How to open a bank account in Luxembourg

Sandwiched between France, Germany, and Belgium, Luxembourg is one of the tiniest countries in Europe. Yet this grand duchy is home to a rich culture, breathtaking landscapes, and one of the four official capitals of the European Union. And though Luxembourg may be small, it’s big on banking. So if you’re dreaming of settling down to learn some Luxembourgish, read on for tips on how to get started with your own local bank account.  

A Luxembourgian bank account comes with an International Bank Account Number (IBAN), meaning you can transfer money for free between other countries in the Single Euro Payment Area. Some accounts are free, though you may need to pay anywhere from €2 to €10 monthly depending on what services you need. Surprisingly, more than half of all transactions in Luxembourg still take place in cash. That’s why it’s important to choose a bank that doesn’t charge hefty fees to withdraw cash.

Being at the heart of Europe, most banks in Luxembourg offer services and support in a variety of languages. German, French, Luxembourgish, and English are standard—even Italian and Portuguese are common. 

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Luxembourg makes it easy for anyone 18 or over to open a bank account, provided they live there or will soon, and have gainful employment or study at a local university. Traditional banks will also want proof of address in Luxembourg. For those under 18, a parent or guardian must open the bank account on their behalf. 

Eligible? Great. Make sure to have the following documents on hand for your application online or at a branch:

• Passport or national ID card
• Certificate of residence in Luxembourg
• Proof of address (rental contract or utility bill, for example) 
• Proof of income
• Proof of employment or school enrollment, if applicable

The following documents can give you access to more advanced functions like overdraft, credit, and loans:

• Income statement or credit score
• A tax number from Luxembourg or your home country 

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Most banks in Luxembourg allow you to open a bank account online, and some even let you do it from abroad if you have the necessary paperwork. That said, banks may require you to send documents by post or present them in person when picking up your card. The process goes something like this:

1. Identify and print the documents required by your bank
2. Mail your documents via post or make an appointment and bring them to a local bank branch
3. Upon arrival, if necessary, answer some questions and verify your identity with the clerk. If opening an account online, you may be asked to do a digital verification. 
4. Wait for your confirmation, card, PIN, and other necessary documents to arrive by post
5. Activate your account and online banking

If that all seems like too much trouble, another option is to open an account with an online bank. Online banks offer accounts to current non-residents, so you can get your Luxambourgian bank account all set up before your plane hits the ground. Simply download the app, register, upload your ID, complete the in-app verification, and voila—create a unique pin and you’re ready to go. But be warned—not all online banks are created equal, and it’s a good idea to make sure that your bank is fully licensed before opening an account. 

FinTech companies have been popping up across Europe, and while they offer banking services such as IBANs and debit cards, they’re not actually banks. In order to call yourself a bank in Europe, you need to have a banking license like N26. 

In Luxembourg, getting a banking license is a rigorous process. It requires approval from the Central Bank of Luxembourg, the Luxembourgian financial regulator (CSSF), and the European Central Bank. Only then can an institution offer advanced banking services like overdraft, credit, and lending. Most importantly, having an account with a licensed institution guarantees the protection of your data and deposits—up to €100,000 under an EU-wide provision. N26 is the first licensed bank in Europe built for the digital generation, with more than eight million customers in 24 markets and growing fast.

In a few minutes, you can open a digital bank account with N26. Here’s how it works:

1. Download the app and confirm your email, personal details, and address. 
2. Select the type of account you want—Standard or a premium option like Smart, You, or Metal with benefits including N26 Spaces, Round-ups, and premium partner offers.
3. Verify your identity and connect your smartphone to your new account.
4. Start making contactless payments from your electronic Mastercard right away. 

With N26, opening a bank account in Luxembourg couldn’t be easier. Our Standard account is free, while N26 You, Business You, and N26 Metal accounts come packed with perks like free cash withdrawals and travel insurance. Need to send money abroad? No problem—and there’s no inflated exchange rate with the Wise feature, seamlessly integrated into your N26 app. And no matter where you spend, linking your N26 Mastercard with Apple Pay and Google Pay gives you full flexibility. Find the account that’s right for you here. 

At N26, we’ve taken the red tape out of opening a bank account in Luxembourg. Open an online account in minutes—all you’ll need is your smartphone, a valid address in Luxembourg, and a valid photo ID. You’ll get an official German IBAN, so you can pay and be paid like a local. Plus, there are no hidden fees and you’ll always have access to English-speaking customer service, so you can focus on settling in to your new home.