You can open a bank account online as a non-resident in Europe, though each bank has particular guidelines for opening, which can differ depending on whether you apply remotely or in person.
To be clear: We are not talking about opening non-resident accounts with common digital platforms like online banks, EMI, or Fintech platforms. We are talking about opening accounts with brick-and-mortar banks 100% remotely.
Feel free to use the table of contents to continue exploring the available options.
Table of Contents
- Introduction
- Can You Open Bank Accounts Online as a Non-Resident in Europe?
- Why Should You Open a European Bank Account Online?
- What Are the Challenges of EU Banking as a Non-Resident?
- Where Can I Open a European Bank Account Remotely?
- Frequently Asked Banking Questions
- Do You Want Help Opening Bank Accounts?
Introduction
We’ve put together this comprehensive guide for individuals who are interested in gaining access to the EU banking system, including the best European banks for expats, investors, and more.
This guide is based on over ten years of experience helping foreigners unlock European banking in some of the most popular countries, including France, Spain, Portugal, Switzerland, Liechtenstein, the UK, and elsewhere.
Can You Open Bank Accounts Online as a Non-Resident in Europe?
You can open a bank account online as a non-resident in Europe. Doing so will unlock unique banking products and services, only available in Europe like low-cost multi-currency accounts and SEPA transactions.
Do You Want to Explore All Your Offshore Banking Options?
Why Should You Open a European Bank Account Online?
There are many reasons why non-residents open European bank accounts online. One reason is that it offers you the convenience of not needing to travel to open the account in person.
Here are seven other reasons why non-residents consider opening bank accounts remotely in European countries.
Reasons to Open a European Account Remotely
- Frequently travel to Europe
- Expect to retire in a European country in the future
- Are interested in purchasing European real estate
- Looking to bank in a more stable jurisdiction than your home country
- Want to diversify your assets
- Want to invest in crypto through European crypto brokerages
- Want to invest in stocks through European brokerages
There are also many benefits to opening a bank account remotely in Europe. The exact benefits available to you depend on your reason for wanting to open a European bank account remotely, your specific client profile, and the bank you choose.
Below is a list of the seven common benefits most non-residents take advantage of when opening an account remotely in Europe.
Benefits of Opening an Online European Account
- Fast and affordable SEPA transactions
- Access to a stable currency (compared to other jurisdictions)
- Low-cost multi-currency accounts
- Deposit insurance guaranteed up to €100,000
- Supplementary financial services available (fintech, EMI, crypto, etc.)
- Accessible online banking services
- European business, private, & retail banking jurisdictions available
It’s important to take the time to find the best jurisdiction and bank for your client profile. Bank selection ultimately dictates the type of products, services, and benefits available to you.
Before we dive into the best European jurisdictions to consider, it’s important to understand the challenges you need to navigate to successfully open an account remotely.
What Are the Challenges of EU Banking as a Non-Resident?
Like opening accounts anywhere, when it comes to opening an EU bank account remotely, there are challenges you need to overcome.
These challenges, however, are 100% possible to navigate if you have the right information.
Below is a list of the nine most common challenges non-residents face when opening a European account remotely.
Challenges of Opening an EU Bank Account Remotely
- Strict due diligence process
- Finding a bank that allows remote opening
- Unable to meet the required documents
- Finding a bank that accepts your client profile
- Being unable to meet the opening requirements
- Frequent application denials
- Reasoning for wanting a European bank account is not accepted
- An in-person visit may be required to approve your identification documents
- Unable to support the account fees once the bank account is open
The majority of these challenges are avoidable by doing your research to find the best jurisdiction to open a bank account remotely. The “best” option varies based on your particular client profile, specifically your citizenship, residency, financial needs, and deposit level.
We put together a shortlist of the four best European jurisdictions non-residents consider when looking to open an account remotely.
Where Can I Open a European Bank Account Remotely?
Many European banking jurisdictions accept non-European clients, however, most do not allow them to do so remotely. Some banks require you to be physically present in one of their branches to open an account.
Here are four jurisdictions where non-residents are eligible to open EU bank accounts remotely.
Open a Non-Resident Bank Account Remotely in the Crown Dependencies
Some of the most popular European banking jurisdictions for non-residents include international banks with offices in the Crown Dependencies, such as the Isle of Man, Jersey, and Guernsey.
