If you are planning on moving to Slovenia, then, opening a Slovenian bank account better manage your finances in the country.
Slovenia is a particularly appealing new home for an expat because of its temperate climate, gorgeous scenery, and strong economy. Slovenia also succeeds in drawing foreign visitors to its shores by providing a very convenient banking system for non-residents.
Many Slovenian banks make financial things easier for non-residents by providing bank accounts tailored to their needs with a straightforward, streamlined approach.
If you plan to stay in Slovenia for a longer length of time, you'll need to figure out a good approach to handle your funds. Opening a bank account in the country is what should first come into your mind.
This article will guide you through the process to open a bank account in Slovenia.
CHECK ALSO: How to Open a Bank Account in Slovakia
What to Know When Opening a Bank Account in Slovenia
You're probably looking for a Slovenian equivalent of a checking or savings account. A transaction account, or transakcijski raun, is what this is called.
You'll be able to make deposits and withdrawals with this account, and you'll receive your own International Bank Account Number (IBAN).
You can transfer money across countries in the Single Euro Payment Area (SEPA) quickly and easily with an IBAN. This applies to all European countries, including those outside the European Union (EU).
Other fees, such as account maintenance, are capped at €4.90 per month by the federal government. Because many transactions in Slovenia are still done in cash, it's a good idea to find a bank that doesn't charge you for using ATMs outside of its network.
Look for a widely accepted card option like Mastercard or Visa that you can quickly link to Apple Pay or Google Pay for quick and easy virtual payments when buying online.
Finally, if your Slovenian isn't quite up to par, check to see if your bank allows you to open an account in English, either in person or online.
Although most traditional Slovenian banks have an English-language website, the actual account-opening process may only be available in Slovenian. It's also a good idea to choose a bank that provides customer care in your native language or English.
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Who is Eligible to Open a Bank Account in Slovenia?
When it comes to opening a bank account, Slovenia is normally very accommodating to expats. Tourists visiting the country temporarily are also entitled to create a bank account. You can open a bank in Slovenia as long as you have a valid passport.
What do I Need to Open a Bank Account in Slovenia?
Because of Slovenia's relaxed eligibility standards, you'll only need a few documents to open a bank account:
- Passport
- Slovenian tax number (davčna številka)
- Foreign tax number
Are you ready? Depending on your bank's identity verification method, you can bring your documents to a branch, upload them online, or show them via video chat.
You can easily apply for a Slovenian tax number by completing out a DR-02 form and mailing or delivering it to the tax office.
If you are not a Slovenian resident, this is your home country's tax number.
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Can I Open a Bank Account in Slovenia as a Non-resident?
Yes. Non-residents and even visitors are allowed to open bank accounts in Slovenia, albeit the documents required differ by bank.
A valid passport and a Slovenian Tax Number are required. Non-resident accounts at some banks have deposit and withdrawal limits, so be careful to discuss these with your banker.
How to Open a Bank Account in Slovenia
To open an account in Slovenia, you can book an appointment or simply walk into the bank. When you go to open an account, make sure you carry all essential papers with you, and see whether the branch you visit has a translator if you don't know Slovenian.
Because most Slovenian banking websites are not in English or other languages, you may need to enlist the help of a local translation. However, many of the larger banks in Slovenia's major cities employ English-speaking employees.
You'll need to fill out an application and have your documents confirmed when you arrive for your appointment. Many banks in Slovenia will mail you a debit card to your home address in a few weeks, though some are faster and will send it within a week.
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Can I open a bank Account From Abroad? What about at least online?
There are a few banks that allow you to open accounts online, but because most of them don't have an English website, you'll have to rely on your computer's translator or go to a branch to do it.
What Banking Fees are Involved When Banking With Slovenian Banks?
Many banks in Slovenia, thankfully, offer no-fee account opening. Some banks charge a monthly fee for maintenance. Most banks also charge extra fees for services not included in regular banking. Before creating an account, make sure to discuss these costs with your banker.
Fees include the following:
1. ATM Fees
When you withdraw money from your Slovenian bank or a partner ATM, most ATMs do not impose fees. Withdrawing cash from a separate bank's ATM, on the other hand, may incur flat withdrawal fees.
If you use a non-Slovenian debit card at a Slovenian ATM, you'll almost certainly be charged a foreign ATM fee as well as a percentage of the amount withdrawn.
This is a set price plus a percentage of the transaction transmitted from your home bank, similar to some ATM fees. When compared to a local bank, ATM exchange rates can be fairly high.
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2. Standard Bank Fees
Most banks still charge fees for specific services or exceeding your monthly ATM withdrawal limit. Some examples of these maintenance and convenience fees are:
- Cash transactions at a branch
- Exceeded ATM withdrawal and deposits
- Monthly account maintenance fee
- Card changes
- Bank transfer and deposit fees
3. Fees for International Transfers
Banks generally charge extra costs for foreign transfers, such as a fixed fee of up to 50 EUR plus a percentage of the entire amount transferred. Keep an eye on the mid-market rate to avoid paying a greater exchange rate than you require.
There's a better alternative, Wise, which lets you transfer money between your Slovenian and home accounts. Wise lowers international transfer expenses by splitting down your international transaction into a series of local ones, all while guaranteeing the mid-market rate.
CHECK ALSO: How to Open a Bank Account in Italy
Best Banks for Foreigners in Slovenia
Many national and international banks operate in Slovenia, providing a diverse range of services. Some options for foreigners include:
- Nova Ljubljanska Banka
- Abanka
- Nova KBM
- SKB Banka
1. Nova Ljubljanska Banka
Nova Ljubljanska Banka is the country's largest bank. Because you can open an account online, it's a fantastic option for expats. Bank cards, high daily withdrawal limits, and SMS texting are all included in their accounts.
This information, unfortunately, is not in English. They provide the following services, however you should double-check which ones apply to you:
- Non-resident bank accounts
- Business accounts
- Different types of cards
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2. Abanka
Abanka is the third largest bank in Slovenia. They offer a reasonable charge structure and a large ATM network. However, they do not have an English-language website. Abanka provides the following financial services:
- Personal bank and savings accounts
- Investment services
- Insurance
- Loans
- Business accounts
3. Nova KBM
NOVA KBM, one of Slovenia's oldest banking institutions which combines traditional service with modern conveniences.
Non-residents can take advantage of online banking, debit cards, and a large network of partner ATMs. They offer the following services:
- Current and savings accounts
- Reward program
- Loans
- Different cards
- Investments and insurance
- Business accounts
CHECK ALSO: How to Open a Bank Account in France
4. SKB Banka
SKB Banka has earned Slovenia's Bank of the Year award for the past six years, making it a valued bank. They, like other banks, have a large ATM and branch network.
Their client-facing information is similarly not in English, however they do provide a variety of services, such as a special account for non-residents and:
- Personal and Savings accounts
- Different cards
- Online and mobile banking
- Loans
- Investments and insurance
- Business accounts
CHECK ALSO: How to Open a Bank Account in Belgium
Final Thoughts
When it comes to opening bank accounts, Slovenia is a highly expat-friendly country, with several banks offering special non-resident accounts.
With such a friendly financial sector, you can relax knowing that you will pay lower costs and have quick access to your money while enjoying everything Slovenia has to offer.
References:
https://n26.com/en-eu/blog/how-to-open-a-bank-account-in-slovenia
https://wise.com/gb/blog/opening-a-bank-account-in-slovenia