Finding the best European bank for expats can be very difficult. There are many options to choose from, the account opening isn’t easy, and requirements vary by country and bank.
Whether you’re opening an account as an expat or opening a bank account in Europe as a non-resident you need to ensure you choose a bank that is best suited to your banking needs and with requirements you can meet. Fortunately, you’re not the first expat to take on this search.
In fact, there are approximately 33 million expats living across Europe. And, the vast majority of them have had to go through the same process of finding the best possible bank.
So, rest assured that a suitable European bank is available for your expat banking needs.
KEY TAKEAWAYS
- Expats living in Europe will need a European expat bank account
- There are many variables you need to consider when choosing where in Europe you should open an expat bank account
- To successfully open expat bank accounts in Europe, a long list of requirements need to be met
- Opening bank accounts for expats can be challenging in Europe
- Finding the Best European Bank for Expats
There is no single “best” European bank for expats. However, there are many European banks that cater to the needs of expat clients. With this in mind, the best bank for expats will be determined by the client’s profile, banking requirements, future plans, and other variables.
In this article, we’re going to help you navigate the options and uncover the best European bank for expats that meets your needs.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Non-Resident Banking Starter Guide. It’s designed to help non-residents and expats open accounts in top banking hubs around the world, including in Europe.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Why Find the Best European Bank for Expats?
- Where Is the Best European Bank for Expats?
- How to Open Accounts in Europe as an Expat?
- What Are the Challenges of Opening European Bank Accounts as an Expat?
- Frequently Asked Questions
- Ready to Open an Offshore Bank Account?
Why Find the Best European Bank for Expats?
If you’re an expat living in Europe, chances are you need an expat bank account just to meet the daily demands of life. Many basic services in Europe, such as water, electricity, phone, and tax authorities, require that clients have a local bank account.
So, finding and opening the best European bank accounts as an expat might be more about necessity than preference.
That doesn’t mean European banks can’t offer a lot of value to Expats… they can.
But, at the end of the day, which European bank is best for you will depend on your account opening requirements.
For instance, if you’re simply looking to open a euro bank account, in need of a European IBAN, or require the use of SEPA, most European banks can meet this need.
But, if you’re looking for something more specific, such as facilitating investments via European crypto platforms, or accessing mortgages as an expat, there will be fewer banks to choose from.
Of course, these aren’t the only reasons you might want to find the best European bank for expats. So, here’s a look at some additional reasons why expats gravitate to European banking.
Reasons for Opening Expat Bank Accounts in Europe
- Payment of local government services and utilities
- Payment of European rents and leases
- Accessing financing for European properties
- Investing in stocks through European brokerages
- Investing in crypto through European crypto brokerages
- Banking in a more stable jurisdiction than your home country
- Accessing a more stable currency
- Frequent travel to Europe as an expat from elsewhere
- Supporting business operations in the EU
- Reduce foreign transaction fees from making transfers to and from other accounts
Of course, not all European banks accept expats. And, even fewer offer the specific services that you need.
Not surprisingly, when it comes to finding the best European bank accounts for expats, your options are slim. But, slim doesn’t mean impossible. It just means you need to be targeted in your approach.
To help you with your search, we’ve broken down the possible countries you might want to consider when looking to open an expat bank account.
Where Is the Best European Bank for Expats?
There are many variables you need to consider when opening a new bank account. Including your banking needs, the benefits you want to tap into, whether you require remote account opening, whether the bank will approve your application, and much more.
Of course, another common consideration is the country where you want to bank. But, in Europe (or the EU), this can sometimes be blurred due to the Single Euro Payments Area (SEPA). In other words, depending on your requirements, a bank account in any one of the participating SEPA countries can often suffice. However, this isn’t always the case.
Also, when choosing countries, one big consideration is whether you can open accounts remotely and specifically how to open a bank account online as a non-resident in Europe. Fortunately, certain European bank accounts, in certain countries, can be opened 100% remotely.
With that said, let’s look at where some of the best European banks for expats are, what client profile is generally suited for each country, and whether remote opening is a possibility.
