How To Open A Bank Account in Europe

Written by: smm

on: 24/04/2023

Europe is an excellent continent. There are several reasons why both residents and non-residents think about opening an account here. 

Here’s why you would need a European account:

1. When you need to start a business overseas.

2. When you are moving overseas and changing your place of residence or planning to send your relatives, for example, your children to study abroad.

3. Frequent trips.

4. Freelance jobs, working abroad, and the need to have a way to receive a salary. Typically, accounts opened outside of the European Union are not suitable for receiving payments from customers and buyers. Now, if you’re working for a European company, you will need an account to receive your wage.

5. The purchase of real estate or other assets, or investments.

6. Another reason is SEPA transfers, receiving payments, storing currencies, and withdrawing money to other accounts.

Advantages of the European account:

By having a European bank account, you can spend, receive and transfer money within a single euro payments area, abbreviated as SEPA. This includes all European countries.

Do you have the right to open an account:

Normally, every person who has reached the legal age of 18 and has a valid passport along with a confirmed address of the place of residence can open an account in the European bank. 

Slovenia, for instance, lets you open an account even if you don’t have an official place of residence.  

Scandinavian countries and some others have stricter rules and you might need more time to get things done. 

Countries where bank accounts are opened most frequently:

Switzerland tops this list as people are convinced that this country equals safety and prestige. The United Kingdom and Cyprus are also high-demand countries owing to the nature of doing business. Luxembourg is popular as well. 

As far as Switzerland and Luxembourg go, you won’t face many problems here either if you decide to open an account. Meanwhile, in Germany, it’s almost impossible to do that if you are a non-resident.

You would also have to provide an extensive list of documents in Sweden, Netherlands, Norway, France, and Spain.

Generally speaking, the authorities in other countries tend not to trust foreigners too much. For instance, the banks in the United Arab Emirates started actively closing bank accounts belonging to non-resident individuals last year.  

What problems do people face when receiving services at a traditional bank:

The most obvious issues are the ones that may arise during the opening of the account and in the course of its servicing. 

Not all traditional European banks let you register an account remotely, using a mobile app or on an official website. Oftentimes, you will have to speak a local language to do so. 

Similarly, not all traditional European banks are willing to open accounts for non-residents, that too remotely, at least if you are doing it officially and legally. You may be required to submit all kinds of documents and go to the bank office in person. Plus, the overall process of all verifications, checks, and approvals may stretch out, taking days.

Another common problem is when the account gets blocked. This typically results from the lack of accompanying documentation, such as contracts or invoices.  

How to open a European account with SharPay quickly and effortlessly:

There are different rules and requirements when it comes to opening accounts overseas. All of them depend not only on the country but the bank itself. 

To open a SharPay account, you will have to provide a standard set of documents, such as your foreign passport, a document confirming the residence of an individual—or a company—in a specific EU country. There are instances where you may be asked to provide additional information or documents.

With SharPay, you don’t have to make a trip to a financial institution, wait in long lines, and waste precious time to get the account opened.

We put our best foot forward to make this process easy and hassle-free for you. You can create your account in a matter of minutes from the comfort of your home—remotely, using a mobile app, or on the official website.

You don’t have to know the local language either. You can easily use our website, mobile app, and get in touch with the support team whose members speak English, Ukrainian or Russian. 

1. Choose what you are more comfortable with—a mobile app or a website—by typing in your browser.

2. Proceed to the account registration page and enter your valid email address, a phone number in the international format, and a password which must be at least 8 characters long and include an upper case letter, a lower case letter, and a number.

3. Then, click the link in the email sent to the email address you have entered, or enter the OTP password you will receive via a text message to your phone number.

4. Agree to the terms and conditions, and hit “Start.”

5. Use the “+” button to select the preferred option—Create Account—from the list in your personal account.

Sign up and become a part of SharPay today: