Euro IBAN accounts offer non-EEA residents and foreign business owners fast, low-cost transfers with stable banks across Europe.

That said, unless you have the right information, know each bank’s requirements, and understand the benefits you’re after, you’re going to have a hard time opening an account.

Euro IBAN Account

Opening a Euro IBAN account as a non-resident is possible. However, there are several challenges you will have to overcome. First, you need to find a bank that accepts your profile and offers the services you need. Second, if you’re looking for remote opening, such options are very rare. However, we’ll share where (and how) you can open Euro IBAN accounts remotely below.

In this article, we’ll share everything you need to know to start applying for a Euro IBAN account. Including what client types can open in Europe – including remotely.

We’ll also share the many benefits non-residents can tap into when opening a Euro IBAN account. And, we’ll outline the challenges you’ll have to overcome in order to successfully open.

But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your free Non-Resident Banking Starter Guide. It’s designed to help non-residents open accounts in top banking hubs around the world.

What Is a Euro IBAN Account?

First of all, an IBAN (International Bank Account Number) is a bank account number that is used to verify account information during a transaction.

But, the number making up an IBAN isn’t just random. It’s made up of two letters identifying the account holder’s country, and a variety of numbers to make up the account identification details.

Euro IBAN accounts are used daily by individuals in need of fast and secure methods of sending and receiving money.

But, they aren’t for everyone. In fact, there are specific client groups that can open and benefit from having a Euro IBAN account.

With that said, let’s see who can open…

Who Can Open a Euro IBAN Account?

Generally speaking, opening a Euro IBAN account can be an effective banking option for those that frequently send payments between Eurozone banks or consistently make international transfers.

But, a Euro IBAN account isn’t for everyone. In fact, not all banks offer them to foreign non-residents.

So, before we get in too deep, let’s take a look at the specific client types that can open…

Client Types That Can Open a Euro IBAN Account:

• EEA residents
• Expats living or traveling frequently through Europe
• Non-EU residents living or working in Europe
• Non-resident companies
• Foreign business owners
• Offshore companies
• Businesses that have suppliers living abroad
• Companies that have employees working in other countries
• Businesses that have contractors working abroad

Now, before you open an account, there are a few factors you should be aware of.

For instance, as a business owner, you should expect the bank to request additional information on your company. From, where your company is incorporated, the nationality and residency of the owner, the type of industry you’re in, and whether or not the bank may consider your business to be high risk.

In fact, if you’re looking to open an account for your business and are in need of immediate access to Euro IBAN or SEPA, we share everything you need to know in our premium report “European EMIs for Non-EEA Businesses”.

You can access this report immediately when you join GlobalBanks IQ.

Now, in terms of individual client types such as foreigners, non-residents, expats, and European residents, it’s important to know which bank will actually accept you. In other words, don’t apply to just any bank.

Why? Because not all banks allow non-residents to apply for a Euro IBAN account. In fact, some banks only allow EU residents to apply.

Likewise, when it comes to foreign companies, some banks only accept companies from specific countries and regions.

So, to save you time and avoid rejection, it’s important you know not only which bank offers a Euro IBAN account but which bank will accept your specific client profile.

Now, to make sure a Euro IBAN account is right for you, it’s important to understand the challenges you’ll face when opening. But first, let’s take a look at the benefits a non-resident can unlock when opening.

Benefits of Opening a Euro IBAN Account

As mentioned, there are benefits to opening a Euro IBAN account. And, whether you’re a non-resident, foreign business owner, or an expat, you’ll likely be able to tap into these benefits when you open one.

Of course, before you start applying to a bank that accepts your client profile, it’s important to understand whether or not they offer the benefits you’re after.

So, let’s look at the general benefits a Euro IBAN account can offer…

Benefits of Opening a Euro IBAN Account

• Send and receive money between Eurozone banks
• Access products & services that require an IBAN from a specific country
• Send and receive SEPA & SWIFT transfers
• Reduces costs & speeds up transfers
• Access to multiple currencies
• Send transfers in supporting currencies
• Access to both business and personal accounts
• Crypto accounts to send & receive transfers from exchanges (in some cases)

As you can see, opening a Euro IBAN account is beneficial in many different ways. And not only can it save you time, but it can save you and your business money.

