A list of the top banks in Luxembourg

Considering a move to Luxembourg? If you’ll be staying in the country for a while, you could find it useful to open a local bank account.

One of the first steps to opening a bank account in Luxembourg is to find the right bank. In this guide, we’ll run through a list of the top banks in the country, along with info on the current accounts they offer. This should help you compare all of your options and start the process of opening your new account.

Let’s start with a quick look at the banking sector in Luxembourg.

Banking in Luxembourg (an overview)

Banking is one of the top industries in Luxembourg, and its banks are known as world leaders in financial services.

It may be a tiny country, but it has a disproportionately large number of banks. However, most are investment banks or private banking institutions, focused on serving extremely wealthy clients. This means that only a small number offer retail banking services such as current accounts.

Anyone can open a bank account in Luxembourg, whether you’re a resident or non-resident. All you’re likely to need is some ID (such as your passport) and proof of address. You might also be asked for proof of employment if you’re living in the country.¹

Banks in Luxembourg also tend to charge fees. It varies depending on the provider and account, but you may encounter admin fees (which can be quite high for premium accounts) along with debit/credit card fees. You should be able to use your bank’s ATM for free, but there may be a charge for withdrawing cash elsewhere.¹

If you need to manage your money internationally and want to save money, check out Wise instead.

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Top 10 banks in Luxembourg

Now, let’s take a look at the biggest and most popular banks in Luxembourg, so that you can compare all the options.

Here’s the top 10 at a glance, followed by more detail below:

Bank name	Operational HQ
Banque Internationale à Luxembourg	Luxembourg City
Deutsche Bank Luxembourg	Luxembourg City
DZ PRIVATBANK	Strassen, Luxembourg
ING Luxembourg	Luxembourg City
Société Générale Luxembourg	Luxembourg City
Intesa Sanpaolo Bank Luxembourg	Luxembourg City
SEB Luxembourg	Howald, Hesperange
Banque et Caisse d'Épargne de l'État (Spuerkeess)	Luxembourg City
BNP Paribas	Luxembourg City
Banque Raiffeisen	Leudelange

Banque Internationale à Luxembourg

Banque Internationale à Luxembourg or BIL is the oldest private banking group in the country, as it was established back in 1856.

It is one of only a small number of universal banks, offering retail and business banking as well as serving private and institutional customers.

For everyday banking, the bank’s General Tariff could be worth a look. For a small monthly fee, it includes a current account, free and unlimited transfers and a debit card.²

BIL also has customised solutions targeted at self-employed business owners, SMEs and large corporate organisations.

Deutsche Bank Luxembourg

The German-owned Deutsche Bank established its Luxembourg arm in 1970, and today offers a range of services to international customers. This includes corporate and investment banking, along with wealth management solutions.

It doesn’t offer any retail banking services such as current accounts.

DZ PRIVATBANK

A private banking specialist, DZ PRIVATBANK Luxembourg aims its services at high net worth individuals. The bank offers asset management and structuring, financial and pension planning, currency financing and more.

It’s owned by DZ PRIVATBANK, the private banking arm of Volksbanken Raiffeisenbanken in Germany.

It doesn’t offer any current or business accounts for retail customers.

ING Luxembourg

ING Luxembourg was formed in 2003 following a merger between Crédit Européen SA and ING Bank (Luxembourg). Today, it offers a broad range of banking products and services to retail, business and private banking customers.

It has a handful of current accounts for personal customers, including the ING Orange Account. It’s an online account in euros, which comes with a savings account, debit card and minimal fees.³

For businesses, ING has a range of dedicated solutions for self-employed people and entrepreneurs, local businesses and international companies.

Société Générale Luxembourg

One of the biggest banks in the country in terms of assets, Société Générale Luxembourg has been operating for over 100 years. It mainly offers private banking and securities services, focusing on business customers, wealthy individuals and institutional investors - including both local and international clients.

