Remote EU bank (no EMI) account

[neu13]

Which EU/EEA/CH banks offer online account openings for EU citizens residing in another EU country? Looking for real banks with full banking licenses, where account holders are eligible for the standard €100,000 deposit guarantee scheme. Looking for retail banks with low to no minimum deposit requirements for everyday banking, not private banks.

- N26: Doesn't open accounts for all EU residents, only for residents of certain countries.
- Bunq, Dukascopy: Offers accounts for most or all EU residents.

Last edited: Feb 11, 2024

 

[JohnnyDoe]

LGT Austria

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[neu13]

JohnnyDoe said:
LGT Austria
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Thank you but It's a private bank, not a retail bank. Question edited.

 

[Jerry1911]

Revolut is a bank now smi(&%

I think ING Luxembourg

 

[neu13]

Jerry1911 said:
Revolut is a bank now smi(&%

I think ING Luxembourg
Click to expand...

Yes, you're right. Revolut is an option but it's an obvious one and "everybody" got one, hence I forgot to add it to the list.

ING LU seems to offer accounts only for people moving to Luxembourg.

 

[Sols]

Here are some options that come to mind with low (under 100,000 EUR) or no minimum balance requirements in EU/EEA/CH/UK. Some are better than others. Not all will accept you simply because you happen to meet the conditions of being EU national/resident. There is a lot more that goes into approving an application. If you don't bring wealth or revenue to the bank, there is a whole lot of risk for not much reward to the bank.

Open a Swissquote account and then a Yuh account. Swissquote doesn't like third-party transfers, but Yuh is more lenient.

PostFinance in Switzerland if you live in a neighboring country and have a legitimate, convincing reason to open a bank account in Switzerland.

Bank Frick and LLB in Liechtenstein have no fixed minimums and have been spotted opening regular retail accounts for non-residents at times, but it's usually with the understanding that the relationship will grow quickly.

MeDirect in Malta.

DKB in Germany sometimes accepts non-residents.

Gibraltar International Bank is unpredictable. Sometimes they take non-residents, and sometimes not.

Standard Bank in Isle of Man might accept you.

BlueOr Bank in Latvia.

Banco Atlantico and Novo Banco in Portugal.

Signet Bank in Latvia (sometimes).

Industra Bank in Latvia (sometimes).

Cayman National in Isle of Man.

Citadele in Latvia/Lithuania - different requirements in different locations.

Mano.Bank in Lithuania. Has the same type of banking license as Revolut, which comes with 100,000 EUR deposit insurance, but they can't offer certain services like pension funds and such.

BSM in San Marino has historically been very easygoing with EU nationals/residents with little to no minimum requirement.

Various banks in Cyprus can work - sometimes. It's very rare and hard to predict if you don't deposit a decent chunk of change.

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This is the probably the answer to your question.

 

[JohnnyDoe]

Sols said:
BlueOr Bank in Latvia.
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avoid like the plague. Previously known as BlueOrange, previously known as Baltikums. The interweb is full of horror stories, including people with accounts frozen, reported to the authorities, prosecuted, and fined (full balance confiscated) for no reason.

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[Sols]

JohnnyDoe said:
avoid like the plague. Previously known as BlueOrange, previously known as Baltikums. The interweb is full of horror stories, including people with accounts frozen, reported to the authorities, prosecuted, and fined (full balance confiscated) for no reason.
Click to expand...

The plague is curable. I'm not sure about BlueOr.

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This is the probably the answer to your question.

 

[Don]

Nice long list, Sols
Do you have first hand experience with those ones?

Sols said:
The plague is curable. I'm not sure about BlueOr.
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In December 2021, according to the FKTK Council's 21.12.2021 decision, the bank is ranked among five systemically important financial institutions in Latvia.

On March 21, 2022, the bank was renamed BluOr Bank AS.

