Discover your Virtual Bank Account options in Europe

A virtual bank account is the best option for anyone looking for a free Euro IBAN account, multi-currency account, and even a cryptocurrency bank account in Europe. Online banks in Europe can also be very useful for companies or individuals outside of Europe who want a non resident bank account in Europe.

Benefits of a Virtual Bank in Europe

Virtual banks offer user-friendly apps that unify your experience across all digital devices. It eliminates long queues, cumbersome paperwork and high cost. Having a unified user experience allows you to access the same information on both mobile and online channels. Besides, virtual banking has made it possible to monitor personalized analytics in real-time. Banks use this data to make informed decisions and ultimately improve their financial services and products.

The online bank accounts in Europe we have covered here will even allow you to open a European non resident bank account online instantly without having to set a foot in Europe. Furthermore, you can get a virtual card in Europe for non residents from some of these banks.

Another key advantage of online banks in Europe is that they support Single Euro Payment Area (SEPA), which provides payments in Euros within the Eurozone. It is meant to make financial transactions within Europe take place as effectively as local transfers. As of January 2024, there are 36 members in the SEPA zone. Since November 2017, SEPA has been implementing instant payments. This means that payments can be made instantly, anytime and any day. Customers with free virtual bank account with IBAN can send and receive payments within the SEPA zone, usually without any extra cost.

All EU banks, including the online banks in the UK, have a unique bank account number called IBAN, an international numbering system for their euro-denominated accounts, designed to standardize and simplify cross-border payments within the region. 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).

List of Online Banks in Europe

We will now provide you with a brief overview of best European online banks to help you identify the ideal online banking partner for your financial goals.

Wise Multi-currency

Wise Multi-currency, formerly Transferwise, is a British fintech that offers multicurrency accounts. Its multi-currency accounts let you hold and manage over 50 currencies in one place, eliminating the need for costly conversions before payments. With it, you can pay bills and receive funds like a local within the N26 app. In addition, individuals and companies that export into Europe can open up their own non resident virtual account in Europe to receive payments in euro.

One of its popular features is the international money transfers, which leverages local accounts and bypasses the SWIFT network in oder to offer fast transfers (within 24 hours or even instantly) at competitive rates (as low as 0.35%).

Furthermore, N26 offers both virtual and physical debit cards for spending abroad with real exchange rate with no transaction fees, access over 50 currencies on the go, and conveniently connect your card to mobile wallets such as Apple Pay and Google Pay for contactless payments. Lastly, Wise Multi-currency gives customers virtual cards in Europe for non residents.

Go to Wise

N26

N26 is a European digital banking app that offers a variety of features for managing your finances. It offers a free bank account in Europe with its free basic current account. Additional offers include a debit MasterCard card and premium accounts (N26 You and N26 Metal), which attract a monthly fee. One of the key features is the ability to hold local IBANs in four European countries: Germany, France, Italy, and Spain. This means you can send and receive money like a local in those countries, without incurring foreign transaction fees.

N26 also offers a number of money management tools, such as Spaces. Spaces are sub-accounts that you can use to categorize your spending and save for specific goals. You can create up to 10 Spaces, and you can even share them with others to save together. Being a crypto friendly bank, N26 also allows you to invest in cryptocurrencies. You can buy and sell Bitcoin directly within the app.

Go to N26

Monese

Monese is a UK virtual bank account founded by Norris Koppel, an Estonian entrepreneur. It offers a number of advanced banking features. For example, you don’t need to open separate currency accounts because it provides a single account in multiple currencies, including GBP, EUR, and RON. You can open personal, joint, and business accounts to suit your individual or business requirements. Sending and receiving money is made convenient with their cost-effective money transfer services, including SEPA transfers. In the UK, it provides bill and purchase protection. It also integrates with popular services like PayPal for balance and transaction monitoring, and Avios for tracking your loyalty points.

