COREDO > Opening a Bank Account in Luxembourg

Opening a Bank Account in Luxembourg

Opening a Bank Account in Luxembourg with COREDO

Luxembourg is one of Europe’s leading financial centres, offering a prestigious banking system and a high level of financial stability. The country’s banks provide international clients with reliable infrastructure, private banking services, multi-currency operations, and services in line with European standards.

Since 2016, COREDO has been assisting clients with opening bank accounts in Luxembourg, providing full support at every stage of the process.

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Cost of the service
from 700 EUR

Types of Bank Accounts

The following main types of bank accounts are available in Luxembourg:

A corporate bank account (compte professionnel)

is intended for legal entities and is used for conducting commercial activities, processing payments with counterparties, and managing working capital. Luxembourg legislation requires entrepreneurs to open a professional bank account before commencing commercial activities. The account is opened in EUR and other currencies with options for online banking, SEPA, and SWIFT transfers.

A payment institution account

is an alternative to a traditional bank account and is opened with licensed payment institutions operating under the supervision of the CSSF. This type of account is suitable for companies that require quick access to payment services within the European Economic Area.

A personal bank account (compte personnel)

is opened for individuals and is used for receiving income, making payments, and managing personal finances. Luxembourg banks provide a full range of services to private clients, including deposit products, investment solutions, asset management, and securities portfolio formation. Services are available in several languages, including English, French, German, and Russian.

Client Requirements

Opening a bank account in Luxembourg is governed by the Law of 12 November 2004 on combating money laundering and terrorist financing (Loi du 12 novembre 2004), with subsequent amendments transposing the provisions of European AMLD directives. Banks are required to apply a risk-based approach to customer due diligence (CDD) before establishing business relationships and throughout their duration.

For legal entities, banks verify the corporate structure, identify beneficial owners (Ultimate Beneficial Owners, UBO), analyse the source of funds, and assess the nature of planned operations. For individuals, confirmation of identity, residential address, and sources of income is required. High-risk clients, including politically exposed persons (PEP), are subject to enhanced due diligence (EDD) procedures.

Non-residents of Luxembourg may open a bank account provided they submit a complete set of documents and undergo KYC (Know Your Customer) procedures. Banks assess reputational risks and the economic justification for opening an account in the jurisdiction. Fully anonymous or speculative applications without a confirmed economic connection are generally declined.

Account Opening Process and Timelines

The process of opening a bank account in Luxembourg through COREDO includes the following stages:

Client Analysis (preliminary screening).

COREDO specialists analyse the client’s profile, identify suitable banks and account types, and assess the likelihood of approval. At this stage, primary information about the company or individual is collected and reviewed. A preliminary risk assessment is conducted related to the client’s profile, ownership structure, and geography of activities.

01

Document preparation.

A complete set of documents is prepared in accordance with the requirements of the selected bank: incorporation documents with apostille, notarised copies of passports, proof of address, business model description, and financial projections. Documents are prepared taking into account the specific requirements of Luxembourg banks.

02

Application submission and bank communication.

COREDO submits the documents to the bank and ensures communication between the client and bank specialists at all stages of the application review. Additional documents and clarifications are promptly provided as needed.

03

Verification and account opening.

The bank reviews the submitted documents and conducts KYC procedures. Following successful verification, the account is opened and account details are provided to the client.

04

Standard verification and account opening timelines at Luxembourg banks range from 14 to 21 business days, depending on the requirements of the specific bank and the completeness of the document package.

COREDO Service Fees

Legal Entities

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 300 + VAT
Stage 2 — Bank corporate account	EUR 2,000 + VAT
Stage 2 — Payment institution account	EUR 1,500 + VAT
Opening deposit	EUR 1,000
Total	from EUR 1,800 to EUR 2,300 + VAT

Individuals

Stage	Fee
Stage 1 — Client Analysis (preliminary screening)	EUR 200 + VAT
Stage 2 — Bank account	EUR 1,000 + VAT
Stage 2 — Payment institution account	EUR 500 + VAT
Opening deposit	EUR 400
Total	from EUR 700 to EUR 1,200 + VAT

The fee depends on the type of account being opened (bank account or payment institution account). The deposit is credited to the client’s account and remains at their disposal after account activation.