JohnnyDoe said:
avoid like the plague. Previously known as BlueOrange, previously known as Baltikums. The interweb is full of horror stories, including people with accounts frozen, reported to the authorities, prosecuted, and fined (full balance confiscated) for no reason.
Click to expand...

Are Cyprus banks better than Baltoid?

I mean not long ago in some case 47.5% of all bank deposits above €100,000 were seized in Cyprus

Last edited: Feb 12, 2024

 

[neu13]

Sols said:
Here are some options that come to mind with low (under 100,000 EUR) or no minimum balance requirements in EU/EEA/CH/UK. Some are better than others. Not all will accept you simply because you happen to meet the conditions of being EU national/resident. There is a lot more that goes into approving an application. If you don't bring wealth or revenue to the bank, there is a whole lot of risk for not much reward to the bank.

Open a Swissquote account and then a Yuh account. Swissquote doesn't like third-party transfers, but Yuh is more lenient.

PostFinance in Switzerland if you live in a neighboring country and have a legitimate, convincing reason to open a bank account in Switzerland.

Bank Frick and LLB in Liechtenstein have no fixed minimums and have been spotted opening regular retail accounts for non-residents at times, but it's usually with the understanding that the relationship will grow quickly.

MeDirect in Malta.

DKB in Germany sometimes accepts non-residents.

Gibraltar International Bank is unpredictable. Sometimes they take non-residents, and sometimes not.

Standard Bank in Isle of Man might accept you.

BlueOr Bank in Latvia.

Banco Atlantico and Novo Banco in Portugal.

Signet Bank in Latvia (sometimes).

Industra Bank in Latvia (sometimes).

Cayman National in Isle of Man.

Citadele in Latvia/Lithuania - different requirements in different locations.

Mano.Bank in Lithuania. Has the same type of banking license as Revolut, which comes with 100,000 EUR deposit insurance, but they can't offer certain services like pension funds and such.

BSM in San Marino has historically been very easygoing with EU nationals/residents with little to no minimum requirement.

Various banks in Cyprus can work - sometimes. It's very rare and hard to predict if you don't deposit a decent chunk of change.
Click to expand...

Highly appreciated, thank you for the list! Do these banks open accounts online? Swissquote is not a bank but a broker, but can you use it as a savings account without trading or investing? Do they charge a minimum of 20 CHF per quarter for a basic bank account? With DKB can I sign up online as a non-resident? Is there any Cypriot bank opening accounts online?

 

[JohnnyDoe]

Don said:
In December 2021, according to the FKTK Council's 21.12.2021 decision, the bank is ranked among five systemically important financial institutions in Latvia.
Click to expand...

Of course, since they routinely seize their clients' money for the benefit of the state mafia.

Don said:
Are Cyprus banks better than Baltoid?
Click to expand...

no

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[Sols]

Don said:
Nice long list, Sols
Do you have first hand experience with those ones?
Click to expand...

With most if not all of them in different capacities: direct/indirect, personal/corporate, low-risk/high-risk.

For most personal accounts, I would stay away from BluOr, Cayman National, Signet, and Industra at least. But I'm not here to judge and people can have different opinions and experiences, hence including them.

neu13 said:
Highly appreciated, thank you for the list! Do these banks open accounts online?
Click to expand...

Yes, either directly via website or contact them, although some are very selective in who they accept remotely.

neu13 said:
Swissquote is not a bank but a broker, but can you use it as a savings account without trading or investing?
Click to expand...

Swissquote is a bank and a broker. Just go to Approved Institutes People and products and search. Scroll down to Banks and securities firms and you'll see Swissquote Bank AG listed as a "Authorised as a bank".

neu13 said:
Do they charge a minimum of 20 CHF per quarter for a basic bank account?
Click to expand...

Don't think so.

neu13 said:
With DKB can I sign up online as a non-resident?
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Unless they changed recently, yes. The whole process is in German, though. They sometimes make phone calls but it's usually just emails. Careful usage of Google Translate/ChatGPT can help you there.

neu13 said:
Is there any Cypriot bank opening accounts online?
Click to expand...

