If you want to collect payments in Europe, you do not have to forget all the services you need to have a full bank account. Virtual banks are free from the difficulties associated with traditional bank accounts, but they are not without drawbacks. Generally, a person can open an account by making a phone call or filling out an online form. You have access to most of your required banking needs, but you lose some of the benefits of a full bank account that you can easily open through TransferWise. This includes the ability to send and receive money in euros, make purchases and withdraw cash using your TransferWise MasterCard debit card. In Spain, the lower fees than in banks are largely due to the fact that people withdraw money and pay with it. This is in the form of a 5% fee for withdrawing cash through Transfer Wise and a 10% tax on withdrawing cash. Read our full report on TransferWise and open an account using the link below. Evo Banco is a good option if you are used to doing your online banking, but I prefer digital banks. I like to go into a bank to do my transactions and I haven't been in the bank for over a year. This is the best option for those accustomed to using a traditional bank account rather than a digital bank such as Transfer Wise. Like every other bank in the world, Portuguese banks offer a range of services, from personal accounts to corporate accounts. Depending on the case, you can choose which benefits you will receive and which not. You can download a banking application for your phone or manage transactions from your phone using a mobile bank account. An online bank account allows you to make transactions, manage payments, even loans, and transfer money. If you want to keep your existing bank account abroad, some banks offer a free account with the same features as your current account in the EU, such as access to credit cards. It is a good idea to speak to your bank and let them know that you see the options and plans that you have. Many UK banks also offer international bank accounts, which allow you to manage foreign currencies depending on the bank. Most banks offer online banking and telephone support to ensure you remain in control of your money and can withdraw and withdraw money without currency management. This is the main attraction of TransferWise and it is one of the most popular options for international bank accounts in the UK. Transferwise is available in 144 countries worldwide and at the time of writing the Transferwise app supports 44 currencies. However, you do not have to forget your own local bank details in any of the supported countries, as the transferwise app works in all countries. If you are legally resident in an EU country, you are entitled to open a bank account in your home country . Make sure you open bank accounts on another continent, such as the US, or you may want or need to open a basic payment account. If you live outside the country where the bank is established, it may refuse your application for a basic account. This right does not apply to you, but you must have your identity verified by a bank in the EU . However, you will probably also want to apply for a TransferWise debit card, which must be applied for separately. You can withdraw money from an ATM but not buy goods or services. If you have TransferWise, your debit card will be sent to the address you registered for your EU bank account. When you open your bank accounts in Spain, you will receive a debit or credit card at the same time as your transfer card. This card allows you to withdraw money free of charge from your bank's ATM at any other bank in Spain or Europe. Remember, however, that you are likely to be charged a fee for withdrawing from an ATM from other banks or ATMs in other countries. This free international bank account is open to everyone, regardless of whether they live in a country with a specific bank coverage. Those living in another country may want to get a free bank card for their country of origin. N26 Bank is one of the top recommendations of the European Central Bank and the Federal Reserve Bank of New York . This may mean that not all banks will be accessible to non-Europeans, but if you actually live in Europe, you will have the opportunity to access all European financial services via online banking. Your online bank account will be equipped with everything needed to track your bank accounts, such as credit cards, insurance and other financial products and services.