What is the safest bank in the EU?
The best bank in Europe is KfW in Germany, which was voted number one in the list of the 50 safest banks in Europe 2024. KfW's rank as the most secure bank goes beyond Europe, too–being ranked number one for twelve years in a row for the World's Safest Banks by the US finance magazine Global Finance.
If you're interested in Europe, Germany is one of the most secure destinations for your money with its economic strength and stability. In fact, Four German banks were ranked as the top ten safest banks in the world in 2023. Germany's robust remote banking system allows you to open an account without being present.
| Bank | Forbes Advisor Rating | Products |
|---|---|---|
| Chase Bank | 5.0 | Checking, Savings, CDs |
| Bank of America | 4.2 | Checking, Savings, CDs |
| Wells Fargo Bank | 4.0 | Savings, checking, money market accounts, CDs |
| Citi® | 4.0 | Checking, savings, CDs |
1. HSBC. British financial institution HSBC Holdings PLC is the largest bank in Europe in terms of assets, with a total balance sheet of 2.6 trillion euros.
Asset-heavy, diversified and regulated banks like JPMorgan Chase, Wells Fargo, PNC Bank and U.S. Bank are among the safest banks in the U.S. and should be considered if you are weighing your options.
- Ally Bank.
- Citizens Bank.
- Bank of the West.
- US Bank.
- SunTrust.
- Union Bank.
- Wells Fargo.
- HSBC.
Any person aged 18 or over and holding a valid passport or other form of national identity card is entitled to open an account with a European bank. Residents of certain third countries can only apply with a passport and proof of address, others will require more documents.
You can open a non-resident account in Europe with the expat division of a global banking branch. However, you may find it easier and cheaper to get an account with a specialist online provider instead.
You might want a European bank account for any of the following reasons: You love to travel and need a simple way to spend across different countries. You're buying a second home or investment property, and need to send and receive international payments to do so.
Wells Fargo (WFC) A member of the big four bank stocks, Wells Fargo (NYSE:WFC) in recent years courted some ugly controversies. Nevertheless, it finds itself as one of the least likely financial institutions to fail.
What banks are big to fail?
Too Big To Fail Banks
“Banks that are too big to fail” is a term used to describe financial institutions that are considered so important to the economy that their failure could lead to catastrophic effects on the economic system of the country.
| Bank | The Ascent's Rating |
|---|---|
| Western Alliance Bank | 4.25 |
| SoFi | 4.00 |
| Wells Fargo | 4.00 |
| Axos Bank | 3.50 |
Know your cards.
For credit cards, Visa and MasterCard are universal, while American Express and Discover are less common. US debit cards with a Visa or MasterCard logo will work in any European ATM.
- Barclays United Kingdom (England, Scotland, Wales, Northern Ireland, Jersey, Guernsey and the Channel Islands)
- BNP Paribas (France)
- BNL D'Italia (Italy)
- Deutsche Bank (Germany and Spain)
- UkrSibbank (Ukraine)
- TEB (Turkey)
JPMorgan is set to broaden its horizons by introducing its online bank, Chase, to Germany and other countries within the European Union.
- JP Morgan Private Bank. “J.P. Morgan Private Bank is known for its investment services, which makes them a great option for those with millionaire status,” Kullberg said. ...
- Bank of America Private Bank. ...
- Citi Private Bank. ...
- Chase Private Client.
Private Banks
These services are especially appealing as they help the ultra-rich grow and preserve their wealth. Private banks also offer high-value financing for assets like aircrafts, yachts and real estate, with some banks even offering asset and lifestyle management rather than just financial products.
| Bank | Trust Rating |
|---|---|
| Citizens Bank | 83.3 | ** |
| Bank of the West | 82.1 | ** |
| US Bank | 81.1 | ** |
| Truist | 79.3 | ** |
Yes, all Chase bank accounts are FDIC insured (FDIC# 628) up to $250,000 per depositor, for each account ownership category, in the event of a bank failure.
Is it illegal for a US citizen to have a foreign bank account?
No, it's not illegal for a U.S. citizen to have a foreign bank account. However, it is essential to ensure all IRS and compliance requirements are met, including the disclosure of such accounts.
- Valid ID, such as your UK passport.
- Proof of address, such as a recent utility bill or rental contract. ...
- Residency documents, such as your visa or work permit.
- Proof of employment or income.
- Proof of enrolment at a university (for a student bank account)
Germany: This country is an appealing option for non-residents seeking stability and access to the EU online banking market. It boasts a wide range of financial institutions and services, catering to diverse needs. Prominent banking providers offer online accounts for non-residents, making the process more accessible.
- Revolut — Best overall mobile account for expats.
- Wise — Best multi-currency account.
- N26 — Best fully-licensed neobank.
- Chime — Best fee-free ATM access.
- Starling Bank — Best international UK bank account.
- Monese — Best for instant account opening.
Alongside Revolut, the Berlin-based neobank is the most popular in Europe. Serving over 7 million customers and becoming Germany's second-highest valued bank at $9 billion, N26 has rightfully earned its place amongst the banking powerhouses.
