Last Updated on December, 2024
Opening a European bank account as a non-resident has many advantages.
Whether you’re an emigrant, a student, or a business owner, having a European bank account will make financial transactions easy. So you can have a tremendous international banking experience!
However, unless you’re Bill Gates, you should follow some basic steps to create a European bank account. But it’s not as complicated as you might think.
So, I’ll help you understand and create an account with confidence!
Quick Summary
There are several options for non-residents to open a European bank account, including traditional banks, US-based banks, and online banking services.
When opening a bank account in Europe, it is essential to consider your purpose, understand the best account options for you, and provide necessary documents such as proof of identity and address. This ensures that you choose the best account option and are aware of any potential costs and regulations.
Opening a non-resident bank account in Europe can offer numerous benefits, including cost savings, currency flexibility, and enhanced financial services, but it is important to research and compare options to find the best fit for your needs.
Contents
- How to Open a Bank Account in Europe as a Non Resident?
- Required Documents for a European Bank Account
- Benefits of Opening a Bank Account in Europe
- Is it Possible to Open a European Bank Account Using Only My Passport?
- Minimize Paperwork By Exploring Alternative Solutions Such as Wise or Revolut
- Which Non-Resident Account is Best in Europe?
- What Do I Need to Know Before Creating a Bank Account in Europe?
- How Much Does it Cost to Open a Bank Account?
- Tips for Transferring Money Between the United States and Europe
- Conclusion
- FAQs
How to Open a Bank Account in Europe as a Non Resident?
Step 1: Determine Your Purpose for Opening a European Bank Account
Before opening a European bank account, identify your specific reasons.
Whether for seamless travel spending, handling international property transactions, expanding your business, managing freelance income in various currencies, or diversifying your savings and investments, clarifying your objectives is crucial.
Understanding your day-to-day usage requirements will help you choose the most suitable bank account or financial product to meet your needs.
Additionally, if you’re considering local transactions, exploring the option of a local bank account can provide added convenience.
Step 2. Understand What’s the Best European Account Option for You
Once you’ve determined the transactions you’ll be handling and the features necessary to you, explore specific account types created to your requirements.
Consider the following options.
Non-Resident Physical Person Account
US-Based Banks Offering Euro Bank Accounts
European Bank Accounts Online
Filing for E-Residency in Estonia
Step 3: Choose Your European Banking Solution and Begin
Now that you’ve completed the main steps, it’s time to select the best place to manage your money in Europe.
Opening a Traditional Bank Account
If you choose a traditional European bank account, follow their application process:
International Multi-Currency Accounts
With options ranging from traditional banks to modern alternatives like Wise, finding a suitable solution for your non-resident European bank account is within reach.
Choose the best approach to your needs and start the application process.
Required Documents for a European Bank Account
You typically need to provide these when opening a non-resident European bank account online:
For those already in Europe, various banks and account options are available.
However, securing a non-resident bank account might pose challenges for some banks, such as Barclays International, which doesn’t offer expat accounts to US residents.
Some banks may have high minimum balance requirements or demanding eligibility criteria, like HSBC’s expat account, which needs a substantial income or account balance.
Consider EU country banks that provide non-resident bank account options for holding EUR balances, like the Santander Spain non-resident bank account.
Benefits of Opening a Bank Account in Europe
Are you considering a European bank account? Here’s what you stand to gain:
As a non-resident, additional benefits include:
Research specific banks to find the right fit for your non-resident needs.
Is it Possible to Open a European Bank Account Using Only My Passport?
Due to global and European banking regulations, opening a bank account in Europe usually requires more than just a passport. Most European banks will demand your address, often verified through required documents like utility bill(s).
While some provider accounts may accept minimal documentation, full access typically necessitates completing a verification step, including proving your address.
Here’s a guide on opening an online bank account for migrants.
Eligibility Criteria
Anyone 18 or older with a valid passport or national ID proof card can open a bank account.
Documentation Requirements
Residents of certain third countries may need only a passport and proof of address, while other countries might require additional documents.
