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Holding a bank account in another Member State
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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.
Note:
This right does not apply to other types of bank account, such as savings accounts.
You can be refused an account if you do not comply with EU rules on money laundering and terrorist financing.
In some EU countries, you may be refused a basic bank account if you already have a similar account with another bank in the same country.
If you're applying for a basic payment account outside the country where you live, banks in some EU countries may also want you to prove a genuine interest for doing so – for example if you live in one country but work in another.
A "basic payment account" is an account that covers standard transactions that you use in daily life, such as:
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.
Before you open your account, the bank should give you a document showing the most important services offered on the account and any related fees that you might have to pay. This is known as a "fee information document". You can use it to compare the cost of accounts at different banks.
Your bank must also give you a statement explaining the fees incurred on your bank account at least once a year. This "statement of fees" document should also give information on the interest rates applied to your account.
You can switch your bank account to another bank account in the same EU country. Your new bank should help you with this.
If you want to switch to a new account in the same country, tell your new bank that you want to switch and transfer your recurring payments to the new account.
The new bank will then ensure that your old bank transfers data and cancels any standing orders. The new bank must also:
Note:
You may still be charged a fee if you decide to close your old account.
If you incur costs during the switching procedure because the bank misses a deadline (to cancel a payment for example) or makes mistakes, they have to refund these costs. If you have any difficulties, you can take the issue to the out-of-court dispute resolution scheme.
EU rules ensure that the money in your bank account (savings account and/or and current account) is protected if the bank holding your account fails. Your money is protected up to a limit of €100,000 or the equivalent in local currency. This limit applies per person and per bank, meaning that if you have several accounts at the same bank, the limit of €100,000 applies to your aggregated accounts.
There are some exceptions to this rule. If you have a joint account with your partner, for example, the limit of €100,000 applies to each of you, meaning up to a maximum of €200,000 for your joint account. In addition, your money will also be protected above €100,000 in certain other cases for a limited time, such as:
In these cases, amounts over €100.000 are protected for at least three months and no more than 12 months after the money has been credited, or from the moment when the money became legally transferable, depending on the conditions and thresholds set by each EU country.