How to Choose the Best Bank Account as an Expat Parent
Because juggling currencies, apps, and fees shouldn’t be harder than parenting itself.
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New country. New routines. New language. And now… a new bank account?
If you’ve ever tried navigating confusing fees, a glitchy banking app, or endless paperwork—in a language you barely speak—you know banking as an expat can feel overwhelming. But choosing the best expat bank account in Europe doesn’t have to be complicated.
This guide compares the top digital banks for expat families across Europe, helping you find an account that actually works for your life abroad.
What Makes a Bank Account “Expat-Friendly”?
When you’re raising a family in Europe, your banking needs go beyond a simple checking account. The best expat bank accounts in Europe offer:
- Multi-currency support for managing money across borders
- Local IBAN for receiving salaries and paying European bills
- Low international transfer fees for sending money home or between countries
- Instant online setup without lengthy paperwork or appointments
- English language support with easy-to-use mobile apps
- Family features like children’s accounts and budgeting tools
Having a European IBAN means you can receive SEPA instant transfers, which allow money to move between European bank accounts in seconds, not days. This is crucial for paying bills, receiving salary, and managing money across borders.
Whether you’re paying for childcare in Berlin, sending money to relatives, or saving for your kid’s school in Lisbon, the right expat bank account makes daily life smoother.
Top 5 Digital Banks for Expats in Europe (2025)
After reviewing dozens of banks and testing features expat families actually use, here are the best options:
1. Wise (formerly TransferWise) – Best for International Transfers
Best for: Expats with multiple currencies, freelancers, and families sending money internationally
Key Features:
- Hold 50+ currencies in one account with local account details
- Real exchange rate with transparent fees (typically 0.35-1%)
- IBAN accounts for EUR, GBP, USD, AUD, NZD, and more
- Debit card accepted worldwide
- Business account options available
Fees:
- No monthly fee for personal accounts
- Small conversion fees (usually under 1%)
- Free ATM withdrawals up to £200/month, then 0.5%
Why Expat Families Love It: If you’re managing money in multiple currencies—maybe earning in USD but paying bills in EUR—Wise saves you hundreds in conversion fees annually. The multi-currency account means you can hold money in different currencies and convert only when rates are favorable.
Downsides:
- Not technically a bank (e-money institution), so no deposit protection beyond €20,000
- Limited cash deposit options
2. Revolut – Best All-in-One Family Banking App
Best for: Digital-first families who want budgeting tools, savings vaults, and junior accounts
Key Features:
- Instant account opening (minutes, not days)
- Exchange money at interbank rates on weekdays
- Built-in budgeting and analytics
- Junior accounts for kids (ages 6-17) with parental controls
- Savings vaults with goal tracking
- Travel insurance and lounge access (Premium/Metal plans)
Fees:
- Standard (Free): Limited currency exchange (€1,000/month), basic card
- Plus (€2.99/month): Unlimited exchanges, priority support
- Premium (€7.99/month): Travel insurance, lounge access, better exchange limits
- Metal (€13.99/month): Cashback, concierge, metal card
Why Expat Families Love It: Revolut’s junior accounts make it easy to teach kids about money while managing family finances in one place. The budgeting tools help you track spending across categories, and the savings vaults make goal-setting visual and simple.
Downsides:
- Weekend exchange rates include markup
- Customer service can be slow
- Account freezes occasionally reported
3. N26 – Best for German-Based Expats
Best for: Expats living in Germany or Austria who want a fully licensed EU bank
Key Features:
- Full German banking license with deposit protection up to €100,000
- Sleek mobile-first interface in 5 languages
- Instant push notifications for every transaction
- Sub-accounts (Spaces) for savings goals
- Integration with Apple Pay, Google Pay, Samsung Pay
- Freelance account options
Fees:
- Standard (Free): Basic account, 3 free ATM withdrawals/month in EUR
- Smart (€4.90/month): 5 free ATM withdrawals, shared Spaces
- You (€9.90/month): Travel insurance, unlimited ATM withdrawals
- Metal (€16.90/month): Exclusive metal card, partner offers
Why Expat Families Love It: N26 holds a full German banking license and is supervised by German banking regulations through the Bundesbank and BaFin. This provides strong regulatory oversight and the full €100,000 deposit protection that comes with EU banking licenses.
