In this article, we’re going to help you answer the question – How can I open a bank account online as a non-resident in Europe?
To clarify, here we’re not talking about opening European digital banking platforms, but how to open accounts with traditional banks remotely. Click here if you’re looking for information on digital banking platforms instead.
So, if you’re not a resident of Europe, but you’d like to gain access to the European banking system, we’ve put together this comprehensive guide to help you get started. This guide is based on over ten years of experience opening European bank accounts remotely, including accounts for ourselves, for our members, and for foreign non-resident businesses.
In this guide, you’ll find the benefits of opening a European bank account online, the challenges you’ll need to navigate during the process, and the best European banking jurisdictions for your banking needs.
Can You Open a Bank Account Online as a Non-Resident in Europe?
Yes, you can open a bank account online as a non-resident in Europe. But to unlock the benefits and services you’re after, you need to know where to open. Read on for the top four banking jurisdictions where you can open a bank account online as a non-resident in Europe.
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.
Here’s a look at everything we’ll cover in this article…
Table of Contents:
- Why Open a Bank Account as a Non-Resident in Europe?
- Challenges of Opening a Bank Account Online as a Non-Resident in Europe
- Where to Open a Bank Account Online as a Non-Resident in Europe?
Why Open a Bank Account Online as a Non-Resident in Europe?
For many non-residents, opening an account online offers convenience and fewer headaches. It can also save you time and money if you don’t have to travel to open a bank account in person.
But, there are many more reasons why non-residents are interested in opening European bank accounts online.
Reasons Why a Non-Resident Would Open a Bank Account Online in Europe:
You may want to consider opening a European bank account online if you…
- Are a frequent traveler to Europe
- Expect to retire in Europe in the future
- Are interested in purchasing European real estate
- Want to bank in a more stable jurisdiction than your home country
- Want to diversify your assets
- Want to invest in crypto through European crypto brokerages
- Want to invest in stocks through European brokerages
As you can see, there are a variety of reasons why non-residents might consider opening bank accounts online in Europe.
Whether you are looking to diversify your assets, are in need of a more stable banking jurisdiction outside of your home country, or want to invest in crypto through European crypto brokerages, it’s worth considering opening a bank account online in Europe.
Whatever your reason may be, you can unlock many benefits when you open a bank account online as a non-resident in Europe.
Benefits of Opening a Bank Account Online as a Non-Resident in Europe:
- Fast and affordable SEPA transactions
- Access to a stable currency (compared to other banking jurisdictions)
- Low-cost multi-currency accounts
- Deposit insurance guaranteed up to €100,000
- Supplementary financial services available (fintech, EMI, crypto, etc.)
- Retail, private, and business banking jurisdictions available
- And more…
Of course, depending on your client profile, banking needs, and where you choose to open, the benefits available to you will vary.
So it’s key to take the time to find the best jurisdiction and bank for your banking needs and client profile. Before we look at where you can open a bank account online as a non-resident in Europe, let’s go over the challenges you’ll need to navigate to successfully open European bank accounts online.
Challenges of Opening a Bank Account Online as a Non-Resident in Europe
Like banking anywhere, when it comes to opening an account online in Europe, there will be challenges along the way.
These can be difficult to overcome. Especially if you don’t know how to approach them. But, with the proper information, they can be easily navigated.
Let’s look at some of the challenges you’ll likely face when you open a bank account online as a non-resident in Europe…
Challenges of Opening a Bank Account Online as a Non-Resident in Europe:
- Strict due diligence process
- Finding a bank that offers online account opening
- Finding a bank that accepts non-resident clients
- Being unable to meet the account opening requirements
- Frequent application denials
- Reasoning for wanting a European account is not accepted
- In-person visit may be required to approve identification
Needless to say, there are challenges to overcome when opening a bank account online as a non-resident in Europe.
Luckily, the majority of these challenges can be avoided by doing your research first to find the best jurisdiction to open a bank account online with. The “best” option will vary based on your particular client profile and banking needs.
To help you start your search and assess the best banking jurisdiction for you, we’ve put together a shortlist of the best European jurisdictions to open a bank account online with as a non-resident.
