Open your EU bank account easily, even before arriving!
Moving to a new country in the European Union (EU) comes with plenty of excitement and a fair share of challenges. One of the biggest hurdles? Setting up your banking. Between understanding IBANs and navigating SEPA payments as well as all the other Eurozone lingo, getting your finances in order can feel like learning a new language.
But here’s the good news. Opening an EU bank account doesn’t have to be complicated. Thanks to innovative platforms like Bunq, you can set up your account even before you step foot in your new country. Read on to find out how EU banking works, the key terminology you need to know, and how Bunq can make transitioning smooth and stress-free.
Why expats need EU banking
Before we get into the nitty-gritty, why is having an EU-based bank account so important?
Seamless transactions: Everyday activities like paying rent, receiving your salary, and grocery shopping are much easier with an account linked to a local banking system. Without one, you may face delays or additional complications when managing your finances. A local account ensures that your payments are processed quickly and reliably.
Cost savings: Using a non-EU account for everyday transactions can quickly add up with costly currency conversion fees and international bank charges. By opening an EU bank account, you can avoid these extra costs and keep more of your money. It’s a way to streamline your finances and save significantly over time.
Ease of living: Whether you’re setting up utilities, applying for a local phone number, or managing subscriptions, an EU bank account simplifies these processes. Many service providers require a local IBAN to set up payments, making it a necessity for smooth day-to-day living in any Eurozone country. With an EU account, you’ll be better equipped to integrate into your new environment.
Still looking for where to move? Be sure to receive some quotes for your move!
IBAN numbers, SEPA and other banking acronyms explained
When you start navigating the EU banking sector, expect to encounter plenty of new acronyms and terms. Here’s a quick crash course to help you decode them.

IBAN (International Bank Account Number)
Think of the IBAN as your bank account’s global ID number. It’s specific to your account and is used to identify both you and your bank for international and domestic transfers. Each EU country’s IBAN has its own structure, but you’ll generally see a mix of numbers and letters. The IBAN formatting will differ slightly from country to country but the general structure will always be the same. It will start with the country code followed by two control numbers, then a bank code to identify which bank the physical card belongs to, and finally the actual personalized branch code. All in all this would look something like: NL15 BUNQ 0417 1643 00. But keep in mind different countries may vary slightly.
The IBAN number will be the perfect way to both send and receive money. Be sure to share your IBAN with your employer.
Important: Be sure to send the entire IBAN code when you need to and not just the numbers. If you're still unsure, do an IBAN check online to confirm its validity.
SEPA (Single Euro Payments Area)
You might hear SEPA being thrown around occasionally. To explain it shortly, it's the system that standardises payments within the EU (and a few select non EU members). This means that money can move within these members freely and is essentially the same as transferring money within the same country. This also means there will be no hidden fees attached to the transfers, but also quicker processing times between cross border payments.
The difference between Eurozone and EU
The EU comprises 27 member countries, while the Eurozone specifically refers to countries where the euro (€) serves as the primary currency. Why does this distinction matter? If you’re moving to an EU country that doesn’t use the euro (such as Poland or Hungary), you might have to deal with currency conversion when transferring funds. With that said, the European Central Bank does make sure to keep prices stable between the Eurozone.

