Yes, but most European banks will not open an account for you remotely
An American citizen can open a bank account in Europe, but the process depends entirely on where you are and which bank you approach. Most traditional European banks require you to be physically present in the country to open an account in person. A few online banks and neobanks accept American customers without requiring a visit, but they come with limits: lower transaction amounts, restricted features, or higher fees than accounts opened by residents.
The core barrier is not citizenship—it is residency and compliance. European banks must follow anti-money-laundering rules that treat American customers as higher-risk because of US tax reporting requirements. Banks have to verify your identity against US government databases and file reports with both European and American authorities. This costs them money, which is why many simply decline American customers rather than build the infrastructure to serve them.
Key Takeaways
- Most European banks require you to visit in person and show a passport, proof of address, and sometimes proof of income or employment.
- Online banks and neobanks like Wise, Revolut, and N26 accept Americans without requiring residency, but may cap transaction limits or charge higher fees.
- You will need an ITIN (Individual Taxpayer Identification Number) or US tax ID to open an account; some banks ask for it upfront, others later.
- European banks must report your account to the IRS under FATCA (Foreign Account Tax Compliance Act), so hiding the account from US tax authorities is not an option.
- Opening an account takes longer for Americans than for EU residents—typically two to four weeks instead of days—because of extra verification steps.
What traditional banks require from American customers
If you are moving to Europe or living there temporarily, a traditional bank in your country of residence will usually open an account for you. You will need to visit a branch in person with a valid passport, proof of your current address (a utility bill, rental agreement, or bank statement from another country), and sometimes proof of employment or income. Some banks also ask for a reference from another bank where you have held an account.
The address proof is the sticking point for many Americans. If you just arrived and do not yet have a utility bill or lease in your name, ask the bank whether they accept a letter from your employer, a hotel booking confirmation, or a temporary address from a shared housing arrangement. Different banks have different rules, so call ahead rather than showing up with documents that do not meet their standard.
Once you have opened the account, the bank will ask for your US tax identification number—either your Social Security Number or an ITIN. If you do not have an ITIN and are not a US citizen, you can request one from the IRS, though the process takes several weeks. Some banks will open the account provisionally and ask for this number later; others will not proceed without it.
Online banks and neobanks that accept Americans
Wise (formerly TransferWise) accepts American customers and lets you open a multi-currency account online without visiting a branch. You can hold and transfer money in euros, pounds, and other currencies. Wise is built for international transfers rather than everyday banking, so it works best if you are sending money between countries or need a way to hold foreign currency. Transaction limits are high enough for most people, but the account is not a full replacement for a local bank.
Revolut accepts Americans and offers a debit card, currency exchange, and peer-to-peer transfers. You download the app, verify your identity with a photo of your passport, and can start using the account within hours. Revolut has limits on how much you can transfer per month without paying extra fees, and some features (like cryptocurrency trading) may not be available to US customers due to regulatory restrictions. The account works well for travel and everyday spending but may not satisfy banks or employers that require a traditional account.
N26 (a German neobank) previously accepted American customers but has restricted new US signups in recent years due to compliance costs. Check their current policy before assuming you can open an account; if they have closed to new American customers, they may reopen later. Other European neobanks have similar on-and-off policies toward Americans, so the landscape changes.
All of these services require identity verification—usually a photo of your passport and a selfie—and will ask for your US tax ID at some point. They report accounts to the IRS just like traditional banks do.
Tax reporting and FATCA compliance
FATCA (the Foreign Account Tax Compliance Act) requires all financial institutions outside the United States to report accounts held by American citizens and residents to the IRS. This means every euro you deposit, every transfer you make, and every balance you hold will be reported to US tax authorities. You cannot hide a European bank account from the IRS, and attempting to do so carries serious penalties.
When you open an account, the bank will ask you to certify that you are either a US citizen or a US resident for tax purposes. If you are, they will collect your Social Security Number or ITIN and file a report with the IRS each year. If you are a US citizen living abroad, you still owe US income tax on worldwide income, though you may be able to exclude foreign earned income using the Foreign Earned Income Exclusion. A tax professional familiar with expat returns can help you understand your obligations.