Go to Monese

bunq

Founded in 2015 by Ali Niknam, bunq is a Dutch virtual bank offering a range of personal, business, and joint bank accounts alongside debit cards, which allows you to save 3% on card payments abroad. It supports local IBANs in Spanish, French, Irish, Dutch, and German, allowing users to bank like locals.

Its multicurrency accounts gives you access to up to 16 different currencies and create sub-accounts for better finance management. A key feature of its multi-currency Savings Accounts is the ability to earn an interest of 3.17% on USD and 3.04% on GBP.

Go to Bunq

Revolut

Revolut is a British virtual bank offering both personal and business acounts. At its core, it provides multicurrency accounts, allowing you to hold and exchage funds in various currencies, including EUR, GBP, HKD, JPY, RON, USD, and ZAR. Cryptocurrency trading is also integrated, allowing users to buy and sell digital assets directly within the platform.

Beyond basic banking, Revolut offers value-added services like health and mobile phone insurance to UK customers at an affordable daily rate. Sending money abroad incurs no charges for smaller amounts, with a minimal 0.5% fee applied to transfers exceeding £5,000 per month. Additionally, Revolut supports SEPA transfers and assigns IBAN numbers to facilitate cross-border transactions. Both virtual and physical debit cards (MasterCard and Visa) are available for online and offline purchases and withdrawals.

Get 3-Month Revolut Premium Trial

Monzo

Monzo is a UK-based mobile banking app designed for budgeting, saving, earning interest, and international transactions. Available for personal, joint, or business accounts, it offers a convenient alternative to traditional banks, though currently limited to the UK market.

Monzo’s “Pots” feature helps you set aside money for various goals, like holidays, bills, or groceries. Spend more than £1, and Monzo rounds up the change to the nearest pound, automatically adding it to your chosen Pot. It offers personal loans with competitive APRs, ranging from 7.5% for larger loans (£7,000-£15,000) to 22.4% for smaller ones (up to £7,000). However, it’s crucial to carefully consider the interest and fees before applying. Unlike many online banks in the UK, Monzo provides arranged overdrafts.

Apart from banking features, Monzo helps you switch to renewable energy providers, offering up to £40 credit for making the eco-conscious choice, and Monzo Flex feature allows you to make purchases at any Monzo-accepted retailer and pay in three installments at 0% interest.

Go to Monzo

Starling Bank

Starling Bank, established in the UK in 2014, offers a diverse range of financial products and services catering to individuals, families, businesses, and even kids.

Its current accounts is unique in that it offers euro bank account in the UK, allowing you to conveniently hold and spend euros. Joint accounts are available for shared finances, teen accounts for 13-17 year olds with debit cards and mobile apps for financial independence, and Starling Kite account, designed for younger children (6-16 years old). In addition, it offers loans and overdrafts for both personal and business needs.

Go to Starling

Dukascopy

Dukascopy is a virtual bank account in Switzerland. Apart from banking services, it offers cryptocurrency trading, investments and online trading to its customers. It has a multicurrency account supporting 23 different currencies. With Dukascopy, you are able to purchase cryptocurrencies and get crypto backed loans. You can also open a non EU resident account and withdraw cash in local currency.

Go to Dukascopy

iCard

iCard.com from Bulgaria also come with free virtual VISA cards. It is a European IBAN accounts and are mostly free. iCard seems to be the most promising, feature rich and easiest to use.

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.

Explore Non-Resident, Multicurrency, and Crypto-Friendly Banking Solutions in Europe

The growth of online banking in Europe has made managing money easier for individuals and companies. Some banks and fintech companies now let people open non-resident accounts in Europe, which is great for those working across borders. They also offer virtual cards, even if you are a non resident in Europe, making financial transactions more convenient.

In addition, certain banks and fintech platforms are crypto friendly. This means that you can explore options beyond regular currencies, such as buying and selling cryptocurrencies using your bank account.

Moreover, some of online banks in Europe also offer multicurrency accounts. This feature helps individuals and businesses dealing with various currencies to save on currency exchange fees.