Euro IBAN accounts offer non-EEA residents and foreign business owners fast, low-cost SEPA & SWIFT transfers with stable banks across Europe.
That said, unless you have the right information, know each bank’s requirements, and understand the benefits you’re after, you’re going to have a hard time opening an account.
- It is 100% possible for non-residents to open a euro IBAN account
- There are many benefits to having an IBAN account as a non-resident
- Without the proper information, opening a Euro IBAN account can be very challenging
- Non-residents and foreign business owners can open IBAN accounts 100% remotely
Euro IBAN Account
Opening a Euro IBAN account as a non-resident is possible. However, there are several challenges you will have to overcome. First, you need to find a bank that accepts your profile and offers the services you need. Second, if you’re looking for remote opening, such options are very rare. However, we’ll share where (and how) you can get an IBAN remotely below.
In this article, we’ll share everything you need to know to start applying for an IBAN. Including what client types can open in Europe – including remotely.
We’ll also share the many benefits non-residents can tap into when opening a European IBAN account. And, we’ll outline the challenges you’ll have to overcome in order to successfully open.
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 open euro accounts.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What is an IBAN Account?
- Who Can Get a Euro IBAN?
- IBAN (International Bank Account Number) Benefits
- Open European Accounts Remotely
- Remote Opening in Other EU Countries
- Ready to Start Opening Accounts?
What Is an IBAN Account?
First of all, a European IBAN account (International Bank Account Number) is an account number that is used to verify bank account information during a transaction.
But, the number making up an IBAN isn’t just random. It’s made up of two letters identifying the account holder’s country, and a variety of numbers to make up the bank account identification details.
IBANs are used daily by individuals in need of fast and secure methods of sending and receiving international money transfers.
For example, if you’re an online retailer and need to receive payments from buyers in different parts of the world, you can give them your IBAN so they can make a direct bank transfer.
The same goes for if you need to send money to someone overseas – simply provide their IBAN and your bank will be able to process the payment quickly and securely.
But, they aren’t for everyone. In fact, there are specific client groups that can open and benefit from having an IBAN.
With that said, let’s see who can open…
Who Can Get a Euro IBAN?
Generally speaking, an IBAN can be an effective tool for anyone that frequently sends payments between Eurozone banks or consistently makes SEPA & SWIFT transfers. This is true for individuals and businesses sending or receiving transfers from a wide range of countries, including from banks in Serbia to banks in Andorra.
But, an IBAN isn’t for everyone. In fact, not all banks offer them to foreign non-residents.
So, before we get in too deep, let’s take a look at the specific client types that can open…
Client Types That Can Open a Euro Account:
- EEA residents
- Expats living or traveling frequently through Europe
- Non-EU residents living or working in Europe
- Non-resident companies
- Foreign business owners
- Offshore companies
- Businesses that have suppliers living abroad
- Companies that have employees working in EU jurisdictions
- Businesses that have contractors working abroad
Now, before you open a business or personal IBAN account, there are a few factors you should be aware of.
For instance, as a business owner, you should expect the bank to request additional information on your company. From, where your company is incorporated, the nationality and residency of the owner, the type of industry you’re in, and whether or not the bank may consider your business to be high risk.
In fact, if you’re looking to open a bank account for your business and are in need of immediate access to Euro IBAN or SEPA, we share everything you need to know in our premium report “European EMIs for Non-EEA Businesses”. You can access this report immediately when you join GlobalBanks IQ.
Now, in terms of personal client types such as foreigners, non-residents, expats, and European residents, it’s important to know which bank will actually accept you. In other words, don’t apply to just any bank.
Why? Because not all banks allow non-residents to apply for an IBAN account. In fact, some banks only allow EU residents to apply.
Likewise, when it comes to foreign companies, some banks only accept companies from specific countries and regions.
So, to save you time and avoid rejection, it’s important you know not only which bank offers an IBAN but which bank will accept your specific client profile.
Now, to make sure an IBAN is right for you, it’s important to understand the challenges you’ll face when opening. But first, let’s take a look at the benefits a non-resident can unlock when opening an IBAN account.
IBAN (International Bank Account Number) Benefits
As mentioned, there are benefits to getting an IBAN. And, whether you’re a non-resident, foreign business owner, or an expat, you’ll likely be able to tap into these benefits when you open one.
Of course, before you start applying to a bank that accepts your client profile, it’s important to understand whether or not they offer the benefits you’re after.
