The Best Online Banks in Europe
There are thousands of banks and other financial institutions that offer banking services across Europe. When choosing an online bank in Europe it is important to look at what kind of clients are the banks’ services designed for. Different banks are geared towards different types of clients – some offer financial services suitable for private individuals while others are more focused on corporate accounts and business clients. You can discern the differences between banks by looking at their onboarding process; payment options, customer support services, and payment cards.
Online Banking in Europe
The best online banks in Europe offer all of the services you would expect from a traditional bank including impeccable safety; regulation and customer service. In addition, an online bank has to meet other requirements like offering a user-friendly interface; convenient access and technically advanced applications.
Can anyone open a European bank account?
All legal residents of EU countries are entitled to open a basic payments account. However other types of accounts like savings accounts or corporate accounts are not an automatic right. The options for opening a bank account online in Europe for non-residents are limited.
Can anyone open a bank account online in Europe?
If you hold an EU passport you can open a private bank account online if your chosen European bank offers online registration. To open a private bank account online in Europe you will need proof of address in the form of a utility bill or other official document showing your name and address. If you wish to open a corporate bank account online in Europe you will need a number of important business documents and you will most likely need to make a visit to the bank branch rather than completing the entire registration process online. For opening a business bank account in Europe you will need the full details of the company’s beneficial owners; full KYC and AML compliance; sometimes a business plan and several other documents. Not all European banks will accept corporate clients from every jurisdiction and from every business sector; before preparing and handing over your corporate documents to the bank check that they are open to clients from your jurisdiction and business sector.
What Features do the Best Online Banks in Europe Offer:
Safety – Most of the top online banks in Europe are fully licensed and meet the requirements of authorized brick-and-mortar classic banks or financial institutions. Only do your banking with authorized and FDIC insured financial institutions that will protect and compensate you if need be.
Usability – The best online banks in Europe use a user-centered design that makes it quick and straight forward to navigate the site. An attractive, user-friendly online banking site which is streamlined and simple to carry out banking transactions is one of the most important factors when choosing an online bank.
Simplicity – To make things simpler many online banks and EMIs outsource to third parties for some services including issuing payment cards; customer services; compliance checks; foreign currency exchange and integration with money transfer companies for SEPA and SWIFT. Not only is the outsourced service usually better than the EMI could provide but it also saves time and money.
Function – Online banks should provide you with an international debit card that allows you to make payments; withdraw funds; block/unblock your card; limit and set permissions for the card and alter security settings – just as a traditional bank card would do except with the added convenience of an app or desktop access.
Interest and Charges – Online banks with a fully operational business model will be able to function at on a much lower budget than traditional banks. The huge saving on physical branches; staff; organizational structures and other factors is passed on to the clients who get excellent value for money, higher interest rates and lower fees with their online bank.