Like the other private banks on our list though, Société Générale Luxembourg doesn’t offer current accounts for everyday banking.

Intesa Sanpaolo Bank Luxembourg

Another of the 10 biggest banks in the country, Intesa Sanpaolo Bank Luxembourg was formerly known as Société Européenne de Banque. It’s part of one of the top banking groups in Europe, headquartered in Italy.

Intesa Sanpaolo Bank Luxembourg is a commercial bank which provides services such as corporate and investment banking, as well as wealth management solutions. It doesn’t offer any current accounts to retail customers.

SEB Luxembourg

Skandinaviska Enskilda Banken (SEB) Luxembourg is part of the leading Nordic corporate banking group SEB. It specialises in private wealth management, offering customised solutions for asset management and international banking.

SEB Luxembourg doesn’t have any everyday current accounts available for retail customers.

Banque et Caisse d'Épargne de l'État (Spuerkeess)

Commonly known as Spuerkeess, the Banque et Caisse d'Épargne de l'État was founded all the way back in 1856. It’s one of the largest banks in the country, and is a state-owned institution.

Spuerkeess primarily offers retail banking products aimed at individuals, professionals and families. This includes packages such as Zebra, a basic account for everyday banking which comes with a debit card.

For professionals, the bank has tailored solutions aimed at self-employed people, companies and institutional clients. It also offers private banking.

BNP Paribas

BNP Paribas Luxembourg was founded in 1919 as a regional bank called Banque Générale du Luxembourg. Today, it’s part of the multinational bank and financial services group BNP Paribas, based in France.

The bank offers retail banking services as well as wealth management, business and investment banking.

For personal customers, the Essential Pack is a popular choice. This is a bundle of everyday banking products including a current account, debit card and online banking.

BNP Paribas Luxembourg also offers leasing and loans for SMEs and startups, business accounts, insurance and many other services for corporate clients.

Banque Raiffeisen

Established in 1926, Banque Raiffeisen is one of the oldest cooperative banking groups operating in Luxembourg. It’s one of few Luxembourg-owned banks, and it’s independent from foreign shareholders.

The bank primarily offers retail and business banking, along with asset management solutions. Its daily banking solutions include OPERA PLUS, a service plan which bundles together a number of banking services. It includes a debit card, credit card, free SEPA transfers and many other perks, all for a monthly fee.⁴

For businesses, Banque Raiffeisen has current accounts, credit cards, cash management solutions and finance available.

Best online bank accounts and money management alternatives in Luxembourg

Want a different way to manage your money overseas? You could try a digital account or a money app.

Here are a few of the most popular choices in Luxembourg:

• Revolut - an all-in-one financial app with a debit card and banking services.

• N26 - a fully digital bank offering an app-managed bank account and debit card.

• Vivid Money - a German mobile banking platform available across the EEA. It offers accounts and cards for personal and business customers.

Wise – Money for here, there and everywhere

If you want to send money internationally, or use your debit card when you travel, you’re probably looking for the most cost-effective way.

The good news is that there’s a money-saving alternative available from the money services provider Wise. Open a Wise account online, and you can send money worldwide in 40+ currencies for low fees and great exchange rates. It’s not a bank account but offers many similar features.

You can even get an international debit card for spending in over 150+ countries, including Luxembourg. It automatically converts your money to the local currency at the mid-market exchange rate, adding only a low, transparent conversion fee*, whenever you spend.

This makes it ideal for travellers, expats, overseas students and anyone else living an international life.

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And that’s it - your guide to the top banks in Luxembourg right now. We’ve covered all of the country’s biggest banks, with a particular focus on universal and retail banks offering current accounts.

You should be all set to compare options and pick a bank to open an account with. Good luck with your move to Luxembourg!

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Sources used for this article:

1. Expatica - Banking in Luxembourg

2. BIL - Packages

3. ING - ING Orange Account

4. Raiffeisen - OPERA PLUS

Sources last checked on 06-May-2024.