How to Open a Foreign Bank Account Online as a Non-Resident

Yes, you can open a foreign bank account online, but not with every bank. The easiest option is a neobank or payment institution, where you submit your application and documents and complete video identification through an app. Traditional EU banks are less likely to open accounts remotely for Ukrainians: some require an in-person visit, a local tax number, or an address in the bank’s country.

The right option depends on what you need the account for—receiving money from abroad, making payments there, or sending money to family—and how you will prove your source of funds. Below, we explain how to open a bank account abroad online: how institutions differ, which documents to prepare, how checks work, what you need to know about Ukrainian requirements, and why banks reject applications.

Where You Can Open an Account Remotely: Banks, Neobanks, and Payment Institutions 

The easiest way to open an account remotely is through a neobank or payment institution. You can also open a foreign bank account online with a traditional bank, but it is more likely to require a visit or a local identification number.

Before filling out an application, decide what you need: somewhere to keep your savings or a convenient way to make payments. This determines where you should apply.

A payment institution is a company licensed to make transfers, but not to accept deposits. It is convenient for everyday payments, but unsuitable for substantial savings: if the institution closes your account or ceases operations, there is no deposit guarantee.

Some well-known services (Revolut, Wise, Paysera, Payoneer) operate under different licenses in different countries, so check exactly which legal entity you are contracting with and whether it holds a banking license. This determines whether your money is protected: if your contract is with a bank, your funds are covered by a deposit guarantee of up to EUR 100,000; if it is with a payment institution, they are not.

If you only need euro transfers between European countries, SEPA is sufficient. If you will receive money from other countries or in other currencies, check whether the institution supports SWIFT.

There is another difference that people rarely consider in advance: online services are quicker to block an account if transactions seem unusual. A bank usually asks questions first; a service may freeze the funds first.

For example, a system may flag a large amount in an account you described in your application as being for everyday expenses. During the review, the account or certain transactions may be restricted, leaving your money inaccessible until you provide source-of-funds documents. It is best to prepare these documents in advance; we discuss them below.

Consider the cost of the account itself, too. Traditional banks usually charge a monthly maintenance fee. Some reduce or waive it if you maintain a certain balance or receive regular payments.

Neobanks and payment institutions often offer a free basic plan and paid plans with additional features. Transfers outside SEPA, currency exchange, and card delivery abroad incur separate charges. Before applying, review the institution’s fees and calculate how much the account will cost per year.

What to Prepare Before Applying: Documents and Source of Funds 

Each institution has its own document requirements, but for individuals, these usually fall into four categories. Whether your application reaches a decision depends on how complete this set of documents is.

1. Identity. An international passport, sometimes supplemented by a domestic passport or ID card.
2. Address. A document showing your name and residential address: a utility bill, a Ukrainian bank statement, or a certificate of residence. The bank wants to see that you actually live at the address stated in your application.
3. Tax status. Your Ukrainian taxpayer registration number (individual tax number) and a declaration stating your country of tax residence. The bank will report this information to the tax authorities (see the section on CRS below).
4. Source of funds. Documents showing where the money you plan to keep in or receive into the account comes from.

Some traditional banks, particularly private banks and those serving foreigners, also request a reference letter from your existing bank confirming how long you have been a customer and that you have operated your account without violations. Neobanks and payment institutions generally do not require this letter.

A translation is required if the document is neither in English nor in the language of the bank’s country. Not all institutions require an apostille: neobanks usually accept a photo of the document through their app, while traditional banks are more likely to request a notarized copy with an apostille. Before ordering a translation, ask the institution what format it accepts, or you may have to have it done twice.

How to Prove Your Source of Funds 

A bank will not take your word for it. It checks documents showing the amount, date, and legal basis for the funds. Examples include:

• an income certificate from your employer or a statement from the account receiving your salary;
• a sole proprietor’s tax return or a property and income declaration;
• an apartment or car sale agreement together with a statement showing receipt of the money;
• a gift agreement or inheritance certificate;
• a statement showing dividends or proceeds from the sale of securities.

