How IBAN Accounts Work for Foreigners: Open a Secure Account in 2025

Sending money internationally requires accurate account details to ensure the funds reach the recipient. An IBAN (International Bank Account Number) simplifies this process by guiding your payment through an international banking system. With an IBAN, there’s no need to worry about your money reaching the wrong destination, as the system ensures the funds are transferred accurately and efficiently.

The IBAN goes through the payment network of your financial provider, who verifies it against their database. Once validated, your transaction proceeds securely.

Documents Needed for an IBAN with a Residence Permit

Each European country has its own "Know Your Customer" (KYC) protocols when offering bank accounts to non-residents. The required documents can vary, but generally, you will need:

Passport or valid ID
Residence permit
Proof of address (utility bill, bank statement, or rental agreement)
Business registration documents (for business accounts)
Recent bank statement and a reference letter from your current bank
A letter explaining the purpose of the IBAN account (e.g., receiving client payments)

SEPA Instant and SEPA Transfers for Foreigners

A SEPA Instant account allows you to make real-time transfers. Key features include:

Immediate execution (within 10 seconds)
24/7 availability, even on holidays
Supported in 36 countries across Europe and the UK
No hidden fees
Enhanced security for all transactions

SEPA Transfers, on the other hand, enable cross-border payments within Europe as easily as domestic transfers. Benefits include:

Lower transaction fees
No hidden costs
Execution time of 3–24 hours
Safe and accurate processing

Personal IBAN and Non-Resident Accounts at Credits

At Credits, you can open both a personal IBAN and a non-resident account, giving you full access to remittance services. These accounts have no transfer limits. EU and UK citizens can open a personal account for free, while non-EU residents can avail of similar accounts with a minimal fee. Check the Credits homepage for further details.

European IBAN for Non-EU Citizens and Foreigners

A European IBAN offers multiple benefits for non-EU citizens and foreign nationals:

SEPA payments across all EU countries
International transfers to and from Europe
Full access to online banking services
Physical and virtual European payment cards

Having a European IBAN account ensures your money remains secure and accessible at all times.

Eligibility for an IBAN Account for Foreigners

To open an IBAN account as a foreigner, you typically need one of the following:

A European citizen ID card
A valid residence permit in an EU country

Many countries, such as Turkey, Ukraine, Serbia, China, South Korea, Russia, and Egypt, allow their residents to obtain a Mastercard Debit Card through online services. A European residence permit and proof of address within the EU are the primary requirements for setting up an account.

How to Get an IBAN Account as a Foreigner

To apply for an IBAN as a non-resident, you will need the following documents:

A valid passport
Secondary proof of identification, such as a driver’s license or ID card
Proof of European residence (utility bill or official letter)

Limit IBAN Account for Foreigners

A limit IBAN account allows you to set specific rates for currency exchanges. When your desired rate is met, the exchange occurs automatically. You can set an expiry date for your limit order, up to three months in the future. The minimum transaction amount is typically €1,000, with a maximum of €10,000 or the equivalent.

Benefits of Credits IBAN Account for Foreigners

Credits provides non-residents and foreigners with IBAN accounts that offer:

Features similar to a credit card
24/7 access to your account
Convenient non-cash payments globally
Safe online shopping with secure payment options
Extensive access to ATM networks worldwide
The ability to manage spending with limits on purchases and withdrawals

Open an IBAN Account in 10 Minutes

Looking for a quick way to get an EU IBAN? Credits allows you to open a personal account in just 10 minutes. With a user-friendly online application process, you can have a EUR IBAN ready in no time. Credits is designed for entrepreneurs and small business owners, simplifying the process and avoiding the rejections often faced with traditional banks.

What You Need to Open an IBAN for Foreigners

To open an IBAN account with Credits, you will need:

A valid passport or ID card
Proof of European residency, such as a residence permit
A proof of address, such as a utility bill

Even if you do not have European citizenship, you can still apply if you live, work, study, or own property within the EU.

Opening an IBAN Account for Foreigners with a Residence Permit

Opening an IBAN account at Credits is simple. All you need is a valid ID, proof of address, and residence permit. If you're temporarily staying in Europe or don’t yet have a permit, you can still open an account through the Credits wallet, using cryptocurrency for transfers, top-ups, and withdrawals.

Send Money Without a Bank Account

Want to transfer money quickly without a traditional bank account? Simply download the Credits app, available on iOS and Android, to facilitate easy, secure, and instant money transfers worldwide.