Downsides:
- Limited physical presence (no branches)
- Some features restricted outside Germany/Austria
- Premium tiers can be pricey
4. Monese – Best for Newcomers Without Proof of Address
Best for: Brand-new expats who haven’t established residency yet
Key Features:
- Open account with just passport or ID (no proof of address needed)
- Available in UK and 31 EEA countries
- Multi-language support (14 languages)
- Send money internationally at competitive rates
- Contactless Mastercard debit card
Fees:
- Simple (Free): Basic account, limited features
- Classic (€5.95/month): Premium card, better FX rates
- Premium (€14.95/month): Travel insurance, lounge access, cashback
Why Expat Families Love It: Monese is regulated by the UK Financial Conduct Authority and also holds e-money licenses in multiple EEA countries, providing deposit protection up to €100,000 depending on where your account is registered.
Downsides:
- Higher fees compared to Wise or Revolut for similar services
- Limited features on free plan
- Less competitive exchange rates
5. Bunq – Best for Privacy-Focused Expats
Best for: Expats who prioritize data privacy and sustainable banking
Key Features:
- Dutch banking license with €100,000 deposit protection
- Plant a tree with every €100 spent (Easy Green plan)
- Up to 25 sub-accounts for organizing finances
- Real-time spending notifications
- Travel card with competitive FX rates
- Strong privacy protections (GDPR compliant)
Fees:
- Easy Bank (€2.99/month): 1 bank account, basic features
- Easy Money (€8.99/month): 3 bank accounts, better FX rates
- Easy Green (€17.99/month): 25 accounts, tree planting, premium card
Why Expat Families Love It: If sustainability matters to your family, Bunq’s tree-planting initiative and CO2 tracking make your banking align with your values. The 25 sub-accounts on the top tier make it perfect for detailed family budgeting.
Downsides:
- All plans require monthly fees (no free option)
- More expensive than competitors
- App can feel overwhelming with so many features
Feature Comparison: Best Expat Banks in Europe
| Feature | Wise | Revolut | N26 | Monese | Bunq |
|---|---|---|---|---|---|
| Monthly Fee | Free | Free-€13.99 | Free-€16.90 | Free-€14.95 | €2.99-€17.99 |
| Multi-currency | 50+ currencies | 30+ currencies | Limited | Limited | Limited |
| Local IBAN | EUR, GBP, USD+ | EUR, GBP | EUR | EUR, GBP | EUR |
| FX Fees | 0.35-1% | 0.5-1% (weekend markup) | 1.7% | 1.5-2% | 0.5-1% |
| Free ATM | £200/month | Varies by plan | 3-5/month | Varies | Varies |
| Kids Accounts | No | Yes (6-17) | No | No | No |
| Deposit Protection | €20,000 | €100,000 (LT) | €100,000 (DE) | €100,000 (UK/EEA) | €100,000 (NL) |
| Setup Time | 2-3 days | Minutes | Minutes | Minutes | 5 minutes |
| Best For | Multi-currency needs | All-in-one family | Germany-based | No address yet | Privacy & sustainability |
Should You Keep a Traditional Bank Account Too?
Yes—many expat families use both. Here’s why:
Use Traditional Banks For:
- Mortgage applications (digital banks rarely offer mortgages)
- Large cash deposits (selling a car, receiving family gifts)
- In-person services (notarized documents, safe deposit boxes)
- Local credibility (some landlords prefer local bank statements)
- Business banking (more robust business account features)
Use Digital Banks For:
- Daily spending (groceries, bills, shopping)
- International transfers (lower fees than traditional banks)
- Currency exchange (better rates)
- Travel (low/no foreign transaction fees)
- Budgeting (better apps and tools)
Common Setup: Local traditional bank (Deutsche Bank, Santander, ING) for mortgages and official matters + Wise or Revolut for daily life and travel.
