If you’re an international student moving to Europe for studies, opening an IBAN (International Bank Account Number) account is essential. An IBAN account allows you to receive scholarships, pay tuition fees, manage daily expenses, and transfer money internationally at ease. In this guide, we’ll walk you through the process of opening an IBAN account in Europe, covering requirements, best banks, and tips to make the process smooth.
Why do students need an IBAN account?
An IBAN account simplifies financial transactions across Europe, making it easier to:
- Receive money from parents or sponsors abroad
- Pay rent, tuition, and utility bills
- Shop online and use contactless payments
- Withdraw cash and manage expenses conveniently
Step-by-step guide to opening an IBAN Account in Europe
1. Choose the right Bank or Neobank
Students in Europe can choose between traditional banks and digital-only neobanks. Each option has its pros and cons:
| Type of bank | Pros | Cons |
|---|---|---|
| Traditional Bank | Physical branches, personal assistance, wide ATM network | Higher fees, longer account opening process |
| Neobank | Fast online setup, low fees, modern mobile apps | No physical branches, limited services |
2. Check the requirements
To open an IBAN account, most banks require:
- A valid passport or national ID
- Proof of student status (e.g., university enrollment letter)
- Proof of address in Europe (e.g., rental contract, utility bill, or university accommodation letter)
- A residence permit (in some countries)
Neobanks often have fewer requirements and may only ask for an ID and proof of address. For example, CFPS allows you to get a card in just 10 minutes with only two documents.
3. Apply Online or Visit a Branch
- Traditional Banks: You may need to visit a branch with your documents, book an appointment, and complete paperwork.
- Neobanks: You can usually apply via a mobile app by uploading your documents and verifying your identity through video calls.
4. Verify Your Identity
Banks conduct identity verification to comply with European financial regulations. Depending on the bank, verification may involve:
- A video call with a bank representative
- Uploading a selfie and ID through a mobile app
- Visiting a branch in person for document validation
5. Receive Your IBAN and start using your account
Once your account is approved, the bank will provide you with an IBAN, which you can use for:
- Receiving payments from employers, sponsors, or family
- Making local and international transfers
- Setting up direct debits for bills
- Using a debit card for everyday transactions
Best banking solution for students: CFPS
For students, CFPS offers an excellent mobile banking solution with:
- A fast and easy account opening process
- A fully digital experience with a user-friendly app
- No hidden fees and transparent international transfers
- Instant notifications and smart budgeting tools
With CFPS, students can manage their finances efficiently while enjoying the convenience of a modern banking app tailored to their needs.
Tips for managing your IBAN account as a student
1. Avoid hidden fees
Many banks charge fees for international transfers, ATM withdrawals, or currency conversion. Check:
- Monthly maintenance fees
- Foreign exchange rates
- ATM withdrawal limits
2. Use mobile banking apps
Most banks offer mobile apps where you can:
- Track spending
- Set up savings goals
- Block/unblock your card
- Receive real-time notifications
3. Set up direct debits for bills
Setting up direct debits for rent, utilities, and phone bills ensures you never miss a payment, avoiding late fees.
Opening an IBAN account as a student in Europe is essential for managing your finances effectively. Whether you choose a traditional bank or a neobank, understanding the requirements and available options will help you make the right choice. By considering fees, features, and ease of access, you can find the best banking solution for your student life in Europe.
We look forward to welcoming you at CFPS community as a part of your onboarding in Europe by letting you open an account in just 10 minutes and with 2 documents only. Opening a bank account is a big step in settling down in a new country, that is why CFPS is here to support you at all steps – our customer service is prompt and will make sure that your verification and onboarding in the app goes smoothly. Join CFPS today!
