Understanding EU Banking Fees as a New Resident (2025 Guide) | PrimeRate Finance

Moving to Europe often means opening a new bank account and understanding a different fee structure. Banking fees across the European Union can vary by country, provider, and transaction type. This guide provides general educational information about common fees new residents may encounter. It does not recommend specific products.

Key takeaway: SEPA transfers within the Eurozone are often low-cost or free, but currency conversion and international ATM usage can lead to higher fees.

Common European banking fees

While many European banks offer low-cost everyday accounts, fees can apply depending on account type, payment method, and usage patterns.

Typical fee types

Account maintenance fees
ATM withdrawal fees
International card fees
Currency conversion margins
Instant payment fees (varies)

Fee comparison at a glance (Eurozone)

Fee Type	Common Cost Range
Account maintenance	€0–€6/month
Domestic ATM withdrawals	€0–€2
International card purchases	0–3% + FX margin

Did you know? SEPA (Single Euro Payments Area) transfers between Eurozone bank accounts are often treated like domestic transfers.

SEPA transfers explained

Usually low-cost

Euro-to-euro transfers
Within SEPA region
Standard processing times

May include fees

Instant payments
Cross-currency transfers
Non-SEPA destinations

ATM withdrawals in Europe

Possible ATM-related costs

Operator surcharge fees
Network usage fees
Foreign card fees
Currency conversion margins

New resident pitfall: ATMs may offer “dynamic currency conversion,” which selects your home currency instead of euros and can increase costs.

Currency conversion fees

Cross-currency transactions may involve:

Foreign transaction percentages
Exchange rate markups
Service charges

Country differences

Lower-fee environments

Eurozone countries with SEPA focus
Strong digital banking presence

Higher-fee environments

Non-euro EU members
Smaller regional banks

Example scenario

Scenario:
Someone relocating from Australia to Spain may find card purchases inexpensive locally, but international withdrawals or foreign currency transactions could still incur charges.

When fees may change

New regulations
Changes in account usage
Introduction of instant payment services
Cross-border spending patterns

This article is general information only and is not financial advice. It does not take into account your objectives, financial situation, or needs.

This article is general information only and does not constitute financial, investment, legal, or tax advice. It does not consider your objectives, financial situation, or needs. You may wish to seek personalised advice from a licensed professional before making financial decisions.