How to Open a Fixed Deposit Account in Europe as a Non-Resident - Updated Guide

Can non-residents open a fixed deposit in Europe?

In most EU countries, non-residents can open fixed deposits. The exact rules depend on the bank and the regulatory framework of the country. Generally:

• EU and EEA banks allow non-resident customers
• Some banks require a European address (but not all)
• KYC/AML rules apply the same way as for residents
• Minimum deposit amounts may be higher for non-residents

Countries with the most accessible options include: Germany, Ireland, Estonia, Lithuania, Malta and Portugal.

What documents do non-residents need?

Although requirements vary, the same core documents are usually mandatory:

• Valid passport
• Proof of current address (utility bill, bank statement)
• Tax residency information (TIN)
• Source-of-funds confirmation for larger deposits
• Optional: existing European bank account for transfers

Banks must check all documents to comply with AML rules before allowing a fixed-term deposit.

Online opening: which countries and banks offer it?

Many European banks now allow online opening of savings products for non-residents. Options typically include:

• Fully digital onboarding via video verification
• Remote identity checks through eID, NFC or passport scan
• Online dashboards for managing your fixed deposits

Examples of markets where online onboarding is common:

• Germany: several digital banks enable remote KYC
• Estonia / Lithuania: fintech-friendly, streamlined online processes
• Ireland and Malta: often offer remote fixed deposits for foreigners

Traditional banks may still require a branch visit, but the trend is moving toward digital onboarding.

Step-by-step guide: how to open a fixed deposit as a non-resident

This is the simplest and most reliable sequence:

1. Choose a country and compare interest rates

Different countries offer different rates. Many non-residents compare offers across the EU before choosing a bank.

2. Check eligibility for non-residents

Some banks allow non-residents to open fixed deposits directly; others require an existing current account.

3. Prepare necessary documents

Passport + proof of address + tax residency details are essential for onboarding.

4. Complete the KYC process

Depending on the bank:

• online identity verification
• video call identification
• or in-branch verification for traditional banks

5. Fund your deposit

Transfer money from your local or international account. Some banks require the first transfer to come from an account in your name.

6. Choose the term and confirm the contract

Typical terms range from 1 to 60 months. Interest is usually fixed for the entire duration.

7. Manage your deposit online

Once active, you can see the deposit details, interest schedule and maturity date in your online banking dashboard. This step by step guide applies to almost all European banks offering fixed deposits to non-residents.

What happens at maturity?

When the fixed-term deposit matures, banks typically offer three options:

• automatic renewal at the new rate
• crediting the funds back to your linked account
• reinvesting into a different term

Non-residents must ensure their payout account remains active and supports international transfers.

Key considerations for non-residents

• Some banks set higher minimum amounts for non-residents
• Early withdrawal is usually not possible or heavily penalized
• Tax rules vary by country (withholding tax may apply)
• You may need a SEPA-enabled account for smooth transfers

Opening a fixed deposit in Europe as a non-resident is absolutely possible, especially thanks to digital onboarding and the growing number of banks offering online opening. With the right documents and a clear understanding of the process, securing a safe, guaranteed return within the EU banking system is straightforward.