Open bank account in EU

low angle photo of curtain wall building

One of the biggest advantages of having an EU bank account is that you don't need to live in the European Union to have an account here. In case, if you carry out your transactions in euros, you can save money on exchange fees. Security is also a strong incentive to open a bank account in the EU. European banks usually offer state-of-the-art services, including a large network of bank machines operating 24/7 and safe online banking. The cost of opening an account is usually very low. In some cases, you can get a free credit card, usually a Visa or MasterCard.

At the moment, many non-EU residents are granted permission to travel freely, either for leisure or work purposes, and to open bank accounts within the EU, just like EU residents. However, it is still necessary to understand the procedural requirements and to clarify certain issues that, at first glance, may seem slightly challenging for a non-EU resident. Some of these issues are related to banking in general, while some apply specifically to opening a corporate bank account in an EU state.

In terms of the challenges that may arise for a non-EU resident in opening a corporate bank account in the European Union, the only constant is the translation, and, as it is often called, legalization, of all the necessary documents. Bear in mind that the set of required documents may vary slightly from country to country, which may from time to time pose an inconvenience. As standard, a non-EU resident looking to open a corporate bank account within the European Union will need to provide: the company's incorporation documents, authorization documents (e.g. powers of attorney), beneficial ownership documents, IDs, etc. To return to an earlier point, it is vital to keep in mind that the EU has multiple official languages, and all documents must be translated and verified in accordance with EU law.

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