Opening a European bank account for non-residents is becoming increasingly valuable. This includes banking solutions for foreigners, such as euro bank accounts for non-residents, bank accounts in one of the many SEPA countries, European IBANs, backup bank accounts, or accounts to facilitate investments via European crypto platforms.
Opening accounts with European banks is incredibly useful… for the right client.
This article is relevant for any non-resident looking for information on how to find and open a bank account in Europe. This article specifically dives into the list of eligible European banking clients, the account opening challenges to expect, and the specific European countries best suited to certain client groups.
We also uncover some of the quirks of opening a European bank account for a non-resident business, including the types of banking platforms available, such as traditional European bank accounts and digital bank accounts.
Finally, we share how to start opening European bank accounts as a non-resident right now. This includes information on how to open in popular EU jurisdictions like a non-resident bank account in Portugal.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can Non-Residents Open European Bank Accounts?
- What Are the Benefits of Opening a European Bank Account as a Non-Resident?
- Who Can Open a European Bank Account Online?
- What Are the Challenges of Opening European Accounts?
- How to Open Accounts as a Resident in Europe?
- Where in Europe Can Non-Residents Open Bank Accounts?
- Frequently Asked Banking Questions
- Do You Want Help Opening a Bank Account?
Can Non-Residents Open European Bank Accounts?
Non-residents can open European bank accounts in several European banking hubs. Non-residents can even open European bank accounts 100% remotely with limited deposits at large brick-and-mortar banks.
Such banks provide strong financial services and products, including online banking, multi-currency accounts, non-resident mortgages, reasonable fees, SEPA transfers, and English language support.
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What Are the Benefits of Opening a European Bank Account as a Non-Resident?
Europe is one of the most sophisticated financial markets in the world. Its banking sector is interconnected, fast, and affordable. Plus, if you believe that the European Central Bank still can bail out local banks, your money is protected by deposit guarantees of up to EUR 100,000.
Here’s a look at nine other benefits non-residents typically take advantage of when opening a European bank account.
Benefits of European a Non-Resident Bank Account
- Retail, private, & business banking jurisdictions are available
- Multilingual & multicultural support
- Fast & affordable SEPA transfers to member states
- Dedicated IBAN for you personally or your corporate account
- Accept members of the Unlucky Passport Club
- Availability of supplementary financial services (fintech, EMI, PSPs, crypto, etc.)
- Stable currency (compared to many jurisdictions)
- Stable banking sector (compared to many jurisdictions)
- Deposit insurance up to EUR 100,000
Non-residents who want to tap into these benefits need to know which European or EU country is best for them. That means knowing where the account opening hurdles are for their specific situation and how to prepare their application correctly and avoid costly mistakes.
We won’t go into all the details in this article, however, we do discuss one of the most common mistakes that non-residents make when opening European bank accounts and that is: knowing why you want to open bank accounts in Europe in the first place.
Who Can Open a European Bank Account Online?
Anyone can open a European bank account as a non-resident. Non-residents, however, need to demonstrate a justifiable reason for wanting a European bank account in the first place.
Sometimes, simply spending time in the country as a tourist is sufficient. Other banks may require you to be a resident or already own a property in the country.
It’s important to note that even in a relatively homogenous place like Europe, the requirements are different from country to country and bank to bank. Sometimes a bank’s account opening rules even vary from branch to branch.
Note: This is important because your reason for wanting to bank in a country makes or breaks your application. It’s important to have this sorted out before applying for an account.
Reasons to Open a European Bank Account as a Non-Resident
- Own or rent real estate in Europe
- Invest in stocks through European brokerages
- Access to cryptocurrencies through European crypto exchanges
- Want a stable currency & bank (e.g., Argentines, Brazilians, South Africans)
- Spend time in Europe as a tourist or frequent business traveler
Reasons to Open a European Bank Account as a Non-Resident Businesses
- Pay European suppliers
- Receive payment from European customers
- Plan to expand operations into Europe
- Need a stable currency & bank (e.g., Argentines, Brazilians, South Africans)
- Need European payment processing
Demonstrating any of the above reasons is not always straightforward. Banks, in most cases, require supporting documentation that proves your need to bank in the country. Such documentation includes signed contracts, invoices, lease agreements, local utility bills, proof of address, having a locally registered company, tax ID numbers, and more.
