How to open a bank account in Spain?

Are you planning to open a bank account in Spain? Discover the many advantages of having a current or savings account in Spain. We tell you all about the steps to take to open an account abroad. Also opt for the best bank in Spain.

Advantages of opening a bank account in Spain

Are you not a Spanish resident, but planning to stay in the Iberian Peninsula? Would you like to benefit from the advantages that Spain offers in terms of investment? Opening an account in a Spanish bank is very easy. Have an account in Spain has many advantages. You will be able to manage your account online and make transfers worldwide. Practice in a professional setting.

There are also some banks that do not charge fees or commissions. The « Nomina » account, for example, is not subject to any commission or management fee, provided that a minimum payment is made every month. The most popular Spanish banks offer very good guarantees.

In general, banking products in Spain are similar to those in France. Spanish bankers are also renowned for their sense of hospitality and their wise advice. Some of them offer an online banking service in French and contracts in the language of Molière. And need we remind you, Spain is proving to be a country with real real estate opportunities. Having a Spanish account is a good investment.

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How to open an account in Spain?

He is impossible to open a Spanish bank account remotely. It is imperative that you be there and meet your banker. In the event of a language problem, be aware that an interpreter or service provider on site can help you.

Several documents are to be provided, especially if you are non-residents.

The documents to be provided are:

  • A valid identity document (passport or national identity card);
  • proof of address less than three months old (rent receipt, gas bill, etc.);
  • proof of professional status or activity;
  • certificate of non-residence in the form of a sworn statement. A National Police Station can also issue you a certificate within fifteen days. Some banks do this for a fee.

Note, the non-resident certificate must be renewed every two years. If you become residents, inform your bank.

Spanish residents must provide, in addition to all the documents listed, an NIE number (Foreign Identity Number).

How a bank account works in Spain

Spanish bank accounts work exactly the same way as in France. An IBAN number is used to receive transfers in any country in the world. A debit card with systematic verification of the balance at each payment is given to you. If the account is well managed, a traditional credit card will be issued to you.

Please note that the delays for cashing checks in Spain are very long (count around thirty days). Avoid funding your account with this payment method. Moreover, banks in Spain rarely give a checkbook when opening an account.

Bank charges are the same as in France.

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Which account to open in Spain and in which city?

Opening a bank account in Spain is free. You only need to deposit a few hundred euros for the opening.

Among the different types of bank accounts available, there is the current account, the savings account, the association account and the company or business account.

Make sure you always keep a sufficient balance to cover management fees. Spanish banks may close your account if it appears to be inactive.

In the event of a cash deposit of more than 6100 euros, the non-resident must imperatively declare the sum.

Choose the city for your account based on where you live. Near the border with France, you will find a large number of banks (San Sebastian, Figueres…). Barcelona also represent a good compromise. Ten French airports are connected with this large Spanish city.

In which Spanish bank to open an account?

There are many banks in Spain. Banking establishments Banco Sadabell or La Caixa offer interfaces in French. Convenient when you are not bilingual.

There are also universal banks and savings banks, exactly as in France. It’s up to you to make your choice, knowing that their services are very close.

In terms of management fees, the Spanish banks are all very well positioned. Some offer an account free of charge subject to payment of a minimum amount per month. Banco Sadabell offers the “Expansion” account. By paying at least 700 euros monthly, you pay no fees.

Read also: VAT in Spain: how it works

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