Bank account type
European banks usually offer a variety of bank accounts, depending on your qualifications and needs. You can open multiple accounts at different banks as long as you can meet their requirements.
You can usually choose from the following types of bank accounts:
Current accounts are used for everyday transactions (paying bills via direct debit, receiving wages, having an authorised overdraft and withdrawing cash from ATMs)
Basic accounts are often chosen by customers who don't have access to a checking account and can be used to pay bills and receive wages.
Borderless accounts are virtual multi-currency accounts that allow the account owner to hold funds in different currencies, usually at a lower exchange rate
A savings account is designed to store money and earn interest
Children's Savings Accounts are created in the name of a child and are designed for parents who want to save money for their children and earn interest for their children's future.
Student and graduate bank accounts offer benefits such as interest-free overdrafts and free gifts, as well as minimal fees for domestic and international students
Expat Accounts are for people living and working in their country of origin
Private banking accounts are designed for high net worth individuals and are selected by the bank and provide customized services, including a designated private banker
European banking for individuals
Europe has many trusted and reputable banks - both traditional and digital - that can protect your money in a variety of bank accounts that suit your needs. You can choose to use personal banking services, or upgrade to become a client of a private bank.
Personal banking is also known as retail banking because financial services are sold to individuals through local branches or online and are designed to meet the needs of individual customers.
European Retail Banking includes the following:
Many retail banks also offer private banking, which is designed specifically for the bank's selected high-income customers. Private banks offer more sophisticated and value-added financial products and services that can meet more complex financial needs due to the higher level of individual funds and assets. It goes without saying that private banking is for people who expect to get more than what they have in their bank account.
Private Banking creates value through the following products and services:
Designated Private Banker or Relationship Manager
Wealth Management
Tax efficiency planning
Investment Management and Advice
Estate Planning
Insurance
Credit Line
Lower exchange rates for international transactions
Private Equity Partnerships
Strategies for preserving wealth for future generations
Retirement Planning
According to Private Banker International, the most trusted European private banks are UBS in Switzerland, BNP Paribas in France and Credit Suisse in Switzerland, and UBS in Switzerland. Although Switzerland is well known for its private banks, other European countries – the UK, Sweden, Poland, etc. – also have private banks. They all have different requirements, some of which must be met by high net worth individuals. Some of these requirements are outlined below, but our team can explain them to you in more detail during a personalized consultation.
Personal requirements
The chosen country, the applicant's residency status and the requirements of the specific bank must be considered when determining individual requirements.
Usually, to open a personal bank account in Europe, you will need the following documents:
Proof of identity (passport or national ID card)
Proof of address in various European countries (rental agreement or utility bill), although it is still possible to open a bank account without proof of permanent residence
Proof of employment or school enrollment
Proof of source of funds
Normally, if you are a foreigner opening an account from abroad, you will have to have your documents translated and authorized by a notary public. Our team here at will be more than happy to arrange this service for you.
Any permanent EU resident (regardless of citizenship) aged 18 or over is entitled to open a bank account in an EU bank, provided they can provide a national ID or passport and proof of address.
Typically, EU non-permanent residents must meet stricter requirements, including credit and background checks, and have fewer options to choose from. In some countries, they may need to visit a bank in person and pay higher fees once they open a bank account.
EU non-permanent residents who wish to send and receive payments in Europe can choose a borderless account provided by a digital bank such as Wise, as this option is very easy to obtain compared to the requirements for other types of bank accounts. As long as you can provide proof of identity and provide your contact details, a digital bank can open an account for you in 15 minutes.
Although it is quite difficult to open a bank account in many European countries for non-permanent residents of the EU, Portugal has more relaxed requirements and offers a solution. Start by obtaining a NIF (Portuguese Tax Number) through a Portuguese representative. Then, go to a branch of your chosen bank with your passport, proof of address, proof of employment (or proof of registration with the Portuguese Employment Center) and a cash deposit of around €300. When initiating the application process, you will also need to provide your NIF number and a Portuguese mobile phone number. These simple steps should guarantee you a personal bank account in Portugal, even if you are a non-resident.
Estonian banks also welcome EU non-permanent residents through their e-residency program. However, the program itself does not guarantee access to an Estonian bank account - it is best to be able to prove your connection to Estonia through proof of employment, company formation or local property, and visit a bank branch of your choice to initiate the application process. You should note that EU non-permanent residents are subject to higher fees.
Regardless of your residency status, you can decide to become a client of a European private bank. The eligibility thresholds vary from bank to bank, but generally speaking, annual income should start from a few hundred thousand euros.
How to open a personal bank account in Europe
Not every bank requires you to be physically present at its branch to open a new bank account, as applications can be submitted online, usually as long as you are a resident of the country. Depending on the quality of the documents you prepare and the number of pending applications, your chosen traditional bank can process your application within 1-5 business days. Digital banks can open an account for you in less than a day.
To open a personal bank account at a traditional European bank, you would typically take the following steps:
Determine your personal needs and account type
Select the European country and bank where you want to open a personal account
Contact your chosen bank to clarify specific requirements
Gather the required documents
Go to a branch or have a short video call with your bank to verify your identity
If applicable, pay the minimum deposit