proof of ties to the country, such as an employment contract or legal residence in Luxembourg.
Steps to apply for a bank account online:
The country requires banks to know their customers closely. Therefore, they’ll likely ask you to complete a security video call with a bank agent to confirm your identity.
During the process, you’ll need to show your passport on camera to verify holograms. Here are the main steps you need to follow:
- Choose the bank: You can pick a fully digital bank or a traditional bank with digital services.
- Register personal and tax details: You must provide ID and your tax identification number from your country of residence.
- Upload documents: Submit scanned documents through the bank’s platform.
- Justify your application: Prove you’re a student, worker, or tenant in Luxembourg. This step simplifies approval. However, you can also open a bank account in the country without actually living in Luxembourg, although this may involve higher-than-usual maintenance fees and charges.
- Provide biometric data: Complete the security video call and facial recognition through a liveness check.
- Sign the contract digitally: Use advanced applications to sign and formalise the account opening.
- Activate the security token: Through Luxtrust, either a device or app, you validate transactions. Activating this system is the last thing you should do
- Processing time: Neobanks take 1 to 5 business days, while traditional banks take 10 to 15 business days.
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How to open a bank account in Luxembourg for non-residents?
Luxembourg offers flexible account opening options for non-residents working in nearby countries like France, Belgium, and Germany. It is one of the countries that has made the most significant improvements to its procedures to meet the needs of customers who do not reside in the country.
Some traditional banks like BGL BNP Paribas, Spuerkeess and POST Luxembourg accept non-residents. They offer simpler procedures, allowing newcomers to open accounts with these banks because of the ease of doing so.
Documentation and Requirements
| Requirements | Documents |
| Identification | Valid passport if you’re outside the EU, or national ID if you belong to the EU. |
| Proof of address | Utility bill from your residence issued within the last 3 months. |
| Proof of income | Employment contract with a Luxembourg company or your last 3 payslips. |
| Tax number | Your country of residence’s tax identification number for CRS/FATCA reporting, which is the system used to share residents’ tax information with other countries. |
| Bank references | Traditional banks may request a reference letter from your local bank. |
How much does it cost to open and maintain a bank account in Luxembourg?
Luxembourg offers one of the most stable and secure banking systems worldwide. Therefore, clients often face higher account maintenance costs. However, prices vary between traditional banks and neobanks, so here’s a breakdown:
- Account opening
- Traditional banking: Between €50 ($55) and €250 ($275), depending on profile and risk.
- Fintech: Usually free
- Monthly maintenance
- Traditional banking: From €10 ($11) to €50 ($55), depending on the package.
- Fintech: From €0 ($0) to €17 ($18,7), depending on plan.
- Debit card – annual costs
- Traditional banking: Usually included in the package.
- Fintech: €0 ($0), but delivery may cost up to €10 ($11).
- Credit card – annual costs
- Traditional banking: Between €40 ($44) and €150 ($165), depending on limit.
- Fintech: Not available or requires a deposit.
- SEPA transfers
- Traditional banking: Free online or €5 ($5,5) at branch.
- Fintech: Free and instant.
- International transfer
- Traditional banking: €15 ($16,5) to €50 ($55) plus exchange margin.
- Fintech: 0,4% to 2% over the real exchange rate.
List of hidden costs
You must pay attention to the clauses you sign when opening a bank account in Luxembourg. Otherwise, some contracts may affect your savings or include hidden charges that aren’t clearly explained during the process.
- Inactive account fee: After 12 months, the bank may charge inactivity fees of up to €1000 ($1,100) per year.
- International correspondence management: If the bank sends physical mail abroad, logistics costs will be deducted from your account.
- Overdraft fee: Banks charge this when your balance drops below €0 ($0). Fees may reach up to 12% annually.
- Early account closure: Some banks charge an administrative fee if you close the account within the first 6 months. However, most banks don’t apply this charge.
Opening a bank account online or in person – which is best for you?
Now, let’s explore which bank account suits you best. Consider factors like legal status, assets, and future plans in Luxembourg. This way, you can choose the right account type.
Online account
Online platforms allow anyone interested in opening a bank account in Luxembourg to do so from home. As a result, processes became faster and more practical. Therefore, newcomers can adapt quickly to the country.
Having a bank account early ensures access to mobile services, legal rentals, and immediate salary payments. Additionally, neobanks removed language barriers by offering interfaces in English or Spanish.
Processing times also dropped significantly, and costs became lower than traditional options. Moreover, mobile apps let you check balances, review transactions, and make transfers easily.
In-person account
Opening a bank account in person remains a valid option in Luxembourg. In this case, you’ll gain access to exclusive benefits from traditional banks. For example, you’ll have a personal account manager, access to safety deposit boxes, certified cheques, and credit products.
In addition, you can manage issues directly and efficiently, receive tax advice, and handle wealth management. However, this option involves slower procedures, since you must book appointments with advisors to resolve issues.
| Management | Online | In-person |
| User profile | Students, digital nomads, and newly arrived foreigners. | Long-term residents and investors. |
| Response time | From 5 minutes to 1 day. | From 5 to 10 business days. |
| Administrative security | Only mobile scanning or biometrics required. | Contract review and appointment booking required. |
| Support | Chatbots and support tickets available. | Personal manager with direct contact. |
| Operating cost | Low | Medium-high, usually with higher maintenance fees. |
How to stay connected in Luxembourg as a foreigner
Once you arrive in Luxembourg, you’ll need internet. It’s essential for searching, comparing, and contacting banks to open your account.
In addition, having data lets you send documents, check information, speak with advisors, and track your application from anywhere.
For this reason, we recommend Holafly’s monthly subscription plans. They offer 25 GB or unlimited data that you can share across devices, with coverage in up to 170 countries worldwide.
You can also choose the Holafly eSIM for Luxembourg. It provides unlimited data for the exact days you need. As a result, you avoid expensive roaming and SIM card changes.
Frequently asked questions about opening a bank account in Luxembourg
No, you can’t open an account with only your passport. Whether online or in person, you’ll need identification and proof of residence.
It’s a system that standardises digital identity. It works through physical devices or a mobile app.
For a traditional bank, you’ll need at least €100 ($110). However, fintech options don’t require a minimum balance.
Yes, neobanks like Revolut or N26 allow account opening with identity and residence proof. However, you must show sufficient funds.
The IBAN is an alphanumeric code starting with LU followed by 18 digits. It uniquely identifies your account for international transfers.
