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Luxembourg – Banking

Luxembourg, known for its strong economy, is a hub for banking and finance in Europe. The country has a stable banking system that offers various banking services and products to both its residents and expats. In this article, we will provide you with information about banking in Luxembourg, including local banks, international banks, accounts and services for expats, bank opening hours, and how to open a bank account as an expat.

Local Banks in Luxembourg

The following are some of the main local banks in Luxembourg:

International Banks in Luxembourg

Luxembourg is a major financial center in Europe and is home to many international banks, including major UK and USA banks. Some of the major international banks in Luxembourg and their contact details are as follows:

Accounts and Services for Expats

Banks in Luxembourg offer a range of accounts and services specifically designed for expats, including multi-currency accounts, online banking, and international money transfers. Some of the banks that offer such services are BCEE, BIL, and ING Luxembourg. Additionally, some banks offer expat packages that include various financial products and services.

Typical Bank Opening Hours

The typical bank opening hours in Luxembourg are from Monday to Friday, from 9:00 a.m. to 5:00 p.m. Some banks may have extended hours, and some branches may be open on Saturdays.

Areas of Concern for Expats

Luxembourg has a stable banking system with strict regulations, which makes it a safe place to bank. However, expats should be aware that the country has high banking fees and charges, which can be costly. Additionally, expats should be aware of the language barrier, as most banking documents are in French or German.

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Opening a Bank Account

To open a bank account in Luxembourg as an expat, you will typically need to follow these steps:

Step 1: Choose a bank

Research and compare different banks in Luxembourg to find one that meets your needs. Look for a bank that offers services in your preferred language and that has low fees and charges.

Step 2: Gather required documents

You will typically need to provide the following documents:

  • Valid passport or national ID card
  • Proof of address (e.g., utility bill or rental agreement)
  • Proof of income (e.g., payslips or tax returns)
  • Residence permit (for non-EU residents)

It’s best to check with your chosen bank to find out exactly what documents are required.

Step 3: Make an appointment

Contact the bank to make an appointment to open your account. You may be able to do this online or by phone.

Step 4: Attend your appointment

Attend your appointment at the bank with all required documents. The bank will typically verify your identity and run a credit check before opening your account.

Step 5: Activate your account

Once your account is open, you may need to activate it by making a deposit or setting up a direct debit. Your bank will provide instructions on how to do this.

It’s important to note that some banks in Luxembourg may require a minimum deposit or minimum balance to be maintained in the account. Be sure to check with your bank regarding any such requirements.

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