How to open an EU bank account as an expat
Opening a bank account as an expat can be a real challenge. Whether it's France, the Netherlands, Germany or Spain, traditional banks in the EU often require endless paperwork, in-person appointments and a complicated process which can feel overwhelming. especially when you’ve just arrived in a new country. It’s no wonder so many expats feel left out of the financial system.
That’s where Bunq can help. As an app-based bank it allows you to open an account quickly and manage your finances entirely online. This means there is no need to visit a physical branch or handle stacks of paperwork. This can be especially useful if you’re setting things up from abroad. For expats, remote workers, and frequent travelers it offers a modern alternative to traditional banks that’s focused on simplicity and flexibility. You can send and receive instant payments, hold multiple currencies, and get started in just a few minutes, all from your phone. It’s a practical solution when time and accessibility matter.
Why choose Bunq
Bunq isn’t just any bank. It’s designed for those with an international lifestyle. With travellers, expats, and remote workers in mind. Here’s why it’s the perfect partner for your EU adventure.
Open your account before you arrive
With Bunq, you can open an account directly through your smartphone, no visit to a physical branch required. You can even make the account before getting to the country you're relocating towards. This means you’ll arrive at your new home country financially ready.
Effortless SEPA payments
Want to pay your landlord or set up a billing subscription? Bunq’s SEPA capabilities allow you to transfer money quickly and without any hassle within Europe.
Multi-currency freedom
Bunq deals with and allows you to manage 22 different types of currencies from one account. This will be particularly useful if you're travelling a lot or regularly dealing with currencies apart from the Euro.
Eco-friendly banking
Bunq has also taken a lead in sustainable banking, planting a tree for every €100 spent through their app. It’s banking that’s both practical and planet-friendly.
User-Friendly Interface
From budgeting tools to joint accounts, you’ll find a wealth of features (in an easy-to-navigate platform) that cater perfectly to modern life. Such as investing, Bunq points you can earn from regular usage and budgeting help that makes budgeting easy.
24/7 Support
Customer service that doesn’t keep you waiting is a godsend when you’re navigating the complexities of a new country.
What you’ll need to get started with Bunq deals
Opening an account is refreshingly simple. Here’s what you’ll usually need:
Valid ID (passport or EU ID card)
Proof of residence or your immigration paperwork
Smartphone to download the Bunq app
Signing up takes less than ten minutes, and you'll have access to your IBAN right away.
Looking for a bank in Europe? Be sure to check out Bunq's offers on their website!
Is European banking secure?

Yes, absolutely! European banks follow strict regulations and guidelines to ensure the safety of your money. The EU has implemented strong measures to protect consumers and prevent fraud, including:
Separating customer deposits from bank assets
Mandatory deposit insurance for accounts up to €100,000
Regular audits by regulatory bodies
In addition, Bunq uses industry-leading security measures such as multi-factor authentication and biometric login options to ensure the safety of your account. With Bunq, you can rest assured that your money is safe and sound.
But what about fees?
One advantage of using a European bank like Bunq is that they typically have lower fees compared to traditional banks in other countries. Bunq offers a transparent fee structure, so you know exactly what you're paying for and can avoid surprise fees.
Bunq also offers various options to help offset these fees. For example, they offer cashback rewards for certain purchases made with their direct debit cards and have partnerships with other companies that offer discounts on services like travel or music streaming.
The best part of it all? You can start with Bunq completely free, no costs attached. Depending on your needs you may want or need to upgrade your your package, but you can enjoy the basic banking features for free.
More tips for mastering your finances in the EU
Once your account is set up, a few smart habits can make a big difference in how effectively you manage your finances across borders.
Start by keeping an eye on exchange rates, especially if you’ll be converting money from your home currency into euros. Rates can fluctuate so keep an eye on it. It’s worth timing larger transfers when rates are in your favor.
ATM usage is another area to watch. While many banks offer free withdrawals, fees can add up quickly if you use non-partner machines or exceed monthly limits. Before relying on any card for cash, check the specific terms for your account. Especially if you're traveling between countries frequently.
Modern banks often include helpful tools you might not expect so take a moment to explore your app’s full feature set. Bunq, for example, offers options like automatic savings, spending insights, and shared accounts for roommates or travel groups. These extras can help you stay on budget without much extra effort.
Finally, always stay informed about potential hidden fees. Currency conversion charges, withdrawal limits, or premium feature costs can catch you off guard if you don’t read the fine print. A few minutes reviewing your bank’s terms can prevent unwelcome surprises later on.
Start your EU banking journey today
Banking as an expat doesn’t have to be stressful or complicated. With platforms like Bunq you can hit the ground running, even before your flight lands.
Want to make your life in the EU simpler, smarter, and more efficient? Open your Bunq account today and enjoy seamless banking tailored to your life abroad.

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