A SEPA Bank account operates within the single Euro Payments Area, making money transfers inexpensive and quick. This bank was established to facilitate international payments in Euros. Although some banks may charge a small fee, electronic transfers between SEPA countries are frequently free.
With a SEPA European bank account, you can easily send and receive money within the Single Euro Payments Area- SEPA Zone. Opening an account with SEPA is quite simple, but first, let us give you a brief overview of what SEPA is.
SEPA Bank accounts feature among the best bank accounts to hold no matter where you are located, either in Europe or in any other country. I guess many of you have been seeking to know if it is possible for you to open a SEPA Bank account online? well the answer is yes.
SEPA is mostly used by European countries to carryout their daily transactions such as transfers and payments to other SEPA bank accounts or may be any other bank account.
A great step was taken by the European commission and European Union on SEPA and this let to all consumers and members being able to send money to other countries even though they are not located in the SEPA zone without any additional fees.
That said, it is now possible for all SEPA bank accounts to users to send money to other countries out of the European territory without having to pay any fee for cross border transactions.
Since this bank is available only to European countries, it means that it can only be issued to European residents and in this article, you will discover how you can go about opening a SEPA bank account online.
Opening a SEPA Bank account online will be more easy since all European banks are connected to each other thanks to the SEPA.
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How to Open a SEPA European Bank Account Online
It is of no doubt that most people nowadays are already used to the traditional system of banking cause they find it interesting but Online banking is even best especially for Business people who often find themselves travelling and being in need of performing a transaction regardless of their actual location.
In this article, you will discover how you can open a SEPA personal and a SEPA Business Account online but first of all, you will need to know the requirements which are listed below.
Due to the fact that it is more easy to get a SEPA account from European banks, you will have to do the request from a European bank.
Requirements to Open a SEPA Business Bank Account Online
- Tax compliance - ITIN of the established business
- Credit check reference
- Local address of the company or business
Making Use of IBAN Service
IBAN actually stands for International Bank Identification Number often abbreviated as IBAN. This is an international agreed system of identifying bank accounts across national borders in order to ease the flow of communication and processing of cross border transactions with a reduced risk of transcription errors.
All SEPA Accounts are issued with an IBAN that is a sort of identifier that makes the account unique. It has a series of alphanumeric characters with 4 sections categorizing it- a country code(2 letters) , 2 check digits, a domestic account number and the routing information.
From that said above, here is an example of an IBAN FR 14 1567 1423 7610 6521 00. As seen in the code FR stands for France.
In order to open a SEPA Bank account with IBAN, we are going to make use of a website that makes it far more easier.
How to Open a SEPA IBAN Account Online?
- You will have to visit Jeton Website and Register
- From here, you will have to fill in the relevant information for the account you want to open
- Then you submit the relevant compliance certification materials as demanded
- Make mark ID ( Face recognition)
Aside from this method above, it should be noted that there are numerous Fintech companies that can help you open a SEPA Bank account online and they include Wise Borderless, Revolit, Monese , Bunq and many others so let us take a look at the them in this article.
1. Wise Borderless - Average ratings- 4.2 Stars
Wise Borderless was previously known as Transfer Wise and today it is one of the best ways to open a SEPA bank account online. The quality of their services is outstanding and with your SEPA account, you are capable to send and receive money in more than 40+ currencies.
One other amazing feature of this service is that, you can apply for a Wise virtual MasterCard(debit) in order to access your account in any country that you might be travelling to for a variety of reasons.
So what are you waiting for to open your own SEPA Account from here cause opening an account with them is free and generally does not require a lot of time and steps.
Once your account is registered, you will normally have to top it up in order for it to be activated. But in case you are registering a business account, you will have to make sure that your business account is verified.
With Wise Borderless, you will have access to Borderless bank transfers and banking for international businesses.
- Borderless bank account
- Lowest transfer fees
- Debit card only- no real debit card
- Card cannot be shipped to all countries
2. Revolut - Average Service Ratings - 4.1 Stars
Secondly, we have Revolut which is one of the great options when you want to Open a SEPA Bank account online and they are preferred at times over the traditional banks due to their effectiveness in their various services. They carry out most of their in a mobile application which is available for free download.
