Opening a bank account in Spain is a crucial step for both residents and non-residents, whether for managing daily expenses or conducting economic operations. While it might seem like a complex process, with the right information, it can be done without too many complications.
In this article, we provide a detailed explanation of how to open a bank account in Spain, the necessary requirements, and the differences between doing so as a resident or non-resident.
Why Open a Bank Account in Spain?
Can Foreigners Open a Bank Account in Spain?
Types of Bank Accounts in Spain
Current Account
The most common type, allowing deposits and withdrawals at any time, direct debits, transfers, and use of credit and debit cards.
Interest-Bearing Account
Offers interest on the deposited money but does not allow direct debits or regular operations.
Salary Account
Works as a savings tool and allows direct debits. Offers lower interest than the interest-bearing account.
Housing Account
Provides tax benefits if the balance is used for purchasing or renovating a home. The balance must be used within a maximum of four years.
How to Open a Bank Account in Spain: Step by Step
Common Requirements
All banks in Spain require the following documents:
- Be of legal age.
- Have a good credit history.
- Not appear on debtor lists (Asnef, Equifax, Badexcug).
- Present DNI (National Identity Document) or NIE (Foreigner Identification Number), employment contract, recent pay slips, and tax returns or quarterly VAT payments.
How to Open a Bank Account in Spain as a Resident
- Identification: Present DNI or NIE.
- Proof of Income: Employment contract, pay slips, or income declaration.
- Proof of Address in Spain: Recent utility bill, bank statement, or rental contract.
- Declaration of Economic Activity (DAE): Declare economic activity as per Law 10/2010.
How to Open a Bank Account in Spain as a Non-Resident
- Identification: Present a valid passport.
- Proof of Address: A utility bill not older than 3 months.
- Employment Status: Pay slips, tax returns, or government letters.
- Certificate of Non-Residency: Obtain it from the General Directorate of the Police or authorize the bank to request it.
Can I Open a Bank Account in Spain without a NIE?
Yes, some banks allow opening an account without a NIE, although the process can be quicker and easier with this number. Having a NIE is essential for many activities in Spain.
Opening a Bank Account Online from Abroad
It is possible to open a bank account in Spain from abroad. There are two options:
- Appoint a Legal Representative: Provide notarized power of attorney for a lawyer to manage the account opening.
- Online Process: Some banks, like BBVA, allow starting the process online, though in-person identification will eventually be required.
Costs of Having a Bank Account in Spain
Opening Fees and Maintenance Charges
Some banks charge set-up and maintenance fees. Generally, the cost is around €8 to €10.
Withdrawal Fees
No fees are charged for withdrawing money from the same bank’s ATMs. However, withdrawing from other banks’ ATMs incurs a fee of approximately €2.
Transfer Fees
Some banks charge for international or domestic transfers. It is essential to compare fees before choosing a bank.
Major Banks in Spain
BBVA
Offers accounts like the Online BBVA Account, with no maintenance fees and advantages for young people.
Banco Santander
Features products such as the Zero Account, fully digital, and the Classic Account, which does not require specific conditions for opening.
CaixaBank
Provides the Family Account, with zero monthly fees for customers with direct debit salaries, and HolaBank, for international customers.
Sabadell
Known for its security and good service, Sabadell is a solid option for foreigners.
