How To Open A Bank Account In Liechtenstein [Complete Process]

Want to open a bank account in Liechtenstein? then you have found the right article as I will walk you through the banking system in Liechstenstein.
Ketcha Brandon
Open a Bank Account in Liechtenstein

Want to open a bank account in Liechtenstein? then you have found the right article as I will sale you through the banking system and what it takes to open a bank account in Liechtenstein regardless of your origin and whether you are a non resident or not.

Liechtenstein is a scenic sanctuary for natives and expatriates alike, nestled in the Alps and flanked by the Rhine river. So in case you have made your choice to move to this alpine microstate, then you will probably need to open a bank account in order to buy ski equipment and some other basic necessities that you might require there.

You might be a little bit surprise to here that you are able to open a bank account in Liechtenstein as a Resident or non resident.

But you should note that opening a bank account as a non resident in Liechtenstein is guided by a set of laws which are aimed at preventing money laundering. You can open an offshore personal or business account.

It is observed that the private banking laws in Liechtenstein are comparable to Switzerland private banking laws. If you want to better understand the banking rules, you can obtain legal assistance from lawyers while opening a bank account in Liechtenstein.

So with that said, you can see that all these might seem exciting and this is the reason why in this article we have covered a complete process to help you open a bank account in Liechtenstein online as a resident, foreigner or as an expat.

Banking System in Liechtenstein

Wealthy individuals from all around the globe are attracted to this nation due to their low tax rates and numerous banks in this country require significant, consistent deposits in order to open and maintain an account, which has spawned a cottage industry of consultants promising to set you up for anywhere between 500 Euros and 2000 Euros.

It is necessary that you always engage directly with your chosen bank when opening a personal checking account.

The amazing news here is that, as compared to the size of this nation, they have an incredible number of banks so it is left over to you to inquire about the cost of opening an account and also if a minimum deposit is demanded.  Do not think it might be an issue if you are learning German as because in Liechtenstein, the majority number of banks offer their services in English.

There is an IBAN which comes with a domestic bank account and this permits you to move money between countries in the  Single Euro Payment Area ( SEPA) without having to pay any fee. This applies to every country in the European continent even those that are not members of the European Union (EU).

It is necessary you have at the back of your mind that Liechtenstein makes use of the Swiss Franc as their official currency and as a result of this, paying via a card issued in another European country may incur currency exchange fees. It is also worth noting that several Liechtenstein banks make their money by charging their clients with deposit fees.

Documents needed to Open a Bank Account in Liechtenstein?

Well since there are numerous banks in the Liechtenstein, you cannot say with precision what every bank will require from you before you can open a bank account with them as every bank might have its own additional requirement which makes it different from the other.

However there are some basic requirements that every bank will ask from you and these you will see below. 

  • Income statement
  • A copy of ID Passport
  • Contact details like email address
  • Proof of Address and utility

Who is Eligible to Open a Bank Account in Liechtenstein?

Anyone can open a bank account in Liechtenstein because the country keeps track of bank account openings from all over the world on a regular basis. Though higher-income people will be given priority at certain banks, anyone with a passport and the ability to verify their address and income should be able to open a bank account in Liechtenstein.

Nonetheless, it is critical to read the terms. Some banks will require you to make regular deposits, and if you do not, your account will be closed.

How to Open a Bank Account in Liechtenstein as A Non Resident

As a non resident, you are able to open a bank account in Liechtenstein but it is an obligation that you make a substantial initial deposit and you will also have to pay fees to keep the bank account open.

Many banks in this country will need to you to invest a particular amount in their products before you can open a bank account with them and this amount often varies depending on each bank. 

Note that foreigners are not served by all banks, and as a result of this, you have to take time to select the best bank for you before opening a bank account in Liechtenstein as a foreigner.

It is advisable that you first of all contact the bank that you wish to open an account with and be clear on the type of accounts and services that they offer. 

Best Banks to Open an Account in Liechtenstein

Incase you want to open a bank account in Liechtenstein, then you have to take into consideration the fees and deposits that will be necessary.

This is due to the fact that you have to make a deposit before you can open a bank account. Also the amount of the deposit varies from one bank to the other so it will be left to you to choose the fact that suits you best. 

1. Raiffeisen Private bank

This a bank in Liechtenstein that allows you to open a private account alongside traditional investment and portfolio management solutions that are available via the bank. This bank has an amazing customer service and also a large branch network and ATMs throughout the territory of Liechtenstein.

2. Banque Havilland

Banque Havilland is a family bank that caters most often to high net worth people and it also works along in collaboration with private equity firms. Some few of the services available through the account include credits cards, foreign exchange and asset management.

3. VP Bank

This is a bank that makes use of your fingerprints to aid you manage your investments and one amazing feature of this bank is that it allows you open an online bank account in Liechtenstein. This bank also let you open a personal or business account.

Once you open your account, you are going to receive investing, real estate, and wealth planning advice. You can also find basic comfort and Premium banking packages.

4. Volksbank

Volksbank makes opening a private bank account simple. Insurance, business loans, mortgages, current accounts, and savings accounts are just a few of the wonderful benefits it provides. This is the best bank to use if you want to open a regular bank account.

5. Liechtenstein Landesbank

It's a regular bank where you can open an account. They offer mortgages, retirement funds, and basic savings accounts. This is the best bank for students and young people because of its attractive rates, gift vouchers, and high interest rates.

