If you have just arrived in Luxembourg or if you intend to come into the country in the near future, one of your first steps will be to open a bank account. But which bank to choose? Is it possible to open a bank account before your arrival? Here are some tips that will help you deal with a range of financial challenges you might face.
Opening a bank account
The process is usually simple as long as you provide the relevant documents. If you want to open a bank account, you will need a valid ID such as an international passport or EU/EEA[1] identity card or EU/EEA driver’s licence. You must bring a proof of address with your name such as a certificate of residence delivered by your commune, a housing contract, a proof of mortgage on a house, or even a recent utility bill. Some banks may also ask for a proof of employment such as a copy of your employment contract or a letter of employment.
The trouble is that quite frequently, as an expat or a newcomer, you need a bank account before your arrival in order to sort out accommodation. If you are renting, you will need to pay 2 to 3 months’ deposit upfront. This means that you must have a Luxembourg bank account to arrange the bank guarantee. If you are in this case, don’t worry. More and more banks in Luxembourg, including ING, have expat-friendly offers that allow you to open a bank account online from abroad.
Banks in Luxembourg offer different packages depending on the level of banking support you need, whether you are a family settling down in Luxembourg, a business traveller, a young entrepreneur or anything in between. These packages include monthly statements, access to transactions, online banking, bank cards, access to loans, investments, insurance and securities accounts.
Transferring money abroad
A common expat banking item is moving money from country to country, whether that be transferring funds into the country or making payments once you have relocated. Today, it is possible for expats and newcomers to make transfers and set up direct debits. The process is made even smoother thanks to mobile banking. Most of the banks in Luxembourg offer a wide range of services through their smartphone banking application.
Tax information
Last but not least, many banks, including ING, are also offering an exclusive access to a team of experts who are able to answer their tax-related questions.
[1] EEA: European Economic Area. The members states are the 28 EU states, Iceland, Liechtenstein and Norway.