Opening a Bank Account in Europe as an Expat
One of the first priorities after arriving in Europe with your EU Blue Card is setting up a local bank account. Whether you need to receive your salary, pay rent, or simply manage daily expenses, having an EU bank account is essential. This comprehensive guide covers everything you need to know about opening an expat bank account in Europe.
Why You Need a Local Bank Account
While you might be tempted to continue using your home country bank account, having a local EU bank account offers significant advantages that make daily life much easier:
Receive Your Salary
Most European employers require a local IBAN to deposit your salary directly
Pay Rent & Bills
Landlords and utility providers typically only accept local bank transfers
Avoid High Fees
Skip international transaction fees and poor exchange rates
Local Payment Systems
Access SEPA transfers, direct debits, and country-specific payment apps
Types of Banks in Europe
When opening an expat bank account in Europe, you have two main options: traditional banks and digital neo-banks. Each has its advantages depending on your needs.
Traditional Banks
Traditional banks like Deutsche Bank, Commerzbank, BNP Paribas, and ING offer comprehensive banking services with physical branches. These are ideal if you prefer in-person service, need complex financial products like mortgages, or want a bank with a long-established presence.
Advantages
- Physical branches for in-person support
- Full range of financial products (loans, mortgages, investments)
- Often better for large transactions and business banking
- May be preferred by landlords and employers
Disadvantages
- Higher monthly fees (typically 5-15 EUR)
- Slower account opening process (days to weeks)
- May require in-person appointments
- Language barriers in non-English speaking countries
Digital Neo-Banks
Digital banks like N26, Revolut, Wise, and Bunq have revolutionized banking for expats. These mobile-first banks offer quick online account opening, often with English language support and no monthly fees for basic accounts.
Advantages
- Open an account in minutes from your phone
- No monthly fees for basic accounts
- Excellent mobile apps with English support
- Great exchange rates for multi-currency spending
Disadvantages
- Limited cash deposit options
- No physical branches for support
- May not be accepted for all services (some landlords prefer traditional banks)
- Limited lending products
Pro Tip
Many expats use a combination approach: a digital bank like N26 or Revolut for day-to-day spending and a traditional bank for salary deposits and formal contracts. This gives you the best of both worlds.
Documents Required to Open a Bank Account
The documents required vary slightly by country and bank, but generally you will need the following to open an EU bank account as an expat:
Your passport or national ID card. Most banks require a government-issued photo ID.
Registration certificate (Anmeldung in Germany), utility bill, or rental contract. Some digital banks accept a hotel address initially.
Proof that you work in the EU. Your Blue Card or employment contract usually suffices.
Some banks require your local tax ID. In Germany, this is your Steuer-ID, which you receive automatically after registration.
Note for New Arrivals
If you have just arrived and do not have proof of address yet, consider starting with a digital bank like N26 or Revolut, which often have more flexible requirements. You can open a traditional bank account later once you have completed your city registration.
Recommended Banks for Expats
Based on ease of account opening, English language support, and overall value, here are the best options for Blue Card holders looking to open an EU bank account:
| Bank | Type | Monthly Fee | Best For | English Support |
|---|---|---|---|---|
| N26 | Digital | Free - 16.90 EUR | Day-to-day banking, Germany-based IBAN | Excellent |
| Revolut | Digital | Free - 45 EUR | Multi-currency, international transfers | Excellent |
| Wise | Digital | Free | International transfers, multi-currency | Excellent |
| Bunq | Digital | Free - 17.99 EUR | Eco-conscious banking, multiple IBANs | Excellent |
| Deutsche Bank | Traditional | 5.90 EUR+ | Full-service banking in Germany | Good |
| Commerzbank | Traditional | 0 - 9.90 EUR | Traditional banking with online features | Good |
| ING | Hybrid | Free (conditions) | Online banking with traditional backing | Good |
| BNP Paribas | Traditional | Varies | France-based banking | Moderate |
N26: Best Overall for Expats
N26 is a German digital bank that has become the go-to choice for expats looking to open a bank account in Germany and across Europe. With its sleek mobile app, free basic account, and German IBAN, it is perfect for receiving your salary and making SEPA payments. Account opening takes about 10 minutes via video identification.
