How to Open a Bank Account in Europe as an American

You can open a bank account in Europe as an American, but it is rarely as simple as walking in with your passport. Most banks want proof you live there: a residence permit or visa, a local address and a tax number. Some also hesitate to take US customers because of FATCA reporting. The practical solution for most newcomers is a two-step plan: use a multi-currency account such as Wise or Revolut before you move, then open a local bank account once you have your address and residence documents.

This guide covers what you need, how FATCA affects you, the fintech options, how local banks work, and mistakes to avoid. It is general information, not financial or legal advice. Products and terms change; check each provider's own page.

Why banks can be difficult for Americans

The US Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions to report accounts held by US persons to the IRS or to their own tax authority, which then exchanges the data. Compliance is costly, so some banks avoid US customers or add extra forms. Results vary by bank and by branch. In practice:

• Many banks will open an account if you are a legal resident, with a US taxpayer ID (SSN) and a W-9 or equivalent self-certification.
• Some banks decline "US persons" entirely, especially smaller ones or those with limited cross-border teams.
• Branch staff may not know the rules. If you are refused, try another branch or bank, or ask for the policy in writing.

FATCA does not make it illegal for you to hold an account. It only adds reporting. You also have your own obligations: see US expat taxes for FBAR (foreign accounts over $10,000 combined) and Form 8938.

What you will probably need

• Passport
• Residence permit, visa or national ID card
• Proof of address: lease, utility bill or registration certificate
• Local tax number where required (Portugal's NIF, Spain's NIE, Italy's codice fiscale)
• Proof of income or employment
• US taxpayer ID and FATCA self-certification
• Sometimes a reference letter from your US bank

Several countries let you open a basic account before you have a permanent address, but many insist on a registered address first. Plan to rent short term in a place that allows registration.

Step 1: Before you leave the US

1. Keep your US accounts. You will still need them for taxes, credit cards, Social Security and credit history. Check whether your US bank will keep your account open when you give an overseas address. Some limit services.
2. Open a multi-currency account (below).
3. Tell your bank and card issuers you are moving, and ask about foreign transaction fees and ATM fees. Some US checking accounts refund ATM fees worldwide.
4. Set up a way to receive USD if you will be paid from the US.
5. Get a card that works in Europe. Chip-and-PIN cards work better than swipe cards.

Fintech options: Wise, Revolut and N26

Wise. A multi-currency account with local account details in several currencies, including EUR, and low-cost currency conversion. It is widely used by expats for transfers and for receiving US dollars. Wise is an e-money institution, not a bank, so check how deposits are protected. Availability and features for US residents versus non-US residents differ.

Revolut. A fintech with a banking licence in the EU (through its Lithuanian entity) offering multi-currency accounts, cards and transfers. Features and fees depend on your plan and country. Revolut's EU entity serves EU residents, so sign-up and IBAN features depend on your address.

N26. A German digital bank that serves residents of many European countries. Eligibility depends on residence, and as a US person you may need to provide tax information. Verify the current rules before relying on it.

These are fast to open once you have a residence address, but they are not a full substitute for a local bank. Landlords and employers often prefer a local IBAN. Some visas require a local account for your income or deposit.

We may earn a commission if you sign up through a partner link; see our affiliate disclosure.

Step 2: Opening a local bank account

1. Pick a bank. Options include large banks with expat desks, and neobanks with local licences. Ask about monthly fees and FATCA procedures before you book.
2. Make an appointment. In Portugal, Spain and Italy in-person visits are common.
3. Bring documents and certified translations if needed.
4. Sign. Expect a few days to a couple of weeks for the debit card.
5. Set up direct debits for rent and utilities.

Notes for popular destinations:

• Portugal: you need a NIF first. Millennium and other large banks offer English-language service in Lisbon and the Algarve. Digital accounts exist too.
• Spain: you need an NIE and often proof of address. Some banks require a minimum balance or fee to waive charges.
• Italy: you need a codice fiscale. Banks vary in how open they are to non-EU residents.
• Germany: you need an address registration (Anmeldung) and often a German residence permit. Digital banks are common.
• Ireland: banks ask for proof of address and typically a PPS number.
• Netherlands: you need a BSN, which requires registration with the municipality.

See each country page for details on its banking note.

Sending and receiving money

Moving savings between the US and Europe is where you can lose money in fees and exchange rate margins. Compare the total cost, which is the fee plus the gap between the mid-market rate and the rate offered. Use a money transfer service for large amounts, and consider moving money in stages to avoid timing risk. Keep records of large transfers for tax reasons.

Safety and deposit protection

Bank deposits in EU countries are covered by a national deposit guarantee scheme, typically up to €100,000 per person per bank. Fintech e-money balances are usually safeguarded in a different way and are not covered by the same deposit guarantee, so check how your provider protects funds.

Currency, cards and costs to watch

• Pay in local currency when asked. "Dynamic currency conversion" at terminals usually gives a worse rate.
• Watch ATM fees and overdraft charges.
• Use a no-foreign-transaction-fee card for travel.
• Keep an emergency fund in both currencies.

Mistakes to avoid

• Closing your US accounts too early.
• Not reporting foreign accounts on FBAR or FATCA forms.
• Relying on one provider. Keep two ways to access cash.
• Opening an account before you have the right documents and having it rejected, which can make a second attempt harder.
• Using unofficial third-party "account opening services" that ask for your passport details. Deal with banks directly.

See also the moving checklist and how to move to Europe. Not sure where you're headed? Take the quiz.