Opening a bank account in Luxembourg is one of the first things on your to-do list during your move, essential for managing your salary, expenses, and administrative tasks. Our business partner, BGL BNP Paribas, has written this practical guide to easily opening a bank account in Luxembourg, either in-branch or online, even before you arrive.
Why open an account in Luxembourg?
This is one of the first steps you'll need to take when moving to Luxembourg. Opening a bank account with a Luxembourg bank will enable you to get paid, pay your rent and buy what you need.
There are many banks in Luxembourg with more or less extensive branch networks, so it's up to you to choose the one that best suits your needs.
Good to know: You can head to a branch to open your account and meet your adviser face to face, or open an account online on your smartphone or computer, all before you even arrive in Luxembourg!
What documents will you need to provide?
› An ID document
› Your employment contract or a recent payslip
› Proof of address
› Your tax number
Good to know: In Luxembourg, the Tax Identification Number (TIN) is a 13-digit number and is shown on your social security identification card. More information about TINs by country can be found on the European Commission's website here.
A bank account to help you get set up?
To get yourself set up with utilities in Luxembourg (water, electricity, renting a place to live), service providers will generally ask you for a Luxembourg current account.
You can also secure a place to rent by taking advantage of the rental guarantee (up to €5,000 for new arrivals). If your chosen bank offers it as an option, it will act as guarantor to your future landlord, which means you won't have to provide a deposit. That way, you won't have to dip into your savings for other purchases.
A bank account that lets you maintain ties with your home country?
A Luxembourg bank account opens doors to a whole world of products and services, including electronic SEPA transfers that let you make an unlimited number of euro transfers online, and if required, instant transfers to most countries in Europe. Current accounts are also often available in multiple currencies.
Debit card or credit card? The choice is yours!
Between debit cards and credit cards, deferred or instant debit, choose the solution that best suits your lifestyle and spending habits. You can use your bank card to make withdrawals and payments online and in all shops, in Luxembourg and abroad. Mastercard cards, in addition to offering a payment method widely accepted throughout the world, include insurance and assistance services that make them quality allies, both when travelling and for everyday life.
Most Luxembourg banks offer payment solutions on your smartphone. No need to get your wallet out! It's simple, fast and just as secure as your bank cards. Also, some banks offer more environmentally friendly bank cards made from more ecologically responsible materials.
Good to know: Track your spending in real time and manage your payment methods and bank accounts directly from the web & mobile banking digital platforms.
And for the future?
Your Luxembourg account can also help you plan for short or long-term projects, thanks to its range of investment solutions and loans. In addition, certain banking products help you access tax deductions, which are essential for reducing the amount of annual tax you pay. You hold all the cards when it comes to your future!
BGL BNP PARIBAS is here to help you through every step of your move to Luxembourg
A welcome desk and dedicated expertise for new arrivals in Luxembourg have been set up at the Royal branch in Luxembourg City and at the Kirchberg branch. Our advisers are ready to guide and assist you in a variety of languages! You can also send an e-mail directly to expat@bgl.lu
Discover all the benefits of opening a BGL BNP Paribas account in-branch or online on our website for newcomers.