You can try with Hellenic Bank, Bank of Cyprus, Eurobank, Astrobank, and Alpha Bank. But it's going to be really hard if you're just an average retail customer.

Going through an introducer can increase your chances of having your application be taken seriously. Still no guarantee, though. If you're buying property in Cyprus, have some other connection to Cyprus, or plan to deposit a few hundred thousand, you have a decent chance. Otherwise, banks don't make any money on you. It costs more to onboard and keep your account open than they make from a handful of wire transfers here and there.

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This is the probably the answer to your question.

 

[scooterguy]

neu13 said:
Yes, you're right. Revolut is an option but it's an obvious one and "everybody" got one, hence I forgot to add it to the list.
Click to expand...

Is that the same reason why I don't see CIM in the list?

 

[neu13]

scooterguy said:
Is that the same reason why I don't see CIM in the list?
Click to expand...

Kind of, but I'm finding their fees ridiculous. 30 CHF per month for account maintenance is a different story.

Sols said:
With most if not all of them in different capacities: direct/indirect, personal/corporate, low-risk/high-risk.

For most personal accounts, I would stay away from BluOr, Cayman National, Signet, and Industra at least. But I'm not here to judge and people can have different opinions and experiences, hence including them.


Yes, either directly via website or contact them, although some are very selective in who they accept remotely.


Swissquote is a bank and a broker. Just go to Approved Institutes People and products and search. Scroll down to Banks and securities firms and you'll see Swissquote Bank AG listed as a "Authorised as a bank".


Don't think so.


Unless they changed recently, yes. The whole process is in German, though. They sometimes make phone calls but it's usually just emails. Careful usage of Google Translate/ChatGPT can help you there.


You can try with Hellenic Bank, Bank of Cyprus, Eurobank, Astrobank, and Alpha Bank. But it's going to be really hard if you're just an average retail customer.

Going through an introducer can increase your chances of having your application be taken seriously. Still no guarantee, though. If you're buying property in Cyprus, have some other connection to Cyprus, or plan to deposit a few hundred thousand, you have a decent chance. Otherwise, banks don't make any money on you. It costs more to onboard and keep your account open than they make from a handful of wire transfers here and there.
Click to expand...

You're a legend, thanks! Swissquote's bank account is the trading account and they require you to invest with it, which triggers the min. 20 CHF/ quarter account maintenance fee. They offer a simple savings account though, free of charge, but it can't be used for everyday transactions. Still, it's a good offer. I will check the Cypriot banks you mentioned!

 

[scooterguy]

neu13 said:
Kind of, but I'm finding their fees ridiculous. 30 CHF per month for account maintenance is a different story.
Click to expand...

Yeah, CIM is ridiculous all around... They also have custody fees for investments, their prepaid card is expensive to load, etc. But it can be useful as a temporary/backup bank. Will cost around $600 a year to keep the account with them (without investments).

Satchel bank is another remote bank that can be added to the list: Open a Satchel Personal Account Online.

I started the application with them some time ago, but personally found them unprofessional and couldn't convince myself to trust them, so I stopped responding to their emails, but maybe it works well for somebody else.

 

[neu13]

scooterguy said:
Yeah, CIM is ridiculous all around... They also have custody fees for investments, their prepaid card is expensive to load, etc. But it can be useful as a temporary/backup bank. Will cost around $600 a year to keep the account with them (without investments).

Satchel bank is another remote bank that can be added to the list: Open a Satchel Personal Account Online.

I started the application with them some time ago, but personally found them unprofessional and couldn't convince myself to trust them, so I stopped responding to their emails, but maybe it works well for somebody else.
Click to expand...

Satchel is an EMI, not a bank.

 

[neu13]

Sols said:
With most if not all of them in different capacities: direct/indirect, personal/corporate, low-risk/high-risk.

