Banking & Finance
Before you move to Luxembourg, understanding the local banking system can save you weeks of frustration and unexpected fees.
Banking Overview in Luxembourg
| Feature | Details |
|---|---|
| Currency | euro (EUR) € |
| Bank Account for Foreigners | May be possible — confirm with the bank |
| Access Difficulty | Medium |
| Remote Opening | No |
| Wise Available | No |
| N26 Available | No |
Opening a Bank Account in Luxembourg
Foreign nationals may be able to open a bank account in Luxembourg, but we have not independently verified this — confirm the current rules directly with the bank, in writing, before you rely on it. The process difficulty is rated as medium, which means you should expect some bureaucracy and possibly language barriers.
Required Documents
- Valid passport or national ID
- Proof of address / residence registration
- Residence permit (if applicable)
- Tax identification number (if available)
- Initial deposit (amount varies by bank)
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Banks in Luxembourg — remote & non-resident opening
Named banks operating in Luxembourg, and what our automated research found about non-resident remote account opening (no branch visit required). This has not been verified by a human reviewer — use it as a starting point and confirm directly with the bank.
| Bank | Remote opening | Confidence | Details |
|---|---|---|---|
| Banque Raiffeisen | May allow remote opening — confirm with the bank directly | Medium | Full online opening; ID verified by transfer from home-country account, docs by post, no branch visit. |
| Banque et Caisse d'Épargne de l'État (Spuerkeess) | May require an in-person visit — confirm with the bank directly | Medium | Online pre-arrival application possible but account semi-operational until in-person branch signing. |
| Banque Internationale à Luxembourg (BIL) | May require an in-person visit — confirm with the bank directly | Medium | App onboarding limited to residents of LU FR BE DE PT IT ES NL, not open to any nationality non-resident. |
| BGL BNP Paribas | May require an in-person visit — confirm with the bank directly | Medium | Online opening exists but requires Luxembourg domicile or employment contract; not general non-residents. |
| ING Luxembourg | May require an in-person visit — confirm with the bank directly | Low | Expat pre-arrival opening possible, easier with existing EU account; generally tied to LU move/employment. |
Last checked 2026-06-22 · Source: official bank websites, gathered via automated research that has not been reviewed by our founder — treat every row as a lead, not a verified fact, and confirm directly with the bank before you rely on it. Research confidence: High = clear supporting evidence found · Medium = partial or indirect evidence · Low = weak or conflicting evidence · Unrated = no confidence assessment recorded (unreviewed automated research).
Digital Banking Options
Wise (TransferWise)
Wise has limited availability in Luxembourg. While you may be able to send money to Luxembourg, full local account features may not be available. Check their website for the latest on Luxembourg-specific services.
N26
We have no record of N26 operating in Luxembourg — check N26's own country list, as their coverage changes. You may need to consider local digital bank alternatives or traditional banks.
International Transfers
When transferring money to or from Luxembourg, consider these factors:
- Exchange rate: The currency is EUR. Always compare the offered rate with the mid-market rate.
- Transfer fees: Transfer fees vary — compare providers like Wise for the best rates.
- Transfer speed: Bank-to-bank (SWIFT) transfers take 2-5 business days. Digital services often complete within 1-2 days.
- Regular transfers: If sending money home regularly, set up a recurring transfer to lock in better rates.
Salary and Everyday Banking
The average salary in Luxembourg is approximately €6,042 per month. Your employer will typically require a local bank account for salary deposits. Most banks offer:
- Debit card (Visa or Mastercard)
- Online banking portal and mobile app
- Direct debit setup for rent and utilities
- ATM withdrawals (check fee policies)
Tips for Expats
- Compare fees before choosing: Monthly account fees, ATM charges, and international transfer costs vary wildly between banks. Ask before you open.
- Learn key banking terms: A few words in the local language go a long way at the bank counter and when reading statements.
- Carry cash for the first week: Card acceptance varies. Have enough local currency to cover taxis, meals, and small purchases until your account is active.
- Ask about expat-friendly packages: Some banks offer special accounts for foreign residents with English-language support and lower fees.
- Set up online banking immediately: Most routine transactions can be handled online or via app, saving you queues and branch visits.
Additional Practical Information
The following information is compiled from expat community sources and recent reports to complement the official data above.
- There is a critical requirement to meet for these services: the account holder must declare all sources of income received from outside their country of residence.
Additional data sourced from expat community reports. All information should be verified with official sources.
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Frequently Asked Questions
How long does it take to open a bank account in Luxembourg?
Opening a bank account in Luxembourg typically takes 1-3 weeks depending on documentation readiness and the bank chosen. Digital banks may be faster.
Do I need a residence permit to open a bank account in Luxembourg?
Many banks in Luxembourg require a residence permit or proof of address before opening an account. Requirements vary between banks, so shop around.
Does Wise (TransferWise) work in Luxembourg?
Wise has limited functionality in Luxembourg. You may need to rely on traditional banks for transfers.
What happens to my bank account if I leave Luxembourg?
Most banks in Luxembourg allow you to keep your account open even after leaving, though some may require an address in Luxembourg. It is advisable to switch to a basic or non-resident account to avoid unnecessary fees. Close standing orders and direct debits before leaving.
How do international money transfers work from Luxembourg?
You can transfer money from Luxembourg via SWIFT bank transfers (2-5 days, higher fees) or digital services . Compare rates between your bank and specialist transfer services to save on fees.
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About the author
António Mira is the founder of whereTOemigrate. For over a decade he has worked at the intersection of Portuguese real estate and overseas business, helping international clients navigate the cross-border decisions that come with relocating. He sits on the board of CCIAP (Portuguese-Arab Chamber of Commerce), the Portuguese-Saudi Business Council, and the Portugal-Hong Kong Business Association — always with one focus: enabling overseas business and human mobility into and out of Portugal.
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