So, let’s look at the general benefits an IBAN can offer…
Personal Benefits You Can Access
- Send and receive local EUR payments between Eurozone banks
- Access products that require an IBAN from a specific country
- Ability to send payments via SEPA & SWIFT
- Receive IBAN payments via a SEPA & SWIFT payment
- Have your own dedicated EUR account details
- Reduces costs & speeds up payment timelines
- Access affordable money transfers via a basic bank account in Europe
- Send & receive payments in supported currencies
- Access to both business and personal accounts
- Receive a free debit card when opening
- Possibility of a credit card with certain banks
- Send & receive payments from crypto exchanges (in some cases)
As you can see, opening a IBAN bank account is beneficial in many different ways. And not only can it save you time, but it can save you and your business money.
In other words, an IBAN is an effective way of receiving money from overseas customers and is cost-effective when sending international payments.
More specifically, as a foreign business owner, using an IBAN can cut unnecessary costs when paying suppliers, contractors, or even employees working abroad.
For example, if you have employees in Spain, France, or Germany, and they need to be paid in Euros, then using a Euro IBAN bank account will save you the cost of having to convert their salary into Euros first.
Overall, an IBAN is a great way to simplify your finances if you frequently send or receive money from within the Eurozone. Not only will it save you time and money, but it will also give you access to products that would otherwise be unavailable. So if you’re looking for a way to make your life simpler and your finances more efficient, then an IBAN is definitely worth considering.
Of course, in order to unlock these benefits, you need to know how to successfully open IBAN accounts with banks. That means, navigating the challenges of getting an IBAN, knowing which countries use IBAN, and which bank will accept your client profile.
Let’s take a look into the obstacles you’ll face with opening a Euro IBAN account as a non-resident.
Challenges of Getting an IBAN
- Opening with the wrong bank
- Your client profile may not be accepted by a bank
- Rejected because your client profile is too high risk
- Certain limits on transfers, deposit amounts, and payments
- Limited services for certain customers or jurisdictions
- IBAN discrimination between SEPA jurisdictions
- Banks may charge extra for services outside of the Eurozone
- Banks may also require additional documentation
- There may be a minimum balance required
Now, the chances of experiencing the challenges listed above when opening an IBAN account are very high. But, some of these challenges can be avoided if you open with the right bank.
However, in order to have a successful account opening process, it’s important you know which bank and banker will accept your client profile.
So, do your research beforehand, understand the challenges, and make sure the benefits you’re after are achievable.
Now, if you’re interested in opening an account but are curious about whether or not you can open an IBAN account remotely, you’re in luck. We share everything you need to know on remote opening below.
Open European Accounts Remotely
For many non-residents, one of the most important considerations when it comes to opening abroad is whether or not you can open remotely.
Well, if you want to open a Euro IBAN account remotely, you’ll be happy to know that it is 100% possible.
To start, you need to know which banks and bankers offer remote account opening. And, which banks will accept you.
Now, if you’re looking to open a personal account, you may want to consider opening with banks in Portugal. But, if you’re looking to open an account for your business, you should consider opening in Cyprus.
With that said, let’s take a look at both options…
Portugal Remote Account Opening + Access Money Abroad
Portugal is one of the most accessible EU options for most non-residents. And, for the right clients, can be very beneficial.
For instance, when you open a Euro IBAN account in Portugal, you’ll be able to access simple and convenient SEPA & SWIFT transfers across the Eurozone through SEPA-compliant banks. Not to mention, Portugal has relatively lower fees compared to other EU jurisdictions.
And, if you’re struggling to open remotely elsewhere, Portugal may be your answer.
Cyprus Remote Account Opening + Make Local EUR Payments
When it comes to Cyprus, the clients that can benefit here are foreign business owners. In fact, businesses that are in need of access to EU transactions, SEPA & SWIFT transfers, or easier opening requirements, can open here.
And, remote account opening is 100% possible.
Of course, whether or not your business can successfully open remotely will depend on the bank you choose to open with and of course, your needs.
But, if you’re interested in learning more about Cyprus, we share everything you need to know on how to get started opening accounts today in our premium report “Banking in Cyprus: Transactional Business Banking in the EU”. You can access this report immediately when you join GlobalBanks IQ.
Now, it isn’t an easy task if you’re trying to determine which country, let alone which bank offers an IBAN to foreigners, is best for you. So, you can use the information in this article to help you get started.
But, if you’re looking for a more immediate solution, we can help.
Remote Opening in Other EU countries
Besides Cyprus and Portugal, there are general rules you should keep in mind to open an account in other EU countries.
- If you are a student, worker or pensioner in an EU member state, you can open an account in another EU country.
- You need to present your identity card or passport to the bank.
- Some banks might require that you have a residence permit if you want to open an account as a non-EU national.
- If you don’t have a residence permit, some banks might still let you open an account if you can show other proof of ties to the country.
- Some banks might require that you have a certain amount of money to deposit before they will open an account for you.
If you have any trouble opening an account in another EU country, you can contact the European Consumer Centre in your country for help.
Ready to Start Opening Accounts?
If you’re ready to take action and start opening an account right now, you can access GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
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And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you.
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