Euro IBAN accounts offer non-EEA residents and foreign business owners fast, low-cost SEPA & SWIFT transfers with stable banks across Europe.
You are going to have a hard time opening accounts with European banks and banking in Europe if you don’t have the right information, know each bank’s requirements, and understand the benefits you’re after.
KEY TAKEAWAYS
- It’s 100% possible for non-residents to open a Euro IBAN account remotely
- There are many benefits to having an IBAN account as a non-resident
- Without the proper information, opening a Euro IBAN account is challenging
We are going to share everything you need to know to start applying for an IBAN, including the type of clients that are eligible for bank accounts in Europe.
We are also going to share the many benefits non-residents unlock when opening a European IBAN account and outline the challenges you need to overcome to successfully open.
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Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- What is a Euro IBAN Account?
- Who Can Get a Euro IBAN?
- What Are the Benefits of an International Bank Account Number?
- Can I Open a European Account Remotely?
- Frequently Asked Questions
- Ready to Unlock the Benefits of European Banking?
What Is a Euro IBAN Account?
A Euro IBAN account (International Bank Account Number) is an account number that is used to verify bank account information during a transaction.
The number making up an IBAN isn’t just random. The number is 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 needing fast and secure methods of sending and receiving international money transfers.
Online retailers in need of receiving payments from buyers in different parts of the world can provide their IBAN to make a direct bank transfer.
The same goes for individuals needing to send money to someone overseas – simply provide your IBAN and your bank processes the payment quickly and securely.
IBANs aren’t for everyone. We share exactly who can have a Euro IBAN account in the next section.
Alternatively, if you’re looking to use the euro currency and are wondering if Switzerland uses the euro, you can click here to get details on the currency used in Switzerland.
Who Can Get a Euro IBAN?
Generally speaking, an IBAN is an effective tool for anyone who frequently sends payments between Eurozone banks or consistently makes SEPA & SWIFT transfers.
Individuals and businesses sending or receiving transfers from a wide range of countries, including from banks in Serbia to banks in Andorra, can benefit from a euro IBAN. It’s important to note, however, that not all banks offer them to foreign non-residents.
Here is a look at eight types of clients who benefit from opening a euro account.
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 or contractors living and working abroad
- Companies that have employees working in EU jurisdictions
As a business owner, you need to provide proper proof of documents, including where your company is incorporated, the nationality and residency of the owner, the type of industry you’re in, and whether your business is considered high-risk or not.
Some banks only accept companies from specific countries and regions, so bank selection is an important factor to consider.
Individuals who are looking to open a bank account for their business and who require immediate access to Euro IBAN or SEPA are in luck. We share everything you need to know in our premium report “European EMIs for Non-EEA Businesses”. Access this report immediately when you join GlobalBanks IQ.
Can a Non-Resident Open a Euro IBAN Account?
Yes, a non-resident can open a euro IBAN account. Client types such as foreigners, non-residents, expats, and European residents are all eligible for IBAN accounts.
It’s important to know which banks actually accept your client profile before applying as not all banks allow non-residents to apply for an IBAN account. Some banks only allow EU residents to apply.
There are many benefits to opening an IBAN account. The benefits available to you highly depend on your client profile and the bank you choose. More on the benefits of opening an IBAN account is below.
What Are the Benefits of an International Bank Account Number?
There are many benefits of having an IBAN. The benefits available to you, as mentioned, ultimately depend on your specific client profile.
Here is a look at 12 of the most common benefits an IBAN has to offer.
Personal Benefits of Having an IBAN
- 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)
Opening an IBAN bank account is beneficial in many different ways, and not only does it save you time, but it also saves you and your business money.
Can Foreign Businesses Benefit From Using an IBAN?
An IBAN is an effective way of receiving money from overseas customers and is cost-effective when sending international payments.
Using an IBAN cuts unnecessary costs when paying suppliers, contractors, or even employees working abroad. Businesses with employees in Spain, France, or Germany that need to be paid in Euros, use a euro IBAN bank account to save on 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. It saves you not only time and money but also gives you access to products that are otherwise unavailable.
Unlocking these benefits requires you to know how to successfully open IBAN accounts. This means, navigating the challenges of getting an IBAN, knowing which countries use IBAN, and which bank accepts your client profile.
Challenges of Getting an IBAN
- Opening with the wrong 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
- The bank you chose charges extra for services outside of the Eurozone
- The bank you chose requires additional documentation
- Unable to meet the minimum balance requirement
Now, the chances of experiencing the challenges listed above when opening an IBAN account are very high. Some of these challenges are 100% avoidable if you open with the right bank.
It’s important to know which bank and banker accept your client profile before starting the application process. This requires doing some research beforehand, understanding the challenges, and making sure the benefits you’re after are achievable.
Individuals who are looking to open an IBAN account remotely, are in luck. We share everything you need to know about remote account opening below.
Can I Open a European Account Remotely?
Many non-residents are searching for convenient account opening options, including the option to open euro IBAN bank accounts 100% remotely.
Opening euro IBAN accounts remotely is possible if you know which banks and bankers to approach. It’s important to note that not all banks cater to the same client profiles. Knowing which banks accept your specific client profile is a critical step in successfully opening a Euro IBAN account remotely.
Portugal is a suitable option for individuals looking to open a personal account, whereas Cyprus is a suitable option for those in need of a business bank account. We share more details on both Portugal and Cyprus below.
Portugal Remote Account Opening + Access Money Abroad
Portugal is one of the most accessible EU options for most non-residents. Opening a Euro IBAN account in Portugal allows access to simple and convenient SEPA & SWIFT transfers across the Eurozone through SEPA-compliant banks. Portugal, not to mention, has relatively lower fees compared to other EU jurisdictions.
Portugal is a suitable banking option if you are struggling to open accounts remotely elsewhere.
Cyprus Remote Account Opening + Make Local EUR Payments
Client types that benefit from banking in Cyprus often include foreign business owners. This is because Cyprus is a suitable option for businesses that need access to EU transactions, SEPA & SWIFT transfers, or easier opening requirements.
Remote account opening is also 100% possible.
Opening an account remotely successfully in Cyprus does depend on the bank you choose to open with and of course, your banking needs.
Fortunately, 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 get access to this report immediately when you join GlobalBanks IQ.
Rules About Remote Account Opening in Other EU Countries
Besides Cyprus and Portugal, there are general rules you need to keep in mind when opening an account in other EU countries.
- Students, workers, or pensioners in an EU member state are eligible to open an account in another EU country.
- You need to present your identity card or passport to the bank.
- Some banks 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 let you open an account if you can show other proof of ties to the country.
- Some banks require that you have a certain amount of money to deposit before they open an account for you.
Frequently Asked Questions
Below are two of the most common questions that we receive from people exploring euro IBAN accounts. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Is an EU IBAN?
An EU IBAN, also known as an EU International Bank Account Number, is used to identify a person’s bank account. An IBAN is made up of two letters and a variety of numbers and is used for international money transfers.
Where Can I Find My IBAN?
You can find your IBAN (International Bank Account Number) through your online banking platform on your bank statement. The number is often found in the top-right corner of your bank statement.
Ready to Unlock the Benefits of European Banking?
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