Required Documents

To open a corporate bank account in Luxembourg, the following documents are generally required: articles of association and incorporation documents (with apostille), certificate of company registration, extract from the Trade Register (Registre de Commerce et des Sociétés, RCS), notarised copies of passports of directors and beneficial owners, proof of residential address of directors and beneficial owners (bank statement or utility bill, no older than three months), description of business activities and planned operations, financial projections for the coming year, and a completed bank questionnaire (KYC form).

To open a personal bank account, an individual will need: a valid passport or identity document, proof of residential address, information on sources of income (employment contract, income statement, or tax declaration), and in some cases a tax identification number.

The specific list of documents may vary depending on the requirements of the selected bank and the client’s profile. COREDO specialists provide a detailed document checklist following the preliminary analysis in the first stage of cooperation.

Benefits of Working with COREDO

COREDO has been operating in the legal and consulting services market since 2016. The headquarters is located in Prague, and services are provided across the entire European Union. Cooperation with COREDO when opening a bank account in Luxembourg offers a number of significant advantages.

Professional analysis of the client’s profile enables the identification of the most suitable banking institutions and account types before submitting an application. Given the high compliance requirements of Luxembourg banks, selecting the right bank significantly increases the likelihood of approval. Full document support includes preparation and review of all required documents in accordance with Luxembourg banking standards. Communication with the bank is managed by the COREDO team, minimising the likelihood of delays due to incomplete documentation or incorrect formatting. The client receives individual expert guidance throughout the entire process — from the initial consultation to receiving account details.

Contact us

Our Experts

Daniil Saprykin

Head of Customer Success at COREDO. Provides operational coordination of the account opening process and communication with banking institutions.

Diana Šnajdr

Customer Success Manager at COREDO. Supports clients at all stages of the bank account opening process, ensuring prompt communication and resolution of ongoing matters.

Frequently Asked Questions

Can a non-resident of Luxembourg open a bank account?

Yes, non-residents may open both a corporate and a personal bank account in Luxembourg. To do so, a complete set of documents must be submitted, standard KYC procedures must be completed, and an economic connection with the jurisdiction must be demonstrated. Banks evaluate each application individually, taking into account the client’s profile and the nature of planned operations.

What are the timelines for opening a bank account in Luxembourg?

The standard verification and account opening timeline is 14 to 21 business days. Actual timelines depend on the complexity of the corporate structure, completeness of documents, and internal procedures of the specific bank. COREDO ensures the most efficient document preparation to reduce review times.

Are deposits in Luxembourg banks protected?

Deposits in Luxembourg banks are protected by the Fonds de Garantie des Dépôts (FGDL) for up to EUR 100,000 per depositor at each bank. This scheme operates in accordance with European Union standards and provides reliable protection of depositors’ funds.

What are the advantages of opening an account specifically in Luxembourg?

Luxembourg offers a unique combination of advantages: the highest credit rating of AAA, status as the leading private banking hub in the Eurozone, well-developed infrastructure for cross-border operations, a wide range of investment and wealth management services, and multilingual service availability. The country’s regulatory environment is considered one of the most advanced in the EU.

In which currency can a bank account be opened?

The primary currency for bank accounts in Luxembourg is the euro (EUR). Major Luxembourg banks also offer multi-currency accounts with the ability to conduct operations in USD, GBP, CHF, and other currencies, which is particularly in demand in the context of international trade and investment operations.

Submit Application

If you are planning to open a bank account in Luxembourg — for a company or for personal purposes — COREDO specialists are ready to provide professional assistance at every stage of the process.