In other words, a Euro IBAN account is an effective way of receiving money from overseas customers and is cost-effective when sending international transfers.

More specifically, as a foreign business owner, using a Euro IBAN account can cut unnecessary costs when paying suppliers, contractors, or even employees working abroad.

Of course, in order to unlock these benefits, you need to know how to successfully open accounts. That means, navigating the challenges of opening a Euro IBAN account, knowing which countries use IBAN, and which bank will accept your client profile.

Let’s take a look into the obstacles you’ll face with opening a Euro IBAN account as a non-resident.

Challenges of Opening a Euro IBAN Account

Like opening any other bank account, when it comes to opening a Euro IBAN account as a non-resident, you’re going to face challenges.

Challenges of Opening a Euro IBAN Account

• Opening with the wrong bank
• Your client profile may not be accepted by a bank
• Rejected because your client profile is too high risk
• Certain limits on transfers, deposit amounts, payments
• Limited services for certain customers or countries
• IBAN discrimination between SEPA countries
• And more…

Now, the chances of experiencing the challenges listed above when opening a Euro IBAN account are very high. But, some of these challenges can be avoided if you open with the right bank.

However, in order to have a successful account opening process, it’s important you know which bank and banker will accept your client profile.

So, do your research beforehand, understand the challenges, and make sure the benefits you’re after are achievable.

Now, if you’re interested in opening an account but are curious whether or not you can open remotely, you’re in luck. We share everything you need to know on remote opening below.

Open a Euro IBAN Account Remotely

For many non-residents, one of the most important considerations when it comes to opening accounts abroad is whether or not you can open remotely.

Well, if you want to open a Euro IBAN account remotely, you’ll be happy to know that it is 100% possible.

To start, you need to know which banks and bankers offer remote account opening. And, which banks will accept you.

Now, if you’re looking to open a personal account, you may want to consider opening with banks in Portugal. But, if you’re looking to open an account for your business, you should consider opening in Cyprus.

With that said, let’s take a look at both options…

Portugal Remote Opening

Portugal is one of the most accessible EU banking options available to most non-residents. And, for the right clients, can be very beneficial.

For instance, when you open a Euro IBAN account in Portugal, you’ll be able to access simple and convenient transfers across the Eurozone through SEPA-compliant banks. Not to mention, Portugal has relatively lower fees compared to other EU jurisdictions.

And, if you’re struggling to open remotely elsewhere, Portugal may be your answer.

So, if you’re interested in learning more about how you can open a Euro IBAN account remotely, you can review our article “Opening With Banks in Portugal [Remotely]” for more information.

Cyprus Remote Opening

When it comes to Cyprus, the clients that can benefit from banking here are foreign business owners. In fact, businesses that are in need of access to EU transactions, a Euro IBAN account, SEPA transfers, or easier opening requirements, can open here.

And, remote account opening is 100% possible.

Of course, whether or not your business can successfully open remotely will depend on the bank you choose to open with and of course, your banking needs.

But, if you’re interested in learning more about banking in Cyprus, we share everything you need to know on how to get started opening accounts today in our premium report “Banking in Cyprus: Transactional Business Banking in the EU”.

You can access this report immediately when you join GlobalBanks IQ.

Now, it isn’t an easy task if you’re trying to determine which country, let alone which bank that offers Euro IBAN accounts is best for you. So, you can use the information in this article to help you get started.

But, if you’re looking for a more immediate solution, we can help.

Ready to Open a Euro IBAN Account?

If you’re ready to take action and start opening a Euro IBAN account right now, you can access GlobalBanks IQ, our dedicated international banking intelligence platform.

GlobalBanks IQ gives you everything you need to start finding and opening accounts. 

When you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of international banks – home to 250+ banks in 50+ countries.

And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.

Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.