Requirements for opening a business bank account in Europe : things you need to know

Anyone can open a business bank account within the European Union. However, this can be challenging as each country has its own banking regulations and language. In this article we will provide different requirements for opening a business bank account in Europe.

General requirements for opening a business account in Europe

Regulations are present in each country to prevent any form of criminal activity and money laundering. Regulations vary from state to country and by region within each country.

• A physical EU business address

• Registering your business within an EU country

• Tax identification number within an EU country

• Some banks may require credit checks and references.

When opening a business bank account, it is essential to know the requirements of a specific bank. You will need a representative to provide your credentials to the bank. These credentials vary by bank and include:

Company registration information


You must provide the following details:

1. A cover letter from an authorized agent.

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2. Personal identification documents (passport or DNI)

3. Physical address

You do not need to register for an EU bank account in order to operate a business in Europe. There are other traditional approaches to setting up an account. 

Having an account with a large international bank with banking operations within the EU can help you set up an account.

Some countries may require a similar location for both the head office and the registered office, and some may have a higher capital requirement. An official identification number obtained from a relevant authority is required to formally register your company.

The company registration number is important in that; It is useful in most business activities such as employment authorities, tax services, and business agencies.

Accessibility of EU banks

Many banks offer services that include the following:

• ATM cash withdrawal

• Online banking services

• Wire transfers

• Direct debits and telephone services.

Use of credit and debit cards

Many countries use debit and credit cards with debit cards offered by most national banks. Maestro and Cirrus are facilities that are widely available in Europe.

Bank opening hours

The size of a city determines when a bank branch will open and close. However, the opening hours vary from country to country.

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Most banks are open Monday through Friday from 09:00 to 17:00, but some open at 08:00 and close at 15:00. Banks in other countries close for lunch, some do not open on weekends, and in other places they open on Saturdays.

UK bank accounts for Europe

Having euros or any other foreign currency business account with a UK bank makes it easy to do business in Europe. The major banks have a network of partners who offer legal experience and tax knowledge.

Business accounts in euros

The importance of business accounts in euros:

• They make pickup and payment easy.

• Exchange rate fluctuations are reduced.

• They reduce administration and cost.

• They allow easy access to funds.

Essential details such as bank identification code and international bank account number are confidential and required to make and receive payments and are set up by your UK bank. Business bank accounts can be in both foreign currency and euros, which makes it possible for companies to work in all European countries.

Commercial account services and charges in euros

Fees are charged for the services offered by these accounts. However, a quarterly rate is standard for services such as inquiries for statements, invoices, credit cards, and sending and receiving money.

Preparation of a business plan for a European bank.

Whenever you are writing a business plan to apply for financing, the plan must be written in the language of the country where you are applying. First it is easier to write it in English and then it can be translated.


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Professional advice will be helpful, as it will ensure that you submit a complete document and a perfect translation that is tailored to the bank’s needs.

To improve the economic environment in all European countries, the European Investment Fund has been created. The FEI works with different organizations that finance businesses directly. The main activities of the FEI are:

• Provide guarantees to banks and other financial institutions that invest in small and medium-sized enterprises (SMEs)

• Venture capital investments for SMEs.

Credit checks in Europe

The credit check system in Europe is not as extensive as that of the UK. Decisions are commonly based on the following:

• The family situation

• Current salary and debts.

Running bad credit can cause a bank to place you in a delinquent file that will be shared by credit agencies.

New developments

Recent developments have been established to ensure consumer protection and develop a common credit market.

The Single European Payment Area (SEPA)

SEPA ensures that cashless payments are made uniformly in all European countries. Allows business customers to make non-cash payments using debit or credit cards. SEPA Credit Transfers (SCT) ensures that banks do not charge a fee for payments within the EU.

What does SEPA offer to companies?

Offers a reduced cost

• SEPA provides a single bank account to cover all of Europe

• Simplified financial processing

Advantages of SEPA

• Promotes open market competition.

• SEPA maintains a lower operating cost

• Ensures greater efficiency

That’s it from us on the requirements for opening a business bank account in Europe. Let’s hear your thoughts.

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