Despite its relatively small size, Luxembourg is one of the world’s largest financial centers. With more than €4.8 trillion in total assets in management, it’s not surprising that international investors, both private and institutional, flock to the Grand Duchy to further expand their portfolios.
Opening a bank account in Luxembourg is a relatively simple and straightforward process. Expats and non-resident investors can open a bank account in one of the 126 different banks in the country, the majority of which are subsidiaries of foreign banks. In this article, we will provide you with all the information that you need to successful open a bank account in the Grand Duchy. Here are the most Frequent Asked Questions.
1. What features does a Luxembourg bank account have?
A Luxembourg bank account will come with an International Bank Account Number (IBAN). The International Bank Account Number (IBAN) facilitates the smooth money transfer between other countries that are included in the Single Euro Payment Area. In some cases, opening an account is free of charge, while there are also some financial institutions that charge between €2 and €10 monthly depending on the specific service that your require.
While Luxembourg is a highly sophisticated and advanced financial hub, more than half of all financial transactions are still done using cash. with this in mind, it is therefore crucial for interested parties to select a bank that charges reasonable fees for cash withdrawals. Due to its strategic location in the European continent, the Luxembourg banks offer their services and support in various languages, including German, French, Luxembourgish, Italian, Portuguese, and English.
2. Who is eligible to open a bank account in Luxembourg?
Individuals aged 18 and above are eligible to open a bank account in Luxembourg, provide they live or are committed to gain resident status in the country, whether by way of gainful employment or admission to a Luxembourg-based university. Banks in the Grand Duchy will require proof of residence in Luxembourg before an individual can be allowed to open a bank account.
For individuals under the age of 18, an adult, be it a parent or guardian, may open a bank account on their behalf.
3. Where can one find their tax number?
For new residents in Luxembourg, you can find your 13-digit tax number on your social security card.
4. What are the requirements for opening a bank account in Luxembourg?
If you’ve met the basic requirements listed above, let’s take a closer look at the other documentation that you will need to successfully open a Luxembourg bank account.
- Passport and/or national identification card
- Certificate of residence in Luxembourg
- Proof of address that can come in the form of a rental contract or utility bill
- Proof of income
- Proof of employment or school enrolment
If you need a bank account that provides you to access more advanced functions, including credit, loans, and overdraft, additional documents may be requested by your preferred bank:
- Income statement
- Credit score
- Luxembourg tax number or tax number from your country of origin
5. What is the typical process of opening a bank account in Luxembourg?
The majority of Luxembourgian banks allow prospective clients to process bank account creation online. There are even banks that will let you process an application while you’re abroad, given you can submit the necessary paperwork. Many banks require prospective clients to send their documentation by post or submit them in person upon card pickup.
The standard process of opening a bank account in Luxembourg are as follows:
- Determine the required documents and print them out for submission to the bank.
- Send your documents via post or schedule an appointment for successful submission at your preferred bank’s local branch.
- You may be required to fill up a questionnaire and undergo identify verification with a bank personnel.
- If you are opening a bank account online, you must undergo a digital verification process.
- It will take a few days for your confirmation, card, PIN, and other required documents to arrive via post.
6. How do you open an online banking account?
If you do not have the luxury of time to gather documents and schedule in-person appointments to your bank of choice in Luxembourg, many banks offer online banking to residents and non-residents. This means that you can have a bank account successfully set up even before you arrive in the country.
Many Luxembourg banks feature an online app. Once you’ve downloaded the app, simply upload a copy for your identification card and fill out the online in-app verification process. You will be provided with a unique PIN and you’re ready to customize your account to your needs.
Before applying for an online account, conduct due diligence and confirm that your preferred financial institution is dully licensed in Luxembourg.
On the other hand, if you want a credit card linked to your Luxembourg bank account, you may be required to submit additional documents to prove your capacity to pay your bills. Pay slips from your employer will serve as proof of income, although some banks may require additional documentation. Bear in mind that some financial institutions opt to delay offering credit capabilities to brand-new customers. To resolve this issue, it is recommended to establish your financial solvency, so you can gain access to credit capabilities.
7. Can I open a bank account with multiple account holders?
A joint account may be opened in Luxembourg. If you wish to open an account with other people for various reasons such as house shore or vehicle purchase and registration, every individual in the account will be deemed to submit their respective documents. For online banking, applicants may apply up to two account holders only. On the other hand, if you wish to open a joint account with more than two account holders, personal appearance at the local bank branch is a requirement.
8. How much are the standard banking fees and charges assessed by Luxembourg banks?
Before opening a bank account in Luxembourg, you need to gain deeper understanding of applicable bank fees and charges. It is recommended to read the fine print to save you money in the long run.
