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THE CITIZENSHIP DESK
tax

Opening an EU bank account as a US person (post-FATCA)

Which EU banks still onboard US persons, why FATCA changed everything, and the Spain NIE / Portugal NIF / France RIB sequencing that actually works. Plus the Wise/Revolut/N26 bridge strategy and what to do if every local bank refuses.

Last verified: 2026-05-13. Neutral reference — we take no referral fees or sponsorships.

Opening a European bank account as a US person became materially harder after FATCA took effect in 2014. Many EU banks now refuse to onboard US persons outright rather than accept the IRS reporting burden. This guide covers what actually works in 2026 — which banks still onboard US clients, how to sequence Spain NIE / Portugal NIF / France RIB before applying, and the role of Wise, Revolut, and N26 as bridge accounts.

Why FATCA changed everything

The US Foreign Account Tax Compliance Act (FATCA), enacted in 2010 and effective from 2014, requires non-US financial institutions to identify their US-person customers and report their account balances + activity to the IRS — directly or via the local tax authority under an intergovernmental agreement (IGA).

Non-compliant banks face a 30% withholding tax on US-source income flowing through them, which makes non-compliance economically unviable. So banks have two choices:

  • Implement FATCA reporting and accept US clients.
  • Refuse to onboard US persons (a "US-Person Exit" policy).

Many smaller EU banks chose option two. The cost of FATCA compliance — staff, systems, IRS filings — is high relative to the marginal revenue from a few US-citizen customers.

What does "US person" actually mean?

US-person status for FATCA purposes is broader than citizenship alone. You are a US person if any of:

  • US citizen (including dual nationals).
  • US lawful permanent resident (green card holder) — even if living abroad.
  • Person physically present in the US 31+ days in the current year and 183+ days in a 3-year weighted lookback (substantial presence test).
  • US-incorporated entities (LLCs, corps, trusts) you control.

The "accidental American" — someone born on US soil to non-US parents, who never lived in the US — is still a US person under FATCA. This catches a meaningful number of European residents whose parents were briefly in the US.

Strategy 1: Fintechs (works almost everywhere)

The most reliable path: use a fintech that explicitly accepts US persons.

  • Wise (formerly TransferWise) — UK-based; full multi-currency account; explicit FATCA compliance; available in 50+ countries. Local IBAN in EUR (Belgium), GBP, USD, AUD, etc. Best all-around fintech for US expats.
  • Revolut — UK/EU; accepts US persons; multi-currency; UK + EU IBANs. Premium tiers (Metal, Ultra) add benefits.
  • N26 — German digital bank; accepts US persons for German-residence accounts; full IBAN.

Fintechs are typically sufficient for the first 6-12 months of EU residence: salary deposits, rent, daily transactions, savings buffer. Their limits emerge when you need:

  • A mortgage (most fintechs don't lend).
  • Large business banking with overdraft.
  • Local cash deposits at a branch.
  • Notary-grade proof of account for certain visa renewals.

Strategy 2: Major EU banks that still accept US persons

Several large banks have committed to FATCA compliance and continue to onboard US persons. Always verify with the local branch before applying — internal policies tighten and loosen quarterly.

Spain

  • Banco Sabadell — among the most reliably US-person-friendly Spanish banks. Branches in major cities; NIE + Padrón required.
  • BBVA — accepts US persons via Premier Banking tier (€60,000+ AUM) generally; lower-tier branches inconsistent.
  • CaixaBank — accepts US persons; HolaBank tier specifically targets foreign residents.
  • Openbank (Santander digital) — accepts US persons; fully online; popular with expats.

Portugal

  • ActivoBank (Millennium BCP digital arm) — accepts US persons; online onboarding with NIF; well-rated by Portugal expat community.
  • Millennium BCP — accepts US persons via branches; sometimes requires in-person visit.
  • Novo Banco — accepts US persons; expat- friendly customer service.

France

  • BNP Paribas — accepts US persons in many branches; verify locally as policies vary by branch.
  • Société Générale (Boursorama / BoursoBank) — Boursorama Bank online subsidiary accepts US persons.
  • HSBC France — explicitly serves US persons (HSBC Group-wide FATCA compliance).

Netherlands

  • ABN AMRO — accepts US persons; full FATCA compliance.
  • ING — accepts US persons via specific procedures.

