The European banking system is known for its stability and robust regulatory framework. While those possessing European residency have easy access to banking services, it might not be so simple for non-residents, including Indian citizens.
Despite the challenges discussed in this blog, opening a European bank account is worth considering. Having the latter as an Indian citizen offers several advantages, including:
Convenient Banking: With a European bank account, you can easily manage your finances and conduct transactions within the EU. This can be particularly useful if you frequently travel to or do business in Europe.
Access to European Markets: A European bank account provides access to the European financial system and markets. It allows you to invest in European assets, participate in European investment opportunities, and diversify your investment portfolio.
Currency Flexibility: If you frequently deal with multiple currencies, a European bank account can offer currency flexibility. You can hold multiple currencies in your account, making managing international transactions and exchanging currencies easier without incurring excessive fees.
Quality Services and Products: European banks often provide a wide range of services and products, including online and mobile banking, savings accounts, loans, credit cards, and investment options. These services are typically supported by advanced banking technology and infrastructure.
Enhanced Financial Privacy and Security: European banks are subject to robust financial regulations and data protection laws, such as the General Data Protection Regulation (GDPR). This ensures a higher level of privacy and security for your financial information and transactions.
Fintech Innovation: Europe is known for its thriving fintech ecosystem, with numerous innovative financial technology companies offering services that integrate with European bank accounts. This can provide access to innovative payment solutions, digital wallets, budgeting tools, and investment platforms.
Global Acceptance: European bank accounts are generally recognised and accepted worldwide, making them useful for various financial activities, such as international business transactions, online purchases, and travel-related expenses.
Things to know as an Indian citizen when you open a European bank account
Can Indians open bank accounts abroad? Absolutely. However, opening a bank account in Europe as an Indian citizen may involve certain requirements and challenges. While the specific process can vary depending on the country and bank, there are some general considerations to keep in mind.
In order to open a bank account, non-residents are typically expected to have close ties with the country. You may be eligible to become a bank client as a non-resident
if you are:
An entrepreneur or a freelancer providing your services for the European market;
An asset holder seeking to diversify your investment portfolios;
A frequent traveller.
In other words, you must show proof of your financial involvement with the local individuals or organisations.
As for gathering necessary documents, here is the list of the most commonly requested ones by banks in Europe. They are part of the KYC (“Know Your Client”) requirements. However, please note that the specific requirements may vary, so we recommend checking the details directly with the bank.
A valid passport/ID;
Proof of address (such as utility bills or rental agreements);
Proof of income;
Tax identification number;
Proof of purpose—banks may require documentation to demonstrate the purpose of opening a European bank account. This can include evidence of business transactions, investment activities, or other relevant financial engagements.
European bank account for non-residents—which country is best?
As you may know, not all European states are open for non-residents when opening a bank account. We are not saying it is entirely impossible to open a bank account as a non-resident in, for example, Denmark or Sweden. However, it’s worth keeping in mind it will not be easy either.
We understand that, at times, it is challenging for those Indians in Europe who don’t possess a residency card to get access to banking, especially if you would like to open a European bank account online. Luckily, some EU countries are more open than others. We recommend focusing on the following countries:
Estonia
You may have heard of Estonian e-Residency—a digital identification program offered by the government of Estonia. It provides individuals with a secure digital identity, allowing them to access various online services and conduct business remotely in Estonia.
E-Residency is available to non-Estonian citizens and offers several benefits. It might be easier for you as an e-resident to open a bank account in the country. However, be prepared to submit additional documents proving your connection to Estonia.
Slovenia
If search queries like ‘open a bank account online Europe’ or ‘non-resident bank account Europe’ are a part of your everyday routine, we have good news for you. In Slovenia, opening a bank account is available not only for non-residents but also for tourists.
As a rule, you must show up at the bank in person. However, meeting the document requirements in Slovenia is pretty easy. Typically, you only have to submit proof of identity, tax residency, and a Slovenian tax identification number.
Italy and Spain
There are many things we love about Italy and Spain, including fascinating history and culture, perfect climate, and fantastic food. And now, there is one more reason added to them. These countries allow non-residents to open a bank account. If you’re considering Italy, you should do your research on ‘conto corrente non residenti.’
As for Spain, look up ‘cuenta mundo.’
Ireland
And finally, let’s talk about Ireland. It is relatively easy to get a bank account there. An Irish bank would typically require you to submit proof of identity and address. And the cherry on top? You can do it all remotely!
Looking for the best European bank account as an Indian citizen?
Here are some extra details to keep in mind
Firstly, let’s cover language formalities. Commonly, not all staff in European banks speak English. So, if you don’t speak the local language, we suggest hiring a translator or seeking help from local friends when visiting a bank. We also recommend checking whether you must provide a notarised and translated copy of your submitted documents.
Secondly, please make sure you go through the services a bank is offering. Evaluate whether you are ready to pay the fee the bank is charging in advance since it is often not cheap. What’s more, some banks don’t grant credit cards to non-residents. So, just to be safe, do your research beforehand.
Finally, if you’re all set with your European bank account, here’s a tip on how to make fast and affordable money transfers from Europe to India. While conventional banking might be too expensive and charge hidden fees, Profee ensures the money transfer process is quick, convenient, and transparent.
Profee is a money transfer service that allows you to send money from Europe to 55+ countries. Registration at Profee is available both on the website and on the app. Getting started takes less than 5 minutes, with card-to-card transfers taking only a few minutes.
We hope that we have given you comprehensive instructions on how to open a bank account in Europe as an Indian citizen. Even though it might not be the easiest thing to do, it is definitely worth it. Good luck!
