It’s fairly easy and mostly for free to open a virtual bank account in Europe even a non-resident bank account. There is often no paperwork involved and within 10 minutes you start using your euro bank account. There are several mobile apps you can use to open an online bank account Europe for free. Examples include Transferwise Borderless, Monese and Revolut. These banks also allow you to have a Euro bank account in addition to a Pound sterling or US dollar account. With some of these banks you can even open a Euro bank account in Australia.
Most European bank accounts come with a unique bank account number called IBAN. Most European banks, including the British, are connected with this international numbering system. More and more countries around the world are adopting this system, making money transfers easy and for free in most cases (especially if they are part of SEPA-zone).
Since British bank accounts also come with IBAN number and because they are part of the SEPA zone, a British bank account is already a European Bank account. It’s easy to link them with PayPal and make payments with your virtual credit card. Some of these accounts also allow you to have a Euro account.
- If you’d like a European virtual bank account, it is Revolut that comes with an UK IBAN number, Account Number and Sort Code. It comes with a Euro account alongside a US dollar and Pound Sterling account.
- Transferwise Borderless also allows you to open a Virtual bank account in UK with your own Account Number and Sort Code, alongside a Sterling, Euro or US Dollar account.
Both these options allow you to open a European bank account where you can have Euro’s in your account, alongside Pound Sterling. Both banks come with bank cards allowing you to make free payments in Europe, as well as online. Also you are allowed to use the cards to cash money, but these do have limits.
iCard.com from Bulgaria also come with free (virtual) credit cards. It is a European IBAN accounts and are mostly free. iCard seems to be the most promising, feature rich and easiest to use. You can only open an account if you’re a resident of the UK.
To open a Standard account with iCard, you need to be a permanent resident of one of these countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Lithuania, Liechtenstein, Latvia, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland and the UK.
Bunq is an online-only bank from the Netherlands that has raised more than 44 million euros. Most bank services are not offered for free, but it does however offer a credit card that you can use a travel-card.
N26 used to be a very popular bank account in the UK as well. They are based in Germany, but also offered accounts for UK citizens. This is no longer the case. Because of the Brexit, all UK accounts will be closed. It made a lot of UK customers feel betrayed. Read more here at N26.
With the UK having left the EU at the end of January, we will in due course no longer be able to operate in the UK with our European banking license. As such we can no longer open new N26 accounts and will be closing existing accounts on 15 April 2020.
For non-residents, the options are limited. It depends really on your citizenship. Proof of address is often not needed, although you need to provide one if you would like to receive your bank Card.
In order to open an account at Revolut, your citizenship needs to be British, or from most European countries. See the full list here:
Revolut is currently supporting legal residents in the European Economic Area (EEA), Australia, Canada, Singapore, Switzerland, and the United Stathttps://satoshifire.com/outes. The EEA includes: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.
- If you don’t have any of these citizenships, then Transferwise Borderless has more availability as it offers their services to citizens from more originating countries.
- Yet another option would be the Swiss virtual account Dukascopy. You can open this account for free from most places around the world. The cards are not for free though, neither are withdrawals and transfers. It starts with 2 euro for a SEPA wire transfer.