Bank account in Luxembourg: four banks that may not refuse you, and ten working days

Yes, you can open a bank account in Luxembourg, and a basic account may not be refused just because you have only just moved there. The find at the supervisor CSSF: four institutions are legally obliged to offer such an account with basic features, and they must open or refuse it at the latest ten working days after a complete application. What it costs differs per bank; the EU only requires that it stays reasonable and that you get an overview of the fees in advance. The trap lies in the order: a Luxembourg account asks for papers you only have after your report to the commune, so in your first weeks you pay from your Dutch account — and that is allowed.

Which banks must offer a basic account?

The CSSF places the obligation on institutions with at least 25 branches in Luxembourg and at least 2.5 per cent of the covered deposits. There are four of them, and a fifth does it voluntarily:

Institution	Basic account
Banque et Caisse d'Epargne de l'Etat	mandatory
Banque Raiffeisen	mandatory
BGL BNP Paribas	mandatory
POST Luxembourg	mandatory
Banque Internationale à Luxembourg	voluntary

A basic account covers what you need day to day: deposits, cash withdrawals within the EU, direct debits, card payments, transfers and standing orders. An overdraft is not included as standard.

When may they refuse?

Only in a few cases. A bank may reject an application if you already hold a comparable payment account in Luxembourg, if you give inaccurate or misleading information, or if there are reasons to suspect the account would be used for illegal purposes. If the bank refuses, it must tell you straight away, with the reason and the complaints procedure. You can then turn to the CSSF, also if you think an account was wrongly closed.

Can I pay with my Dutch account in the meantime?

Yes. Within the euro area you pay and collect with European transfers and direct debits, and a Dutch IBAN should work for them just as well as a Luxembourg one. If you cannot make a transfer or direct debit because your account is in another EU country, that is what the European Commission calls IBAN discrimination. The Commission recommends filing a complaint with the national competent authority in the country where it happened — for a Luxembourg energy company or a Luxembourg landlord, therefore in Luxembourg.

Withdrawing cash in Luxembourg with your Dutch card may not cost you more than at home. There can be a charge for currency conversion, but that does not arise in the euro area.

What do I need to open an account?

The CSSF and Your Europe give no fixed list; it differs per bank, and the anti-money-laundering rules come first. Expect a bank to want to see your identity and your Luxembourg address, and often your matricule. Ask for the list before your appointment, and also ask for the fee information document: a bank must give you that in advance, so that you can compare accounts. Once a year you then receive an overview of what you paid.

Why you ask about LuxTrust

Ask about LuxTrust straight away when opening. For MyGuichet, the counter of the Luxembourg government, you need a login means of your own, and guichet.lu writes that whoever already uses LuxTrust Mobile for their banking can use that same product for MyGuichet. Your Dutch DigiD does give you access, but you cannot sign anything electronically with it, such as the tax return.

How much of my money is protected?

The European deposit guarantee scheme protects up to 100,000 euros per person per bank; for a joint account that limit applies to each of you. For money from a particular event — the sale of your home, a retirement, a dismissal — higher protection applies temporarily, for at least three and at most twelve months; each country sets the exact period itself. If you bring the proceeds of your Dutch home to Luxembourg, first ask your bank how long that extra protection applies there.

What	Deadline or amount
Opening or refusing a basic account	at the latest 10 working days after a complete application
Deposit guarantee	100,000 euros per person per bank
Extra protection after, for example, a home sale	at least 3, at most 12 months
Cost of withdrawing cash in another EU country	no higher than in your bank's country

Keep your Dutch account alongside it: that is where your tax return, your pension and every refund come in. Where the account fits into your sequence, after the report and the registration, is in the step-by-step plan for Luxembourg.

In Vertrekklaar this is phase 4 of 5 of the journey, step 4.4: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Luxembourg or go straight to step 4.4 in the open plan.