How to Open a Bank Account as a Foreign Retiree

How to Open a Bank Account as a Foreign Retiree

A local bank account makes daily life abroad easier: paying rent, setting up utilities, and avoiding foreign transaction fees on every purchase. But opening one as a foreign retiree -- especially before you have a residence card in hand -- is not always straightforward. This guide covers what you need, which banks are most expat-friendly, and the practical workarounds for each of 10 popular retirement countries.

In every country on this list, you will want the following as a baseline before walking into a bank:

• Passport (original, not a copy)
• Proof of address in your home country or in the destination country (utility bill, bank statement, or rental contract)
• Proof of income or pension (pension award letter, bank statements showing deposits, or a letter from your pension provider)
• Your tax number in the destination country (NIF in Portugal, NIE in Spain, RFC in Mexico, codice fiscale in Italy, etc.)
• Your visa or residence permit (sometimes required, sometimes not -- depends on the country)

Before diving into country specifics: you may not need a local bank account on day one. Wise and Revolut offer multi-currency accounts with local bank details in EUR, USD, GBP, and other currencies, and they accept foreign addresses. For a retiree arriving on a tourist visa while waiting for a residence permit, these are often the practical first step.

Country-by-country bank opening

### Portugal

• Can you open without a residence permit? Yes, but it is harder in 2026 than it was in 2020. Most major Portuguese banks now require a residence permit (CRP) or at least proof that the D7 visa has been approved. Novo Banco and Millennium BCP are the most likely to open an account with just a passport and NIF, but this varies by branch and by the specific employee you talk to.
• Tax number: You need a NIF (Numero de Identificacao Fiscal) before opening an account. Getting a NIF requires a fiscal representative -- a Portuguese citizen or resident who agrees to receive your tax correspondence. A lawyer or accountant typically charges EUR 150-300 for this service.
• Expat-friendly banks: Millennium BCP, Novo Banco, Santander Totta, ActivoBank. ActivoBank (Millennium's digital brand) often has simpler procedures.
• Documents: Passport, NIF, proof of address (home country or Portuguese rental contract), proof of income (pension statement or bank statements showing regular deposits), and ideally a Portuguese phone number.
• Practical tip: Open the account during a scouting trip before you move. Walk into the branch with your passport and NIF. The D7 visa application itself requires a Portuguese bank account with sufficient funds (roughly EUR 9,840 for a single applicant), so you must do this step before the visa appointment, not after. Some consulates now accept a foreign bank account with equivalent funds, but most still require a Portuguese account. Verify with your specific consulate.

See our Portugal destination page for the full move timeline.

### Spain

• Can you open without a residence permit? Yes, most Spanish banks will open a non-resident account (cuenta para no residentes) with just a passport. This is the route most retirees use. Once you get your TIE (residence card), you convert the non-resident account to a resident account. The non-resident account works for daily banking; the only real difference is that it incurs a standard commission (EUR 10-20/month) that resident accounts may waive.
• Tax number: You need an NIE (Numero de Identidad de Extranjero). This is different from the TIE card. You can get an NIE from a Spanish consulate in your home country before moving, which is the recommended approach. Failing that, you get one at a police station in Spain, which can involve weeks of appointments.
• Expat-friendly banks: Banco Sabadell, BBVA, CaixaBank, Banco Santander. Sabadell's "Key Account" is specifically marketed to expats with English-language service.
• Documents: Passport, NIE (or NIE application receipt), proof of income (pension statement), and proof of address (home country utility bill or Spanish rental contract).
• Practical tip: The non-lucrative visa application requires proof of funds in a Spanish bank account in some consulates but not others. The consulate in Miami typically does not require a Spanish account; the consulate in Los Angeles often does. Check with your specific consulate before opening an account you may not need.

### Mexico

• Can you open without a residence permit? No for most major banks. Banamex, BBVA Mexico, and Banorte generally require a valid Residencia Temporal or Residencia Permanente card. Some branches will open an account with just a passport, but this is the exception rather than the rule.
• Tax number: RFC (Registro Federal de Contribuyentes). You need it to open an account at most banks. You can get an RFC at a SAT (tax office) with your residence card and proof of address.
• Expat-friendly banks: Banamex (Citibanamex), BBVA Mexico, Banorte. Bank accounts in Mexico tend to be branch-by-branch in their requirements; one branch may refuse you while another across town accepts the same documents.
• Documents: Residency card (or visa sticker in passport for new arrivals), RFC, proof of address (Mexican utility bill or rental contract), and passport.
• Practical tip: If you cannot open a bank account immediately, a Wise or Revolut account will handle day-to-day spending at near-market exchange rates. Many expats in Mexico use this for months while waiting for the residency card. For the residency application itself, Mexican consulates generally accept proof of funds in a US or home-country bank account -- you do not need a Mexican account for the visa.

