Luxembourg is landlocked country enjoying a host of benefits due to its strategic position. It is a prominent country among expatriates and international organizations. The Grand Duchy features world-class towns known for their stunning beauty and abundance of outdoor activity opportunities. The standards of living in Luxembourg are high as per capital median income recorded at $43,768. If you are seriously considering relocating to Luxembourg, it is crucial to set up a local bank account with a reputable bank to avoid excessive processing fees  and currency conversion fees. 

Open a Luxembourg Bank Account : required documents

Non-Luxembourg residents can open a bank account in the Grand Duchy. The process is simple and straightforward and involves a few simple steps. If you are a non-resident, here are the documents that most banks will require to open a bank account:

• Recent payslip or letter from your employer proving your employment status
• Proof of address
• Proof of identification like a passport or identify card

To get a credit card in Luxembourg, you will be need to provide additional documents to prove your ability to pay your bills. The majority of banks will require payslips as proof of income, while some banks will delay access to credit cards for non-residents until they will first verify your financial insolvency. 

Opening a Luxembourg Bank Account Overseas

You may also begin the process of opening a Luxembourg bank account online. Despite this, you will need to send necessary documents or take them to the bank in person upon your arrival. 

With financial institutions such as BNP Paribas, you can easily open a bank account prior to entry to Luxembourg. To open a bank account, you must first meet all residency requirements and make a minimum initial deposit transfer of EUR 100 to an account in Luxembourg, Belgium, France, or Germany. If your bank account application is denied, your initial deposit will be refunded. 

Many non-residents have their own Luxembourg bank accounts. Most of these account holders live in neighboring countries but work in the Grand Duchy. For this reason, many banks in Luxembourg are familiar in processing non-resident bank accounts. To open a bank account, you need to submit a proof of address and recent utility bill statement. 

Banks in Luxembourg Where Non-Residents can Open a Bank Account

The Luxembourg banking sector is the largest industry in Luxembourg. As a non-resident, you should not worry about issues when opening a bank account. If you need a bank account for daily transactions, such as in the case of debit cards, here are major banks that you should consider:

BNP Paribas

BNP Paribas is inarguably Luxembourg’s largest bank. It offers a wide range of accounts for different applications. They offer student bank accounts for non-residents studying in Luxembourg. BNP Paribas also offers a web-based bank account that you can use for transactions wherever you are in globe. While there are no fees when you open an account, you will need to pay a monthly fee to gain access to flexible solutions. 

ING

ING has the most extensive ATM network in Luxembourg. The bank also features an exceptional online banking system for select groups such as expatriates and international students. 

Post Luxembourg

You may also open a bank account with a post office. This platform offers the cheapest and easiest process to open a bank account in Luxembourg. They have an extensive network of ATMS throughout the country. But before opening an account under Post Luxembourg, make sure that their ATM machines are convenient to access from where you live or work. There are no fees associated with cash withdrawals in their ATMs. The only drawback is that they assess higher fees if you are not withdrawing from their ATMs. 

BCEE

BCEE is a major financial institutions with an expansive network of local branches and ATMs. In total, BCEE has a total of 110 ATMs and more than 72 branches, all of which are conveniently throughout the country. They also have an intuitive and smooth online banking system. They offer different bank account types, with its debit card being popular for its minimal fees. 

Luxembourg Banking Fees

Do your due diligence and check out the fees assessed by your Luxembourg bank of your choice. For instance. BNP Paribas charges EUR 2.50 as monthly bank transfer fee. Other fees that you need to consider include monthly charges assessed in debit cards, credit cars, fees for ATM cash withdrawals. 

Luxembourg Virtual Bank as an Alternative

Transferring money to an international bank account using a standard bank account is typically expensive. In fact, many banks will charge over mid-market rate. To save on fees, you can use a virtual bank account that charges far cheaper fees compared to traditional banks. Finally, virtual bank accounts ensures faster and convenient bank transfers. With a virtual bank account, non-residents need to retrieve their IBAN that they can use to make cash transfers free of charge. 

If you need assistance evaluating your bank options in Luxembourg, our financial consultants at Damalion will be at your service. Whether you are an international investor or looking to relocating in Luxembourg, we will use our experience and expertise to ensure a successful bank account set-up process. Reach out to a Damalion expert today to learn more. 

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.

Opening a Luxembourg bank account for non-residents: eligibility, documents, remote onboarding, limits, and practical compliance.

For individuals, entrepreneurs, family offices, holding companies, and SPVs without local residency

Damalion facilitates pre-screening with receptive institutions, prepares KYC packs, coordinates video identification, certified translations and apostilles, and helps set user access and payment controls.

Last updated: 13 September 2025

Why do non-residents open accounts in Luxembourg?

Luxembourg banks are comfortable with cross-border clients and multi-currency flows. If you receive income from several countries, hold investment portfolios, or run international companies, the local toolset and governance help keep payments predictable and well-documented.

Who is eligible and what will banks review?

Non-resident individuals and companies can be accepted after a standard risk review. Expect questions on identity, residence, tax status, source of funds, expected volumes, and counterparties. Clear evidence shortens the process.

