Opening a bank account in Luxembourg could be a powerful option for certain foreigners, non-residents, and expat individuals seeking private banking and wealth management services.
In fact, not only is the banking sector the largest industry in Luxembourg, but it also offers some of the best investment and asset management options available.
In this article, we’ll provide an introduction to banking in Luxembourg, what factors to consider before opening accounts in Luxembourg, and why other options like an Isle of Man offshore bank account might be better suited to your banking needs.
Feel free to use the table of contents to skip ahead to the topics that are most relevant to you.
Table of Contents
- Opening Bank Accounts in Luxembourg for Non-Residents
- Banks in Luxembourg
- How to Find Banks in Luxembourg
- Opening a Company Bank Account in Luxembourg
- Frequently Asked Luxembourg Banking Questions
- Do You Want Help Opening Offshore Bank Accounts?
Opening Bank Accounts in Luxembourg for Non-Residents
Luxembourg is one of the biggest financial centers on the planet. It’s also one of the wealthiest countries, consistently ranking in the top 3 spots for GDP per capita.
In other words, a lot of money is made, invested, and deposited in Luxembourg. So, it’s no surprise that banks in Luxembourg attract a lot of attention from prospective banking clients.
In fact, Luxembourg is a popular jurisdiction for individuals seeking private banking or wealth management services, offering a safe, secure, and stable environment to store (and grow) wealth.
But Luxembourg is not your average banking hub. Instead, banks in Luxembourg cater to private banking and asset management clients, investment funds, and corporations seeking tax efficiency.
Do You Want to Explore All Your Offshore Banking Options?
Banks in Luxembourg
Like most jurisdictions, not all banks in Luxembourg accommodate non-residents, expat individuals, or foreign businesses. Instead, if you want to open a bank account in Luxembourg, you’ll need to find banks that specifically cater to foreign non-resident clients. The same goes for entities with limited ties to Luxembourg.
That said, while there are many banks in Luxembourg to choose from, finding one where you can meet the deposit requirements can be a challenge.
Best Banks in Luxembourg for Expat Individuals
Ultimately, when looking for the best banks in Luxembourg for expat individuals, you need to consider your banking needs, the services you’re after, and how much money you’re willing to deposit.
Are you looking for everyday transactional banking? Do you want international investment products? Or are you in need of asset or wealth management?
If you said yes to transactional banking, you’ll probably be better off banking elsewhere. But if you’re after international investments or asset management, Luxembourg might be an option worth considering.
In short, by understanding your banking needs, you can then narrow down which banks in Luxembourg are realistically suitable for your client profile.
How to Find Banks in Luxembourg
To find banks in Luxembourg and successfully open a non-resident bank account, you need to consider the following:
- Opening deposit requirements (varies by bank)
- Bank account fees (e.g. opening, foreign transactions, maintenance, etc.)
- Private banking & wealth management services offered
- Required investment commitment (varies by bank)
Knowing which features are important to you and which banks offer them, will help to determine which bank in Luxembourg fits your client profile and banking needs.
Virtual Bank Account in Luxembourg
Non-resident individuals can open a bank account in Luxembourg completely online if they know which bank (and banker) to approach.
However, if you are looking for a virtual or digital banking platform, you’ll be better off looking at options in other jurisdictions.
Are There Retail Bank Account Options in Luxembourg?
High-net-worth non-resident individuals, entrepreneurs, and investors, generally flock to Luxembourg to protect and grow their wealth with highly reputable banks.
That said, these clients aren’t necessarily looking for an everyday retail bank account. Instead, they are tapping into private banking services, wealth management, tax planning, and investing. Or they have legitimate ties to Luxembourg.
Therefore, retail banking in Luxembourg is often reserved for individuals living or planning to live in Luxembourg.
Opening a Company Bank Account in Luxembourg
Opening a corporate bank account in Luxembourg is possible. However, if you are not looking to deposit a significant sum or open investment accounts, most banks will require that you have local operations.
Additionally, many banks will look for your entity to have a local presence, such as an office, staff, management, or other acceptable ties to the country.
Frequently Asked Luxembourg Banking Questions
Below are a few of the most common questions we receive from people exploring how to open a bank account in Luxembourg for non-residents. If you have further questions about online offshore banking, don’t hesitate to contact us directly.
Is It Possible for Foreigners to Open a Bank Account in Luxembourg?
Yes, it is possible for foreigners to open a bank account in Luxembourg. Foreigners will need to meet each bank’s account opening requirements, have a suitable profile, and make a qualifying deposit. That said, not all banks in Luxembourg accept foreign non-residents. So, bank selection will be an important factor to consider when choosing where to open a non-resident account in Luxembourg. Additionally, many foreigners will benefit from considering other banking options as well, including banks in Liechtenstein and Switzerland.
Which Bank Is Best for Foreigners in Luxembourg?
The bank that is best for foreigners in Luxembourg depends on the type of desired account. Likewise, the prospective clients will need to meet the account opening requirements, make a qualifying deposit, and have a suitable client profile. More specifically, clients will need to have acceptable citizenship, residency, banking needs, and deposit levels. It’s important to choose banks that match your banking needs and have requirements you can meet prior to applying.
What Do I Need to Open a Bank Account in Luxembourg?
To open a bank account in Luxembourg applicants will need to provide proof of identification, proof of income, proof of address, reference letters, and a qualifying deposit. Additionally, in order to qualify, applicants will need to have suitable citizenship, resident status, banking needs, and rationale for opening the account.
Do You Want Help Opening Offshore Bank Accounts?
If so, you can access GlobalBanks IQ and start the process of applying for an offshore bank account online in a few clicks.
GlobalBanks IQ is our flagship international bank account opening solution. It gives you instant access to the…
+ Expert insights on which banks to choose & why
+ Step-by-step reports to open bank accounts in the best banking hubs
+ GlobalBanks international bank database & detailed bank profiles
+ Tried & tested banks for high-risk, offshore, & non-resident clients
+ Plus, get YOUR most pressing bank account opening questions answered by our team!
And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, just click here now. Or, contact us directly with any questions!