Open a Business IBAN Account [How to Guide]

There are a lot of perks to having a business IBAN account, from reducing payment processing time and cutting costs on international transfers to accessing multi-currency accounts.

But, as attractive as an international bank account number (IBAN) may seem, it can be challenging to open a business IBAN account as a foreign business owner.

However, if you’re frequently sending and receiving international payments in multiple currencies and want to cut down on international transfer fees, reduce exchange rates, and limit transaction charges, opening a business IBAN account is more than worth the effort.

Read on in this article to learn the essentials of business IBAN accounts. The benefits, the challenges, the steps to successfully open an account, and which countries specifically offer IBANs.

What is a Business IBAN Account?

Business IBAN accounts are ideal for those conducting businesses inside and outside of the EU. This type of account is often used by businesses in need of fast, low-cost transfers, and multi-currency accounts. Find out how to open a business IBAN account and more below. 

Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s specifically designed to help your business find and open accounts with the services you need around the world.

Here’s a look at everything we’ll cover in this article…

Table of Contents:

1. Benefits of Opening a Business IBAN Account
2. Challenges of Opening a Business IBAN Account
3. How to Open a Business IBAN Account
4. Where to Open a Business IBAN Account

Benefits of Opening a Business IBAN Account

Opening a business IBAN account can be a powerful tool. In fact, for many foreign business owners, it is most useful for cutting costs on cross-border transactions.

Because of this, the types of businesses that can gain the most from opening an IBAN account are generally those that make frequent transactions between Eurozone banks or internationally.

Generally speaking, these types of businesses can benefit from opening a business IBAN account in many different ways. Here’s how…

Benefits of Opening a Business IBAN Account:

A business IBAN account…

• Reduces payment processing time
• Enables you to send and receive SEPA & SWIFT transfers
• Makes it more efficient to send and receive money between Eurozone banks
• Gives you access to multi-currency accounts
• Is cost-effective when sending & receiving funds from overseas
• Offers better security
• Can be opened virtually
• Has lower maintenance fees (varies by bank)
• Reduces the number of bank accounts you need to open
• Is accessible in over 70 countries
• And more…

As you can see, there are many benefits to opening a business IBAN account, whether your business operates within Europe or internationally.

And, one of the best perks of having a business IBAN account is that you don’t have to open a bank account for every currency your business uses.

Instead, you can send and receive payments through one multi-currency business IBAN account. This enables you to cut a number of unnecessary costs when paying suppliers, employees, and contractors working abroad.

Of course, to unlock any of these benefits, you need to know how to successfully open a business IBAN account. More specifically, you need to know how to properly navigate the account opening process.

With this in mind, let’s take a look at the specific challenges most foreign business owners face when they open a business IBAN account.

Challenges of Opening a Business IBAN Account

As with opening any bank account, there are some challenges you need to be aware of when it comes to opening a business IBAN account.

However, these challenges can mostly be avoided if you know what you’re doing. That said, they can possibly block you from opening an account if you don’t.

With this in mind, let’s look at some of the challenges you could face when opening a business IBAN account.

Challenges of Opening a Business IBAN Account:

• Choosing the wrong bank
• Being rejected because your business is too high risk
• Being rejected due to an incomplete application
• Operating in a country that has not adopted IBAN
• Facing limitations on transfers, deposit amounts, payments
• Not having EU connections

It’s important to note, to overcome these challenges and successfully open the IBAN account that you want, you need to know which bank matches your banking needs and accepts your client profile.

In doing so, it’s crucial to choose a bank that both offers the benefits and services that you’re seeking and has requirements that you can meet. Because if you can’t, you’ll be turned away immediately.

So, to help you get an idea of what to expect during the account opening process, let’s take a look at what you need to open a business IBAN account.

How to Open a Business IBAN Account

The exact steps you need to take to open a business IBAN account will depend on the bank and country you choose. However, there are some similarities you’ll find across all banks that can help you prepare for account opening.

For example, there are some important questions you will want to ask the bank before opening a business IBAN account. This way, you can determine if the bank is aligned with your banking needs.

Questions to Ask Before Opening a Business IBAN Account:

1. Does the bank offer IBAN accounts?
2. Does the business IBAN account offer the currencies you require?
3. What fees may apply?
4. Are you eligible for a debit card?
5. What is the account opening deposit amount?
6. What requirements does your specific client profile need to meet in order to be eligible for an account?

Answering these questions can help you make an informed decision on whether or not the bank you’ve chosen is a suitable option.

In addition, when choosing which bank to apply for an account with, you also need to make sure that you can meet the bank’s specific requirements…

• Two forms of government-issued identification
• Bank-specific application form
• Proof of EU connections (varies by bank)
• Proof of address
• Bank reference letter (varies by bank)
• Description of business operations
• Incorporation documents
• Proof of tax residency
• And more…

Keep in mind, that depending on your nationality, citizenship, and business type, additional identification papers might be required. And, based on where you choose to open, the required documents might need to be translated into the country’s preferred language before submitting.

Since these requirements vary so greatly depending on the country and bank you choose, it really pays off to do your research ahead of time to find the best bank to apply with.

With this in mind, let’s now look at which specific countries offer business IBAN accounts.

Where to Open a Business IBAN Account

The table below outlines where foreign business owners can apply to open a business IBAN account. In this table, you’ll also find each country’s IBAN code, currency, and status within the EU, EEA, or EFTA.

IBAN Countries

Of course, knowing which jurisdiction offers the best banking services for your particular business and situation can be tricky. Each jurisdiction has significantly different application requirements and comes with different benefits.

If you’d like help to figure out which is the best banking jurisdiction for your business, check out our premium members-only report specifically on Euro IBANs: “European EMIs for Non-EEA Businesses”. This report highlights providers for non-EEA businesses in Europe and includes solutions for foreign, non-resident, offshore, and even high-risk businesses.

You can access this report immediately when you join GlobalBanks IQ.

Or, if you’re looking for a more immediate solution, here’s how to get started…

Ready to Start Opening Accounts?

Whether you’re ready to open a business IBAN bank account today or you’re just starting to explore your options, we can help.

GlobalBanks IQ gives you everything you need to start finding and opening accounts. 

When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.

And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.

Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.

To get started, click here to see if GlobalBanks IQ is the right choice for you. 

You can also view all of the account opening solutions offered by GlobalBanks on our products page by clicking here.