Open a Fixed Deposit in Another EU Country: A Guide

Deposit rates across the EU are anything but uniform. With the ECB deposit facility rate at 2.25% since June 2026, the best fixed-term offers in some countries sit comfortably above what large domestic banks pay in others — our statistics page currently shows Spain and Germany leading at 2.33%. The good news: as an EU resident, you can chase those rates across borders. The practical question is how. This guide walks through your legal rights, the paperwork, and the actual steps.

Key facts

• EU free movement of capital (Article 63 TFEU) lets you place deposits with banks in any member state — but no bank is obliged to accept you as a deposit customer.
• The legal right to an account under Directive 2014/92/EU covers only basic payment accounts, not savings or fixed deposits.
• Standard KYC requirements: valid passport/ID, proof of address, tax identification number, and often information on source of funds.
• Refusing your payment because your IBAN is from another EU country ("IBAN discrimination") is illegal under Article 9 of SEPA Regulation (EU) No 260/2012.
• Your deposit is protected up to €100,000 per depositor per bank under Directive 2014/49/EU, wherever in the EU the bank is licensed.
• Interest is generally taxed in your country of residence, not where the bank sits.

Your rights: what EU law guarantees — and what it doesn't

Two separate legal principles matter here, and they are often confused.

First, the free movement of capital (Article 63 of the Treaty on the Functioning of the EU) prohibits restrictions on capital flows between member states. Nothing stops you, legally, from sending money to a Latvian, Italian or Portuguese bank and earning interest there.

Second, the Payment Accounts Directive (2014/92/EU) gives everyone legally resident in the EU the right to open a basic payment account in any member state — banks cannot refuse you solely because you live in another EU country. But note the limits: according to the EU's official Your Europe guidance, some countries let banks ask for proof of a "genuine interest" in opening the account, banks may still refuse on anti-money-laundering grounds, and — crucially — the right does not extend to savings or deposit accounts.

In plain terms: you may move your money anywhere in the EU and have a right to a basic current account, but a fixed deposit is a commercial product. Each bank decides whether it accepts non-residents — many do, some don't — so checking a bank's non-resident policy is step one, not an afterthought.

What banks will ask for: KYC and documentation

EU anti-money-laundering rules — currently anchored in Directive (EU) 2015/849 — require banks to identify and verify every customer before opening an account. Expect to provide:

• Identity document — a valid passport or national ID card. For remote onboarding, this usually means a photo or a live video check.
• Proof of address — a recent utility bill, bank statement or official letter, typically no older than three months. Some banks accept a residence certificate.
• Tax identification number (TIN) — banks must collect this for automatic exchange of information between EU tax authorities (DAC/CRS reporting), so they know where to report your interest income.
• Source of funds / source of wealth — for larger deposits, expect questions about where the money comes from: salary, sale of property, inheritance, business income. Payslips, contracts or account statements may be requested.
• Occasionally: a declaration of tax residence, a second ID document, or a certified translation.

None of this is exotic — it is the same due diligence a domestic customer goes through, applied a little more cautiously.

Remote vs in-person onboarding

How you complete that KYC process varies widely:

• Fully remote: Many banks — especially newer and digital-first ones — verify identity by video call or app-based ID scan and let you sign electronically. This is the most practical route for a cross-border deposit.
• In-person: Some traditional banks still require a branch visit to open an account, which makes them realistic options only if you can travel or already spend time in the country.
• Language and notarisation hurdles: A few banks require documents in the local language or certified copies, which adds cost and delay.

Before starting an application, confirm three things: that the bank accepts non-residents from your country, that onboarding can be completed remotely, and which language customer service operates in.

Step-by-step: opening a cross-border fixed deposit

1. Compare rates and terms. Use a comparison tool covering multiple countries — PickTheBank tracks fixed-deposit offers from 1,000+ banks across 25 European countries — and shortlist banks whose rate, term and minimum deposit fit your plan. Our country-by-country rate statistics show where the top offers currently are.
2. Check the bank's licence and deposit guarantee scheme. Confirm the bank holds a banking licence in an EU/EEA state and which national deposit guarantee scheme covers it (see the protection section below).
3. Verify non-resident eligibility. Read the bank's terms or ask directly whether residents of your country can open the specific deposit product, and whether a local current account is required first.
4. Gather documents. Passport/ID, proof of address, TIN, and evidence of source of funds. Have scans ready in PDF.
5. Complete onboarding. Fill in the application, pass the identity check (video or in-branch) and sign the deposit agreement.
6. Fund the deposit via SEPA transfer. Euro transfers within SEPA are cheap and usually arrive within one business day (instant in many cases). You will need the bank's IBAN and BIC — if you only have the IBAN, our SWIFT/BIC lookup tool will find the bank's code.
7. Save the confirmation. Keep the deposit certificate or contract, and note the maturity date and the instruction for what happens at maturity (auto-renewal vs payout).
8. Declare the interest at home. Interest is normally taxable in your residence country — see below.

