Opening a company bank account in Luxembourg, although it is possible is not for everyone. While Luxembourg has catered to non-resident foreign companies for decades, the focus is on asset management and private banking, not transactional commercial banking.

So, if you're looking for a bank that can support your business with day-to-day transactional banking, you'll find better options elsewhere. Foster Swiss can advise you with other jurisdictions that best fit your profile.

In addition, some banks in Luxembourg have specific customer preferences, so the selection of the bank (and the banker) is critical.

Find the right bank is essential

Some banks will only consider EU companies and portfolio structures, or require substance or local (or regional) links. Meanwhile, other banks are more open-minded and open a business bank account in Luxembourg for non-EU companies, offshore companies and sometimes even commercial companies.   

Some banks will have strict turnover and annual deposit requirements, while others are more flexible or have none. That is, if your company has a high annual turnover, the bank will want to see a higher deposit amount. Usually, a large number of outgoing transactions are not advised, either through specific restrictions or high fees.

Opening a bank account in Luxembourg is not always easy, but Foster Swiss can make the process easier, we take care of reducing the obstacles, cultural considerations and barriers that you will have to overcome.

Although we have already made it clear that the process is not simple, disinformation makes it much more complicated, that is, choosing the bank is fundamental, you must understand the requirements, preferences and sensitivities of each bank before addressing them and working according to that.

Most of the rejections of account openings are due to the incorrect choice of bank, since you try to open an account with $ 500,000 in a bank that requires at least $ 1,000,000 for the creation, it ends up being a waste of time for both parties, so we recommend you to advise yourself about it. 

Some people complain that Luxembourg bankers can be cold, smug and make it difficult to open accounts. Although there might be exceptions, they simply approached the wrong bank, had no direct contacts, had an undesirable risk profile, or simply presented themselves as unprofitable (or problematic).

Here are some challenges you should consider before applying for an account in Luxembourg:

 Not all banks will open bank accounts of non-EU companies in Luxembourg
 Opening an account can be difficult if you don't know what you are doing
 It can be difficult to find out the actual requirements and minimums in banks.
 What is considered an acceptable minimum deposit size can vary from banker to banker.
 Outbound transfer fees are sometimes high
 Restrictions on monthly transaction activity
 And selecting bankers can make you or get rid of you

If you want to open an offshore bank account in Luxembourg, Foster Swiss can advise you. We help you in practically everything, we provide personalized advice from the moment of choosing the bank that best benefits you, until the opening of your offshore account. 

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com