While much of Europe is uniform in terms of banking and financial services, there are some differences in how institutions operate in different countries. A notable difference is the account products available to non-residents and the process required to access banking services if you do not have a physical presence.
If you are not a legal resident of a European country, it is usually possible to open a European bank account. However, non-resident bank accounts in certain countries may still require you to provide documentation, or have service limitations or higher than usual fees. This article covers everything you need to know about starting a business, as well as alternatives to opening a European account with a traditional bank. For a modern and flexible way to manage your money in Europe, you can try Transfer Multi-Currency Borderless Account. You'll be able to hold your funds in EUR, GBP, or any European currency you need, and make and receive low-cost international payments using mid-market exchange rates.
Current state of European banking
Europe has a well-developed banking sector, and while each country has its own rules and processes, much of Europe works together to simplify financial payments under a system known as the Single Euro Payments System.
SEPA exists to make payments from one European country to another as easy as transferring money within that country. All Eurozone countries are part of SEPA, Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Norway, Poland, Romania, Sweden, Switzerland and United Kingdom¹
If you're looking for an easy way to pay within Europe to a SEPA country, TransferWise might help. You can make cross-border payments anywhere in the world at mid-market exchange rates and small fees. Or choose a borderless account to send and receive money more easily across Europe. More on that later.
European Bank Account Opening Country Selection
If you need to open an account in Europe, you may consider opening a bank account in Germany, such as a local account in Portugal, so that you can easily hold funds in euros. Alternatively, you may wish to be able to send or deposit money in GBP and decide to open a UK bank account for yourself.
Many US citizens can open bank accounts in Europe. However, there is another option. Instead of opening an account in one country, open a multi-currency, borderless account that allows you to easily manage your money in Europe, whether you use Euros, British Pounds, Krona, Lev or any of the other 28 currencies used in Europe.
Ways to Open a Euro Bank Account as a Non-Resident
Foreigners living in European countries can often open a bank account there with ease, and there is often a range of banks and products to choose from. However, if you need a European bank account and you are not actually a legal resident of the region, your options may be more limited.
When opening non-resident bank accounts, each bank chooses its own policy based on needs and local competition. This means that you can open a bank account more easily as a non-resident in some countries than in others.
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