Revolut comes along with numerous advantages such as cheap international transfers, Real money saver for travelers and no Credit check- schufa free
On ther other side, they also have some few cons that comes along with their services such as being only available for European residents and also proof of residency is demanded.
3. Monese - Average Service Ratings - 4.1 Stars
Another service that easily allows you to open a SEPA Bank account online is Monese. In case you are looking for a way to open a SEPA Bank account for your personal purposes or to serve your small business, then SEPA bank account is the optimum choice for you.
Their fees are often 0 pounds per month for their accounts and they do not charge additional fess for most of their transactions.
Having an account with Monese will guarantee you Borderless payments, Modern banking for individuals and small businesses.
- 100% customer funds protection
- SEPA - IBAN accounts
- No residency proof demanded
- Sign up only for EEA
- No real credit card
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4. Bunq - Average Service ratings - 4.0
Bunq is actually a virtual bank account provider that provides euros accounts starting from 9.9 euros monthly. This account can be opened by all countries within the European Union and SEPA payments can easily carried out with such account.
- IBAN Accounts
- SEPA / SWIFT transfers
- Credit Cards
- high monthly account fee
- supports competence should improve
5. Paysera - Average Service ratings - 3.0
Paysera is an online bank you can use to open a SEPA bank account. It offers IBAN accounts, cheap and easy money transfers. You can use it to send and receive money online. It is free to transfer money within the SEPA area with a personal account.
You can open a personal or a business account with Paysera. Credit card fees are between €3 and €5 for non-EEA citizens. Credit cards for businesses cost €5. ATM cash withdrawals within the EU states and Bulgaria cost €1 while in non-EU states; they cost €1.50 and 1.80%.
- SEPA - IBAN Accounts
- Schufa free
- Cheap currency exchange rate
- Daily ATM withdrawal limit is only 600 euros
- Card only for EEA - Europe
6. ePayments - Average Service ratings
Another great SEPA accooubt provider is ePayments and by signing up through ePayments, your account will be issued in a couple of minutes. They are specialised in borderless internet payments.
ePayments provide SEPA accounts alongside numerous advantages such as IBAN bank accounts, MasterCard, Good App.
On the other hand, they also show some few short comings in their services such as; No real credit card and no crypto wallets.
7. N26 - Average Service ratings- 3.0
This is another convenient online bank for most people especially for those that are freelancers or have plans of engaging in such fields. Each account from N26 comes with an IBAN that you can use to perform payments in Europe - SEPA Zone. Your account will also come with a credit card.
- Good app
- Cheap international transfer
After having gone through the article above, you will surely see that SEPA bank accounts are the best Bank accounts that one can have in order to carry out full operations within the European territory.
There are many ways through which you can a European bank account so it is left to you to select the method that suits you best depending on the type of bank account that you want.
Requirements to Open a SEPA Personal Bank Account Online
- Company registration number in order to extend account services
- Your passport photo alongside a valid physical address- usually your residential address
- A letter from a verified bank or agent
Advantages of Having a SEPA Account
The SEPA bank accounts are optimum for both business purposes and individual purposes. Here are some major advantages of holding a SEPA bank account.
- Transactions made within SEPA nations can be free
- It is simple and convenient to use
- All transactions are made in transparency
- Transactions between SEPA accounts take about 10 seconds
Final Thoughts on How to Open a SEPA Bank Account Online For European Residents [Complete Process]
As we have already seen above in this article, a SEPA Bank account operates within a the single Euro payments Area and it makes money transfers cheap and fast.
This bank was put in place in order to ease international payments using the Euros. Although some banks do charge a little fee, but in most of the cases, electronic transfers within the SEPA countries are often free.
So it is left over to you to try and open a SEPA bank account via the method that suits you best if you located in any country that is found in the list of SEPA countries and enjoy numerous amazing banking features of this bank.
Frequently Asked Questions
How to Open a SEPA European Bank account in Sweden?
Nowadays, it is very possible to open European bank account in Sweden and carryout all the major transactions securely, so what are you waiting for just pick one of the methods above and get in to the SEPA world..
How to Open a SEPA Bank account in Switzerland ?
Switzerland owns the World Power bank where assets can be stored in all security and it is of no doubt that every individual will of course love to own a bank account in the country so just choose from any provider above and sign up your account..