Bank Accounts in the EU

Bank Accounts in the EU

If you are legally resident in an EU country you are entitled to open a “basic payment account”. Banks cannot refuse your application for a basic payment account just because you don’t live in the country where the bank is established.

Features of a basic account

A “basic payment account” is an account that covers standard transactions that you use in daily life, such as:

  • making deposits
  • withdrawing cash
  • receiving and carrying out payments (for example direct debits and card purchases)

It should also include a payment card that you can use to withdraw cash and make purchases – both online and in shops.

Where available, the bank should include access to online banking services with your account. However, they do not always have to include an overdraft or credit facility.

In some EU countries, your bank might still charge you an annual fee for this basic payment account. This fee should remain reasonable.

However please be aware that:

  • This right does not apply to other types of accounts such as savings accounts.
  • You may still be charged a fee if you close your account.

You are advised to read the full report on before taking out an account. the link is below:


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