The FATCA requirement is why many European banks simply refuse to open accounts for Americans—the compliance burden is not worth the revenue from a small account. It is also why opening an account takes longer: the bank has to verify your identity against US government records before they can proceed.
Timeline and what to expect during the process
Opening a bank account as an American in Europe typically takes two to four weeks, compared to a few days for EU residents. The delay comes from identity verification and FATCA compliance checks. Here is what usually happens:
- You submit your application (in person or online, depending on the bank) with your passport, proof of address, and tax ID.
- The bank verifies your identity against US government databases and checks for sanctions or compliance issues. This step alone can take one to two weeks.
- The bank reviews your application and decides whether to approve it. Some banks have a committee that meets weekly, so approval can be delayed if your application arrives just after a meeting.
- Once approved, the bank sends you a debit card and account details. The card usually arrives by mail within five to ten business days.
- You activate the account online or by visiting the branch, and you can start using it.
During this time, you will not have access to the account, so plan ahead if you need money immediately. If you are moving to Europe, open the account before you arrive if possible, or arrange to use a temporary payment method (a credit card, a money transfer service, or cash) until the account is ready.
Restrictions and fees for American customers
Some European banks charge higher fees to American customers because of the extra compliance work. You might pay a monthly maintenance fee, a fee for receiving international transfers, or a fee for currency exchange that is higher than what EU residents pay. Ask about these fees before opening the account.
Transaction limits are less common at traditional banks but more common at neobanks. Wise and Revolut both cap how much you can transfer per month without paying extra, though the limits are usually high enough for everyday use. Check the current limits on the bank's website or app before you sign up.
Some banks also restrict which services are available to Americans. Cryptocurrency trading, certain investment products, or peer-to-peer lending may be off-limits due to US securities regulations. Again, ask before you open the account so you know what you are getting.
Alternatives if a bank declines you
If you cannot open a traditional bank account, a multi-currency account with Wise or a neobank account with Revolut will cover most everyday needs. You can receive salary deposits, pay bills, and spend money abroad without a traditional bank. The tradeoff is that you lose some features—overdraft protection, credit building, certain types of loans—that come with a full bank account.
If you need a traditional account and are being declined, consider whether you can open an account in your home country that offers international services. Some US banks have partnerships with European banks and can help you access services abroad. This is slower and more expensive than opening a local account, but it is an option if you are stuck.
You can also ask the bank that declined you whether they have a waiting list or whether they plan to reopen to American customers. Some banks cycle in and out of accepting Americans as their compliance policies change.
Frequently Asked Questions
Do I need to be a resident of a European country to open a bank account there?
Most traditional banks require you to be a resident or at least physically present in the country. Online banks and neobanks like Wise and Revolut do not require residency and will open accounts for Americans anywhere. If you are moving to Europe, you can open an online account before you arrive and then switch to a local bank once you have proof of residence.
What if I do not have a Social Security Number or ITIN?
You can request an ITIN from the IRS if you are not a US citizen but have a reason to file US taxes. The process takes several weeks. Some banks will open an account provisionally and ask for the number later, while others will not proceed without it. Call the bank and ask whether they can work with you if you are in the process of getting an ITIN.
Can I open a European bank account if I am not moving there?
Online banks and neobanks like Wise will let you open an account from anywhere. Traditional banks almost always require you to be present in person, so you would need to visit the country to open an account. For most Americans who are not relocating, an online service is the only practical option.
Will opening a European bank account affect my US taxes?
The account itself does not affect your taxes, but the income or interest it generates does. You must report all foreign income to the IRS, and you may owe tax on interest earned in the account. The bank will report the account to the IRS under FATCA, so the IRS will know about it regardless. Talk to a tax professional if you are unsure how to report foreign accounts.
How much money can I keep in a European bank account?
There is no legal limit on how much you can deposit or hold. However, if you have more than $10,000 in foreign accounts combined, you must file an FBAR (Foreign Bank Account Report) with the US Treasury. This is separate from your tax return and has its own deadline. Failure to file an FBAR can result in serious penalties, so consult a tax professional if you are holding significant amounts abroad.