How to open a business account in Europe from the US [2024]
If you have a business based somewhere in Europe, or if you trade with Europe frequently, having a European bank account can help you manage your money cheaply and with minimal hassle. European bank accounts may hold and exchange major currencies like euros or British pounds – or a broad selection of European currencies including less common choices like Polish zloty, Bulgarian lev or Turkish lira for example.
This guide walks through some of the best business account options available for US customers looking to do business in Europe, including Wise and Revolut – and how to open your account without needing to get on a plane.
Key points: European business account
- A European business account will usually be able to hold and receive payments in one or more European currencies – such as EUR, GBP, or any of the other 20+ smaller currencies commonly used there
- Small businesses may find that US banks don’t have a great selection of European business account services – but alternatives are out there such as Wise, Revolut and OFX
- European banks may allow non-resident business customers to open an account, but this isn’t always possible and may require you to attend a branch in person
- Some accounts allow holding of one currency only – services like Wise and Revolut offer multiple currency options for optimal flexibility
Can I open a business bank account in Europe as a non-resident?
Yes, you can open a business account in Europe from the US.
It’s worth knowing that your options from banks might be a bit limited. US banks don’t always offer a wide variety of foreign currency business accounts – and where these are available they may be more targeted at very large businesses. European banks may offer non-resident business owners the option to open an account but not all will, and it’s common to need to visit a bank in person to get your account.
This is where non-bank alternative options can be a good choice. There are several great providers which offer US business customers accounts you can open online or in an app, to hold, receive, send and exchange payments in European currencies. We’ll look at some of the best – including Wise and Revolut – in this guide.
Can I open a business bank account online in Europe?
Yes, it is possible to open a European business account online with a non-bank provider like Wise and Revolut.
Wise, Revolut, OFX and Airwallex – which we will explore in this guide – all allow US based customers to open an account which can hold and exchange European currencies.
Accounts are opened and operated online or through an app – which means there’s no need to visit Europe in person to get set up.
What is the best bank for a business account in Europe?
There are several options for opening a business account from the US which you can use conveniently to manage your money in EUR and other major European currencies. Generally the most flexible accounts come from non-bank alternative providers which have digital services and low fees.
We’ve profiled some popular Euro business account options here, including Wise, Revolut, and OFX.
Ultimately, there’s no single best business account – it’ll come down to your specific preferences and requirements. To give a quick overview of some popular options we’ve compared a few providers below, with more detail coming up next.
| Service/Provider | Wise business | Revolut business | OFX business | Airwallex |
|---|---|---|---|---|
| Open account online | Fully digital application, verification and onboarding | Open account online or in-app | Apply for your account online – you may need to speak to an advisor before you can start transacting | Fully digital application, verification and onboarding |
| Foreign currencies | 40+ currencies including EUR and USD | 25+ currencies including EUR and USD | 7 currencies including EUR and USD | 20+ currencies including EUR and USD |
| Account fees | 31 USD fee to get full feature access, no ongoing fees | 0 USD – 119 USD/month | No ongoing fees | No ongoing fees |
| International transfer fees | From 0.33% | 5 USD – some accounts include limited no-fee transfers | No OFX fee | Free for some currencies 15 USD – 25 USD for SWIFT payments |
| Business debit cards | Debit and expense cards available | All account tiers have debit cards – features vary depending on plan selected | Not available | Debit and expense cards available – ATM withdrawals are not possible |
Wise business account
Great for: No ongoing costs, with ways to hold, send, spend, receive and exchange a very broad selection of European and non-European currencies in your account
Wise business customers can hold and exchange 40+ currencies including both major European currencies like EUR and GBP, and others such as BGN, PLN, TRY, NOK, DKK and SEK.
You can also receive payments in 8+ currencies including major currencies like USD, EUR and GBP to your Wise account with local account details.
There’s a 31 USD fee to get full account access, with no ongoing charges, and all accounts offer linked debit and expense cards, low cost international transfers, batch payment solutions and other handy business friendly features. When you need to convert currencies, Wise uses the mid-market exchange rate with low, transparent fees from 0.33%.
Best features:
- Hold and exchange 40+ currencies including USD and EUR, get local account details for 8+ currencies, including USD and EUR, to be paid conveniently into your account
- Get business debit and expense cards for you and your team to spend conveniently
- Currency exchange uses the mid-market rate with low transaction fees and no monthly fees
Learn more: Wise Business Account Review & Wise Business Account requirements
If you are not sure which Wise account type would be best for you, this guide might help: Wise personal vs business account
Revolut business account
Great for: Choice of different account tiers depending on how often you transact – ways to hold and exchange 25+ currencies in one account
Revolut US offers several different business account products which allow you to pick either an account with no ongoing charges, or to upgrade to a monthly fee to unlock higher no-fee transaction limits. All accounts have linked cards, and some no-fee weekday currency conversion.
The exact features of your account will depend on the tier you select, with monthly charges up to 119 USD for the top end Scale plan. All accounts can be opened and operated online or in the Revolut app.