For most personal accounts, I would stay away from BluOr, Cayman National, Signet, and Industra at least. But I'm not here to judge and people can have different opinions and experiences, hence including them.


Yes, either directly via website or contact them, although some are very selective in who they accept remotely.


Swissquote is a bank and a broker. Just go to Approved Institutes People and products and search. Scroll down to Banks and securities firms and you'll see Swissquote Bank AG listed as a "Authorised as a bank".


Don't think so.


Unless they changed recently, yes. The whole process is in German, though. They sometimes make phone calls but it's usually just emails. Careful usage of Google Translate/ChatGPT can help you there.


You can try with Hellenic Bank, Bank of Cyprus, Eurobank, Astrobank, and Alpha Bank. But it's going to be really hard if you're just an average retail customer.

Going through an introducer can increase your chances of having your application be taken seriously. Still no guarantee, though. If you're buying property in Cyprus, have some other connection to Cyprus, or plan to deposit a few hundred thousand, you have a decent chance. Otherwise, banks don't make any money on you. It costs more to onboard and keep your account open than they make from a handful of wire transfers here and there.
Click to expand...

Do you know if DKB can be managed completely online or I would have to go to branches whenever I've got an issue? For instance, can I close the account online should I want to? MeDirect Malta rejected my application, I have no clue why. I've got income from crypto as well, so that might be the reason.

 

[Sols]

neu13 said:
Do you know if DKB can be managed completely online or I would have to go to branches whenever I've got an issue? For instance, can I close the account online should I want to?
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Never heard of anyone having to go visit DKB in person. I can't sit here and promise you that if DKB opens an account for you that you'll never under any circumstance have to visit the bank in person, though.

neu13 said:
MeDirect Malta rejected my application, I have no clue why. I've got income from crypto as well, so that might be the reason.
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You're not making it easy for the banks. Non-resident, regular retail customer segment, and involved in what many banks still consider high risk activity.

Why not just go with a crypto friendly EMI like Zen or Verifo? You mentioned deposit insurance in your first post. EMIs have unlimited funds protection. Put 10 million into an EMI and the EMI is required to keep between 10,000,000 and 10,200,000 EUR in segregated bank account that can't be touched by creditors. You've heard of customers losing money when banks go under, but have you heard of anyone losing money when an EMI has failed?

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This is the probably the answer to your question.

 

[neu13]

Sols said:
Never heard of anyone having to go visit DKB in person. I can't sit here and promise you that if DKB opens an account for you that you'll never under any circumstance have to visit the bank in person, though.


You're not making it easy for the banks. Non-resident, regular retail customer segment, and involved in what many banks still consider high risk activity.

Why not just go with a crypto friendly EMI like Zen or Verifo? You mentioned deposit insurance in your first post. EMIs have unlimited funds protection. Put 10 million into an EMI and the EMI is required to keep between 10,000,000 and 10,200,000 EUR in segregated bank account that can't be touched by creditors. You've heard of customers losing money when banks go under, but have you heard of anyone losing money when an EMI has failed?
Click to expand...

Revolut literally just froze my account, at this very moment - the first time ever. Haven't been given any information why or what's the problem. Based on what other people say, it's because of crypto income. That's why I'm looking for normal banks. Finci (EMI) is giving me a hard time as well, check my latest post.

 

[ilke]

neu13 said:
Revolut literally just froze my account, at this very moment - the first time ever.
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Revolut isn't an EMI if you are in the EU; it's a bank (although a specialised type).

neu13 said:
That's why I'm looking for normal banks.
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Normal banks might not help you with that; they are often more anti-crypto than EMIs. Also, as an EU resident, why don't you open a bank account where you live?

neu13 said:
Finci (EMI) is giving me a hard time as well, check my latest post.
Click to expand...

Go for a crypto-friendly EMI - Verifo, Valyuz, Zen (probably the best), SwissMoney.