The opening of a current account abroad can be advantageous in many situations, be it for studying, professional activity or the acquisition of a property abroad. While there are certain rights and simplifications within the European Union (EU), the conditions outside the EU vary significantly.
Right to a basic account within the EU
Since the implementation of the EU payment accounts, consumers have had the right to open a so-called basic account in every EU member state. This account enables basic banking services such as deposits and withdrawals, transfers, direct debits and card payments. A place of residence in the respective country is not necessary for this; However, in certain cases, the bank can request proof of a legitimate interest, for example by submitting an employment contract or a certificate of study, as informs an online contribution by EVZ.de (European Consumer Center Germany). It is important to note that basic accounts are usually managed as a well -known manner and do not offer an overdraft loan. The opening must take place within ten days of all necessary documents, and the fees should be appropriate, as it continues.
Change of account within the EU facilitated
For consumers who want to switch from an existing account to another EU country, banks are obliged to offer an account change service. This service includes the provision of a list of all current orders, direct debits and regular transfers from the past 13 months. In addition, the old bank can be instructed to transfer remaining credit to the new account and to close the old account, with notice periods to be observed, the online contribution of EVZ.de continues. It is recommended to continue the old account in parallel to ensure that all payments are transferred smoothly to the new account.
Opening of the account outside the EU
Outside of the EU there is no general right to open a bank account without residence in the respective country. The provisions vary depending on the country and the bank. Some countries and financial institutions enable foreigners to open an account, while other stricter requirements place or completely exclude the opening without local residence. In any case, valid identification documents such as passport or identity card are essential. In addition, evidence of the residence, sources of income or the purpose of the account opening can be requested. It is therefore advisable to find out about the specific requirements of the respective country and the selected bank in advance.
Online banks as an alternative
With the advent of online banks and fintech companies, new opportunities for opening bank accounts without a physical residence in the respective country have arisen. These digital banks often offer simplified procedures for opening an account that can be carried out entirely online. However, specific requirements can also apply here, such as proof of a residence in certain countries or additional identity verification. It is therefore important to carefully check the conditions and fee structures of the respective online bank to ensure that they meet the individual needs, according to Wise.
Sepa-Regulation and discrimination ban
Within the European Economic Area (EEA), the single Euro Payments Area (SEPA) ensures that cross -border payments in euros are as simple and inexpensive as domestic transactions. According to the SEPA regulation, companies and banks must not reject payments of accounts in other EEA countries on the basis of the foreign IBAN. This means that consumers cannot be forced to open a local bank account only to use certain services or products. Nevertheless, it can happen in practice that companies reject payments from foreign accounts, which represents a violation of the SEPA regulation. In such cases, those affected can contact the responsible national authorities or consumer advice centers, as the European Consumer Center Germany (EVZ.de) finally reports.
D. Maier / Redaktion Finanzen.net