The documents must be consistent with one another: if your application says you will deposit EUR 50,000 from an apartment sale, the bank will look for an agreement for that amount, a statement showing receipt of the money, and a document showing how it was taken or transferred abroad, such as a customs declaration for exported cash.

A mismatch between your application and documents commonly triggers additional questions. Funds accumulated from several sources present the greatest challenge: the documents must then form a coherent account of where the money came from. Read more in our article on how to prove your source of funds.

How to Open a European Bank Account Online: Step by Step 

Most institutions follow the same process; the only difference is how much is handled by the app and how much by a staff member.

1. Application. A form covering your personal details, address, employment, purpose of the account, expected amounts, and the countries you will send payments to and receive payments from.
2. Documents. Uploading your passport, proof of address, and income documents.
3. Bank checks (KYC/AML). KYC means “know your customer”: the bank establishes who you are. AML means anti-money laundering: the bank assesses whether your money and transactions pose a risk. You may receive additional questions at this stage.
4. Video identification. A short video call or recording through the app.
5. Decision. Approval, a request for additional documents, or rejection, often without an explanation.
6. Account details and card. You receive an IBAN and access to online banking, with the card sent by mail if the institution delivers to Ukraine.

The process takes anywhere from a few days with an online service to several weeks with a bank. Each additional inquiry at step 3 extends that period. No institution guarantees a processing time.

What Is Checked During Video Identification 

A staff member or software compares your face with your passport photo, asks you to show the document from different angles to check its security features, and asks a few questions from your application: why you need the account, where your income comes from, and what amounts you expect. To avoid having to repeat the process:

• have the original passport used in your application ready and in good condition;
• sit in a well-lit place without glare and with a stable internet connection;
• give answers consistent with your application: discrepancies in the purpose of the account or expected amounts commonly delay a decision;
• do not use a VPN unless the institution asks you to: a mismatch between the country in your application and your IP address raises a flag in the system.

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Ukrainian Requirements: The NBU, Transfers, Taxes, and CRS 

An ordinary individual does not need to report the account, cannot transfer personal savings to it from a Ukrainian bank during martial law, and must declare income earned through it: the tax authorities may learn about the account through CRS. This part is easy to overlook, yet it determines whether you can use the account and whether you may face questions from the tax authorities.

Do You Need to Notify the NBU or Tax Authorities About an Account Abroad? 

No, individuals do not. Previously, placing foreign currency abroad required an individual license from the National Bank of Ukraine (NBU), but that requirement was abolished along with Decree No. 15-93. The Law of Ukraine “On Currency and Currency Transactions” No. 2473-VIII entered into force on July 7, 2018 and became operational, replacing Decree No. 15-93, on February 7, 2019. It does not require such authorization.

The Tax Code of Ukraine likewise does not require individuals to submit a separate notification when opening an account abroad (checked on October 23, 2026).

The exception is people who file declarations under the Law of Ukraine “On Prevention of Corruption”, such as civil servants and local council members. If such a declarant or a member of their family opens a foreign currency account with a foreign bank, the declarant must notify the National Agency on Corruption Prevention in writing within 20 days (part one of Article 52 of that law).

The absence of a notification requirement does not mean the tax authorities will not learn about the account, nor does it exempt income earned through it from tax.

Can You Transfer Your Own Money to Your Account Abroad?

During martial law, only with restrictions. NBU Resolution No. 18 of 24.02.2022 (para. 14, as amended through Resolution No. 105 of September 15, 2026, checked on November 2, 2026) prohibits cross-border transfers except in expressly specified cases. Those exceptions do not include individuals transferring their own funds to their own accounts abroad, for example, to keep savings there or buy a home.

