If you are an expat, anytime you use your card in a foreign country, you are charged exorbitant prices. You can open a bank account with some of the best bank accounts for expats to avoid such high fees. These banks will guarantee you better exchange rates. Also, if you are a digital nomad or a frequent traveler, you should also consider the best banks for expats in Europe. In this article, we will provide you with some of the best banks for expats in Europe.
N26
N26 is an excellent online bank that suits the needs of an expat in Europe. N26 is available in EEA member countries, Norway, Denmark, Poland, Iceland, Liechtenstein and the US. You can open a EUR account in Europe and avoid exchange fees. You can open an N26 account from anywhere. You need a smartphone, email, and delivery address and internet connection. The address is for receiving a debit card. You can open a personal or a business account with N26.
N26 Features
- A debit card
- IBAN number and SEPA transfers
- 100% mobile banking
- Deposit protection of about €100,000
- 27/7 customer support
- Medical travel insurance
- N26 Business Account
N26 Plans
- N26 Standard Plan. It is free and comes with a MasterCard debit card, contactless payments, mobile payments, 100% mobile baking and up to 3 free withdrawals and analytics on your spending.
- N26 Smart plan. It costs €4.90 per month and comes with a free debit card, contactless payments, and mobile payments, up to 5 free withdrawals, insights on your spending, up to 10 shared sub-accounts and deposit protection of about €100,000.
- N26 Metal plan. It costs €16.90 and comes with an 18-gram metal card, contactless payments, mobile payments and an extra card. It also gives you medical travel insurance, up to 8 free withdrawals in the Eurozone and unlimited withdrawals in any currency. It also offers 100,000 deposit protection, travel insurance package and 24/7 chatbot assistance.
- N26 You plan. It costs €9.90 per month comes with a colorful debit card, contactless payments, mobile payments and an optional extra card, up to 5 free ATM withdrawals in the Eurozone and unlimited free withdrawals in any currency. It also offers shared sub-accounts, insights on your spending and travel insurance package.
Wise
Wise is a digital bank that you can use to open an account with if you are an expat in Europe. It offers real exchange rates and you can hold over 54 currencies. It comes with a debit card which you can use to spend. You can open a multicurrency account and get 10 local accounts details that can help you transact like a local. You can get local bank details in the British pound, Euro, US dollar, Australian dollar, New Zealand dollar Hungarian Forint, Romanian Leu and Singapore Dollar.
You can use the multicurrency account to receive, hold, spend, get paid and send money between different countries. You can also open a personal or a business account with Wise.
Wise Features
- A debt card
- IBAN accounts and SEPA transfers
- Multicurrency account
- Local bank details
- Wise Business Account
Wise Fees
- Free to open an account
- First Wise Debit MasterCard: Free
- Holding more than €70, 000 in EUR balance: 0.40% annually
- Getting bank details to receive currencies: A one-time fee of £16
- Card replacement fee: £3
Revolut
Revolut is an excellent digital bank for expats in Europe. It is a crypto friendly bank. It is available within European Economic Area and many other countries like Australia, Singapore, Switzerland and Japan. You can use Revolut to hold, spend, send and receive money from abroad. You can open a personal or a business account with Revolut.
Revolut Features
- Spending analytics
- Trade-in cryptocurrencies
- £200 free monthly ATM withdrawals
- Revolut Business Account
Revolut Fees and Plans
Revolut offers multicurrency accounts and comes with a debit card for international spending. Revolut has three plans:
- Standard plan. It is free and you can use it to spend over 140 currencies, exchange in over 28 fiat currencies, free ATM withdrawals, and get a Revolut card and 10 free international transfers per month to any bank.
- Premium plan. It costs €9.99 per month. You can spend in over 140 currencies, exchange over 28 fiat currencies with no monthly limit, overseas medical insurance, virtual cards, 10 fee-free international bank transfers.
- Metal plan. It costs €16.99 per month. You can spend over 140 currencies, exchange in over 28 fiat currencies, 100% fee-free ATM withdrawals, trade-in cryptocurrencies, overseas medical insurance and your savings can earn 0.07% APY. You also get a Revolut metal card and 10 fee-free international transfers per month.
Bunq
Bunq is a digital multicurrency bank that is best suited for digital nomads and expats in Europe. If you are planning to move to Europe, you can consider opening an account with Bunq. You can open an account with the European Economic Area and you can send money to SEPA countries.
Bunq Features
- Local Spanish, German, French and Dutch IBAN
- Instant SEPA and SWIFT transfers
- Credit MasterCard
- 30-day free trial
Bunq Fees and Plans
- Easy Green. It costs €17.99 per month. The plan is liked with trees getting planted and for every 100 a user spends, 1 tree is planted.
- Easy Money. It costs€8.99 a month and comes with savings, spending and general banking features.
- Easy Bank. It costs €2.99 per month. This plan gives users 100% control over how they use their money and comes with a metal card.
Monese
Monese is a digital bank that can serve your needs if you are an expat in Europe. You can open a EUR or GBP current accounts using Monese. You can open a personal or a business account or a joint account. You can access Monese banking services through the web or app.
Monese Fees and Plans
- Starter Plan. It is free. International money transfers cost 2.5% fee and 3.5% on weekends. It costs £/€44.5 to get a card for the first time. Cash top-ups cost 3.5% while ATM withdrawals cost £/€1.5.
- Essential Plan. Available for UK customers only. It costs £/€1.95 while money transfers cost 2% and 3.5% on weekends. Cash top-ups cost 3.5%. You get £/€200 free ATM withdrawals every month.
- Classic plan. It costs £/€14.95. Local and international money transfers are free and you get free £/€500 ATM withdrawals and cash top-ups every month.
- Premium Plan. It costs £/€14.95 and comes with free international and local money transfers. The first card delivery is usually free. You get £/€1,500 free ATM withdrawals and cash top-ups every month.
Summary on Best Banks for Expats in Europe
The above are some of the best banks in Europe for expats. You can open a bank account that best suits your needs. Consider fees, countries you are traveling to, and banking features before opening a bank account. Digital banks are better compared to traditional banks since you can open a bank account before traveling to Europe. It also allows you to spend, convert and receive money while abroad.