People who are able to demonstrate a suitable reason (and have the supporting ties) still need to figure out which country, bank, branch, and even banker to approach when applying for an account. They also need to overcome a handful of uniquely European account opening challenges.
What Are the Challenges of Opening European Accounts?
Europe is known for being a very bureaucratic place to do business. Banking is no different. Some countries are, of course, better (and worse) than others.
Knowing which specific banks to target and where to apply is an important factor in successfully opening an account as a non-resident. There are, however, other challenges that non-residents face as well.
Here is a look at the common eight challenges non-residents need to overcome when opening European bank accounts.
Account Opening Challenges
- Requirements for local and regional ties
- Strict document requirements
- Local tax identification requirements
- Local phone number for verification and activation
- Providing the wrong proof of address
- In-person account opening is sometimes required
- Frequent bank account application denials
- Service providers overcharging or recommending the wrong banks
These are just a few of the challenges individuals face when opening non-resident accounts in Europe. They become more difficult to overcome if you don’t know what you’re doing.
Inputting the wrong address or not having a local tax identification number (or the right visa) results in immediate denial. Likewise, if you contact the wrong banker, you won’t even receive a response.
This is why bank selection, how you present yourself, and how you prepare your application are so important. This is also exactly why we share detailed instructions on how to overcome these challenges and avoid common account opening mistakes in our premium reports.
Importantly, each country (and bank) is different. You need to make sure that the country you choose to open a bank account in is best suited to you and your banking needs.
Before we dive into where in Europe non-residents open accounts, let’s take a quick look into how to open a bank account in Europe as a resident.
How to Open Accounts as a Resident in Europe?
Individuals trying to open a resident account don’t face the same challenges mentioned above. They have a more streamlined approach since they’re opening a local bank account.
This means that they obtain a bank account number in their country of residence, whether they’re opening a traditional or online bank account.
Residents also benefit from other products that non-residents don’t have access to, such as mortgages, various credit cards, and most of the time, lower fees.
Most account holders though, including local and global clients from abroad, typically receive a debit card, savings accounts, checking accounts, dedicated IBAN, and the option to open a bank account online.
The same is true when trying to open a European business account online. Local businesses have a much easier time opening accounts than international businesses. This is because international businesses typically need to provide certified documents and meet different requirements when opening a business account.
Additionally, even if the business bank account is opened, they typically don’t have access to payment facilities like local businesses do, such as payment processing in Europe.
Where in Europe Can a Non-Resident Open a Bank Account?
These days, most people think of the 27 member states of the EU when they hear “Europe” but when looking at Europe from a banking perspective, this is a mistake.
The fact is, that all of Europe offers interesting banking options to non-residents, and in many cases, it is easier to open European bank accounts outside of the EU member states.
Sometimes it’s even easier to open euro bank accounts in non-EU countries and in almost all cases, non-residents have the option to choose between opening in the EU or non-EU banking hubs.
There are a few standout European banking hubs that are worth discussing. These include some of the most popular options for expats, digital nomads, entrepreneurs, and investors.
We highlight a few specific countries that cater to specific non-resident client groups below. It’s important to note that depending on your client profile and specific banking objectives, there are far better jurisdictions available to you elsewhere.
Such jurisdictions include Austria, Gibraltar, Liechtenstein, Portugal, Switzerland, the United Kingdom, and many other European jurisdictions — all of which are included in the GlobalBanks Database.
The GlobalBanks Database shares the best non-resident banking options across Europe and highlights the most important considerations when opening a non-resident account at each bank. Below are just a few of the considerations we highlight in the GlobalBanks Database.