How to Choose: Decision Framework for Expat Families
Step 1: Identify Your Primary Need
If you manage multiple currencies regularly: → Choose Wise for the best exchange rates and multi-currency accounts
If you want one app for everything (spending, saving, kids): → Choose Revolut for the most complete feature set
If you live in Germany and want a “real bank”: → Choose N26 for full banking license and German integration
If you just arrived and have no proof of address: → Choose Monese to start banking immediately
If privacy and sustainability matter most: → Choose Bunq for ethical banking with strong privacy
Step 2: Check Document Requirements
Most digital banks require:
- Valid passport or national ID
- Proof of address (utility bill, rental contract) – except Monese
- Smartphone for app verification
- Tax residency information
Pro tip: Have these documents ready before applying to speed up the process.
Step 3: Consider Total Costs
Don’t just look at monthly fees. Calculate:
- ATM withdrawal fees (how often do you use cash?)
- Currency conversion (do you exchange money regularly?)
- International transfers (sending money home monthly?)
- Extra features (worth paying for travel insurance or premium cards?)
Example: Revolut Premium (€7.99/month) might save you €20/month in exchange fees if you convert currencies often, making it actually cheaper than the free plan.
Step 4: Test With a Free Account First
Most banks offer free basic accounts. Start there:
- Open the free account
- Use it for a month alongside your current bank
- Test the app, customer service, and features
- Upgrade to paid tier only if you need specific features
No risk, and you’ll know for sure if it works for your family.
Common Questions About Expat Banking in Europe
Can I open a European bank account from abroad?
Yes, with digital banks like Wise, Revolut, N26, Monese, and Bunq. You can apply online before moving. Traditional banks usually require in-person visits after you arrive.
Do I need a European address?
- Wise, Revolut, N26, Bunq: Yes, proof of address required
- Monese: No, passport/ID only
- Tip: Use your hotel or temporary accommodation initially, then update your address later
Will I get deposit protection?
All licensed banks in the EU provide deposit protection up to €100,000 per person, per bank, as mandated by European deposit protection schemes. This means if the bank fails, your money up to this amount is guaranteed by the government.
- N26: €100,000 protection (German banking license)
- Bunq: €100,000 protection (Dutch banking license)
- Revolut: €100,000 protection (Lithuanian banking license)
- Monese: €100,000 protection (UK/EEA licenses)
- Wise: €20,000 protection (e-money institution, not a bank)
How long does it take to open an account?
- Digital banks: Minutes to 3 days (identity verification time)
- Traditional banks: 1-4 weeks (require in-person appointments)
Can I receive my salary in these accounts?
Yes, all listed banks provide IBAN numbers for receiving salaries, though some employers prefer traditional banks. Check with your HR department.
What about taxes?
All European banks report to tax authorities. You’ll provide your tax residency information when opening the account. This doesn’t create tax obligations—it’s for reporting purposes.
Can my kids have accounts?
- Revolut: Junior accounts for ages 6-17 with parental controls
- Others: Most require age 18+, but you can create sub-accounts for saving on behalf of kids
Next Steps: Banking + Financial Setup for Expats
Opening a bank account is just the first step. Here’s your complete financial setup checklist:
Month 1: Banking Essentials
- ✅ Open expat-friendly digital bank account
- ✅ Get local IBAN for receiving salary
- ✅ Set up international transfer method (if needed)
- ✅ Order debit card and test ATM withdrawals
Month 2: Financial Infrastructure
- ⬜ Register for local tax number
- ⬜ Research health insurance requirements
- ⬜ Set up emergency fund (3-6 months expenses)
- ⬜ Create budget in new currency
Month 3: Long-term Planning
- ⬜ Understand pension/retirement system in host country
- ⬜ Review investment options as expat
- ⬜ Plan for children’s education costs
- ⬜ Consider international tax implications
Need help with the rest? Download our 30-Day Financial Setup Guide for Expats in Germany with step-by-step checklists and actionable timelines.
