Open a bank account in Spain as a foreigner? It’s easy!

Open a bank account in Spain is essential if you want to live in Spain, invest in Spain or if your children want to study in Spain. In this article, we take a step-by-step approach to opening your account.

The four main Spanish banks are Banco Santander, BBVA, CaixaBank et Banco Sabadell.

It’s a good idea to choose a bank that has an online site in your language. Tariffs vary from one bank to another, so take the time to compare charges according to your personal needs.

You can open an account with either an online bank or a traditional bank. In the latter case, you will have to go to the bank in person.

First of all, the first question to ask yourself: Are you a resident or non-resident?

An individual is resident in Spain (Law 35/2006 of 28 November 2006) regulating the IRPF (resident’s income tax) if he is in one of the following cases:

• Remain on Spanish territory for more than 183 days during the calendar year. Temporary absences are taken into account when determining the length of time spent in Spain.
• The main centre or base of professional activities or economic interests is directly or indirectly located in Spain.
• The spouse from whom he or she is not legally separated and the minor children dependent on him or her habitually reside in Spain.In conclusion, an individual is a non-resident of Spain if none of these situations apply.

 

Open an account if you are a RESIDENT :

If you are a foreign resident in Spain, you will need :

• Proof of identity (passport, national identity card),
• Proof of address (recent electricity bill, last tax assessment, recent rent receipt),
• Proof of professional status or activity (payslip, proof of pension, student card, etc.), your NIE.

 

Open an account if you are a NON-RESIDENT :

If you are a non-resident alien in Spain, you will need :

• Proof of identity (passport, national identity card),
• Proof of address (electricity bill less than 3 months old, last tax assessment or notice of non-taxation, rent receipt less than 3 months old),
• Proof of professional status or activity (payslip, proof of pension, student card, etc.).

Generally, it is preferable for these documents to be translated into Spanish, but this is not always compulsory.

More and more Spanish banks are asking for a certificate of non-residence (‘certificado de no residente’), which you can obtain from Spanish embassies. In around ten days, you can also obtain this certificate in your home country from the Spanish consulate for 7 euros. This certificate is valid for 3 months.

If you provide your TIN number, the tax identification number, this can speed up the procedure. Our advice: apply directly for your NIE (Numéro d’Identité d’Étranger or ‘Numero de Identificacion de Extranjeros’) at the consulate. For a few euros more and for the same length of time, it will give you more advantages than the certificate of non-residence. Don’t forget that the NIE is essential if you want to invest or rent in Spain, or even study.

The non-resident bank account operates in the same way as the resident account, with the same transaction costs and fees. What’s more, all Spanish banks offer an online service. To make the right choice, find out beforehand, as some banks may not give out credit cards or may offer a smaller overdraft than for residents.

Please note:

• In Spain, you will be charged for withdrawing money from cash dispensers other than those belonging to your bank.
• Every two years you will need to renew your non-resident certificate or NIE and present it to the bank. Otherwise, they may close your account.
• It takes a long time to process cheques in Spain.
• Spanish banks are generally open Monday to Friday from 8.30am to 9am and until 2 or 3pm, and do not open at weekends or on public holidays.