6. LGT

LGT is a well-known private bank that offers personalized service as well as a diverse range of services. They claim to have exclusive access to investments, a passion for wealth preservation, and a full-service wealth management and financial planning team to help you make financial decisions.

How to Open a Bank Account Online in Liechtenstein

In case you among the people who are in love with digital banking system, then you can decide to open an online bank account in Liechtenstein. Once you open a virtual bank account in Liechtenstein, you will get a European IBAN, which you can use to transfer and receive money in the EU. With this, you can also send funds to more than 200 other countries in over 30 different currencies. 

Below is a list of digital banks that allows you to open a virtual bank account in Liechtenstein; 

1. N26- Liechtenstein Online Bank Account

You can make use of  N26 in order to open an online bank account in Liechtenstein. This bank accepts all SEPA transfers and offers Euro IBAN, N26 personal account and N26 business accounts. 

One of the world's cheapest and fastest money transfer providers is WISE Money transfer and they are in collaboration with N26 for its international money transfer services.

2. Wise- Liechtenstein online Bank Account

Wise can also be used to open a virtual bank account in Liechtenstein. When you open a Wise account, you will be given a Euro IBAN, which you can use to make SEPA transfers. You can open either a personal or a business account.

Wise multicurrency accounts enable you to keep, send, receive, and spend money in multiple currencies. Wise converts currencies based on real-time exchange rates.

3. Revolut- Liechtenstein Online Bank Account

Different from the previous banks seen above, Revolut is a crypto friendly bank that offers 28- currency multi-currency accounts, IBAN for personal and business accounts, virtual cards, money transfer services and crypto trading.

Revolut's core goods and services include prepaid debit cards, currency exchange, peer-to-peer payments, withdrawals in over 120 currencies, and direct money transfers in over 29 currencies.

Bitcoin and other cryptocurrencies, as well as altcoins such as Ethereum, can be purchased. However, you cannot transfer them to another wallet; instead, you can only exchange them for fiat money within the Revolut app.

4. Dukascopy- Liechtenstein Online Bank Account

Dukascopy Bank is an online bank that provides forex trading as well as a multicurrency account with an IBAN. It is a cryptocurrency-friendly bank that allows customers to trade cryptocurrency CFDs, trade and pay with Dukascoin (Switzerland's first regulated and licensed cryptocurrency), and invest in cryptocurrency.

5. Monese-

Monese is a digital bank based in the United Kingdom with customers from all over the world, including Liechtenstein. It accepts SEPA payments and has an IBAN-enabled multicurrency digital bank. You can open personal, joint, or commercial accounts in EUR or GBP with Monese. Monese accounts accept contactless payments such as Google Pay, Apple Pay, and PayPal.

How Do I Open a Bank Account in Liechtenstein?

Have you decided that opening a bank account in Liechtenstein is the right choice for you? Provided you bring the required minimum deposit, the process is relatively simple and uncomplicated. Here's you you can do it:

1. Find a Suitable Bank in Liechtenstein

Since there are only 13 banks in Liechtenstein, you can theoretically visit each one only once to enquire about costs and account options. An overview of all banks authorized in Liechtenstein may be found here. LLB and Bank Frick are likely to be the most alluring banks for most people.

2. Compare the Fees and Conditions

Some banks in Liechtenstein charge account maintenance fees that might total thousands of francs annually. As a result, be careful to accept the fees up front and to be completely informed of them. Additionally, you should evaluate bank offerings to see which one best meets your needs (although don't anticipate having many options!).

3. Apply for the Desired Account

Not all banks in Liechtenstein allow customers to open accounts online. As a result, you might need to travel to Liechtenstein to submit your account application. The main city of Vaduz or the slightly bigger town of Schaan are where you'll find the majority of banks.

4. Await Confirmation

Banking in Liechtenstein is very selective. Banks usually take a few days or weeks to evaluate account applications. You'll therefore need to wait patiently for your confirmation. Since Liechtenstein banks are generally quite digitally savvy, you probably won't have to travel in person to Liechtenstein to wrap up the account opening process.

Final Thought on How to Open a Bank Account in Liechtenstein 

Before opening a bank account in Liechtenstein, it is best that you consider services offered by banks, how much you can deposit, the number of monthly transactions you will be making and how much you plan to invest in the bank.

If you are a non-resident, you too can open a bank account in Liechtenstein, but you will need to make an initial deposit or invest in a bank’s investment products before you can be allowed to open an account.

As a non-resident, you can open a bank account in Liechtenstein, but you must first make an initial deposit or invest in a bank's investment products.

Frequently Asked Questions

How do I open an account in Liechtenstein online?

The Liechtensteinische Landesbank (LLB) offers online account opening for non-residents. You'll need to apply for an account online and then confirm your identity via a video verification procedure. The process of opening an account will then take some time because the bank must manually review and approve the application.

Does living in Liechtenstein make it easier to open an account?

Yes, it is much simpler to open an account in Liechtenstein if you reside there. You typically won't be required to submit a minimum deposit when opening an account if you reside in the country. You also have a lot more possibilities and can contact banks that are unavailable to folks who live abroad.

Can I open bank account online?

You can initiate the process with just your mobile number, documents, and by filling out a form. It can all be done conveniently via our online portal, allowing you to avoid having to go to the bank physically. You can read more on the different types of Savings Accounts here.

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About the Author

Ketcha Brandon
I am Ketcha Brandon, An article writer, content creator, Video producer, Financial Consultant and a certified Google Publisher. I write content for Our website provide information on topics such as bank accounts, Money transfers,…

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