Special Considerations for Germany-Based Expats
If you’re moving to Germany specifically, you’ll also need:
1. Proof of Income for Apartment Hunting
German landlords require proof that your net income is at least 3x monthly rent. Get our German Document Templates Pack with:
- Mieterselbstauskunft (rental application form)
- Income & Financial Verification Worksheet
- Landlord reference letter template
- Moving cost tracker
2. SCHUFA Credit Score
Germany’s credit system (SCHUFA) is crucial for renting apartments and getting phone contracts. Opening a German bank account (like N26) helps you start building SCHUFA history immediately.
Learn more: Complete Guide to Financial Planning for Expats in Germany
Avoid These Common Expat Banking Mistakes
❌ Mistake #1: Using Your Home Country Bank for Everything
Why it’s costly: International transaction fees, terrible exchange rates, and ATM charges add up to hundreds of euros annually.
Solution: Keep home bank account for emergencies, use local/digital bank for daily life.
❌ Mistake #2: Not Reading the Fee Schedule
Why it’s costly: “Free” accounts often have hidden fees for ATM withdrawals, currency conversion, or paper statements.
Solution: Download fee schedule PDF before signing up. Calculate your typical monthly usage.
❌ Mistake #3: Putting All Money in E-Money Institutions
Why it’s risky: E-money institutions like Wise have lower deposit protection (€20,000 vs €100,000 for licensed banks).
Solution: Keep savings above €20,000 in fully licensed banks (N26, Bunq, traditional banks).
❌ Mistake #4: Ignoring Currency Conversion Timing
Why it’s costly: Converting money on weekends or without checking rates can cost 2-3% extra.
Solution: Use Wise or Revolut’s rate alerts. Convert during weekday business hours for best rates.
❌ Mistake #5: Not Having a Backup Bank
Why it’s risky: Digital banks occasionally freeze accounts for security reviews, leaving you without access.
Solution: Maintain accounts with two different banks. Keep emergency cash in second account.
Real Expat Family Banking Setups (Examples)
Setup 1: Digital Nomad Family (Spain/Portugal)
Banks: Wise (primary) + Revolut (backup)
- Wise for holding USD income and converting to EUR gradually
- Revolut for daily spending and junior accounts for kids
- Total monthly cost: €0 (both free plans)
- Annual savings vs traditional bank: ~€800
Setup 2: Corporate Expat (Germany)
Banks: N26 (primary) + Deutsche Bank (secondary)
- N26 for salary deposits, daily spending, and budgeting
- Deutsche Bank for mortgage application and cash deposits
- Total monthly cost: €4.90 (N26 Smart plan)
- Benefits: SCHUFA building + traditional bank credibility
Setup 3: Freelancer Family (Netherlands)
Banks: Wise (business) + Bunq (personal)
- Wise business account for receiving international client payments
- Bunq for personal finances with 25 sub-accounts for detailed budgeting
- Total monthly cost: €17.99 (Bunq Easy Green)
- Benefits: Clear business/personal separation + sustainability focus
Setup 4: New Arrival (France)
Banks: Monese (starter) + Revolut (transition)
- Monese immediately upon arrival (no address needed)
- Revolut added after getting proof of address
- Planning to add local French bank after 6 months
- Total monthly cost: €0 (both free plans)
- Benefits: Immediate banking access while establishing residency
Tools & Resources for Expat Banking
Comparison Tools:
- Monito.com – Compare transfer fees across providers
- TransferWise Calculator – See real exchange rate vs bank rates
- Revolut Rate Alerts – Get notified when rates hit your target
Educational Resources:
- Wise Blog – Currency guides and expat money tips
- N26 Magazine – European banking and finance articles
- Revolut Learn – Financial literacy for adults and kids
Community Resources:
- Reddit r/expats – Real experiences from expat community
- Reddit r/eupersonalfinance – European money questions answered
- Local Facebook expat groups – City-specific banking recommendations
Your Checklist: Choosing the Best Expat Bank Account
Before you decide, ask yourself:
Opening Requirements:
- ✅ Can I open this account with the documents I currently have?
