How to Open a Bank Account in Europe Without Residency

Moving to Europe or managing international finances as an expat can be challenging, especially if you don’t have a local address. Many European banks require proof of residency, but thanks to modern fintech solutions like Revolut and Wise, opening a bank account without residency has never been easier.

In this guide, we’ll explore:

✅ Traditional banks vs. digital banks

✅ Best banks that don’t require residency

✅ How to open a European bank account remotely

1. Can You Open a European Bank Account Without Residency?

Yes! While traditional banks often require proof of residence, there are several ways to get a European account:

🔹 Fintech & digital banks (Best for expats & travelers) → No residency required, fully online.

🔹 Non-resident accounts at traditional banks → Possible in some countries, but harder to access.

🔹 Business accounts → Easier if you run a company in the EU.

Your choice depends on whether you need an IBAN (European bank account number), access to physical branches, or international money transfer capabilities.

2. Best Digital Banks for Non-Residents

If you need a quick, easy, and affordable way to manage money in Europe, fintech banks are the best option. These banks operate fully online and allow users to hold multiple currencies, send international payments, and receive European IBANs.

🔹 Revolut – Best for Everyday Banking

🌍 Available in: EU, UK, US, Australia, Singapore

💳 Features: Multi-currency accounts, free international transfers, virtual & physical cards

💰 Cost: Free basic plan, premium plans available

🔄 Best for: Expats, frequent travelers, and digital nomads

Revolut is an excellent choice for expats, offering a free EU IBAN, easy currency exchange, and no hidden fees on spending abroad.

🔹 Wise (Formerly TransferWise) – Best for International Transfers

🌍 Available in: 160+ countries

💳 Features: Multi-currency account, low-cost money transfers, EU IBAN available

💰 Cost: No monthly fees, small percentage fee for transfers

🔄 Best for: Sending and receiving money in different currencies

Wise is perfect for freelancers, remote workers, and expats who need to convert USD to EUR or hold multiple currencies without high exchange rate fees.

💡 Revolut vs. Wise:

• Use Revolut for day-to-day banking and card payments.

• Use Wise for cheaper international transfers and receiving multiple currencies.

3. Can You Open a Traditional Bank Account Without Residency?

If you prefer a physical bank, some European countries allow non-residents to open an account, but requirements vary.

Best Countries to Open a Bank Account as a Non-Resident:

🇵🇹 Portugal – Banks like Millennium BCP & Novo Banco accept non-residents.

🇪🇸 Spain – BBVA and Santander offer non-resident accounts, but you need a passport.

🇩🇪 Germany – Deutsche Bank & Commerzbank allow non-residents but require an in-person visit.

🇪🇪 Estonia – Known for e-Residency banking, great for business accounts.

💡 Tip: Even in these countries, having a local tax ID (NIE in Spain, NIF in Portugal, etc.) helps.

4. Steps to Open a European Bank Account Without Residency

Whether you choose a digital or traditional bank, here’s how to get started:

🔹 Option 1: Open an Account with Revolut or Wise (Best for Speed & Convenience)

✅ Sign up online with your passport/ID.

✅ Verify your identity via video/selfie verification.

✅ Receive an IBAN and start using your account.

🚀 Time Required: 10-30 minutes.

🔹 Option 2: Open a Non-Resident Account at a Traditional Bank

✅ Find a bank that accepts non-residents.

✅ Gather documents (passport, proof of income, potential local tax ID).

✅ Visit a branch in person (often required for traditional banks).

🚀 Time Required: 1-3 weeks.

5. Fees & Costs to Consider

When choosing a bank, watch out for these potential fees:

💸 Monthly Account Fee: Some traditional banks charge €5-€15 per month.

💳 ATM Withdrawal Fees: Free with Revolut (limited), Wise charges low fees.

🔄 Currency Exchange Fees: Wise offers the best exchange rates, Revolut has limits on free exchanges.

📲 International Transfer Fees: Traditional banks often charge higher fees, while Wise is much cheaper.

💡 Tip: If you travel frequently, use Revolut or Wise to avoid hidden international fees.

6. Should You Use a Fintech Bank or a Traditional Bank?

✅ Use a fintech bank (Revolut/Wise) if you need fast, online banking with no residency requirements.

✅ Use a traditional bank if you need local services and don’t mind the paperwork.

7. Final Thoughts: The Best Way to Bank in Europe as an Expat

🔹 If you’re an expat, traveler, or digital nomad, Revolut and Wise are the best solutions for opening a European bank account without residency.

🔹 If you’re planning to live long-term in Europe, opening a traditional bank account may be beneficial once you establish residency.

🔹 Always compare fees, exchange rates, and account features before choosing a bank.

💡 Best setup? Many expats use Wise for cheap transfers and Revolut for daily spending—giving them the best of both worlds!