How to choose a private bank in Luxembourg

1. Define what you want the bank to handle

Write down three concrete objectives: having a contact for banking transactions, receiving investment proposals or delegating certain decisions under a mandate. Add any financing need. Ask which services the offer includes and which require a separate agreement.

Do not compare service names alone. Clarify who makes decisions, who executes transactions and how you will be informed. If an external asset manager is involved, ask how their responsibilities fit with those of the custodian bank.

2. Confirm the fit with your international circumstances

Describe your residence and the countries involved in your project. If you expect to move, mention this before establishing the relationship. Ask for confirmation of the available scope: accounts, advice, management and lending should be considered in light of your circumstances. A general statement about international clients is not enough.

3. Compare costs using the same assumptions

Request a written breakdown of account and custody charges, advice or management fees, transaction and currency exchange costs, and the costs of proposed products. Clarify minimum charges, transfer or exit fees and any third-party remuneration. Check what is included to avoid counting an item twice.

To compare two proposals, use the same amount, service and activity assumptions. A percentage on its own does not establish the total cost. For products covered by PRIIPs, the CSSF explains the role of the key information document provided to retail investors before subscription.

4. Check the entity and arrange ongoing contact

Identify the legal entity you would contract with and check the relevant authorisations with the stated regulator. The CSSF recommends checking that the claimed identity and activities match official information. This check is not a guarantee of returns.

Then ask who your contact will be, who covers their absence, your communication language and how often the relationship will be reviewed. Also record the procedure for obtaining a written explanation or escalating a disagreement.

5. Build a useful comparison

For each institution, record six answers: exact service, international scope, access requirements, estimated cost, ongoing contact arrangements and unresolved points. Mark items as “unconfirmed” rather than treating an oral indication as a commitment. Request missing documents before deciding.

This framework does not identify a universally best bank. It helps reveal differences that matter to your project. To prepare your first meeting, you can also access our private banking meeting guide from the related service page.

Sources and references

• CSSF: checking a financial provider (French)
• CSSF: PRIIPs key information document (French)

Sources consulted on 30 September 2026. The institutions cited are documentary references; their mention does not imply a partnership or recommendation.