By having legal residence in an EU country, you also automatically have the right to open a bank account with a number of basic services. No bank can reject your request just because you do not live in the country where the bank is located.
There are only a few cases in which the bank may refuse to open an account:
– if you do not comply with EU rules on money laundering and terrorist financing.
– in some countries, you may be denied this because you have already opened an account similar to another bank in the same country.
The characteristics of an account statement are:
– receiving and making different payments (direct debit card purchases, etc.)
Opening a bank account also entails receiving a payment card with which you can withdraw cash or make different kinds of payments (offline or online shopping).
You also have access to online banking services associated with your account.
Please note: many banks charge annual fees for managing the accounts, and you will need to be informed of this by the bank when opening the account. Besides this, the bank is obliged to inform you once a year about the commissions and the interest rates that you apply to your bank account.
The bank account can be transferred very easily to another bank in the same EU country, the new bank will facilitate this for you. The new bank will ensure that the former bank transfers the data and cancels the scheduled payment orders. It also has the obligation to inform the employer, your social insurance house and your utilities services.
In the European Union your money from a bank account is protected by EU norms up to the value of EUR 100.00 even if the bank goes bankrupt.
There are some exceptions to this rule, including whether the protection extending from a minimum of 3 months to a maximum of 12 months, the protected amount and if the value of the money lost is higher than the 100.000€ because of:
– money received as a result of a private real estate transaction
– money received at an event in your life – marriage, divorce, dismissal from a job, disability, death of a family member
– money received from an insurance.