An ordinary individual may:

• pay abroad for goods, services, or housing rent using a Ukrainian bank card linked to a hryvnia account, up to UAH 200,000 per month (subpara. 8 of para. 14);
• make card payments abroad from foreign currency accounts without a limit, except for three purchase categories: jewelry, precious stones, stamps, and coins are limited to UAH 100,000 per month; housing rentals through agents and business services (advertising, consulting, legal, accounting) are limited to UAH 500,000; purchases of securities through brokers are prohibited entirely;
• transfer funds from foreign currency accounts to other individuals’ cards abroad and carry out “quasi-cash” transactions (topping up electronic wallets, etc.), up to the equivalent of UAH 100,000 per month (subpara. 9 of para. 14).

These limits are intended for purchases abroad and transfers to other people, rather than moving savings. The UAH 100,000 monthly limit applies to all transfers to other people and quasi-cash transactions combined.

How, then, can you fund the account? There is currently no separate authorization for a transfer even to buy a home, so there are two options. The first is money you have already received abroad: a salary from a foreign employer, income from property there, or an inheritance or gift from relatives living abroad.

The second is cash you personally took abroad and deposited into the account. Amounts up to the equivalent of EUR 10,000 do not require a written declaration. Amounts of EUR 10,000 or more require a written customs declaration of the full amount (paras. 5–6 of the Regulation on the Cross-Border Movement of Currency Valuables, NBU Resolution No. 3).

We explain the process in our article on how to take money abroad legally.

What this account can be used for during martial law. It can hold money you receive abroad and cash you have legally taken abroad, rather than savings transferred from Ukraine. You can use it to make payments abroad and send money to family living there.

You can bring money back to Ukraine. NBU Resolution No. 18 restricts transfers out of Ukraine, rather than into Ukraine: it does not prohibit transfers from your foreign account to your own account at a Ukrainian bank. The Ukrainian bank may ask where the money came from, in which case you will need the same source-of-funds documents.

You can bring in cash up to the equivalent of EUR 10,000 without a written declaration; amounts of EUR 10,000 or more require a written customs declaration of the full amount. Bringing back your own money is not income and does not create a tax liability.

Taxes on Income Earned Through the Account

Interest on a term deposit or account balance is passive income (subpara. 14.1.268 of the Tax Code of Ukraine). If a foreign bank pays it, no one will withhold the tax for you: you must report the income yourself in your annual property and income declaration (para. 170.11 of the Tax Code of Ukraine), file it before May 1 of the following year (subpara. 49.18.4), and pay the tax before August 1 (para. 179.7).

The rates as of October 23, 2026 are 18% personal income tax (PIT) (subpara. 167.5.1) and a 5% military levy (para. 16-1 of Subsection 10 of Section XX of the Tax Code of Ukraine). If tax has already been withheld in the bank’s country and a double taxation treaty is in place with that country, you can claim a credit for it. You will need a certificate from the foreign tax authority confirming the amount paid (para. 13.5, subpara. 170.11.2 of the Tax Code of Ukraine).

The account itself does not create a tax liability. Money you legally earned and already paid tax on, then declared at customs and deposited into the account, is not taxed again. Tax applies to new income: interest, investment income, and payments for your services.

You should avoid regularly receiving client payments into a personal account without registering as a sole proprietor: this resembles business activity, and the bank may close the account. You must still report that income in your annual declaration and pay 18% and 5% on it.

CRS: The Tax Authorities May Learn About the Account Without Your Involvement

CRS (Common Reporting Standard) is an international standard under which banks annually report account information for foreign tax residents to the tax authorities: balances, interest, and other income. Ukraine has joined the automatic exchange of information under CRS, with the first reporting period beginning on July 1, 2023 (para. 53-1 of Subsection 10 of Section XX of the Tax Code of Ukraine).

If you state in your application that you are a Ukrainian tax resident, the bank will send your account information to its tax authority, which will forward it to the State Tax Service if such an exchange has been established between the two countries. So assume that the tax authorities may learn about the account, and declare the income you earn through it.