- Desired personal and business clients that each bank caters to
- Account opening requirements and process at each bank
- Banks that accept non-resident, offshore, high-risk, and other client types
- Availability of remote account opening and alternative opening options
- Account deposit requirements and the ability to negotiate terms
Where to Open a Bank Account as an Expat?
Several European banking hubs, such as the Isle of Man, Guernsey, and Jersey, offer excellent expat banking. Simply put, banks in these countries offer specific services designed to be supportive of the expat lifestyle. They still, however, have onboarding requirements that are challenging to overcome for some individuals.
We detail the entire process of how to open a bank account in the Isle of Man in our premium report “Banking in the Isle of Man: Expat Banking Goes Mainstream”.
Where to Open a Private Bank Account?
Europe has several private banking jurisdictions to choose from. Switzerland, Liechtenstein, Luxembourg, and others have long traditions of private banking for foreign non-residents.
Individuals who are just getting started with private banking might want to consider Andorra instead. Andorra is a tiny country sandwiched between France and Spain. Banks in Andorra cater to non-residents but require a fraction of the deposit often required by other private banking hubs.
If you’re interested in opening a private bank account in Andorra, you’re in luck. We share the step-by-step account opening instructions in our premium Andorra banking report “Banking in Andorra: Accessible Private Banking in Europe”.
We also cover all the European private banking hubs in our premium report “Private Banking Secrets: Make Money Like the Super Rich”.
Where to Open an Online Bank Account?
Europe also has a wide range of online banks, fintech platforms, and EMIs, In addition to traditional banking options. Such platforms often have specific nationality and residency requirements as well as certain risk categories for businesses.
Certain platforms only accept residents of certain countries, while other platforms cater to non-residents and even high-risk businesses.
Unlike traditional banks, many fintech platforms that cater to non-resident individuals and businesses usually charge high onboarding, transaction, and maintenance fees. It’s important to know which platforms actually accept you before you start applying.
We cover many of the top fintech and EMI platforms in our two premium reports “European EMIs for Non-EEA Individuals” and “European EMIs for Non-EEA Businesses”.
Honorable Mention: The Republic of Georgia
Europe has a range of banking options for digital nomads and entrepreneurs who lead location-independent lives. Several of these European banking hubs are among the most popular in the digital nomad community.
One of the most popular jurisdictions lies between Europe and Asia, the Republic of Georgia. Yes, there are risks to banking in Georgia, however, there are some benefits to banking in Georgia as well. Such benefits include lower deposits, remote account opening, and higher risk tolerance than other banking hubs.
Individuals who are interested in learning more about banking in Georgia are in luck. We share the step-by-step process for opening a bank account in Georgia and how to benefit from banking here in our premium report “Banking in Georgia: Nomad Heaven or Eastern Europe’s Cash Haven?”
Frequently Asked Banking Questions
Below are three of the most common questions we receive from people exploring how to open a European bank account for non-residents. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Open a Bank Account in Europe if I Don’t Live There?
Yes, you can open a bank account in Europe if you don’t live there as long as you choose the right bank and have a suitable client profile. That said, not all banks in Europe accept non-resident clients. And, of the banks that do, not all offer remote opening. So, bank selection will be an important factor to consider when choosing where to apply for a bank account in Europe when you don’t live there.
Can a US Citizen Open a Foreign Bank Account?
Yes, a US citizen can open a foreign bank account. That said, not all banks accept US citizens. This is because certain banks choose to not comply with FATCA and the additional compliance requirements and costs that come with onboarding US citizens. So, bank selection will be an important factor to consider when opening a foreign bank account as a US citizen.
Which European Countries are Easiest to Open a Bank Account?
The European countries that are the easiest to open a bank account in will depend on the applicant opening the bank account. More specifically, their citizenship, residency, deposit level, banking needs, and banking objectives. It’s important to choose banks where you can meet the account opening requirements and that have the banking services and products you require,
Do You Want to Open a Bank Account?
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