See our Mexico destination page for more on daily life.

### Costa Rica

• Can you open without a residence permit? No. Costa Rican banks require a DIMEX (residence card) as an identity document. Without it, a bank account is effectively impossible at the national banks (BNCR, BCR).
• Tax number: Cedula number (which comes with your DIMEX). No separate tax number registration is needed; your DIMEX number serves both purposes.
• Expat-friendly banks: Banco Nacional (BNCR), Banco de Costa Rica (BCR), BAC Credomatic, Scotiabank. BAC Credomatic tends to have the most English-friendly service and the simplest account opening for foreign residents.
• Documents: DIMEX card, passport, proof of address (utility bill or rental contract), and an initial deposit.
• Practical tip: The gap between moving to Costa Rica and receiving your DIMEX card can be 3-6 months after your Pensionado or Rentista visa is approved. During this period, you operate from your home-country bank account. A Wise or Revolut card covers spending in colones at fair rates.

### Thailand

• Can you open without a long-term visa? It depends on the bank and branch. Most large Bangkok branches of Bangkok Bank and Kasikorn Bank will open a savings account for a foreigner with a Non-Immigrant visa (tourist visas are typically refused). A Non-O or Non-O-A retirement visa almost always works.
• Tax number: Not typically required for a basic savings account.
• Expat-friendly banks: Bangkok Bank, Kasikorn Bank, Siam Commercial Bank (SCB). Bangkok Bank is the most foreigner-friendly, with a dedicated expat banking section at its main Bangkok branches (Silom Road, Sukhumvit). Kasikorn Bank is a close second.
• Documents: Passport with valid Non-Immigrant visa, proof of address (rental contract or a letter from your embassy confirming your Thai address -- the embassy letter costs roughly USD 30-50), and an initial deposit of THB 500-1,000.
• Practical tip: The Non-O-A visa requires proof of either THB 800,000 in a Thai bank account deposited 2 months before application, or THB 65,000/month income transferred into a Thai account. If you choose the deposit route, you need a Thai account before you can technically meet the visa requirement, creating a chicken-and-egg problem. The practical fix: arrive on a visa-exempt or tourist entry, open a Bangkok Bank account with a workaround (some branches accept a hotel booking as proof of address), wire the money, then leave and re-enter on the Non-O-A after meeting the deposit requirement. An agent in Thailand can help with this for a fee.

See our Thailand destination page for more.

### Panama

• Can you open without a residence permit? Yes, Panama is one of the easiest countries in the world for a foreigner to open a bank account. You can open a Panama bank account with just a passport and a reference letter from your home-country bank. No residence card, no visa, no Panamanian address is strictly required at some banks.
• Tax number: Not required for a personal savings account at most banks.
• Expat-friendly banks: Banco General, Banistmo, Global Bank, Towerbank. Banco General is the largest and most foreigner-friendly. Banistmo and Global Bank also have English-language services.
• Documents: Passport, reference letter from your home-country bank (a letter on bank letterhead stating you have been a customer in good standing), proof of income (pension statement or bank statements), and proof of home-country address. The reference letter is the key document: it must be recent (within 30 days) and in English or Spanish. Some banks also require a second reference letter -- a personal or professional reference.
• Practical tip: Panama's banking sector has strict anti-money-laundering (AML) compliance because of past grey-listing by the FATF. Expect questions about the source of your funds. Be prepared to show pension statements, bank statements, and investment account statements. This is a compliance requirement, not suspicion. Answer honestly and bring documentation.

See our Panama destination page for more.

### Greece

• Can you open without a residence permit? Yes, but it is getting harder. Greek banks, under pressure from capital controls legacy and EU AML directives, have tightened requirements. Piraeus Bank and Alpha Bank are the most likely to open an account with just a passport and AFM (tax number), but some branches will insist on a residence permit. National Bank of Greece is typically stricter.
• Tax number: AFM (Arithmos Forologikou Mitroou). You get this from the local tax office (DOY) with your passport and proof of address. Getting an AFM is relatively straightforward and does not require a residence permit.
• Expat-friendly banks: Piraeus Bank, Alpha Bank, Eurobank.
• Documents: Passport, AFM, proof of address (Greek rental contract or home-country utility bill), and proof of income. Some branches also ask for a Greek mobile phone number.
• Practical tip: The Financially Independent Person visa application does not require a Greek bank account; a foreign bank account with sufficient funds is accepted. You can open the Greek account after arrival, which removes time pressure from the process.