- ✅ Do I need proof of address, or can I use my passport only?
- ✅ How long will identity verification take?
Currencies & Transfers:
- ✅ Does it support all currencies I regularly use?
- ✅ What are the real fees for currency exchange? (not just the advertised rate)
- ✅ How much does it cost to send money internationally?
Daily Usage:
- ✅ Are ATM fees reasonable for my typical cash needs?
- ✅ Is the mobile app available in my language?
- ✅ Can I easily pay bills and set up direct debits?
Family Features:
- ✅ Can I add my partner with shared access?
- ✅ Are there kids’ accounts available?
- ✅ Does it have budgeting tools I’ll actually use?
Safety & Support:
- ✅ Is this a licensed bank or e-money institution?
- ✅ What’s the deposit protection amount?
- ✅ How responsive is customer support? (check reviews)
Long-term Viability:
- ✅ Can I use this account from multiple European countries?
- ✅ Does this bank support my plans (buying property, starting business)?
- ✅ Are fees transparent and won’t surprise me later?
Bottom Line: Best Expat Bank Account for Your Family
There’s no single “best” expat bank account in Europe—it depends on your specific situation:
Choose Wise if: You handle multiple currencies regularly and want the best exchange rates. Perfect for freelancers, remote workers, and families with international income sources.
Choose Revolut if: You want an all-in-one solution with budgeting, savings, and kids’ accounts. Best for digital-first families who value convenience.
Choose N26 if: You’re based in Germany or Austria and want a fully licensed bank with local credibility. Great for building SCHUFA and professional banking needs.
Choose Monese if: You just arrived and don’t have proof of address yet. The fastest way to start banking in Europe.
Choose Bunq if: Privacy and sustainability matter to you, and you’re willing to pay for ethical banking.
Most popular combination: Wise for international transfers + Revolut for daily spending + local traditional bank for mortgages/official matters.
Start with a free account, test it for a month, and adjust based on your actual usage. Your banking setup will evolve as your expat life does—and that’s perfectly normal.
Take Action: Open Your Expat Bank Account Today
Step 1: Choose your primary bank based on your main need (currency, family features, or quick setup)
Step 2: Gather your documents (passport, proof of address if required)
Step 3: Apply online—it takes 5-15 minutes
Step 4: Complete identity verification (usually video call or document upload)
Step 5: Fund your account and order your debit card
Step 6: Set up your first international transfer or direct debit
Most families have their accounts fully operational within 1 week. Don’t wait until you’re desperate for banking access—start now.
Related Resources for Expat Families
Financial Planning Guides:
- Complete Financial Planning Guide for Expats in Germany – 30-day setup roadmap
- SCHUFA Credit Score Explained for Expats – Build German credit history
- European Tax Guide for Expat Families – Navigate multi-country taxation
Practical Tools:
- German Document Templates Pack – Rental applications and financial verification
- Expat Family Budget Spreadsheet – Multi-currency budget tracker
- Moving Cost Calculator – Estimate your relocation expenses
Country-Specific Guides:
- Banking in Germany: Complete Guide
- Banking in Netherlands: Expat Overview
- Banking in Spain & Portugal: Digital vs Traditional
About This Guide
This guide is updated regularly to reflect changes in fees, features, and regulations for expat banking in Europe. All recommendations are based on real usage by expat families and verified current information as of December 2024.
Transparency: Some links in this article are affiliate links. If you open an account through these links, Nest & Numbers may receive a small commission at no cost to you. This helps us keep creating free resources for expat families. We only recommend products we’ve personally tested or that come highly recommended by our community.
Want more practical money tools for your life abroad?
Nest & Numbers offers family-friendly financial guides, templates, and checklists for expats across Europe. From budgeting to apartment hunting to building credit—we make sense of money so you don’t have to.
Want more calm, confident money tools for your life abroad?
Nest & Numbers offers practical, family-friendly financial tools for expats across Europe. From budgeting guides to checklists and cheat sheets—our resources make sense of money so you don’t have to.