Moving to Europe from the US means managing finances across two continents, two currencies, and two tax systems at once. Most of it is manageable, but the first problem tends to catch people off guard: getting a local bank account when you don't have a local tax ID yet. bunq solves that before you even leave. This guide covers everything else: moving money internationally without losing it to fees, the US tax obligations that follow you regardless of where you live, and how to build a financial buffer before you need it.

Get a European bank account before you land

Every European country issues a local tax ID, and you need one to open an account at a traditional bank. In the Netherlands it's the BSN, in Spain the NIE, in Germany the Steuer-ID, in France the numéro fiscal. You can't get that ID until after you've registered as a resident. You can't register until you've arrived. And the whole process can take weeks.

Traditional banks won't open your account without it, which means no way to pay a rental deposit, set up utilities, or receive a salary transfer during that gap.

bunq doesn't require a tax ID upfront. Open a Bank Account from your phone in 5 minutes, get a European IBAN before you land, and provide your tax ID within 90 days once you have it. Depending on where you're moving, that's a Dutch, German, Spanish, French, Italian, or Irish IBAN, ready from day one.

bunq is a fully regulated European bank trusted by millions of users, with deposits protected up to €100,000 under the Dutch Deposit Guarantee Scheme. You can also open multiple Bank Accounts inside the same app to keep rent, day-to-day spending, and savings clearly separated from the start.

Open your Bank Account in 5 minutes.

Keep your US accounts open

Your US credit history, investments, and any dollar-denominated income all run through your US accounts. Close them and you lose the financial foundation you've built at home.

Before you leave, let your bank know you're moving abroad. Some US banks freeze accounts the moment they detect overseas activity. Check whether your debit card charges international ATM fees and switch to one that reimburses them if it does. Set up digital access for everything before you go. Managing US banking from a different time zone is straightforward when it's all online. It becomes a problem when it isn't.

Moving money between the US and Europe

Traditional bank wires are expensive, and the fees aren't always visible until you see what arrived on the other end. Specialist transfer services offer significantly better exchange rates and are worth setting up before you move, not on the week your rent is due.

On the European side, your bunq IBAN receives international transfers cleanly. bunq also supports up to 10 free Foreign Currency Transfers each month, which covers most regular transfers between the US and Europe. After that, transparent fees mean no surprises.

Managing two currencies

Once you're in Europe, dollars are coming in and euros are going out. The cost of not having a system for this shows up quietly: small markups on every conversion, ATM fees you stop noticing, transfers that arrive smaller than expected.

One practical rule that costs nothing: if a card terminal abroad asks whether you want to pay in dollars or local currency, always choose local currency. The dollar option applies the terminal's own rate, which is always worse than your card's.

For purchases in currencies outside the Eurozone, whether you're visiting the US, traveling to the UK, or spending anywhere outside the euro area, bunq's ZeroFX removes the exchange rate markup on eligible card transactions, with no hidden fees. And with multiple Bank Accounts in the same app, you can hold USD and EUR separately so your dollar savings and euro spending never get mixed up.

Your US tax obligations follow you abroad

US citizens are taxed on worldwide income regardless of where they live. Moving to Europe doesn't change your obligation to file a US return each year, and there are a few specific requirements that catch people off guard.

FBAR (FinCEN Form 114): If your foreign accounts hold more than $10,000 combined at any point during the year, this filing is required. Missing it carries significant penalties.

FATCA Form 8938: Applies at higher asset thresholds than the FBAR, but relevant if you're building savings or investments abroad.

Foreign Earned Income Exclusion: Lets eligible taxpayers exclude a portion of foreign-earned income from US tax. Most expats earning in euros qualify.

Foreign Tax Credit: Offsets US tax liability against taxes already paid locally. Most European countries have a bilateral tax treaty with the US that prevents double taxation. Check your country's treaty on the IRS treaty documents page.

Get a tax advisor who handles US expat filings before your first full year abroad. Getting it right from year one costs far less than correcting missed filings later.

Healthcare

Spain, Italy, Portugal, France, and Germany all provide public healthcare to registered residents. The Netherlands requires every resident to purchase mandatory private health insurance, currently around €120 to €160/month. Ireland's public system operates through the HSE, alongside a significant private insurance market.

Most long-stay visa applications require proof of private health insurance before you can register as a resident. Sort this before you travel. Your US insurance won't cover routine care in Europe.

Build a financial buffer in euros before you move

The first few months in a new country cost more than expected. Rental deposits in most of Europe run 2 to 3 months' rent. Add visa costs, moving expenses, and the general setup of a new home, and expenses add up quickly before income stabilizes.

Aim to have 3 to 6 months of living expenses in euros, in a European account you can access immediately, not tied up in investments or sitting in a US account that takes days to wire.

bunq's Savings Account earns 3.01% annual interest paid weekly* while that buffer sits there. Set up automatic income sorting to route incoming transfers into the right accounts as they arrive: rent in one place, savings building in another, spending in a third.

*View full rate details

For country-specific cost breakdowns, see our guides to moving to the Netherlands, moving to Spain, moving to Portugal, moving to Italy, and moving to France.

Where to start

Sort your banking before anything else. It's the one part of this you can do from the US, before you've landed or registered anywhere, and it takes 5 minutes.

Open your bunq Bank Account now.

This article is for general information only and does not constitute legal, tax, or financial advice. Requirements and thresholds change. Consult a qualified advisor for your specific situation.