Different Rules Apply to Sole Proprietors and Companies

Everything discussed above concerns personal accounts. If you need an account for business receipts, different rules apply.

A sole proprietor who receives client payments into a foreign account reports that income as business income. It is safer to receive such payments into a business account at a Ukrainian bank: this makes it easier to report the income and explain its source. Legal entities follow a separate account-opening and verification procedure.

Read more in our articles Can Ukrainian Sole Proprietors Open Accounts Abroad? and How to Pass Compliance Checks at EU Banks When Opening an Account for a Legal Entity.

Term Deposits at Foreign Banks

If you need the account for savings as well as payments, check separately whether term deposits are available. A term deposit is money placed at interest for a fixed period, rather than a balance in a current account. You can usually open a term deposit remotely at a bank where you already hold a current account: first open the account, then open the term deposit through the app or online banking.

You can only open a term deposit with an institution holding a banking license: payment institutions do not accept deposits.

The main reason Ukrainians look for term deposits abroad is the guarantee. In the EU, deposits are protected by national deposit guarantee schemes up to EUR 100,000 per depositor per bank (Directive 2014/49/EU). This guarantee does not cover funds held with payment institutions. Interest on term deposits is taxed in Ukraine as described above: 18% and 5%, reported through the annual declaration.

Why Banks Reject Account Applications and What to Do

Even a well-prepared set of documents does not guarantee that an account will be opened. A bank is not required to explain a rejection, but the reasons are usually apparent from the application itself:

• the source of funds is unverified, or the amounts in the application do not match the documents;
• the purpose of the account is unclear, for example, a personal account intended for regular client payments, which resembles business activity;
• country risk profile: some banks restrict acceptance of customers from Ukraine because of the war, regardless of the individual;
• incomplete or poor-quality documents: an illegible scan, an expired passport, or proof of address older than the bank accepts;
• failed video identification: answers did not match the application.

After a rejection, do not resubmit the same application to the same institution: first identify what may have caused it and address the issue. You then have three options:

• supplement your documents and reapply after some time;
• choose another institution that does not consider your profile risky;
• switch from an online service to a bank offering an in-person meeting, or vice versa.

Our lawyer can help when the problem involves explaining your source of funds or the purpose of the account, where you need to build a response supported by documents rather than simply upload another file.

Case Study: An Account in Spain Without Traveling

A client contacted us because he wanted his daughter to have an account at a European bank. His daughter had no foreign account and could not leave Ukraine. We selected a bank in Spain that opens accounts online and mails the card.

We then helped his daughter obtain a Spanish foreigner identification number (NIE) through the Spanish Embassy in Ukraine and assisted with submitting her documents to the bank. The account was opened remotely, without traveling abroad.

When to Have a Lawyer Handle the Process

You should consult a lawyer before applying if:

• you need a traditional EU bank, but it requires a visit, a local tax number, or an address in the bank’s country;
• the amount is substantial or the money came from several sources, and the source-of-funds documents need to form a coherent account;
• the account will receive payments the bank may view as business receipts;
• you have already been rejected and do not know why—in that case, consult a lawyer before your next application.

A rejection costs you time: the next institution’s application often asks whether you have previously been rejected, and you must answer honestly.

Our lawyer will select a country and institution suited to the purpose of your account, prepare a list of identity, address, and source-of-funds documents, and check that they are consistent with one another. If the bank requires a translation or apostille, the lawyer will arrange it. The lawyer will also help with the application, prepare you for video identification, and respond to the bank’s inquiries. Separately, the lawyer will explain the account’s tax and currency implications in Ukraine. This work is part of our Opening an Account Abroad service.

The bank makes the decision to open an account, so no one can guarantee the outcome. We work to ensure that documents or explanations do not become the reason for rejection.

Need an account at a traditional EU bank, have a substantial amount to deposit, or have already been rejected? Describe your situation in the inquiry form on this page or call us. Our lawyer will explain which institution to choose, which documents to prepare, and how to explain your source of funds.