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Best Online European Bank for Non Resident

Discussion in 'Personal Finance' started by markettop, Aug 8, 2018.

  1. markettop

    markettop Registered

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    Hi!

    I need a bank account in EUR from a Bank with these characteristics:
    - European Bank
    - Online Application
    - Available for Non-Resident

    Any suggestions?

    Thanks
     
  2. Matt

    Matt Registered

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  3. markettop

    markettop Registered

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    Hi Matt,

    TransferWise is good but it's actually not a Bank.
     
  4. Matt

    Matt Registered

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    Hey markettop,

    What do you define as a "bank"? I would class it as a bank.

    Originally sure TW was simply a transfer service but now you can open accounts with account numbers, sort codes, transit numbers etc. I would say its a "bank" now. Just maybe not a bank in the traditional sense.

    What do you need the account for?
     
  5. markettop

    markettop Registered

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    Hi @Matt,

    I need a bank account for my savings.

    Actually TW hasn't any banking licence so I don't know if it's really safe to store my personal savings there.

    What do you think? :)
     
  6. Matt

    Matt Registered

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    Ah ok, no don't use it for Savings.

    What country are you in? Are you just looking for an account or are you ideally looking for something with interest?
     
  7. K

    K Administrator Registered

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    Best UK bank for interest rates on saving and backed by the government so your money is guaranteed is NS&I.

    I'm not sure if they allow non UK residents tho.
     
    Mustang likes this.
  8. markettop

    markettop Registered

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    @Matt I'm resident in Malta and I'm just looking for an account, no matter the interest rate they provide :)
     
  9. Matt

    Matt Registered

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    So ideally if safety is your concern - you want to go with a bank like for example in the U.K. one that has FSCS protection so you are covered if the bank runs into financial trouble (upto £85k per financial institution, not per brand). As K mentioned NS&I is government owned and your only option where any amount is covered as it’s government owned.

    Many other countries have similar schemes in place so it’s a case of finding out about these and the amounts will vary as well. If your putting less than £85k in though it really doesn’t matter which bank you go with as long as it’s FSCS protected.

    Many banks in the U.K. will allow none UK residents as well as long as you are from the EU (in fact I think they might from anywhere).

    That being said why not just open an account in Malta? That would still give you an EU bank account number? Or is saving money in Maltese banks not very safe? Eg do they not have a protection scheme in place? Just curious as to understand. :)
     
    K likes this.
  10. markettop

    markettop Registered

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    @Matt the reason of having an account outside Malta is related to taxes.
    All the income produced outside Malta and not remitted to Malta is tax free.
    That's why is good to have a bank account abroad.
     
  11. Matt

    Matt Registered

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    Ah OK interesting, I wasn't aware of that.

    Well as I mentioned many do allow non-UK residents, however I believe many like to see you in person and your ID before opening the account for non-UK residents.

    I had a look at some mobile/app only UK banks and they only allow UK residents. So I think your issue might be opening it purely online.

    If the tax savings are enough though you could look at flying over to open the account? Arrange a meeting with the bank beforehand though over the phone as they usually need to setup an appointment.

    Other countries of course might be a better option though, might be worth looking into that as an alternative.
     
    markettop likes this.
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