Best features:
- Hold and exchange 25+ currencies, including USD and EUR – all accounts have some no-fee conversion on weekdays, to plan limits
- Choose from an account with no monthly fee and more limited features, or upgrade to a feature packed tier with ongoing costs
- Get paid in European currencies using SWIFT details which come with your account – currencies like EUR, GBP, BGN, DKK, NOK, PLN and RON supported
Learn more: Revolut Business Review & Alternatives to Revolut Business
OFX business account
Great for: Online sellers, and businesses working with marketplace sites, looking to be paid in any of 7 major currencies including EUR and GBP
OFX is a currency specialist which offers international payments, currency risk management products and a Global Currency Account aimed at online sellers and businesses which take digital payments in major currencies through marketplaces like Amazon and PSPs like Stripe. There’s no fee to open an OFX account and no ongoing charges to pay. Instead, a small markup is added to the exchange rate being used for currency conversion when you make a payment or withdrawal. No debit card is offered, but you can set up your account conveniently online or in-app.
Best features:
- Receive, hold and exchange 7 major currencies including USD, EUR and GBP
- Connect your account to marketplaces, PSPs and ecommerce sites to be paid conveniently
- No ongoing OFX fees to worry about
Airwallex account
Great for: Businesses taking customer card payments in USD or select European currencies
Airwallex is a well known global service which lets business customers set up a global account to receive payments in 20+ currencies and manage them within one central account. This can be helpful when receiving payments, and can also keep currency exchange to a minimum to cut costs. If you do need to convert currencies with Airwallex there’s a fee – but this is often as low as 0.5%, representing good value against many other business accounts from banks.
Best features:
- Global accounts to hold 23 currencies and receive payments in 20+
- Get paid through payment links and plugins – ideal for online sellers and ecommerce businesses
- Issue debit and expense cards for your account – usually with no fee
What is the process for opening a business bank account in Europe?
Generally if you want to open a business account with a European bank you’ll need to call in to a branch in person to show your documents and give a signature. Processes vary a lot throughout Europe, so the options available will depend on where your business is based and which currency or currencies you need to hold.
If you’re looking for a business account that can be opened online and used to hold and exchange many different European currencies, a non-bank provider could present a better alternative.
How to open a business account in Europe online?
Banks may not be able to help if you want to open a EUR, GBP or other European account online from the US. But specialist providers have been built to do exactly that, with digital application, verification and onboarding which can be managed with nothing more than your phone or laptop.
To give an example of how to open a business account online, here’s how to register with Wise business and get currency details for currencies like GBP or EUR, to start receiving payments:
- Download the Wise app or open the desktop site, and tap Sign Up
- Confirm you would like to open a business account
- Follow the prompts to enter your personal and business details
- Complete the verification step by uploading the documents requested
- Pay the one time account opening fee and add money to your account if you’d like to
- Within the Wise app, tap the ‘+’ symbol to choose the currency of your choice. Your currency balance will be opened instantly.
- You can now use your account to hold, send, spend and receive pounds, euros and other European currencies as well as US dollars
Requirements to open a business bank account in Europe
There’s no law against opening a bank account for your business in Europe if you don’t live there. However, different banks set their own policies on this and so you may need to shop around to find one which will accept a business client based in the US. It’s also important to note that although much of Europe is in the EU, local laws and norms vary.
This means that the requirements which apply to your business account might be very different if you want to trade in France compared to trading in the UK or in Switzerland for example.
As standard you can expect to require a locally registered business wherever you’re opening an account. You will usually have to be 18 or over, and may need a local address in the country you’re operating in. Double check the requirements for your preferred bank to make sure you’re eligible before you apply.
What do you need to open a business bank account in Europe?
How easy – or difficult – it is to open a business account in Europe depends on the country involved and the provider you pick first and foremost. Company registration protocols are similar throughout Europe – but not exactly the same. This means that different documents may be needed depending on where your company is registered and the entity type.
Here is a list of documents and information usually needed to open a European business account:
- Your full business address, including postcode
- Your business contact details (landline number, mobile number, email address)
- Your business registration number
- Proof of ID and address
- Full name and date of birth of the business owner, partners and directors
- Business owner, partners and directors’ contact information and address
If you’re opening an account with a non-bank provider such as the ones we’ve featured here, you’ll still need to provide a suite of documents for verification purposes. The provider can give you clear instructions on what’s needed, and you’ll just have to upload clear photos of your paperwork to apply.
Fees to open a European business account
In general, the fees you pay will vary depending on the bank you pick and the country it is in. Norms about banking fees vary a lot throughout Europe, so you’ll need to do some careful research to check you understand all the costs, which can also be influenced by the account type, the plan you select and the business entity you are running.
You can usually find free to open bank accounts – at least for smaller businesses and sole traders – although you’ll still want to check out transaction fees to make sure they are acceptable to you. Non-bank alternative providers can often offer lower overall costs and more flexible account services – weigh up your options before you decide on the right one for you.
If you need an international payments service, this guide might help: Best international money transfer app for business
Conclusion: Opening a European business account
Having a European bank account for your business can help if you have customers, contractors, suppliers or staff in Europe. However, the range of services available is extremely varied depending on where your business is registered and the currencies you need to transact in. Banks do sometimes offer business account services to non-resident customers, but this is not always an option.
Specialist providers like Wise and Revolut are two of the best international business accounts. With an online service like Wise or Revolut, you can open your account online in the US, to receive, hold, exchange, send and spend European currencies like EUR and GBP as well as USD all in the same place.
Specialist providers can be flexible and cheap to use, and often come with handy time saving features like cloud accounting integrations and batch payment solutions, too. Compare a few European business account products from non-bank alternative providers to see which works best for you.
