How to Open a Bank Account in Europe

Are you looking for a way to simplify euro payments and savings? Opening a European bank account can be a simple and convenient solution for managing your money while living, working, or travelling in Europe. 

Whether you are moving to live in Europe, a digital nomad working remotely, or a business owner expanding market reach, banking in a foreign region can be an overwhelming task. But it doesn’t have to be.

This article is here to help you navigate the process of opening a bank account in Europe. We’ll guide you through the general steps and answer questions like who can open an account and what documents you need. We’ll also provide the top banks in Europe to help you get started quickly. 

A European bank account makes it easier to spend, receive, and transfer money within the Single Euro Payments Area (SEPA). For example, if you have a bank account in France, you can use it to conveniently receive and send euro payments to both euro and non-euro SEPA countries, such as Spain, Denmark, and the UK.

This means that businesses and individuals who frequently transact in euros can benefit from simplified cross-border payments within the eurozone, avoiding currency conversion fees and fluctuating exchange rates when making euro transactions.

Moreover, SEPA countries use the standardised International Bank Account Number (IBAN) as the primary identifier for bank accounts. This simplifies international transfers within SEPA, as it eliminates the need for multiple complex bank codes when transferring funds between participating countries.

Any legal resident of a European country over the age of 18 can open a bank account in their country of residence or another EU country, and the process is generally straightforward. 

While it is possible for non-residents to open a bank account with a European bank, there may be limitations and regulations that are different by country. For example, tourists and non-residents can open a bank account in Slovenia quite easily with few required documents. On the other hand, banks in Germany and Ireland typically ask for proof of residency and have stricter banking regulations. 
It is also important to note that each bank has specific requirements and criteria for different types of accounts, like personal or business accounts.

The documents and information you’ll have to prepare are different by bank, country, and type of account you’re opening. However, you’ll have to provide the following when opening a basic current account:

• Proof of identity: Government-issued ID, such as a valid passport or driving licence.
• Proof of address: Proof of your mailing address in Europe, such as a recent utility bill or rental agreement. 
• Proof of residency: You may have to provide a residence permit or visa if you are not a citizen. 

Depending on the circumstances, some banks may also ask for your tax number, proof of income, proof of employment, or proof of university enrolment. 

If you are opening a business account, you may be asked to provide additional information about your company, like the country of registration and the nature of your business. 

It is crucial to prepare all the required information and documents when opening a bank account to avoid unnecessary delays. Check with your chosen bank if they provide a document checklist and if you are eligible to open a bank account with them. 

Over 4,880 banks are operating in the European Union, offering a wide range of options for a bank account for your specific financial needs and location. But that also means there are many ways to open a bank account, depending on each banking institution.

Let’s look at the general process of opening a European bank account.

Choosing the right bank for your needs is the first step before opening an account. Consider factors like:

• Fees: Check to see if the bank’s fee structure fits your budget and transaction needs. Consider charges for international payments (like SWIFT transfers) and monthly account fees.
• Account types and features: Look for a bank that offers accounts with the features that you need, such as overdraft protection, debit cards, direct debit options, and competitive interest rates on savings accounts
• Services and accessibility: For convenient access to your money, consider the bank's online banking platform, branch, and ATM locations. Also, consider the bank’s reputation for customer service and available support channels.
• Security: Ensure that the bank participates in the Deposit Guarantee Scheme (DGS) to protect your deposit for up to EUR 100,000.

If you are not a resident of any European country, check first if the bank accepts non-resident applications and if there are specific eligibility requirements.

Once you’ve chosen a bank to open an account with, the next step is to prepare the required information and documents.

Typically, the bank will provide a checklist for the documents you’ll have to prepare. If you’re applying online, make sure to have electronic copies or clear photos of the documents ready for upload.

Some banks may ask for additional documents and information if you are a temporary or non-resident, such as an employment contract or reasons for opening the account. You should also be prepared to provide these documents if requested, either during the initial application or in the review process.

You can open a bank account in Europe online or in person at the bank’s branch. However, most European banks offer online applications primarily to local residents. Non-residents usually have to visit a bank’s branch to open an account.

If you are eligible to open an account online, you can usually do so through the bank’s website or mobile app. You’ll likely need to create an account and fill out an online application form with your personal details, including name, address, and contact information.

Most banks will ask you to verify your identity, which typically involves taking a short video of yourself, uploading a selfie, or using a third-party verification service like SMS OTP (One-Time Password). 

Although many banks now offer online banking services, some banks prefer the traditional way, which requires you to visit a branch to open an account.

You may also be required to provide supporting documents in person if you’re applying for a specific type of account, like a corporate account, or if you are not the country’s resident. 

To apply in person, you'll need to schedule an appointment at a branch, either through an online form or by phone. Be sure to bring all original documents with you to the appointment.

After submitting your application, the bank will contact you regarding the next steps. The processing time can vary depending on the bank and account type, but current accounts are often opened instantly or within a few business days.

Opening a bank account in Europe is straightforward, especially for EU residents. With a bit of research and preparation, you can find the perfect bank to meet your financial needs, whether for everyday euro transactions or international business operations.

Non-EU residents may need to do some research first to find banks that they are eligible for, but it is not impossible. With that in mind, always do your research before opening an account with any bank or payment service provider to ensure that your money will be safe.