Where to Open a Bank Account Online as a Non-Resident in Europe?
Though many banking jurisdictions within Europe will accept non-resident clients, most will not allow you to do so online. Instead, they require you to be physically present in one of their branches to open an account. To help you save time and money, here are six jurisdictions where you can open a bank account online as a non-resident in Europe.
Open a Bank Account Online as a Non-Resident in the Crown Dependencies
Some of the most popular banking jurisdictions for non-residents looking to open bank accounts online in Europe are through international banks with offices in the Crown Dependencies. Including the Isle of Man, Jersey, and Guernsey.
Each of these three banking jurisdictions has great experience working with non-resident clients. Both with in-person and online remote account opening.
Of course, each jurisdiction has something different to offer.
The Isle of Man typically caters to non-resident individuals seeking lower deposit requirements.
Whereas, banks in Jersey are popular for trust structuring, wealth management, and is an investment hub for wealthy individuals will higher deposit levels.
Guernsey, on the other hand, is highly concentrated with institutional investors seeking specialized financial services.
And yes, all three jurisdictions offer online account opening to non-residents. But, you have to know which bank and banker to go to.
If you want to learn more about how you can open a bank account online as a non-resident in Europe, and are considering the Crown Dependencies as an option, you’re in luck. We detail everything you need to know on how to choose the right bank that matches your client profile in our premium members-only report “Banking in the Isle of Man: Expat Banking goes Mainstream”.
Now, if you want to learn more about how to open a bank account online in the Crown Dependencies of Jersey and Guernsey, you can check out our following free articles for more information:
Open a Bank Account Online as a Non-Resident in Andorra
If you’re looking to enter the world of private banking but are just getting started, Andorra is a great option to consider. Banks here specifically cater to non-residents seeking private banking services, and they offer private banking at a fraction of the cost compared to other private banking hubs like Switzerland, Luxembourg, and Liechtenstein.
We cover everything you need to know about how to open a bank account online as a non-resident in Europe, through private banks in Andorra in our premium members-only report “Banking in Andorra: Accessible European Private Banking”.
This report shares the step-by-step instructions on how to open a bank account in Andorra as a non-resident. Including the account opening strategies, lesser-known quirks of the banking system, and also the risks you need to be aware of.
Open a Bank Account Online as a Non-Resident in Georgia
Next up, Georgia. Compared to many other banking jurisdictions, Georgia is known for its smooth account opening processes. Not to mention, its higher risk tolerance, lower deposit requirements, and remote account opening options.
But, banking here isn’t for everyone.
We see Georgia only as a backup banking option. The services at Georgian banks aren’t typically at the same level as those in the other jurisdictions mentioned above. And bureaucratic processes can sometimes make it difficult for international account holders to access their accounts.
With that in mind, if you’re struggling to open a bank account online as a non-resident elsewhere in Europe, then Georgia might be worth considering. But not as your first choice.
Even then, if you decide to apply for a bank account in Georgia, you’ll still need to know which bank to contact that will allow you to open an account online. It is not an option for all banks in the country.
If you’re interested in banking in Georgia, we detail the step-by-step process on how to open a Georgian bank account online as a non-resident in our premium members-only report “Banking in Georgia: Nomad Heaven or Eastern Europe’s Cash Haven?”.
Open a Bank Account Online as a Non-Resident in Switzerland
Last but certainly not least, Switzerland.
Banking in Switzerland is a popular option for non-residents seeking high-net-worth private banking services. Such as wealth management, investment planning, luxury financing options, and much more.
As you can imagine, banking here can offer lucrative benefits.
But, it’s not an easy feat to open a bank account in Switzerland. Especially if you want to open the account online as a non-resident. Swiss banks are notoriously difficult to open accounts with. They can afford to pick and choose who they open accounts for. And as a result, set very high barriers to entry.
To learn more about how to open a bank account online as a non-resident in Europe, with Swiss banks specifically, check out our articles below. Or, if you’re ready to start the process of opening accounts online today, check out GlobalBanks IQ, our flagship product that will guide you through every step of the process.