Where to Open Accounts With the Best European Bank for Expats:
wdt_ID | Country | Suitable Client Profiles | Deposit Levels | Remote Opening |
---|---|---|---|---|
1 | Isle of Man | Non-residents, expats, individuals without UK residency | $5,000 - $250,000 | Yes |
2 | Jersey | Non-residents, expats, individuals without UK residency | $50,000 - $250,000 | Yes |
3 | Guernsey | Non-residents, expats, individuals without UK residency | $25,000 to $250,000 | Yes |
4 | Switzerland | Non-residents, investors, high-net-worth individuals | $100,000 - $1,000,000+ | Yes |
5 | Andorra | Residents, some non-residents | $150,000 - $350,000 | Yes |
6 | Monaco | Residents, non-residents, high-net-worth individuals | $500,000 - $2,000,000+ | Yes |
7 | Georgia | Non-residents, expats | $6,000 - $25,000 | Yes |
8 | Montenegro | Residents, non-residents with ties, members of the unlucky passport club | Will vary depending on your profile | Unlikely |
9 | Portugal | Non-residents, expats | $300 - $1,500 | Yes |
10 | Cyprus | Non-residents | $500 - $1,500 | Yes |
11 | Poland | Non-residents, expats | Will vary depending on your profile | Unlikely |
12 | Liechtenstein | Non-residents, investors, high-net-worth individuals | $500,000 - $3,000,000+ | Yes |
Choosing Where to Open an Account in Europe
This is not an exhaustive list as there are obviously more countries in Europe. However, the countries listed above are some of the most commonly requested expat banking jurisdictions in Europe.
However, the country you choose will depend entirely on your specific banking needs, deposit levels, and the benefits you’re looking to unlock.
Additionally, you’ll also need to know how to navigate the account opening process and challenges in each country.
With that said, let’s take a look at how to open bank accounts with the best European banks for expats now.
How to Open Accounts in Europe as an Expat?
When it comes to finding the best European banks for expats, it’s important to know the steps you’ll need to take to open accounts. Of course, all banks have different requirements that need to be met.
But, generally speaking, there are common steps and requirements, including finding a bank that will open a UK bank account for you without proof of address, that you will be expected to meet during each application.
Let’s take a look at some of these common requirements now.
What You Need To Open a European Bank Account:
- Two forms of government-issued identification
- Accepted proof of EU address (varies from bank to bank)
- Proof of income and source of wealth
- Proof of residency (varies from bank to bank)
- Any bank-specific application forms
- Bank reference letter
- Personal reference letter (varies from bank to bank)
- Minimum deposit (if applicable)
- Proof of ties to Europe (varies from bank to bank)
- Local tax or fiscal number (varies from country to country)
- And more…
Of course, these requirements vary depending on the bank, branch, and banker you deal with. Not to mention, the country you choose to open a bank account in.
So, before applying, it’s important to confirm the specific requirements you need to meet and the supporting documents from each bank. Otherwise, you could end up wasting time and money trying to open a bank account that isn’t suitable for you.
But, to successfully open a European bank account as an expat, you’ll need to navigate the account opening challenges you’ll likely face as well.
What Are the Challenges of Opening European Bank Accounts as an Expat?
Like banking anywhere, when it comes to applying for UK banking and opening UK bank accounts for expats, you’re going to face challenges. In fact, if you’re not prepared, you could end up opening accounts with the wrong bank. And, if that’s the case, you could end up being charged unnecessary fees for international transfers, foreign transaction fees, and other bank account fees. Or, you might be restricted on where you can send transfers to.
This is why bank selection is very important.
So, before you start applying to open a bank account in Europe as an expat, here’s a look at the most common challenges applicants face.
Challenges of Opening a European Bank Account as an Expat:
- Not all European banks open accounts for expats
- Strict document requirements are tough to pass
- Reasons for wanting a bank account are not always accepted
- Unable to provide proof of local tax identification
- Unable to provide acceptable proof of local address
- Local phone number for verification is often required
- In-person bank account opening may be required
- Frequent application denials are common
- High bank account maintenance fees can apply if you choose the wrong bank
- Unable to support bank transfer fees (fees for international money transfers or foreign transaction fees)
- Some banks charge higher atm withdrawal fees than other banks
- And more…
Needless to say, there are challenges to overcome when finding and opening accounts with the best European bank for expats.
Of course, these challenges will vary depending on which country and bank you decide to apply for accounts with. Not to mention, your specific banking needs and your client profile.
But, with preparation, most expats can overcome these challenges and successfully open accounts with the best European bank for expats.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open accounts with the best banks in Europe as an expat. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can a Foreigner Open a Bank Account in Europe?
Yes, a foreigner can open accounts in Europe. That said, not all banks in Europe accept foreign non-resident clients. So, it is important to know which banks open accounts for expats before applying. If not, you will ruin your chances of opening accounts in Europe.
How Do I Choose Which European Bank is Best to Open Accounts With?
When choosing which banks to open accounts with as an expat, it’s important to understand the specific services, currencies, fees, and restrictions of each bank. That way, you will ensure you’re applying with banks that meet your banking needs and client profile.
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