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Today it is impossible to fully participate in the modern economy without a bank account; It is considered an essential part of the life of every successful person. Single market legislation guarantees that banks can operate without restrictions throughout the European Union. The ability to offer cross-border services helps EU citizens and non-EU citizens to open bank accounts for various purposes.

There are more than 7000 banks and other credit institutions in the European Union. At the end of 2016, more than 2.8 million people were employed in the EU banking sector. EU residents and non-EU residents tend to open different types of bank accounts. Bank accounts fall into five types: savings accounts, money market accounts, checking accounts, retirement accounts, and deposit insurance accounts.

Savings accounts are considered to be the best accounts for your savings. Checking accounts provide customers with the ability to deposit checks, pay bills, and make withdrawals. Debit cards are a primary form of payment for this type of account. Current accounts are used by the majority of customers and are suitable for anyone who needs to make deposits and has a balance of less than EUR 5,000. A call money account makes sense for someone with a usual balance between 5,000 and 10,000 EUR. This type of account is a great option if you want to park cash. Certificates of deposit are not very popular. In most cases, they are used to hold money that you don't need to spend as locking the funds allows you to earn more interest. Finally, retirement accounts are good for saving for the future and offer some tax advantages.

A major benefit of having an EU bank account is that you don't have to live in the European Union to have an account here. If you process your transactions in euros, you can of course save on exchange fees. Security is also a strong incentive to open a bank account in the EU. European banks typically offer state-of-the-art services, including a large network of ATMs that operate 24/7 and secure online banking. The cost of opening an account is usually very low. In some cases you can get a free credit card, usually a Visa or MasterCard.

Today, many non-EU citizens are granted permission to travel freely, either for leisure or work, and to open bank accounts within the EU, just like EU citizens. However, it is still necessary to understand the procedural requirements and to clarify certain issues that at first glance may seem a bit challenging for a non-EU citizen. Some of these issues relate to banking in general, while others are specific to opening a corporate bank account in an EU country.

The first problem is the location. It is highly advisable to choose the country where you open your bank account wisely and base your choice not only on your preferences but also on your account opening purposes. In general, non-EU citizens find opening a corporate bank account in the EU very beneficial, mainly because of the quality services that the well-regulated European system offers. Banks across the European Union are keen to support businesses and welcome new customers and it is a common policy to offer flexibility and attractive discounts.

In order to simplify the application process and make it faster and more convenient, most EU banks allow you to fill out the application form online. As a rule, the time frame for answering the request ranges from a few hours (in rare cases only 30-40 minutes can be sufficient) up to five working days, depending on the type of request. However, you should take into account that non-EU citizens may be charged an additional fee for opening a corporate or other type of bank account, depending on the bank's terms and conditions.

Given the challenges a non-EU citizen can face when opening a corporate bank account in the European Union, the only constant is the translation and, as it is often called, notarization of all required documents. Note that the amount of documents required may vary slightly from country to country, which may cause inconveniences from time to time.