Did you ever try to open a Bank Account in Luxembourg?

IF NOT we will tell you all about it!

In this post, we will answer, which bank and how do you open a current account and savings account in Luxembourg.

In Luxembourg, banking is a significant industry. There are more than 220 different banks, which employ approximately 10 percent of the population!

But a primary question remains: which bank is the right one for you? While wandering through the center of Luxembourg City, you might have concluded that every bank in the world has a branch in Luxembourg. And presumably, you are right.

Furthermore, opening a bank account in Luxembourg is easy. Theoretically, all you need is your passport or other identification and a smile. (A suitcase full of cash is also a great icebreaker.)

In general, any teller of a bank should be able to give you the necessary forms to open an account and help you to complete them. But in Luxembourg, the terms and services are often entirely different from what you’re used to in your home country.

Current Accounts

Personal accounts are generally more expensive in Luxembourg. You should expect to pay up to €100 per year for a standard current account that includes debit and credit cards, plus ATMs and Internet banking facilities.

But there are ways around this fees.

Opportunity One:

If you are relocating to Luxembourg, you can benefit from special relocation packages offered by banks for opening bank accounts. In our case, I found these two packages interesting:

• ING: Expat Package

ING Expat Package provides current accounts, savings accounts and cards free of charge. It also offers loans with interest rates that are different from standard packages.

https://www.ing.lu/webing/content/dam/ing/PDF/expat/Expat_Package_EN.pdf

• BGL: New arrival in Luxembourg

BGL offers customized current accounts at a reduced monthly fee. If you are aged 18-29, the monthly fee for those accounts is free.

http://www.bgl.lu/en/bank/pages/individuals/new-arrivals.htm

Opportunity Two: 

Your company has an agreement with one of the banks in Luxembourg, and you can benefit from the cooperate package.

These packages are different based on your employer but most of the time free as well.

We even realized, that for us the employer package was more convenient the Expat package.

Savings Accounts

In addition to a current account, you can open several different types of savings accounts with most banks.

In Luxembourg, you can find a huge number of different savings accounts. Some accounts earn interest from income taxes, and there are some savings plans available that allow you to save money for a deposit on a house.

But not all accounts are for you. Société Générale Bank & Trust, for instance, requires €1,000,000 minimum deposit for a savings account.

For deposit accounts, you must be prepared to invest for a period of up to 12 months. Some employer-related savings plans even require you to spend for several years before you can make withdrawals. But the longer you save, the more you earn. A general rule for savings can be formulated as: “the longer the term, the higher the return!”

You usually receive a passbook for a savings account, where all deposits and withdrawals are recorded. Under some employer savings plans, you must take your passbook to the bank every few months to have the balance updated, or wait until the end of the year to receive your tax documents, telling you how much interest has been added to your account.

Which still leaves the initial question open: Which bank?

After visiting several Banks,

I would recommand you to check out the following Banks in Luxembourg:

1.  Spuerkess (BCEE) – (www.bcee.lu)

2.  BGL BNP Paribas  – (www.bgl.lu)

3.  ING – (www.ing.lu)

4.  Banque Internationale à Luxembourg (BIL) – (www.BIL.com)

Now, is up to you. You need to check out the different banks in Luxembourg, get a feeling with the different offers and the point of contact.

I hope this post and reduced list of four Banks helps you, opening the account that suits your needs and budget.

Happy banking and a lovely time in Luxembourg!

Best regards

Your Thomas

P.s: If you like the article or you have a suggestion for more banks or some experience you would like to share, please leave a comment.