Advances in virtual banking have made it possible for people to get non-residents bank accounts in different countries. Today, it is possible to be a citizen of South Africa, UAE, or Hong Kong and have a non-resident bank account in the US or a non-resident bank account in Europe without ever physically stepping in the US. You simply need the internet, a smartphone or a computer, and you are good to go.
Benefits of Virtual Banking
- Anytime, anywhere. Virtual banking has features that allow you to conduct business 24 hours a day from anywhere in the world.
- Paperless. Virtual bank accounts for non-residents remove the hassle and security risks that are often associated with paper transactions.
- Lower fees. Virtual banks have lower fees because of reduced expenses. For example, virtual banks do not have physical branches.
- Global transactions. Virtual banks for non-residents allow users to bypass requirements such as Social Security Number (for non-US residents). You can also get virtual bank account with IBAN even though you are not an EU resident and receive payments from SEPA countries.
- Virtual cards. They offer virtual cards in Europe for non-residents.
How to Open a Virtual Bank Account for Non-Residents
Opening a virtual bank account usually requires individuals to be 18 years or older, similar to traditional banks. The bank will request specific personal information from applicants to complete the acceptance process, although the requirements may vary among different banks.
If you are a non-resident seeking the best virtual banks, here are some top options to consider: N26, Wise, Payoneer, Bunq, Monese, and several others. These virtual banks offer a range of services and features tailored to meet the needs of non-resident customers. We will discuss them below and reveal their most important features.
N26
N26 is a German virtual bank where people residing in 164 supported countries can open non-resident accounts. Supported countries include the Netherlands, Germany, Portugal, Spain, Poland, Finland, Sweden, Estonia, Slovenia, Belgium, Denmark, France, Italy and Greece. N26 also offers its services and products in Brazil.
Open a bank account in Germany without Schufa (credit score)
One of the main challenges you face when opening a bank account in Germany is the Schufa, the German credit score. You can only get the German credit score if you have lived in Germany before or had a German bank account. However, there are ways around this, such as opening a bank account in Germany without Schufa with N26 Flex account.
Revolut
Revolut is a British fintech that offers virtual banking services ideal for non-residents. With Revolut, you can open a GBP and EUR bank account, apply for a MasterCard/VISA prepaid debit card and even deal in cryptocurrency.
Wise Borderless
Wise Borderless, formerly Transferwise, is a British virtual bank for travellers, expats and freelancers. With this virtual bank account, you can spend and receive money for free and send money around the world with your own foreign currency account. Wise Borderless is one of the cheapest options we can recommend for a virtual bank account for non-residents with IBAN.
Payoneer
Payoneer is a US financial institution allowing non-residents to open a US bank account. Non-residents can send and receive funds into their local bank account, Payoneer e-wallet, or onto a prepaid MasterCard debit card that can be used online, at points of sale or ATMs.
Bunq
bunq is a Dutch virtual bank founded by Ali Niknam in 2015. Its non-resident virtual bank accounts are available in all EU countries, as well as Norway and Iceland. The bank offers personal, business and joint accounts.
Bunq bank Germany
On April 22, 2021, Bunq became is the first online bank outside of Germany to offer German IBANs. For now, Bunq IBAN for German account holders is available for new account holders with Personal accounts. Bunq also offers French IBANs in addition to Dutch international bank account numbers.
Monese
Monese is a UK fintech that offers borderless virtual bank accounts with European bank accounts called IBAN, British bank accounts and money transfer services. It’s possible to open your account without a fixed address. It provides multi-currency accounts in GBP, EUR and RON (Romanian Leu) and has over 2 million customers.
MisterTango
MisterTango is a Lithuanian fintech where you can open a non-resident personal or business account with International Bank Account Number (IBAN). With MisterTango, you can receive funds only in Euro and from SEPA countries.
Zenus Bank
Zenus is a new US virtual bank that allows individuals and businesses to open a virtual bank account in the USA without the need for proof of residency. With Zenus, you can conduct seamless transactions from anywhere across the globe. To embark on this hassle-free banking journey, simply apply directly through the user-friendly Zenus website. Opening a personal account with Zenus incurs a $50.00 application fee, along with a monthly fee of $19.99.
Dukascopy
Dukascopy is like a virtual Swiss bank account that you can open even if you’re not from Europe. It offers a multi-currency account, a savings account (private banking), Swiss IBANs, VISA cards, and virtual cards that work with Apple Pay and Samsung Pay. You can also do cryptocurrency trading, investments, and get crypto-backed loans. With Dukascopy, you can buy cryptocurrencies from well-known crypto exchanges and trade contracts for difference (CFDs) on popular cryptocurrencies.
You can open Dukascopy remotely 24/7 from almost any part of the world except for the following countries: Abkhazia, Afghanistan, Belarus, Crimea, Cuba, Comoros, Donetsk People’s Republic, Iran, Japan, Luhansk People’s Republic, Myanmar, Nagorny Karobakh, North Korea, Somalia, South Osetia, South Sudan, Sudan, Syria, Russian Federation, Transnistria, United States of America, Venezuela, and Yemen.
Monvenience
Monvenience offers virtual bank account and payments account for individuals and businesses. You can send and receive SEPA and SWIFT payments and transact in multiple currencies. Monvenience European IBAN account allows you to have IBAN accounts without having a European address.
Although Monvenience does not treat the US as a blacklisted country, only transactions to and from the United States are allowed. Private and corporate customers from the US are not allowed to open account with Monvenience. In addition, corporate customers having United States residents or citizens as beneficial owners, directors or representatives are also not allowed to open account with Monvenience.
More information
Virtual bank accounts for non-residents have empowered people and businesses around the world to be able to send and receive money in currencies such as Euro and US dollars, get a free IBAN that allows them to receive payments from all SEPA countries and withdraw funds into their local bank account.