Having a bank account now is no longer a big deal. Everyone now can have a bank account whether a virtual bank account, or a physical bank account. Why not start your own by creating your own bank account and enjoying this priviledge you knew nothing about?
And so, in this article, we will be bringing to you this short tutorial on how you can start and create your own SEPA(Single Euro Payment Area) bank account online. SEPA is mostly for European countries and you have to do this only as a European resident.
These two types of banks have various uses and many people have both of them for different uses. Some have the physical banks to keep their cash because of how secured it is and many have the virtual bank account for online transactions.
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How to Create a SEPA Account for free for European reasidents
Having both can be a boost to anyone because for the virtual bank account, a physical bank need to be attached to it to be a complete bank account and with this and with the activation of mobile banking, online transactions anywhere are without any problem. Just to send money from your physical bank account to your virtual bank account.
Some example of famous virtual banks are;
And some examples of physical banks are;
- Ally Bank
- Discover bank
- Alliant credit union
- Varo bank
- Deutsche Bank and many others.
And so in this article today, we will be bringing to you this short method on how you can create a sepa bank account for free.
What is a SEPA Bank and what is it all about?
SEPA in English simply means Single Euro Payments Area and is a European bank that deals with the transfer and receival of money in European countries that deal with the Euros currency.
And so, it is simple to understand from the above definition that SEPA is a Bank based in Europe and it is only for European countries. Below, we have a list of all countries where SEPA bank is available;
SEPA Euro payment areas
SEPA has 36 member-states and these 36 member states are:
Austria, Belgium, Britain, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain and Sweden, the 3 EEA countries of Norway, Liechtenstein, Iceland, and also Switzerland and Monaco.
Meanwhile SEPA is not available in all European countries. The list above is the list of non SEPA countries (where SEPA is not available) this year 2022.
These countries are;
- Bosnia and Herzegovina
- North Macedonia
With this, one will now know if he or she is eligible to creating a SEPA bank account or not.
How to create a SEPA bank account for Residents and non-Residents.
First of all, before starting this procedure, you will have to know some of the benefits of using a SEPA bank.
Benefits of using a SEPA bank account
- Cost-effective and harmonized payment service.
These are the three main benefits of SEPA. Companies do not have to deal with multiple payment card standards for euro payments, they save time and money because they do not have to deal with multiple markets but just to go for the main ones.
SEPA grants simple and efficient transactions for that. In addition, SEPA creates a single market for payment services, and is also very convenient for those that travel a lot.(Read more)
Above are the benefits of using SEPA and to get started, first of all put in place all the below stuffs in position before beginning this procedure.
Requirements needed to get a SEPA account
- A letter from a verified bank or agent
- Company registration number (to extend account services)
- Your Passport photo
- And a valid physical address (usually your residential address)
- Tax compliance (ITIN) of the established business
- Local address of the company (business)
- Credit check reference
First things first, we will see how to get an IBAN number
How to create SEPA using IBAN number
IBAN in English stands for International Bank Account Number. It’s an internationally-agreed code made up of up to 34 letters and numbers that helps banks to process transfers around the world. Each set of characters represents a different detail for your bank account.
Where to find an IBAN number
First of all, an IBAN number is very important in transactions because a slight mistake, might send your money to the wrong address and you will be the looser and so make sure to keep in mind the right IBAN number for your transaction. But also, not because your IBAN number is in the right format that it forcefully exists. You can check below a format for an IBAN in the UK using the image below.
You can usually find your IBAN by logging into your online banking, or checking your bank statement. You can also use the tools on this site. An example of a valid IBAN, we have PT50002700000001234567833 with country code Portugal(PT).
So to easily do this method, we will use a certain site that will create this account for us automatically. The process is as follows;
- Visit Jeton Website and register Individual/Business IBAN Account (account choice depends on you)
- Fill in the relevant information for the account you want to open.
- Submit the relevant compliance certification materials as required.
- Make mark ID (Face recognition)
But this is not the only way by which one can get a free SEPA bank account. There are also some virtual platforms where we can use and get the SEPA account. Check more about some of these virtual platform.
1. Wise SEPA
Wise offers a multi-currency account that you can use to send and receive money. You can open an IBAN account and hold over 50 currencies and convert using real exchange rates. You get free ATM withdrawals for $250 and less and a 2% fee for amounts above that.
You could also checkout this method on how to open an online bank using wise
The following currencies are available when dealing with Wise: Sterling Pound, Euro, US Dollar, Australian Dollar, New Zealand Dollar, Hungarian Forint, Romanian Leu, Singapore Dollar.(Read more)
2. Monese SEPA
Monese comes with a borderless account and you can open a personal or a business account online. It offers a SEPA-IBAN account in the UK(example of a UK IBAN number shown in the image above). It offers borderless payments, modern banking for individuals and small businesses. ATM withdrawals cost 2% while foreign currency spending costs 2%.
3. N26 SEPA
N26 is an online bank that you can use to open a SEPA bank account. It offers personal IBAN and business IBAN in the SEPA zone. You can send money to over 20 countries at low costs. The personal account has four plans; N26 Standard that is free, N26 Smart costing €4.90, N26 Metal costing €16.90 and N26 You costing €9.90 every month.
4. Revolut SEPA
Revolut is a virtual bank account you can use to open a SEPA bank account and comes with a prepaid card. You can use a Revolut account to send and receive money and also trade in cryptocurrencies. It is an ideal bank for frequent travelers.
It offers free ATM withdrawals for amounts less than £200 and then a 2% fee for withdrawals above £200. Transfer fees range between 0 and 0.5%. The currency exchange rate is up to 3.5% of the amount.
5. Bunq SEPA
Bunq is an online bank that offers multicurrency IBAN account in the European Economic Area. It also provides SEPA transfers and international card payments. After opening an account, you get 10 free ATM withdrawals every month.
You can open a personal, joint, or business account with bunq. Cash withdrawals cost €0.99 per withdrawal. Sending money to SEPA countries using a personal account is free while receiving money from a bank in non-SEPA countries costs between €5 and €20.
Bunq multicurrency account supports the following currencies dollars, pounds, Swiss franc, Poland złoty and Bulgarian levin.
On April 22, 2021, Bunq became the first online bank out of Germany to offer German IBAN numbers. And presently, Bunq IBAN for German account holders is available for new account holders with Personal accounts.
6. Paysera SEPA
Paysera is an online bank you can use to open a SEPA bank account. It offers IBAN accounts, cheap and easy money transfers. You can use it to send and receive money online. It is free to transfer money within the SEPA area with a personal account.
You can open a personal or a business account with Paysera. Credit card fees are between €3 and €5 for non-EEA citizens. Credit cards for businesses cost €5. ATM cash withdrawals within the EU states and Bulgaria cost €1 while in non-EU states; they cost €1.50 and 1.80%.(Read more)
In conclusion, These are the six main online means by which one can use and get access to the SEPA bank account. And with these online platforms, you can have your SEPA account for free.
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