Private Bank Account Opening Europe

Whether one prepares either to move to or travel across the Old Continent, opening a personal bank account in Europe is surely going to make the financial transactions easier and less costly. You can opt between many digital and traditional banks; however, take into consideration the fact that lately the procedure of opening a personal bank account for non-EU citizens has become more difficult due to growing demands toward foreign applicants.

Our team, here at Regulated United Europe, has eight years of experience in opening private bank accounts for individual clients across Europe. Utilizing our extensive network of partners who are entrusted in the European banking industry, we provide the most suitable and effective solutions that could significantly improve the lives of our valued customers.

Key benefits of having a personal bank account in Europe include:

• Local accounts allow buying and paying bills in local currency.
• The transactions are much faster.
• It’s easier to transfer and receive money inside of the SEPA area.
• An opportunity for diversification of the savings by keeping them in different currencies.
• Integrability with various financial products and services.

You still can open a private bank account in Europe during a personal visit. In this case, the number of financial institutions offering such a service increases considerably.

Types of Bank Accounts

Depending on your eligibility and needs, a European bank will generally provide a range of bank accounts. You can open multiple accounts in different banks as long as you can satisfy their requirements.

You can normally choose from the following bank accounts:

• Current accounts are used for: everyday transactions to pay bills by direct debit, to receive salary, to have an authorized overdraft, and to withdraw cash from cash machines.
• Basic accounts are usually taken up by customers who aren’t eligible for current accounts but may be used to pay bills and receive salaries.
• Borderless accounts: These are forms of virtual multicurrency accounts that allow account holders to store money in multiple currencies, often at better, and less costly, exchange rates.
• Savings accounts: The purpose of a savings account is just to store money and build some interest.
• Children’s Savings Accounts: This kind of account is opened in the name of the child for parents interested in depositing money and earning interest with the intention of a healthy deposit buildup towards the future of their children.
• Student and graduate bank accounts offer good conditions with an interest-free overdraft, freebies, and minimal fees for a routine account both for domestic and international students.
• Expat accounts are needed for people that reside and work outside their native country.
• Private bank accounts are used by high net value people who the bank selects. They are given personalized services right from the appointment of a private banker.

European Banking Services for Individuals

You can find many trusted and highly reputed banks, both traditional and digital, which enable you to keep your money safe in a number of bank account types, each suiting your needs. Perhaps you may want to avail yourself of personal banking services or step up a notch and become a client of a private bank.

It is also called retail banking because financial services are sold to individuals through local branches or online and tailored to meet the needs of individual customers.

Services included in European retail banking services are:

• Different types of bank accounts
• Loans
• Credit and debit cards
• Financial advice

Countless retail banks also operate private banking services that are designed to exclusively attend to the very high-income customers handpicked by a bank. On account of an individual’s high levels of funds and assets, the private banks offer more sophisticated and value-added financial products and services that can satisfy more complex financial needs. Needless to say, private banking services are accorded to those who expect more than a bank account.

Private banks add value through the following products and services:

• A dedicated private banker or relationship manager assigned on an individual basis
• Wealth management
• Tax efficiency planning
• Investment management and advice
• Estate planning
• Insurance
• Lines of credit
• Lower exchange rates on international transactions
• Private equity partnerships
• Strategies to retain wealth for future generations
• Retirement planning

According to Private Banker International, the most reputable private banks of Europe are Julius Baer of Switzerland, BNP Paribas of France, and Credit Suisse and UBS, both of Switzerland. Though Switzerland is widely known for private banking, all other European countries like the UK, Sweden, Poland, and others also have private banks. They all have various requirements which a high-net-worth individual must satisfy. Some of them are outlined below but our team can explain them to you in detail during a personalised consultation.

Requirements for Individuals

When defining requirements for individuals, a selected country, the applicant’s residence status and requirements of a particular bank must be factored in.

Generally, the following documents are required to open a personal bank account in Europe:

• Proof of identity (passport or national ID)
• Proof of address in a respective European country by means of a rental contract or utility bill, though it is still possible to open a bank account without proof of permanent residence.
• Proof of employment or enrolment in a school
• Proof of source of funds

Quite often, if you are a foreigner opening an account from abroad, translation and notarizing of your documents will be required. Our team here at Regulated United Europe will be more than happy to arrange such a service for you.

Any permanent resident of the EU, regardless of his or her citizenship status, who is above 18 years of age, has a right to open a bank account in an EU bank, provided he or she can identify himself or herself with a national ID card and proof of residence.

Non-EU residents usually need to meet many more stringent requirements, including checks on credit and background, and have fewer options. Some countries expect them even to personally visit a bank and pay higher fees when the bank account is already opened.

A borderless account with a digital bank—say, Wise—will be relatively easier to acquire for non-EU residents desiring to make and receive payments in Europe, compared to the various types of bank accounts an EU resident would need to open. A digital bank can open an account for you in 15 minutes, provided you are able to show proof of identity and give your contact details.

While for non-residents of the EU in most European countries, it is quite difficult to open a bank account, Portugal is slightly looser and offers a solution. Start by obtaining a NIF number—Portuguese tax number—via a representative in Portugal. Then, with your passport, proof of address, proof of employment—a document proving that you work—or proof of registration with the Portuguese employment centre, and a deposit of about 300 EUR in cash, go to the branch of a selected bank. You will also be asked to provide your NIF number and Portuguese cell phone number upon submission of your application. These few steps should guarantee having a personal bank account in Portugal, even if you’re a non-resident.

Estonian banks also welcome foreign non-EU residents thanks to their e-residency program. However, the program itself does not promise an Estonian bank account—it is best if you can prove your connection with Estonia by providing proof of employment, company formation, or local property and pay a visit to one of the branches of your selected bank to start the application process. You should also note that higher fees are applied for non-residents of the EU.

Regardless of what your residence status is, you can choose to become a customer of any European private bank. Qualifying thresholds may differ from bank to bank, but in general, annual income is supposed to start from several hundred thousand euros.

How to Open a Personal Bank Account in Europe

Not all of them require you to go to a branch for a new bank account; instead, usually, you can apply online, provided you reside in the respective country. Depending on how well you have prepared your documents and how many applications are pending, in general, a selected traditional bank may be able to process it within 1 to 5 working days. It will take less than one day in the case of a digital bank.

In order to open a private bank account in a conventional European bank, one should usually take the following steps:

Generally, the following are the steps to be taken for opening a personal bank account in a digital bank:

• Determine your personal needs and choose the account type and denomination currency.
• Choose your Digital Bank.
• Open the mobile application of your digital bank and take a snapshot of your passport.
• Provide contact details and all other information that will be necessary for KYC.
• Upload proof of address.

Once you have identified your needs and come to a conclusion that you might need more than what a bank can offer, you can consider choosing a private bank.

How to become a client of a private bank:

• Identify your investment and borrowing needs as well as know your annual income
• Decide on a country and select a private bank in accordance with your eligibility and needs
• Send a request to the bank
• You’ll most likely have to pay an in-person visit to the bank to start a relationship

If you plan to open a personal bank account or apply for private banking in one of the European countries, highly experienced consultants of Regulated United Europe will be more than happy to help. During the last eight years, we have developed extensive networks of relationships of trust within the European banking community, which will facilitate smoother processing of your application in the bank of your choice. Book a personal consultation now.