Banking for expatriates in Europe

Basics for finances in Europe for expats

Of course, banking in Europe for expatriates will vary depending on which specific country is being discussed, but some of the basics for Europe are:

Setting Up a Bank Account: In many European countries, it's relatively straightforward for expatriates to set up a bank account, although the precise requirements can vary. Typically, you'll need a proof of address (which can sometimes be a foreign address), proof of identity (such as a passport), and in some cases, proof of employment or student status, or a visa showing residency status.

International Banks: For those who frequently move between countries or need to maintain ties with their home country, international banks are considered one of the best and simplest options. As international banks they can make is easier to manage international transactions and issue of currency exchange. Here is a list of the top fifty banks in Europe

Online Banks: Digital banking has grown significantly in Europe over the last few years. Online banks such as N26, Revolut, and Wise/TransferWise provide "borderless" accounts managed online, and they often offer lower fees than traditional banks. Popular among expats for their convenience and for features such as multi-currency accounts and relatively inexpensive international money transfers.

Banking Fees: Banking fees in Europe will vary by country and the bank, but are typically charges for the account maintenance, ATM withdrawals, money transfers, and credit card fees. Some banks will offer customized accounts designed for expats or international students that can have lower fees and other built-in benefits.

ATMS: ATMs in Europe generally do not charge fees to customers of their own bank, but fees can be charged for using another bank's ATM.

SEPA: The Single Euro Payments Area (SEPA) is an initiative by the EU to standardize electronic euro payments in Europe. In practice this means a bank transfer to another SEPA country should be easy with a low-cost fee. This service can help expats conducting their finances within the Euro zone.

Currency Consideration when not using the Euro: If you're in a country that doesn't use the euro, you'll need to consider currency exchange rates and any attendant fees. Banks that offer services using multiple currencies can can help mitigate those costs.

Related – this is an older article at CNBC that discusses some of the "big differences" between banking in Europe vs the United States.

The largest fifty banks of Europe

HSBC Holdings PLC, UK
BNP Paribas SA, France
Crédit Agricole Group, France
Barclays PLC, UK
Banco Santander SA, Spain
Groupe BPCE, France
Société Générale SA, France
Deutsche Bank AG, Germany
Intesa Sanpaolo SpA, Italy
Lloyds Banking Group PLC, UK
Crédit Mutuel Group, France
UBS Group AG, Switzerland
ING Groep NV, Netherlands
NatWest Group PLC, UK
UniCredit SpA, Italy
La Banque Postale SA – France
Credit Suisse Group AG, Switzerland
Standard Chartered PLC, UK
Banco Bilbao Vizcaya Argentaria SA, Spain
CaixaBank SA, Spain
Rabobank, Netherlands
DZ Bank AG, Germany
Nordea Bank AbP, Finland
Danske Bank AS, Denmark
Sberbank of Russia, Russia
Commerzbank AG, Germany
ABN AMRO Bank NV, Netherlands
KBC Group NV, Belgium
Nationwide Building Society, UK
Svenska Handelsbanken AB, Sweden
Skandinaviska Enskilda Banken AB, Sweden
Erste Group Bank AG, Austria
DNB Bank ASA, Norway
Landesbank Baden-Württemberg, Germany
Raiffelsen Gruppe Switzerland, Switzerland
Swedbank Ab, Sweden
Bayerische Landesbank, Germany
Banco de Sabadell SA, Spain
VTB Bank PJSC, Russia
Nykredit AS, Denmark
BFA Tenedora de Acciones SAU, Spain
Banco BPM SpA, Italy
Belfius Bank SA, Belgium
Raiffelsen Bank International AG, Austria
Zürcher Kantonalbank, Switzerland
OP Financial Group, Finland
BPER Banca SpA, Italy
Bank of Ireland Group PLC, Ireland
Banca Monte del Paschi di Siena SpA, Italy
AIB Group PLC, Ireland

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