• Individuals: passport, proof of address outside Luxembourg, tax identification number, employment or wealth background.
• Companies and SPVs: articles, recent registers, UBO list to natural persons, group chart, board decision to open the account, and contracts explaining early flows.
• Funds: constitutive documents, manager or AIFM mandate, depositary (when applicable), and investor profile.

Which documents do non-residents typically prepare?

The list changes by institution, but a consistent file avoids back-and-forth.

• Certified copies of IDs and proof of address (with apostille or legalization if requested).
• Company extracts, articles, and up-to-date shareholder and director registers.
• Ownership chart down to natural persons, signed and dated.
• Source-of-funds and source-of-wealth narrative with evidence (sale agreements, audited accounts, portfolio statements).
• Tax self-certifications (CRS/FATCA) and PEP/sanctions declarations when relevant.
• For translations, banks usually ask for sworn or certified translators.

Key features and benefits for non-resident clients

These elements help plan day-to-day use and internal controls before the first transfer.

1. Multi-currency accounts. EUR by default, with USD, GBP, CHF and others where activity supports it.
2. Online banking with roles. Individual user rights, alerts, and dual approval above set thresholds.
3. Cross-border payments. Experience with counterparties in multiple jurisdictions and currencies.
4. Investment services. For eligible profiles, custody and portfolio execution can be arranged.
5. Structured compliance. Clear AML checklists prevent delays and make future reviews faster.

How do non-residents open a Luxembourg bank account step by step?

The sequence below keeps your file consistent and the onboarding interview straightforward.

1. Pre-screen with the right segment. Confirm the bank’s appetite for your activity and jurisdictions before submitting documents.
2. Compile a consistent KYC pack. Align names, dates, and addresses across IDs, registers, and forms. Prepare the ownership chart.
3. Explain funds and flows. Provide a short memo linking expected transfers to contracts, employers, or investment portfolios.
4. Attend video or in-person identification. Walk through the narrative, counterparties, and risk controls.
5. Set access and limits. Create users, activate alerts, and implement dual approval for higher amounts.
6. Start with documented payments. Keep contracts or invoices attached to large transactions to avoid holds.

Can non-residents open an account remotely?

Many institutions allow video identification and couriered originals. Some services still require one visit by a signatory or relationship holder. We arrange the route that fits your timelines and risk profile.

What causes delays and how do you avoid them?

Most delays stem from contradictions or missing evidence. A single, well-labeled folder for the bank team prevents repeat requests.

• Mismatched names between passports, registers, and forms.
• Unclear source of wealth or missing trail for historic assets.
• Undescribed counterparties in higher-risk countries.
• Large first payments without contracts or invoices.

Non-resident onboarding at a glance

Topic	Answer
Identification	Video KYC common; originals or apostilles may be requested
Documents	IDs, proof of address, registers, UBO chart, tax self-certifications, evidence of funds
Access	Online banking, user roles, alerts, payment limits, corporate cards
Timing	Driven by completeness and risk; consistent files move faster
Damalion’s role	We pre-screen, prepare KYC, schedule interviews, and align access and limits

Frequently asked questions for non-resident applicants

Can non-resident individuals open accounts without a Luxembourg address?

Yes. Provide a verified foreign address and standard identity documents. Some banks will ask for utility bills or bank statements not older than three months.

Are certified translations mandatory?

Only when documents are not in a language the bank accepts. Certified or sworn translations are typical.

Do banks require an initial deposit?

Minimums vary by institution and segment. The amount is usually modest for retail and higher for private or corporate plans.

What if I am tax resident in more than one country?

Disclose all tax residencies and provide the appropriate CRS/FATCA self-certifications.

How are politically exposed persons treated?

PEP status is acceptable in many cases with enhanced due diligence and additional evidence on source of wealth.

Can a company with foreign directors open a Luxembourg account?

Yes, with full look-through to UBOs and a credible business rationale. Board minutes should authorise the account and signatories.

Is dual approval for payments required?

It is not mandatory but widely adopted for controls and smoother acceptance at higher limits.

How are large incoming wires handled?

Provide contracts, settlement schedules, and invoices in advance. Without evidence, funds may be held pending review.

Do banks support remote signatures for forms?

Many accept digital signatures or scanned originals; some documents still need wet-ink signatures or couriered originals.

Can I receive income from high-risk countries?

Policies differ. Pre-screening is essential; strong contractual evidence and sanctions screening help.

How often will KYC be refreshed?

Periodic reviews are standard. Keep registers, addresses, and passports current to avoid payment interruptions.

Can a fund use the same bank for depositary and operating cash?

Often yes, where policy allows. For regulated funds, a depositary oversees safekeeping and cash monitoring.

What if ownership changes after onboarding?

Notify the bank immediately with updated registers and IDs; the bank will refresh KYC before restoring higher limits.

Are crypto-related activities permitted?

Acceptance varies and may be restricted. We match profiles with institutions whose policy fits your use case.

How does Damalion assist non-resident clients?

We prepare the narrative and evidence, introduce you to suitable institutions, coordinate identification and user access, and stay available for periodic reviews.