Opening a bank account in Spain: complete practical guide
Opening a bank account in Spain: complete practical guide
Introduction
When you decide to buy a property in Spain or live there for part of the year, opening a Spanish bank account quickly becomes essential. It simplifies your payments, settles your expenses and gives you access to local financial services. This guide details all the steps involved, the documents you'll need and advice on how to make the process a success.
1. Why open a bank account in Spain?
Even if you already have a bank account in your country of origin, a bank account in Spain will be useful, or even compulsory, in a number of situations:
- To pay the costs associated with your property purchase (notary, taxes, etc.).
- To pay your local bills (water, electricity, gas, internet).
- To collect rental income if you rent out your property.
- To facilitate transfers with Spanish banks. Facilitate transfers with Spanish institutions.
In practice, banks often require you to have a local account in order to make certain payments, particularly as part of a mortgage.
2. The different types of account
There are two main categories of bank account in Spain:
- Residents' account: intended for people who live in Spain for more than 183 days a year. It gives access to full banking services.
- Non-resident account: designed for foreigners who do not live permanently in Spain. It is generally sufficient to manage a property or to stay in Spain on a regular basis. The bank will ask you for a non-resident certificate issued by the national police.
3. Documents required
To open a bank account in Spain, banks generally require:
- A valid passport or identity card.
- The NIE (Identification Number for Foreigners).
- Proof of address (recent utility bill or rental contract).
- Proof of income (payslip, tax return, bank statements).
Some banks may ask for documents translated into Spanish and certified as true.
4. Opening procedure
The procedure is relatively simple:
1. Make an appointment at a bank branch or open your account online (possible at some international banks).
2. Provide all the required documents.
3. Sign the opening contract and make your first deposit (often between €100 and €500).
4. The bank will give you your means of payment: bank card and online access.
Most accounts are opened within a few days, provided the application is complete.
5. Bank charges
Bank charges in Spain can vary widely from one bank to another:
- Account maintenance charges (up to €200 a year at some banks).
- Bank card charges (between €30 and €60 a year).
- Fees for international transfers (except SEPA zone).
To reduce these charges, compare offers and choose online banks or banks that offer packages for non-residents.
6. Most popular banks in Spain
Here are some of the main Spanish banks popular with foreigners:
- CaixaBank: special offer for non-residents.
- Banco Santander: extensive network and services for expatriates.
- BBVA: intuitive digital interface.
- Sabadell: dedicated services for foreign investors.
Some international banks, such as ING and Deutsche Bank, also have a presence in the country, making the process easier.
7. Practical advice
Before opening an account, bear the following points in mind:
- Check whether the bank offers customer service in French or English.
- Ask for an international bank card if you travel frequently.
- Choose a bank with a good mobile application.
- If you are buying a property, find out about partnerships between banks and estate agents to obtain advantageous terms.
Conclusion
Opening a bank account in Spain is an essential step for any foreign buyer. It simplifies the management of your finances, secures your transactions and ensures that you are in good standing with local institutions. By choosing the right bank and preparing your documents carefully, you can save time and avoid unpleasant surprises. This simple but essential step will contribute to the success of your property project in Spain.
