Although opening a bank account is not essential to live in Spain, it will significantly facilitate your integration into Spanish life.
Whether you plan to stay long-term, purchase real estate, or establish your own business, having a bank account in Spain is an essential step. However, as with any administrative procedure, you need to understand Spanish or be guided by a local person, such as one of our experts at Prime Estate (in the case of a real estate purchase). To assist you, here are the various options available to you.
- Opening a bank account in Spain for tax residents in Spain
- How to open a bank account in Spain for non-residents
- Opening a bank account in Spain for a business
- Different types of bank cards in Spain
- How to choose a bank
- Different types of banks in Spain
Opening a bank account in Spain for tax residents in Spain
To open a bank account in Spain as a tax resident, you must prove that you are subject to IRPF, the Spanish income tax, by providing proof of address. Therefore, when opening the account, you must provide the following documents:
- A valid passport or ID card
- Your foreign identification number (NIE)
- Proof of address (electricity bill, water bill)
At the time of opening, you may also be asked for a copy of your most recent bank statements. Some advisors ensure that their future clients manage their finances well and take precautions for a loan application.
How to open a bank account in Spain for non-residents?
Someone is considered a non-resident if they stay in Spain for less than 183 days per year and do not pay any Spanish taxes. In this case, the required documents for opening a bank account are:
- A valid passport or ID card
- Your foreign identification number (NIE)
If you plan to work for a Spanish company, you should provide a copy of your employment contract or a promise of employment at your first appointment. Depending on your income and regular activity in your account, you can obtain better conditions and lower management fees. Some banks may ask you to provide proof of non-residence (certificado de no residencia), which can be obtained in the form of a sworn statement or a certificate issued by the police station (allow 15 days processing time).
As for the processing time, it is very fast. Your advisor will provide you with your Spanish account number at the appointment. However, you must wait 5 to 7 days to pick up your cards and PIN codes at the bank branch.
Opening a bank account in Spain for a business
If you plan to establish your own business, you must inform your advisor, as it is in your interest to entrust your personal account to him. Spain is one of the European countries where bank costs are the highest. By opening multiple accounts, you can bundle these costs and simplify the administration. You must then provide the following documents:
- A valid passport or ID card
- The notarial document
- The appointment of the administrator
- The statutes of the company (S.L.; S.L.N.E.; S.A.; etc…)
Advice: Banco Sabadell is a business bank for foreign entrepreneurs. The services are tailored to this target group, the staff speaks multiple languages, and the online platform is available in different languages.
Different types of bank cards in Spain
In Spain, there are different types of bank cards. Unlike Dutch-speaking countries, where one bank card (Visa or Mastercard) is sufficient for all your purchases, in Spain, you have one card for direct payment + withdrawal at an ATM, and a second card for credit payments.
Note: In Spain, cash withdrawals at ATMs of banks other than your own are charged (fixed fees + commission depending on the amount). Be careful to avoid unpleasant surprises and choose a bank that is sufficiently present in Spain.
How to choose a bank
As in many countries, when choosing a bank, you should consider the following criteria:
- The amount of management fees
- The contribution for the debit/credit card
- The language of your online platform
- The amount of fees for withdrawals
- The costs for international transfers
- The amount of transaction fees
- Costs for use abroad
But where should you refer to determine if an offer is interesting for you? To give you a reference, the amounts mentioned are averages.
For daily transactions and management fees, expect €5 per month. Other costs vary from one institution to another and allow you to find the offer that best suits your needs.
In Spain, the use of checks is not common, and therefore, few banks will provide you with a checkbook unless you request it. Be aware: Check if your bank card is linked to the bank where you want to withdraw money; otherwise, a fee of €2 per withdrawal will be charged. As for international transfers, these can be expensive.
Different types of banks in Spain
In Spain, you have a choice of more than 150 different banks. But which one should you choose?
There are different types of banks at your disposal:
- Those of the national network (Santander, BBVA, La Caixa, Sabadell, Ibercaja, etc.)
- Those of regional networks
- Online banks (BForBank, N26, ING DIRECT Spain, Revolut)
If you plan to travel or move around the country, prefer a bank from the national network. Avoid replenishing your accounts by exchanging checks, as costs and processing times in Spain can be surprising. Note that free online banks have advantages (no management fees and free card) but also disadvantages (minimum deposit at opening, access to credit, life insurance, bank fees abroad, stock transactions, etc.).
Now that you have a clear idea of how to open a bank account in Spain, you probably also need accommodation. Look no further; you are in the right place. Prime Estate assists Dutch speakers every year with their real estate purchases, all-inclusive. Contact us today to assess the feasibility of your project.