Germany

  • Deutsche Bank — accepts US persons.
  • Commerzbank — accepts US persons.
  • N26 (digital) — accepts US persons.
  • Sparkassen + Volksbanken — many regional savings banks have refused US persons since FATCA. Verify with the specific Sparkasse.

Belgium

  • BNP Paribas Fortis — generally accepts US persons.
  • ING Belgium — accepts US persons.
  • KBC — branch-dependent; verify locally.

Switzerland (non-EU but commonly grouped)

  • Citi IPB — one of the few private banks still onboarding US persons. Minimum $200k AUM. Booked in Jersey but Swiss- oriented client services.
  • UBS — accepts US persons in wealth- management tiers (CHF 1M+ AUM); standard retail banking for US persons largely closed since 2014.
  • PostFinance — accepts US persons for basic accounts; longstanding compliance commitment.

Sequencing — what to do in what order

Most EU countries require a local tax-identification number and proof of address before you can open a bank account. The chicken-and-egg problem is real — but the sequence is:

Spain

  1. Obtain NIE (Número de Identidad de Extranjero) at consulate or in-country.
  2. Empadronamiento (Padrón) at local Town Hall — proof of address.
  3. Open bank account with NIE + Padrón + passport + visa.
  4. Apply for TIE (residence card) — bank-account proof often required.

Portugal

  1. Obtain NIF (Número de Identificação Fiscal) — remotely via tax representative; this is the chicken-and-egg solver.
  2. Open Portuguese bank account with NIF + passport.
  3. Apply for visa with NIF + bank account proof.
  4. AIMA biometrics post-arrival.

France

  1. Obtain French bank RIB (Relevé d'Identité Bancaire) — required before signing residential leases.
  2. For US persons: Boursorama or HSBC France online application typically works pre-arrival.
  3. For traditional in-person banking: visit a French address for the first appointment (BoursoBank's parent SocGen branch network can facilitate).

Tax + reporting consequences for US persons

Opening an EU bank account does NOT relieve US worldwide- income tax obligations. As a US person with foreign accounts:

  • FBAR (FinCEN 114) — file if aggregate foreign-account balance exceeds $10,000 at any point during the calendar year. Filed separately from tax return; missing it carries severe penalties.
  • Form 8938 (FATCA) — file with your 1040 if foreign-financial-assets exceed thresholds (single living in US: $50k year-end / $75k at any point; MFJ living abroad: $400k / $600k).
  • PFIC reporting (Form 8621) — if you hold foreign mutual funds or ETFs (most EU-domiciled funds are PFICs for US purposes). PFIC tax is punitive — avoid European-domiciled fund products entirely if possible; use individual stocks or US-domiciled ETFs in an IBKR / Schwab International account instead.
  • Section 988 currency gains on personal accounts — generally non-taxable below $200 per transaction but record-keeping is required.

See our US expat tax checklist for the full compliance picture.

What if every local bank refuses you?

It happens. Backup pathway:

  1. Open Wise + Revolut + N26 — three fintechs cover almost all daily-banking needs. Combined limits are sufficient for most non-property-purchase scenarios.
  2. Maintain a US-based brokerage / cash account (Schwab International, Fidelity, IBKR) for higher balances and investment activity.
  3. Use a Wise local-IBAN (Belgian or German) for receiving your EU salary, paying rent via SEPA Direct Debit, and local commerce.
  4. If you eventually buy property, the mortgage lender may open a transaction-account on your behalf as a conditional product — this can be the first traditional- bank relationship after FATCA-refusals.

Action checklist for US persons relocating to the EU

  • Open Wise + Revolut accounts pre-departure (no residency required).
  • Obtain destination-country tax ID (NIE / NIF / Steuer-ID / BSN) as the first in-country priority.
  • Apply at TWO local banks in parallel — the FATCA-decision is bank-and-branch-specific. Don't assume one refusal means all will refuse.
  • Avoid EU-domiciled UCITS funds and ETFs — they are PFICs and trigger punitive US tax. Hold investments in a US- domiciled brokerage or in non-fund instruments.
  • File FBAR and Form 8938 annually. Set calendar reminders; missing them is the #1 expat-tax compliance failure.

Cross-references

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