If you’re looking to open an IBAN account online, you’ve come to the right place.
In this article, we’re going to share what you need to know before opening a European IBAN account online.
We’ll also discuss how to open a personal IBAN account and how to open a business IBAN account.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Virtual IBAN Accounts 101
- Personal Banking: Who Can Open an Online IBAN Account?
- Business Banking: Eligible Businesses
- How to Open an IBAN Account Online
- Frequently Asked Questions
- Ready to Open an IBAN Account Online?
Virtual IBAN Accounts 101
First of all, IBAN is the acronym for International Bank Account Number. So, not surprisingly, virtual IBAN refers to an international bank account number for a virtual bank account.
That said, not all international accounts actually use IBAN. That’s because IBAN was originally created as a way for transfers to be easily sent between European countries. And, to this day, it’s used as the primary means of transferring funds in Europe.
However, many non-European countries like Canada and the United States do not use IBAN. In most cases, the countries that do not use IBAN will use the SWIFT network for sending international transfers instead.
So, if you are looking to open an IBAN account online, you are almost always going to be opening a European bank account.
With this in mind, let’s take a closer look at opening personal and business IBAN accounts.
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Personal Banking: Who Can Open an Online IBAN Account?
Virtual IBAN accounts can be opened by both residents and non-residents of Europe. However, the specific options available to you will depend on where you can meet the account opening requirements.
For example, certain virtual account options will require you to have a local address, local phone number, and even a local tax identification number. In these cases, it will be very difficult to open an account as a non-resident.
Alternatively, there are other virtual account options that actively accept (and cater to) non-resident individuals. That said, these platforms tend to charge a fee, which can take the form of an account opening fee, monthly maintenance fees, foreign currency transaction fees, and other types of fees. So, make sure to read the fine print.
Business Banking: Eligible Businesses
If you are looking to open an IBAN account online for your business, you will have a few different options to choose from. In fact, even foreign and offshore companies can consider opening virtual IBAN accounts in Europe 100% remotely.
The variables that determine which virtual IBAN providers a company is eligible to apply for include:
- Country of registration
- Country of operation
- Industry and source of income
- Business activities conducted
- Profiles of shareholders and directors
- Supporting documentation
- And more
Additionally, if a company has ties to high-risk jurisdictions, transactions, or income, it’s important to note that the financial institution may require the applicant to pay an application review fee, account opening fee, and higher maintenance fees after the account is opened.
How to Open an IBAN Account Online
Our team has published two of the most detailed reports on opening virtual IBAN accounts in Europe.
Each report outlines the specific platforms to consider, the account opening process for each, the pros and cons you should weigh, and which types of applicants are best suited to each option.
- European EMIs for Non-EEA Businesses
- European EMIs for Non-EEA Individuals
You can get immediate access to both of these reports (and many more) when you join either GlobalBanks IQ or GlobalBanks Insider.
Frequently Asked Questions
Below are some of the most common questions that we receive from people looking to open an IBAN account online. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Can I Open a Virtual IBAN Account Online?
You can open a virtual IBAN account online by choosing the virtual IBAN provider that has the specific capabilities and services you need. Importantly, you also need to choose a platform that you’re actually eligible to apply for and has account opening requirements you (or your company) can realistically meet.
Is My Business Eligible to Open a Euro IBAN Account?
Most companies are eligible to open a euro IBAN account 100% remotely. To do this, you need to first identify the specific IBAN providers that are willing to accept your company’s country of registration, country of operation, industry, shareholder and director profile, and more.
Ready to Open an IBAN Account Online?
If you would like assistance navigating your banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, don’t hesitate to contact us.