Open Bank Account in Spain

An Overview of Opening a Bank Account in Spain

Banking and Payments in a country become easy if you have a bank account in that country. Further, moving to any country requires you to have a bank account in that country. If you're planning to move to Spain, you must know that Spain has a significant expat community. Several banks cater their services towards expats. It has an integrated and internationalized banking system. It has 141 current private banks and many regional cooperative and savings banks. Opening a bank account in Spain is a simple process. This guide will help you understand what is required to open a bank account in Spain.

Necessary papers required to Open a Bank Account in Spain

Necessary papers required to Open a Bank Account in Spain may vary from bank to bank. However, there are certain essential Documents that almost all banks require to open an account; they are

• A valid ID such as a Passport
• A Valid Spanish address proof
• Número de Identificación de Extranjero (NIE) is a code to prove you're officially registered in Spain.
• Proof of employment status, such as a contract of employment or a student card if you're a student.

Additionally, if you're a non-resident, then you will have to provide Documents from your actual country of residence.

Types of Bank Accounts in Spain

One can consider opening any of the two bank accounts in Spain: i) A resident account and ii) a non-resident account. A resident account is for those planning to live in Spain, and a non-resident account is for people living abroad but wishing to have an account in Spain. If you plan to buy a property in Spain but do not wish to stay there most of your time, then a non-resident account might be the right choice. However, if you plan to stay in Spain, you must go for a resident account.

The significant types of bank accounts that can be opened in Spain are as follows

Current account or Cuentabancaria o Cuentacorriente

This is a standard everyday account used for essential activities.

A savings account or Cuentade Ahorros

This account is where you put your saving and earn a little extra on your money.

Deposit account or Cuentade depósito

This is like a savings account. It offers fewer options for accessing the money. This account is used when the funds are needed to be held securely.

Salary Account or Cuentanominal

This is an account specifically designed to receive your paycheck from the employer.

Bank accounts in Spain

Spanish bank accounts that non-residents can open are as follows

BBVA

BBVA is one of the biggest banks in Spain. It offers various commission-free accounts, such as a basic current account, a payroll account for managing income and a young blue account for people aged between 18-29. This bank has a global banking app, and its mobile payments are compatible with Apple Pay, Samsung Pay, and Google Pay. This bank also offers a range of debit cards, credit cards, and prepaid cards.

Banco Sabadell

The products of this bank include a critical account that offers a free translation service for foreign and temporary residents and an expansion account with free unlimited deposits and withdrawals. It provides a Primera savings account for young people and a Higher Sterling savings account. It also offers low-cost international money transfer options.

Santander

This is Spain's biggest bank that offers a wide range of current accounts, such as a basic account, a classic account, a young person's account, and a non-resident account. There are several debit and credit cards to choose from and an online banking app for people who prefer to manage their finances from their smartphones.

Further, if you don't want an account with a Spanish bank, you can open a bank account with renowned international banks in Spain. They include

• Barclays
• Deutsche Bank
• HSBC
• Citibank
• ING

How to Choose a Bank in Spain?

Before choosing which bank to open an account in Spain, you need to analyze what products and services are best suited to you. There are several things that you have to consider before choosing a bank to open an account; they are

Costs

Some banks in Spain are not entirely free, but a basic current account is usually low-cost.

Ranges of services

Many banks offer access to loans, Spanish insurance, Spanish mortgage, or a pension plan. If you wish to avail of these services at some point, you have to choose a bank which offers these services.

Ease of access

If you want 24*7 access to your account, you can open an online or mobile bank account in Spain.

English Speaking services

International banks in Spain will likely offer this service as the regional banks will have only Spanish-speaking staff and Spanish-language information.

Banking Services in Spain

Banks in Spain provide similar services as banks in many other European countries. Many banks have, however, diversified into other product areas also. Beyond the range of current and savings accounts, one is likely to find services such as

• Borrowing options such as loans and overdrafts
• Mortgages
• Credit and debit cards
• Insurance
• International money transfers.

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Procedure for Opening a Bank Account

It is relatively easy to open a bank account in Spain. Let's see the step-by-step process of opening a bank account.

Step 1: Choose how to apply

The first step is to choose the mode of opening a bank account. A bank account in Spain can be opened either physically or remotely. But mostly, it requires the person to visit the bank to finalize the application.

Step 2: Choose the type of bank account you want to open

The second step towards opening a bank account is choosing the type of one you want to open, depending on your needs. In this step, you have to ensure you verify these features

• Online banking facility is available
• A statement sent to you is in English
• 24/7 access to your account.

Step 3: Assemble the requisite Documents

Once you have decided which bank account you want to open, check on the Documents required to open that particular one.

Step 4: Fill out the Application Form

The next step is to fill out the application form of the bank you want to open your account in. Then submit the application to the bank for verification and the assembled Documents.

Step 5: Fund your account

After your account is opened and you are granted access to operate it, you need to deposit a minimum amount to start operating it.