Check out the regular charges that your chosen bank assesses to keep your account open or use its debit and credit card functionalities. Other fees that you need to familiarize yourself with are withdrawal fees. While some banks won’t charge anything for withdrawals, there are some that levies a certain fee for every ATM withdrawal transaction.
For international investors and non-resident that may need to move money between accounts that use different currencies, bear in mind that you will be assessed with additional charges. Money transfers are extremely expensive transactions, and one of the ways banks earn profit from providing service to their clients. With all these in mind, it is best to look for a Luxembourg bank that offers low and transparent fees.
As a premier consulting firm for foreign investors, Damalion offers a full suite of solutions to assist in successful incorporation of a business in Luxembourg. We can assist you in the processing of opening a bank account in Luxembourg to ensure smooth and hassle-free transactions in the Grand Duchy. If you wish to learn about the process of opening a Luxembourg bank account, feel free to reach out to a Damalion expert today.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.
How to open a bank account in Luxembourg: eligibility, documents, onboarding sequence, payment limits, and ongoing compliance—explained in plain legal language.
For entrepreneurs, investors, family offices, holding companies, and fund vehicles
Damalion facilitates pre-screening with banks, prepares KYC files, aligns narratives on sources and uses of funds, and coordinates signatories, online banking, and card issuance.
Last updated: 13 September 2025
Why consider a Luxembourg bank account?
Luxembourg banks understand cross-border clients, handle multi-currency flows, and offer rigorous AML controls. If your company or family office expects international payments, custody, or a depositary for funds, local institutions provide the tooling and governance you need.
Who can open an account and what do banks look for?
Retail, private, and corporate segments follow different tracks, but the core review is similar. Banks assess identity, business rationale, fund origin, expected activity, and risk footprint. A concise story with documents to match reduces questions.
- Individuals: passport, address proof, tax number, employment or wealth background.
- Companies: articles, registers, UBO list, group chart, board minutes on account opening, and contracts that explain incoming and outgoing flows.
- Funds and SPVs: constitutive documents, AIFM or manager mandate, depositary (for funds), and investor profile.
Which documents are typically required?
The exact list varies by bank. Preparing a clean, consistent pack avoids rework.
- Valid ID and proof of address for all controllers, signatories, and ultimate beneficial owners.
- Company extracts, articles, and recent shareholder and director registers.
- Ownership chart down to natural persons, signed and dated.
- Source-of-funds and source-of-wealth explanation with evidence (transactions, sale agreements, audited accounts).
- Business narrative: counterparties, countries, currencies, and monthly volumes.
- Sanctions and PEP declarations where applicable.
How do you open a bank account in Luxembourg step by step?
This is the sequence we use so approvals and user access arrive without delay.
- Pre-screen. Match your profile with the right bank segment and confirm appetite for your activity and jurisdictions.
- Build the file. Assemble KYC, registers, narratives, and evidence; ensure names and dates are identical everywhere.
- Submit and interview. File the application; attend the video or in-person meeting to walk through funds, flows, and governance.
- Approval and onboarding. Receive IBANs, set signatories, online banking, payment limits, and card issuance; activate alerts.
- First transactions. Start with small, documented payments; keep a memo linking each large movement to contracts or invoices.
How can you speed up onboarding?
Two elements drive speed: clarity and consistency. Clear flows reduce compliance questions; consistent names, dates, and figures avoid resubmissions.
- Provide contracts or letters of intent for early flows.
- Use a single spelling for every person and entity across all documents.
- Adopt dual approval for payments beyond a set limit.
- Prepare a short AML memo: what will be paid, by whom, and why.
What fees and features should you expect?
Fees depend on the segment and services. Private and corporate plans price in account management, cards, foreign exchange, and dedicated support. For funds, depositary, cash monitoring, and custody have their own schedules.
- Account maintenance and user access.
- Cards, local and cross-border payments, FX margins.
- Online banking with multi-user roles and limits.
- For funds: depositary and custody, cash monitoring, and asset verification.
Can you open an account remotely?
Yes, many banks allow video identification. Some still require at least one in-person signatory visit for higher limits or specific services. We plan the route that fits your timeline.
What causes delays and how to avoid them?
Most delays come from gaps or contradictions. A single, well-labeled folder for the bank team solves half the issues.
- Mismatched names across IDs, registers, and bank forms.
- Unclear fund origin or missing proof for historic wealth.
- Undescribed counterparties in high-risk jurisdictions.
- Large first payments without supporting documents.
Luxembourg bank onboarding at a glance
| Topic | Answer |
|---|---|
| Segments | Retail, private, corporate, and for funds: depositary/custody |
| Key checks | Identity, source of funds, activity rationale, risk footprint |
| Basics to prepare | IDs, registers, UBO chart, contracts, volumes and currencies |
| Access | Online banking, user roles, limits, cards, alerts |
| Good practice | Dual approval, labeled evidence for large payments, update files |
