Setting Up Banking Abroad

Jan 31, 2026

Life gets easier when you have a local bank account in your new country. Many landlords require one for rent. Employers need one for payroll. Utility companies won't set up auto-pay without one. Getting that account open is one of the first things you should do after arrival.

Requirements

Requirements vary by country but the high-level ones are consistent:

Passport
Proof of address (lease, utility bill, or official registration document)
Residence permit or visa
Tax identification number (some countries issue this at registration, others require a separate application)

Almost every expat hits the same catch-22. You need proof of address to open a bank account, but you need a bank account to sign a lease. Some countries handle this better than others.

EU: You have a legal right to an account

Directive 2014/92/EU guarantees every EU resident the right to a basic payment account. Banks cannot refuse you solely because you don't live in the country where they're based. Basic accounts include cash withdrawals, direct debits, credit transfers, and a payment card.

In France, the Banque de France goes further. If a bank refuses you, the Banque de France will designate one that must accept you. This applies to anyone domiciled in France regardless of nationality.

Germany's official expat portal Make-it-in-Germany walks through the process clearly. You'll need your passport, residence permit, and registration certificate (Meldebescheinigung). Digital banks like N26 tend to be more flexible with visa status than traditional banks.

UK

The UK requires banks to perform immigration status checks under the Immigration Act 2014 (expanded by the 2016 amendment). If you have legal leave to remain, you can open an account. Some banks are easier than others for new arrivals. Monzo and Starling tend to have simpler onboarding than high street banks.

Bridge accounts for day one

You're going to land before your local account is open. Plan for this.

Wise (formerly TransferWise) lets you hold 40+ currencies and gives you local account details in 10+ countries. You can receive money as if you have a local account, which helps bridge the gap. Revolut offers similar multi-currency features with 36 currencies and spending in 150+ countries.

I used N26 when I was in France and it worked incredibly well.

While online banks can solve the immediate transfer problem, they still may not qualify you for payroll, rent, etc. Double-check this.

FATCA and FBAR (US citizens)

US citizens living abroad have reporting obligations that complicate banking. FATCA requires reporting foreign financial assets on Form 8938 with your tax return. For expats living abroad, the thresholds are $200,000 at year-end or $300,000 at any point during the year (single), and $400,000/$600,000 respectively for married filing jointly. Separately, FBAR requires reporting all foreign accounts if the aggregate value exceeds $10,000 at any point during the year. That's filed electronically through FinCEN's BSA system, due April 15 with an automatic extension to October 15.

FATCA compliance is a huge pain in the ass for banks. You may find that banks in your new country will decline to open an account once they learn you're a US citizen. This is generally legal and not uncommon. If it happens, try a larger international bank or one of the digital banks mentioned above.

Before departure

Open a Wise/Revolut/N26 account and fund it
Notify your home bank that you're moving abroad (so they don't freeze your card for "suspicious" international activity)
Bring physical copies of your passport, visa, and any address documentation you have
Research which banks in your destination country are known to be expat-friendly