If you are an ex-pat, financial operations and payments will become easier as soon as you open a bank account in Spain. An account in a Spanish financial establishment will be especially convenient if you plan on acquiring an apartment in Spain, or even if you plan to relocate to the country for permanent residence. Read this guide to find out how to open a Spanish bank account.
Content:
- How to open an account in Spain?
- What are the benefits of creating a bank account in Spain?
- Types of bank accounts in Spain
- Which banks work with foreigners?
- What should one take into account when choosing a bank?
- What documents are needed to open an account?
- Conclusion
How to open an account in Spain?
A foreigner needs to visit a bank branch first. Before going there, it is best to collect the required documents and choose what type of account you need and for what purposes.
Many departments do not have English-speaking personnel. So, you should make an appointment with an English-speaking specialist, or come with an interpreter (a fluent-speaking friend or a hired specialist will do).
Be prepared for the fact that the process will be quick, but not instantaneous. It normally takes one to five days, after which paperwork and credit cards are sent within two weeks.
Remember that all banks and government offices in Spain are open from 09:00 to 14:00.
What are the benefits of creating a bank account in Spain?
A bank account is not a legal necessity to acquire an apartment or a villa in Spain, or for living there. Foreigners can manage their finances using an overseas account. However, if you are a permanent Spanish resident, it can be costly to manage your day-to-day finances because of fees, and, in some cases, it can be impossible due to the unstable international political environment. Overdue transfers and interrupted international transactions can leave you without money. For many things, such as paying utility bills and taking out a mortgage loan, having a bank account in Spain is useful. Of course, the country accepts payments from most overseas banks and credit cards, including Visa, Mastercard, and American Express. But in the context of the current geopolitical situation, payment with Russian cards is not available outside of Russia. Additional expenses will be incurred when paying for your purchases and cash withdrawals.
Types of bank accounts in Spain
Spanish banks offer customers different products. Before going to the bank, you should decide which one suits your circumstances best.
Here are some of the available banking options in Spain:
- Debit accounts. Many banks offer a variety of options for everyday financial needs. Some of them are available for specific customer groups, such as students or youth. The service cost, possible privileges, and benefits depend on this.
- Savings accounts. Most banks provide various savings variants, starting with basic savings accounts with an interest on keeping funds, to services connected to investments in funds and stocks.
- Digital accounts. You will be able to do all your banking transactions online or using your mobile device. All major Spanish banks offer online services and banking apps.
- Accounts of non-residents. Some of the major Spanish banks have special offers for foreign residents. As an example, you can have an account in multiple currencies.
Which banks work with foreigners?
The following is a list of Spanish banking options and services for ex-pats.
- This is one of Spain's largest banks. It offers different variants, including a standard debit account, an option for young people aged 18-29, and a payroll account. The bank has a user-friendly mobile payment app that works with Apple Pay, Samsung Pay, and Google Pay, as well as a variety of debit, credit, and prepaid cards.
- Banco Sabadell.
This institution offers accounts with free withdrawals and unlimited deposits. It provides free translation services from the Spanish language for foreigners. International money transfers, among other services, are also available at a reasonable cost.
The largest Spanish bank offers a diverse range of products, including traditional, young, and non-resident options. There are a variety of debit and credit cards available, as well as a banking app for individuals who want to handle their funds on their smartphones.
If you don't want to create an account with a Spanish bank, the country also has several well-known overseas banks too:
- Barclays
- Citibank
- Deutsche Bank
- HSBC
- ING
What should one take into account when choosing a bank?
Choose a bank beforehand. Think about what you want in terms of products and services, and have a closer look at prices to find the best deal that matches your requirements. You may need to visit several bank branches for a consultation as there are several things you may want to compare. For example:
- In Spain, there are almost no fully free bank accounts, but simple variants for holding funds are not so expensive. You can check and compare the prices if you visit different departments.
- Additional services. If you assume that, at some point, you may need to take out loans, insurance, a mortgage, or a Spanish retirement plan, you can consider a bank with these services in advance.
- If you want 24/7 access, an online option or mobile banking might be your best option.
- English speaking services. In Spain, international banks are more likely to offer English-speaking services, whilst regional banks are more likely to offer just Spanish-speaking staff and information in Spanish. For a foreigner, it can be difficult.
What documents are needed to open an account?
The complete list of required documents depends on the specific financial institution, but, in most banks, you must provide:
- An identity card (a valid passport).
- A Spanish Alien Identification Number (NIE) – you can request it directly in Spain (it is issued by the General Commissariat of Immigration) or at the embassy in your place of residence.
- Proof of address in Spain.
- Proof of employment status (for example, a student card oran employment agreement).
Please note that documents written in any language other than Spanish need an official translation. If they are from abroad, they need to be assured with the stamp of an Apostille.
Conclusion
Now you know what documents to prepare in order to open an account, which banks to use, and which factors to take into account when choosing a banking product.
If you think about buy-to-live or buy-to-invest options to acquire a property in Spain, a local bank account will be convenient for various purposes, from paying utility bills to saving money.