Example – Slovenia
To open a bank account in Slovenia, a foreigner may need a foreign passport, a Slovenian tax number, and a foreign tax number for non-residents. Obtain a Slovenian tax number by filling out the required form and submitting it to the tax office.
Application Process
Submit documents to the bank branch, upload them online, or present them in a video chat, depending on the institution’s identity verification method. Remember that banking regulations vary, and you should check the requirements of the specific European country where you plan to open a bank account.
Minimize Paperwork By Exploring Alternative Solutions Such as Wise or Revolut
For those seeking a stress-free way to manage European currencies without residency requirements, consider modern online alternatives like Wise or Revolut.
These providers offer multi-currency accounts, including GBP, USD, and Euro accounts, allowing you to HOLD, TRANSFER, SPEND, and RECEIVE various European and global currencies.
No Residency Restrictions
Flexible Eligibility
Digital Set-up and Verification
Which Non-Resident Account is Best in Europe?
When exploring the best non-resident accounts in Europe, many European banks offer diverse options for international visitors.
Explore a few examples: financial technology companies Wise and Revolut, Santander with non-resident EUR options, and globally recognized banks like HSBC.
| Service | Wise | Revolut | HSBC Expat | Santander |
| Currencies | Over 40 currencies, including USD, GBP, and EUR | 25 currencies | Current accounts available in GBP, USD, and EUR. Savings accounts in 19 currencies | EUR |
| Can I open a bank account online? | Yes | Yes | Yes | Visiting a local branch is typically required for non residents. |
| Initial fee | No fee | No Fee | Minimum balance requirement: Equivalent to 50,000 GBP in the respective currency (additional eligibility criteria may also be applicable). | No charges apply, but acquiring a certificate of non-residence in Spain might include a fee. |
| Fall below fee | No fee | No fee | Approximately 35 GBP per month. | No fee |
| Maintenance fee | No fee | Up to 16.99 USD/month | Fee is waived with the maintenance of a minimum balance | 16 EUR/month |
| International transfers | Inexpensive fee, subject to currency differences. | The fee varies based on the payment value, with a maximum of 10 USD. | Online bank transfers up to 4 GBP + Third party charges + Markup on the exchange rates | Typically, standard online transfers come with no charge. Transfers conducted in-branch obtain a fee ranging from 0.7%, with a minimum charge of 6 EUR to 20 EUR. An additional charge is applied to the exchange rates |
Wise
Open a Wise multi-currency account effortlessly online or through the Wise app to manage major European currencies like EUR and GBP, plus 40+ other currencies. Here’s a quick view.
Top-Up and Currency Switch
Instantly top up your account in USD and switch to the currency you need. Receive payments from Europe using local bank details for EUR and GBP transactions.
Currency Exchange Benefits
Transfer payments to 70+ countries and use your Wise international payment card in 170+ countries.
Account Details
Wise personal multi-currency accounts are free to open with no monthly fee or minimum balance.
Eligibility
Non-residents can open an account using proof of identity and address from their home country. Service availability varies by location; check the Wise website for complete details.
Safety Assurance
Wise is a secure provider overseen by global regulatory bodies.
Revolut
Open your Revolut account with ease using your US identity documents.
Enjoy multi-currency functionality, a linked debit card for spending and cash withdrawals, and additional benefits like budgeting and saving tools.
Here’s an overview.
Account Features
Multi-currency functionality for seamless transactions.
Linked debit card for spending and withdrawals.
Budgeting and saving tools for added financial management.
Plan Options
Revolut offers account plans with no monthly fee, including some no-fee currency exchange.
Upgrade to a different account tier with a monthly fee for higher no-fee transactions and extra benefits.
ATM Withdrawals
Standard account plans allow no fee for in-network ATM withdrawals and up to 400 USD/month for out-of-network leaves with no extra costs for users in the US.
Account Types
Choose from Revolut plans with no monthly fees or use plans with ongoing costs, priced up to 16.99 USD/month, offering additional features.
