Finding the best European bank for expats can be very difficult. There are many options to choose from, the account opening isn’t easy, and requirements vary by country and bank.

So, it’s crucial to choose a bank that is best suited to your banking needs and with requirements you can meet. Fortunately, you’re not the first expat to take on this search.

In fact, there are approximately 33 million expats living across Europe. And, the vast majority of them have had to go through the same process of finding the best possible bank.

So, rest assured that a suitable European bank is available for your expat banking needs.

Finding the Best European Bank for Expats

There is no single “best” European bank for expats. However, there are many European banks that cater to the needs of expat clients. With this in mind, the best bank for expats will be determined by the client’s profile, banking requirements, future plans, and other variables.

In this article, we’re going to help you navigate the options and uncover the best European bank for expats that meets your needs.

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 and expats open accounts in top banking hubs around the world, including in Europe.

Why Find the Best European Bank for Expats?

If you’re an expat living in Europe, chances are you need an expat bank account just to meet the daily demands of life.

In fact, many basic services in Europe, such as water, electricity, phone, and tax authorities, require that clients have a local bank account.

So, finding and opening the best European bank as an expat might be more about necessity than preference.

That doesn’t mean European banks can’t offer a lot of value to Expats… they can.

But, at the end of the day, which European bank is best for you will depend on your account opening requirements.

For instance, if you’re simply looking to open a euro account, in need of a European IBAN, or require the use of SEPA, most European banks can meet this need.

But, if you’re looking for something more specific, such as facilitating investments via European crypto platforms, or accessing mortgages as an expat, there will be fewer banks to choose from.

Of course, these aren’t the only reasons you might want to find the best European bank for expats. So, here’s a look at some additional reasons why expats gravitate to European banking.

Reasons for Opening Expat Bank Accounts in Europe

• Payment of local government services and utilities
• Payment of European rents and leases
• Accessing financing for European properties
• Investing in stocks through European brokerages
• Investing in crypto through European crypto brokerages
• Banking in a more stable jurisdiction than your home country
• Accessing a more stable currency
• Frequent travel to Europe as an expat from elsewhere
• Supporting business operations in the EU

Of course, not all European banks accept expats. And, even fewer offer the specific services that you need.

Not surprisingly, when it comes to finding the best European bank for expats, your options are slim. But, slim doesn’t mean impossible. It just means you need to be targeted in your approach.

To help you with your search, we’ve broken down the possible countries you might want to consider when looking for the best European bank for expats.

Where is the Best European Bank for Expats?

There are many variables you need to consider when opening a new bank account. Including your banking needs, the benefits you want to tap into, whether you require remote account opening, whether the bank will approve your application, and much more.

Of course, another common consideration is the country where you want to bank. But, in Europe (or the EU), this can sometimes be blurred due to the Single Euro Payments Area (SEPA). In other words, depending on your requirements, an account in any one of the participating SEPA countries can often suffice. Though this isn’t always the case.

Also, when choosing countries, one big consideration is whether you can open accounts remotely. Fortunately, certain European bank accounts, in certain countries, can be opened 100% remotely.

With that said, let’s look at where some of the best European banks for expats are, what client profile is generally suited for each country, and whether remote opening is a possibility.

Where to Open Accounts With the Best European Bank for Expats:

Choosing Where to Bank in Europe

This is not an exhaustive list as there are obviously more countries in Europe. However, the countries listed above are some of the most commonly requested expat banking jurisdictions in Europe.

However, the country you choose will depend entirely on your specific banking needs, deposit levels, and the benefits you’re looking to unlock.

Additionally, you’ll also need to know how to navigate the account opening process and challenges in each country.

With that said, let’s take a look at how you open accounts with the best European bank for expats now.

How to Open With the Best European Bank for Expats

When it comes to finding the best European bank for expats, it’s important to know the steps you’ll need to take to open an account. Of course, all banks have different requirements that need to be met.

But, generally speaking, there are common steps and requirements that you will be expected to meet during each application.

Let’s take a look at some of these common requirements now.

What You Need To Open a European Bank Account:

• Two forms of government-issued identification
• Accepted proof of EU address (varies from bank to bank)
• Proof of income and source of wealth
• Proof of residency (varies from bank to bank)
• Any bank-specific application forms
• Bank reference letter
• Personal reference letter (varies from bank to bank)
• Minimum deposit (if applicable)
• Proof of ties to Europe (varies from bank to bank)
• Local tax or fiscal number (varies from country to country)
• And more…

Of course, these requirements vary depending on the bank, branch, and banker you deal with. Not to mention, the country you choose to open accounts in.

So, before applying, it’s important to confirm the specific requirements you need to meet and the supporting documents from each bank. Otherwise, you could end up wasting time and money trying to open an account that isn’t suitable for you.

But, to successfully open a European bank account as an expat, you’ll need to navigate the account opening challenges you’ll likely face as well.

Challenges of Opening European Bank Accounts as an Expat

Like banking anywhere, when it comes to opening an account as an expat in Europe, you’re going to face challenges. In fact, if you’re not prepared, your chances of being denied will increase significantly.

So, before you start applying, here’s a look at the most common challenges applicants face when applying with the best European banks as an expat.

Challenges of Opening a European Bank Account as an Expat:

• Not all European banks open accounts for expats
• Strict document requirements are tough to pass
• Reasons for wanting an account are not always accepted
• Unable to provide proof of local tax identification
• Unable to provide acceptable proof of local address
• Local phone number for verification is often required
• In-person account opening may be required
• Frequent application denials are common

Needless to say, there are challenges to overcome when finding the best European bank for expats.

Of course, these challenges will vary depending on which country and bank you decide to apply to. Not to mention, your specific banking needs and your client profile.

But, with preparation, most expats can overcome these challenges and successfully open accounts with the best European bank for expats.

Ready to Start Opening?

You can use the information in this article to guide your search for the best European bank for expats. But, if you would like some assistance, we can help.

Each of our premium services is designed to help non-resident individuals, expats, foreigners, and their businesses open international bank accounts around the world.

So, whether you need personal, private, or offshore banking, we have a solution for you.

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.