### Italy

• Can you open without a residence permit? Yes, but you will open a non-resident account (conto corrente per non residenti), which carries higher fees (EUR 8-15/month vs. EUR 0-5/month for resident accounts). Some banks will not open any account for a non-resident with a US passport due to FATCA reporting obligations.
• Tax number: Codice Fiscale. You need this for nearly everything in Italy, including opening a bank account. You can request a codice fiscale from an Italian consulate in your home country before moving. This is much easier than getting it in Italy.
• Expat-friendly banks: Intesa Sanpaolo, UniCredit, Fineco, N26 (available for EU residents but may require an Italian address). Intesa Sanpaolo has an English-language service desk in major cities. Fineco Bank is a popular online option with lower fees.
• Documents: Passport, codice fiscale, proof of address (home-country utility bill or Italian rental contract), and proof of income.
• Practical tip: The elective residency visa application does not require an Italian bank account. The permesso di soggiorno (residence permit) process requires proof of sufficient funds, which can be your home-country account statements. Open the Italian account after you arrive and after you have the permesso, which makes the process simpler and avoids non-resident account fees.

### Malaysia

• Can you open without a long-term visa? Yes, but major banks increasingly require a valid MM2H visa or employment pass. Maybank and CIMB are the most likely to open an account for a foreigner with just a passport, but this depends heavily on branch and staff discretion. A tourist entry makes it harder; an MM2H approval letter makes it straightforward.
• Tax number: Not typically required for a savings account.
• Expat-friendly banks: Maybank, CIMB, Hong Leong Bank, HSBC Malaysia. Maybank is the largest and has the most experience with MM2H account holders.
• Documents: Passport with valid visa, MM2H approval letter (if applicable), proof of address (Malaysian rental contract or home-country address), and an initial deposit of MYR 500-1,000.
• Practical tip: MM2H requires you to maintain a fixed deposit in a Malaysian bank (Silver: EUR 50,000; Gold: EUR 107,000; Platinum: EUR 267,000, approximately). You must open the account and place the deposit as part of the MM2H activation process. The MM2H approval letter functions as your banking credential.

### France

• Can you open without a residence permit? Yes, France has a legal right to a bank account (droit au compte). Even without a residence permit, a bank must either offer you an account or, if refused, direct you to the Banque de France, which designates a bank that must open an account for you. In practice, most major banks (BNP Paribas, Societe Generale, Credit Agricole) will open a non-resident account with a passport and proof of address.
• Tax number: Not required at account opening, but the bank will ask for your tax identification number from your home country (SSN for US citizens) for FATCA/CRS reporting.
• Expat-friendly banks: BNP Paribas, Societe Generale, HSBC France (being rebranded as CCF), N26 (requires an EU address), Revolut (accepts French address). BNP Paribas and Societe Generale have English-speaking advisors in Paris and larger cities.
• Documents: Passport, proof of address in France (rental contract or utility bill), proof of income, and your home-country tax ID.
• Practical tip: French banks are famously slow. Opening an account can take 2-4 weeks of back-and-forth document requests. During this period, Wise or Revolut will handle your daily spending. The long-stay visitor visa application does not require a French bank account; it requires proof of funds in any bank account.

Summary table

Country	Bank account required for visa?	Open without residence permit?	Key document	Expat-friendly banks
Portugal	Yes (for D7, most consulates)	Possible but harder	NIF (tax number)	Millennium BCP, Novo Banco, ActivoBank
Spain	Depends on consulate	Yes (non-resident account)	NIE (tax number)	Sabadell, BBVA, CaixaBank
Mexico	No	No (major banks require card)	RFC + residency card	Banamex, BBVA Mexico, Banorte
Costa Rica	No	No (DIMEX required)	DIMEX (residence card)	BAC Credomatic, BNCR
Thailand	Yes (deposit route)	Yes (Non-O visa)	Non-Immigrant visa	Bangkok Bank, Kasikorn Bank
Panama	No	Yes (easiest globally)	Reference letter	Banco General, Banistmo
Greece	No	Yes but tightening	AFM (tax number)	Piraeus Bank, Alpha Bank
Italy	No	Yes (non-resident account)	Codice Fiscale	Intesa Sanpaolo, Fineco
Malaysia	Yes (fixed deposit)	Yes (MM2H approval)	MM2H approval letter	Maybank, CIMB
France	No	Yes (droit au compte)	Proof of French address	BNP Paribas, Societe Generale

Further reading

• Moving abroad: the complete pre-departure checklist for the full move timeline
• Countries with retirement visas for visa requirements by country
• Shipping your belongings: costs, customs, and what to bring for moving household goods
• Healthcare registration: steps for 10 popular retirement countries for the healthcare side of settling in
• Individual destination pages at `/destinations/` for country-specific financial information