Revolut: Best for Multi-Currency Needs
If you frequently transfer money internationally or travel often, Revolut offers unmatched currency exchange rates and the ability to hold multiple currencies. While headquartered in the UK, Revolut provides European IBANs through their Lithuanian banking license.
Traditional Banks: When You Need Full Service
For mortgages, business accounts, or when a landlord specifically requires a traditional German or French bank account, Deutsche Bank, Commerzbank, or country-specific alternatives are your best bet. Expect longer processing times and potentially some German or French language requirements.
Understanding IBAN: The European Bank Account Number
IBAN (International Bank Account Number) is the standardized bank account format used across Europe and many other countries. When you open an EU bank account, you will receive an IBAN that identifies your account for all transfers.
Your IBAN is used for all SEPA (Single Euro Payments Area) transfers within Europe. SEPA transfers are typically free or very low cost and process within 1 business day. When providing your bank details to your employer, landlord, or service providers, you will give them your IBAN.
Country-Specific Banking Guides
Banking requirements and options vary by country. Here is what you need to know about opening a bank account in popular Blue Card destinations:
Germany
To open a bank account in Germany, you will typically need your passport, Anmeldung (city registration certificate), and sometimes your employment contract. N26 is the easiest option as it only requires a passport initially. Traditional banks like Deutsche Bank, Commerzbank, and Sparkasse require full documentation.
Recommended: N26 for quick setup, Deutsche Bank for full service
France
French banks are known for being bureaucratic. You will need proof of address (justificatif de domicile), passport, and often a French phone number. BNP Paribas, Societe Generale, and Credit Agricole are major traditional options. For expats, Boursorama (online) and N26 offer easier alternatives.
Recommended: N26 or Boursorama for expats, BNP Paribas for full service
Netherlands
Dutch banks require a BSN (citizen service number), which you receive upon registration. Without a BSN, your options are limited to digital banks. ING, ABN AMRO, and Rabobank are the main traditional banks. Bunq is a popular Dutch digital bank alternative.
Recommended: Bunq initially, ING or ABN AMRO after receiving BSN
Spain
You will need your NIE (foreigner identification number), passport, and proof of address. BBVA, Santander, and CaixaBank are major banks. Many offer accounts specifically for non-residents. Digital options include N26 and Revolut.
Recommended: N26 for quick setup, BBVA for traditional banking
For detailed information about settling in your destination country, check out our First Weeks in Europe checklist and country-specific guides.
Tips for Non-Residents and New Arrivals
Opening a bank account as a non-resident or someone who just arrived can be challenging. Here are strategies to make the process smoother:
Start with Digital Banks
N26, Revolut, and Wise have more flexible requirements and can often open accounts before you have all your documentation. Use these for initial banking needs.
Complete City Registration First
Many traditional banks require proof of address. Prioritize your Anmeldung or equivalent registration to unlock more banking options.
Ask Your Employer for Help
Many employers, especially those experienced with Blue Card holders, can recommend banks or even have corporate relationships that simplify account opening.
Bring Translated Documents
Having official translations of your employment contract and other documents can help when dealing with traditional banks in non-English speaking countries.
Consider Your Long-term Needs
If you plan to buy property, get a loan, or need business banking, establishing a relationship with a traditional bank early can be beneficial.
Fees and Features Comparison
Understanding the fee structures and features of different banks helps you choose the right account for your needs. Here is a detailed comparison:
| Feature | N26 (Free) | Revolut (Standard) | Traditional Bank |
|---|---|---|---|
| Monthly Fee | 0 EUR | 0 EUR | 5-15 EUR |
| Debit Card | Virtual (free), Physical (10 EUR) | Virtual (free), Physical (varies) | Included |
| ATM Withdrawals | 3-5 free per month | 200 EUR free per month | Network dependent |
| SEPA Transfers | Free | Free | Free |
| International Transfers | Wise rates | Excellent rates | Higher fees |
| Cash Deposits | Limited (via retail partners) | Not available | Free at branches |
| Account Opening | 10 minutes, video ID | 5 minutes, app-based | Days to weeks |
| Overdraft | Available (paid plans) | Not available | Available |
Ready to Start Your Life in Europe?
Setting up your banking is just one part of settling into your new European home. Explore our comprehensive guides to make your transition smoother.