Although opening a bank account is not essential for living in Spain, it will significantly facilitate your integration into Spanish life.
Whether you plan to stay long-term, buy 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 help 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 (Spanish income tax) by providing proof of address. Therefore, when opening the account, you must provide the following documents:
- A valid passport or National ID (DNI)
- Your Foreigner Identification Number (NIE)
- Proof of address (electricity bill, water bill, etc.)
At the time of opening, they may also ask for a copy of your most recent bank statements. Some advisors ensure that their future clients manage their finances well and take precautions for potential loan applications.
How to open a bank account in Spain for non-residents?
A person is considered a non-resident if they remain in Spain for less than 183 days a year and do not pay Spanish taxes. In this case, the documents required to open a bank account are:
- A valid passport or National ID (DNI)
- Your Foreigner Identification Number (NIE)
If you plan to work for a Spanish company, you must provide a copy of your employment contract or a job offer 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 a certificate of non-residence, which can be obtained as a sworn statement or a certificate issued by the police station (allow for a 15-day processing time).
Regarding processing time, it is very fast. Your advisor will provide your Spanish account number during the appointment. However, you must wait 5 to 7 days to collect 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 should inform your advisor, as it is in your interest to entrust them with both your personal and business accounts. Spain is one of the European countries where banking costs are higher. By opening multiple accounts, you can bundle these costs and simplify administration. You must then provide the following documents:
- A valid passport or National ID (DNI)
- The notarial deed
- The appointment of the administrator
- The company statutes (S.L.; S.L.N.E.; S.A.; etc…)
Tip: Banco Sabadell is a business-oriented bank for foreign entrepreneurs. Services are tailored to this target group, staff speak several 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 in Dutch-speaking countries, where one bank card (Visa or Mastercard) is sufficient for all your purchases, in Spain you typically have a debit card for direct payment and ATM withdrawals, and a second card for credit payments.
Note: In Spain, cash withdrawals at ATMs from banks other than your own incur a cost (fixed fees + commission depending on the amount). Be careful to avoid unpleasant surprises and choose a bank with a sufficient presence 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 annual fee for debit/credit cards
- The language of the online platform
- The amount of ATM withdrawal fees
- The costs for international transfers
- Transaction fee amounts
- Costs for use abroad
But where should you turn to determine if an offer is right for you? To give you a reference, the amounts mentioned below are averages.
For daily transactions and management fees, expect to pay around €5 per month. Other costs vary from one institution to another, allowing you to find the offer that best suits your needs.
In Spain, the use of checks is not common, so few banks will provide you with a checkbook unless requested. Please note: Verify if your bank card is linked to the bank where you wish to withdraw money; otherwise, you may be charged a fee of approximately €2 per withdrawal. As for international transfers, these can be costly.
Different types of banks in Spain
In Spain, you have a choice of over 150 different banks. But which one should you choose?
There are different types of banks at your disposal:
- National networks (Santander, BBVA, La Caixa, Sabadell, Ibercaja, etc.)
- Regional networks
- Online banks (BForBank, N26, ING DIRECT Spain, Revolut)
If you plan to travel or move around the country, it is better to choose a national network bank. Avoid replenishing your accounts by exchanging checks, as costs and processing times in Spain can be surprising. Keep in mind that free online banks have advantages (no management fees and free cards) but also disadvantages (minimum deposit at opening, limited access to credit, life insurance, foreign bank fees, stock market transactions, etc.).
Now that you have a clear idea of how to open a bank account in Spain, you probably also realize that having the right professional guidance can save you time and avoid unnecessary headaches. At Prime Estate, we assist our clients through every step of their relocation, ensuring that administrative tasks like banking are handled smoothly.
If you are looking for your ideal home or planning to invest in Spanish real estate, feel free to contact us. We are here to guide you from the initial search to the moment you receive your keys.
