The 5 Best European Banks for Migrants, Expats & Non-Residents

Moving to Europe as a U.S. citizen is an exciting time, whether you’re seeking career opportunities or just a change of scenery. Exploring the best European banks for foreigners is a smart decision, with some banks not equipped to deal with migrants, expats, and non-residents.

However, U.S. citizens should consider the Foreign Account Tax Compliance Act (FATCA) and whether it applies to them. This legislation sees U.S. tax authorities obtain information on investments made by U.S. residents using foreign banking services. With this policy creating significant costs for European banks, some might not accept U.S. customers with ongoing U.S. tax relevance. 

Ready to find out more? Here, we explore the best banks in Europe for migrants and expats to make opening an account and spending money as easy as possible. Plus, you’ll benefit from outstanding features and strong security. Although learning another financial system can seem complicated, these European banks make handling your finances and tax concerns simple when making an intercontinental move.

The Best European Banks for US Citizens

The best European banks offer the same great services as you’d expect in the U.S., with top-notch security, convenience, and stability. Below, we’ve selected five of the best to ease the transition for migrants, expats, and non-residents heading to Europe.

N26

Having played a major role in the rise of digital-first banks, N26 launched in Germany in 2013 and has grown to more than 8 million customers across 24 European markets. Renowned for its low fees and feature-rich products, N26 makes banking in Europe seamless for foreigners moving across the world.

N26’s most basic product — N26 Standard — is a free digital bank account with a virtual card for contactless payments. You can earn 2.8% interest and make three free ATM withdrawals in EUR per month alongside several other benefits. However, you’ll have to pay for the next level to access more premium features.

N26 Smart is €4.90 per month but offers a physical card and extra features like phone support. At €9.90/month, the N26 You account includes travel insurance and free ATM withdrawals outside Europe. Finally, N26 Metal costs €16.90/month, with additional insurance perks, unique rewards, and an impressive 4% interest rate.

Opening an N26 account is best for those staying longer in Europe, as you’ll need a residency permit to get verified. You’ll also need to be over 18, live in a supported country, and have a compatible smartphone.

Bunq

Founded in the Netherlands and operating across 30 countries, Bunq is another great option for U.S. citizens looking to bank in Europe. Since it’s created specifically with expats in mind, you don’t need a residence permit to complete the application process. Just provide basic details, a photo of your ID or passport, and a brief verification video to get started.

So, what benefits does Bunq offer? Easy Card – the most basic plan – is a free savings account and IBAN where you can earn 2.46% interest on your deposits. You’ll discover plenty more features at the higher Easy Bank tier. For €3.99/month, you’ll get an account with a physical card and features like instant payments, scheduled payments, and joint accounts.

The features are even more plentiful at the highest tier, Easy Bank Pro XL. Although this plan costs €18.99/month, you can open up to 26 virtual credit cards, make six free ATM withdrawals monthly, save up to 3% on foreign exchange rates, and access priority support from Bunq’s in-house customer service team.

Vivid Money

Vivid Money is a leading neobank with a wide range of financial services. Besides personal banking, you can invest in stocks and ETFs while buying and selling various cryptocurrencies. Plus, there are business accounts for small and medium-sized enterprises, as well as freelancers working in Europe.

With everything managed inside the Vivid Money app, it’s effortless to manage your daily expenses and keep tabs on your finances. Available in 30 countries across the European Economic Area (EEA), anyone residing in one of these locations can open an account with a resident permit, passport, or ID card.

For personal banking, Vivid Standard costs €3.90/month, allowing customers to create up to three accounts (called Pockets) with individual IBANs while receiving a free physical card and earning a 2% interest rate. Alongside cashback perks and low trading fees, Vivid Money offers an innovative approach to managing personal finance and investments.

Vivid Prime takes the advantages up a notch for €9.90/month. Here, customers can create up to 15 Pockets with individual IBANs while enjoying a 4% interest rate. With enhanced cashback offers and unlimited free trades for crypto, the extra expense could make sense depending on your financial goals.

Monese

Monese makes opening multi-currency accounts fast, meaning it’s a great choice for U.S. migrants, expats, and non-residents. Available to those over 18 living in the EEA, Monese offers a straightforward verification process. With just an email address, a phone number, and a passport, you can confirm your identity and start banking in Europe.

Once accepted, you’ll receive multi-currency account details to receive your salary without issue. You’ll also get a debit Mastercard to use in-store, online, or at ATMs across the globe. Inside the app, you’ll find comprehensive budgeting tools and savings pots, where you can track your expenses and round up payments to save extra cash.

Like its competitors, Monese offers a range of free and paid tiers, each with its own features. A Simple account is free, providing access to GBP, EUR, and RON payments. However, international transfers and ATM withdrawals both attract a 2% fee – an extra cost to remain aware of. 

Stepping up to the Classic account costs £7.95/month, but it has lower fees, higher allowances, and insurance coverage for accidents and hospital stays. Although the Premium tier costs £14.95/month, the features are greatly expanded, with more insurance coverage and several fees reduced to zero. You’ll also receive VIP Customer Support should you need to get in touch.

Tomorrow

Launched in Germany in 2018, Tomorrow offers a digital solution for banking and sustainable investments. Featuring a sleek design, the service is made for foreigners, with an English-language app and English-speaking staff to answer your questions. 

Tomorrow offers three paid tiers, with the cheapest product, Now, costing €4.00 per month with a free debit card, complimentary worldwide withdrawals, and overdraft features. The next tier, Change costs €8.00 per month, adding five free domestic withdrawals and six sub-accounts that automate savings.

The top tier, Zero, costs €17.00 per month and includes unlimited domestic withdrawals, unlimited sub-accounts, and extra financial contributions for ecological and social projects. Sustainable stocks are a major focus of Tomorrow, with its investment platform enabling customers to purchase shares in companies creating a positive future. 

Tomorrow is available to customers in Germany, Austria, Italy, and Spain, with an official residence and a passport or ID card required for the verification process.

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Fast Transfers

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Convenient Apps

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Top-Notch Security

Robust security is essential when making and receiving international payments. Ria gives security the highest priority through strict identity verification checks, secure data protection practices, and experienced customer safety teams. Together, these practices safeguard your money.

Varied Payment Options

Supported by numerous payment options, Ria makes sending and receiving funds convenient. Depending on where you live and whether you’re using the Ria app or website, you can use a credit or debit card, choose cash pickup, or use services like Klarna in Germany or iDEAL in the Netherlands.

Transfer Funds in Europe with Ria Money Transfer Today

Banking in Europe as a foreigner doesn’t have to be a hassle. Whatever bank you choose Ria Money Transfer offers a fast, safe, and affordable service for moving your money. We’re trusted by over 100 million customers in over 190 countries and territories. With convenient ways to send money via our website, app, or in-person locations, accessing your money whenever you need it has never been easier.