The shortcut: deposit platforms

If applying to foreign banks one by one sounds like work, that's because it is. Deposit platforms solve the repetition: you complete KYC once, open a single account, and then place fixed deposits with multiple partner banks across the EU from one interface. Funds still sit with the individual banks, so each deposit carries that bank's own €100,000 deposit-guarantee protection. PickTheBank's savings platform, operated with our partner Lidion Bank (Malta), works on exactly this model — one onboarding, access to term deposits from banks in several countries.

The trade-offs: a platform lists its partner banks, not the entire market, and rates on a platform can differ slightly from the same bank's direct offer. For many savers, one-time onboarding outweighs both.

SEPA transfers and IBAN discrimination

Within the Single Euro Payments Area, a euro transfer to a Lithuanian or Spanish IBAN works the same way as a domestic one. And EU law backs this up: under Article 9 of Regulation (EU) No 260/2012 (the SEPA Regulation), a payer or payee may not specify the member state in which the other side's account must be located. An employer, utility or bank that refuses a valid EU IBAN because it is "foreign" is engaging in IBAN discrimination — and that is illegal. The European Commission collects complaints and lists national authorities where you can report offenders.

Currency matters, though. SEPA covers euro payments. If you deposit in a non-euro EU country (Poland, Czechia, Romania, Sweden, Denmark, Hungary), a local-currency deposit exposes you to exchange-rate risk and conversion costs in both directions. Many banks in non-euro countries offer euro-denominated deposits, which avoids the FX issue — compare the euro rate, not the headline local-currency rate.

Protection and tax: the two questions everyone asks

Deposit protection. Under Directive 2014/49/EU, deposits are protected up to €100,000 per depositor per bank by the national deposit guarantee scheme of the country where the bank is licensed. The limit is harmonised EU-wide, so a deposit at a licensed bank in Malta, Latvia or France carries the same nominal protection as one at home. If a foreign bank fails, the local scheme repays you — normally within 7 working days — typically working through your home country's scheme as a contact point.

Tax. Interest on your foreign deposit is generally taxable in your country of residence, at your domestic rates. Some countries withhold tax at source on non-residents' interest, which you can usually reduce or reclaim under a double-tax treaty. Banks also report your interest to your home tax authority automatically under the EU's exchange-of-information rules — so declare it. For the full picture, see our guide to how deposit interest is taxed across the EU.

FAQ

Can a bank in another EU country refuse to open a fixed deposit for me? Yes. The EU-law right to an account (Directive 2014/92/EU) covers only basic payment accounts, not savings products. Banks set their own eligibility rules for deposits, and many accept only residents of certain countries. That is legal — unlike refusing your IBAN for a payment, which is not.

Is my money as safe in a small foreign EU bank as at home? The guarantee is the same: €100,000 per depositor per bank under Directive 2014/49/EU, backed by the deposit guarantee scheme of the country where the bank is licensed. Prudent extra steps: confirm the licence on the national regulator's register and stay below €100,000 per bank, including accrued interest.

Do I need to travel to open the deposit? Often not. Many banks and all major deposit platforms support fully remote onboarding with video or app-based identification. Some traditional banks still require a branch visit — check before you start.

Where do I find a bank's BIC/SWIFT code for the transfer? It is on the bank's website and in your deposit documents, or you can look it up from the IBAN with our SWIFT/BIC lookup tool. Within SEPA, the IBAN alone is usually sufficient.

Will I pay tax twice on the interest? Usually no. Interest is taxed where you are resident; if the bank's country withholds tax at source, double-tax treaties generally let you credit or reclaim it. Details in our EU deposit tax guide.

Sources

• Your Europe — Opening a basic bank account within the EU
• Directive 2014/92/EU on payment accounts (EUR-Lex)
• European Commission — IBAN discrimination
• Central Bank of Cyprus — IBAN discrimination and Article 9 of the SEPA Regulation
• Directive (EU) 2015/849 on anti-money laundering (EUR-Lex)
• Directive 2014/49/EU on deposit guarantee schemes (EUR-Lex)
• PickTheBank — Maximum interest rates in different countries