Each of these three jurisdictions has great experience working with non-residents and supports international transfers, has multi-currency accounts, and offers specific financial services to non-residents. Non-residents have the choice to open a bank account here both in-person and remotely.
Each jurisdiction, of course, has something different to offer.
The Isle of Man typically caters to non-residents and expats seeking lower deposit requirements.
Banks in Jersey are popular for trust structuring and wealth management. This is because Jersey is an investment hub for wealthy individuals with higher deposits.
Guernsey is highly concentrated with institutional investors seeking specialized financial services.
All three jurisdictions offer the option to non-residents to open an account. Applicants, however, need to know which bank and banker to contact directly before applying.
Want to learn more about opening a bank account remotely and are considering the Crown Dependencies as an option? You’re in luck.
We detail everything you need to know on how to choose the right financial institution that matches your client profile in our premium members-only report “Banking in the Isle of Man: Expat Banking Goes Mainstream”.
Access this report immediately when you join GlobalBanks IQ.
Open a Bank Account Remotely in Andorra
Individuals looking to enter the world of private banking but are just getting started often consider Andorra. Banks here specifically cater to non-residents seeking private financial services at a fraction of the cost compared to other private banking hubs like Switzerland, Luxembourg, and Liechtenstein.
We cover everything you need to know about opening a private bank account remotely as a foreigner in Andorra in our premium members-only report “Banking in Andorra: Accessible European Private Banking”.
This report shares step-by-step instructions on how to start a bank account in Andorra as a foreigner. Including the account opening strategies, lesser-known quirks of the banking system, and also the risks you need to be aware of.
Access this report immediately when you join GlobalBanks IQ.
Open a Bank Account Remotely in Georgia
Next up, Georgia. Compared to many other jurisdictions, Georgia is known for its smooth account opening processes, higher risk tolerance, lower deposits, and remote account opening services.
Opening accounts here, however, isn’t for everyone.
We strongly suggest Georgia as an option for a backup bank account only. The services at Georgian banks aren’t typically at the same level as those in the other jurisdictions mentioned above. Bureaucratic processes sometimes make it difficult for international account holders to access their accounts.
Individuals who struggle to open a European bank account elsewhere online as a foreigner consider Georgia as a suitable option, but not as their first choice.
Even then, if you decide to apply for a bank account in Georgia, you still need to know which financial institution allows you to open a bank account remotely. This is because not all banks in the country offer this service.
We detail the step-by-step process of opening a Georgian bank account 100% remotely as a foreigner in our premium members-only report “Banking in Georgia: Nomad Heaven or Eastern Europe’s Cash Haven?”.
Access this report immediately when you join GlobalBanks IQ.
Open a Bank Account Remotely in Switzerland
Last but certainly not least, Switzerland.
Switzerland is a popular option for non-residents seeking high-net-worth private banking services, such as wealth management, investment planning, luxury financing options, and much more.
Opening accounts here offers lucrative benefits, but, it’s not an easy feat to open a bank account in Switzerland. This is especially true if you want to open a bank account remotely as a foreigner.
Swiss banks are notoriously difficult to open accounts with regardless if you’re opening in person or online. This is because they pick and choose who they open a bank account for and as a result, set very high barriers to entry.
Frequently Asked Banking Questions
Below are three of the most common questions we receive from people exploring how to open a bank account remotely as a non-resident in Europe. 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. It’s important to note that not all European banks accept non-residents, expats, and offshore businesses. The banks that do accept these client profiles don’t always offer the option to open a non-resident bank account remotely. This is why bank selection is an important factor to consider when choosing where to open a non-resident or expat bank account.
Which European Countries Are Easiest to Open a Bank Account?
The EU country that is the easiest to open an account in depends on the person applying for the account. More specifically, their citizenship, residency, deposit level, and banking objectives. It’s important to choose jurisdictions and banks that meet your transaction needs, have requirements you can meet, and offer the services you’re after.
Can I Open a Bank Account Remotely if I Live Abroad?
Yes, you can open a bank account 100% remotely if you live abroad as long as you choose the right bank, meet the proper requirements, submit the necessary documents, and have a suitable client profile. Not all banks offer the option to open an account remotely. This is why bank selection is an important factor to consider before applying to open an account.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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