Eligibility
Available to residents with addresses in various EU countries and regions, including the UK, EEA, Australia, Singapore, Switzerland, Japan, and the US.
Safety Assurance
Revolut is authorized to trade in all served countries, is covered by the FCA in the UK, and holds a European banking license for the European Union.
HSBC Expat account
HSBC Expat is the international division of the renowned global banking giant HSBC, specializing in offshore and international banking services.
With a focus on high-wealth individuals, here’s an overview.
Account Types
Current accounts support GBP, EUR, and USD, while savings accounts serve 19 global currencies.
Eligibility
Bank Accounts come with high-income and minimum balance prerequisites.
Account Options
Create an HSBC Expat current account from the US, denominated in GBP, USD, or EUR, with savings accounts available in 19 global currencies.
Requirements
Note the substantial minimum balance requirements for eligibility. To qualify, maintain a minimum balance of 50,000 GBP or have an annual income exceeding 100,000 GBP.
Safety Assurance
HSBC, one of the world’s largest banks, operates under full regulation in Europe and globally, ensuring safety and security.
How to Open an Account with HSBC Expat?
Santander
Santander, a global banking brand originating in Spain, is designed for non-residents, particularly those with vacation homes in Spain. Explore the Non-resident Mundo bank Account, featuring a 16 EUR monthly fee for maintenance, a debit card, and payment options via cash, bank transfer, or check.
However, note the requirement for proof of non-full-time residence and the need to visit Spain for the account opening process. Additionally, Santander offers business banking solutions for non-residents looking to conduct business transactions within the Eurozone.
Account Types
Designed explicitly for non-residents, it is available in euros only.
Safety Assurance
Santander, as one of the world’s largest banks, operates under the oversight of regulators in all regions in which it trades globally.
Eligibility
Consider the Non-resident Mundo bank Account for a euro account from a European bank.
How to Open a Non-resident Account with Santander?
What Do I Need to Know Before Creating a Bank Account in Europe?
Europe has a diverse banking sector, offering many choices, but for non-residents, options may be limited as most standard bank accounts require proof of a local address.
This often directs non-residents toward accounts designed for foreigners and high-net-worth individuals interested in European currencies.
By preferring these factors, you can navigate the process of opening a bank account more smoothly.
Remember, local knowledge can save you time and headaches when dealing with specific requirements.
How Much Does it Cost to Open a Bank Account?
Generally, there’s no fee to open a bank account in Europe. Still, non-resident and international services may impose high minimum balance requirements, leading to substantial fall-below costs if not met.
When considering opening a bank account as a non-resident, it’s essential to be mindful of potential costs associated with expat banking services.
Many non-resident accounts have minimum deposit requirements and high fall-below fees for maintaining balances. To secure the best deal, compare various providers, including cost-effective specialist services.
While opening a standard checking account in most countries is typically free, be mindful of potential monthly maintenance fees.
Tips for Transferring Money Between the United States and Europe
When sending money abroad or between the US and Europe, relying on your regular bank may not be the most cost-effective or efficient choice for international payments. Preferring a specialized service can save you money on fees and exchange rate markups.
Consider the following tips to avoid extra costs associated with international transfers:
Before sending money overseas, compare your bank’s offerings with specialist services to find potential savings.
When dealing with traditional banks for international money transfers, keep in mind:
Think of these factors when choosing a method for transferring money between the US and Europe to ensure cost-effectiveness and efficiency.
Related guide:
- How to Open a Swiss Bank Account Online for Non Residents?
- How to Open an Overseas Bank Account?
- The Best Euro Bank Accounts in the US
Conclusion
Forget traditional banking when you have SMART options today to simplify your financial transactions and enhance your international banking experience!
Remember! Each bank may have specific documentation requirements, so thorough research and following the discussed steps are crucial.
Mark my words.
Not skipping any part of the process, you can protect yourself from pitfalls and ensure a smooth and secure bank experience in Europe as a non-resident.
FAQs
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