OPENING A BANK ACCOUNT IN SPAIN
Once you have decided to buy a property in Spain, you will need to open a bank account. This account will not only be used to transfer money for the purchase itself, but also to pay bills and taxes by direct debit once you own the property. In this article, you will find some recommendations on which bank to choose and the procedure to open an account.
Choosing a bank in Spain
The first step is to choose a bank. There are many financial institutions operating in Spain, mostly Spanish, such as Santander, Banco Sabadell, CaixaBank, but also branches of foreign banks such as Deutsche Bank. When choosing a bank, consider the following:
Does the staff speak your language?
If you don't speak Spanish, choose a bank where the staff speaks your language. This includes the website and online or telephone banking.
Do they have enough branches and ATMs?
Unless you plan to open an account with an online bank, you'll probably want a bank branch near your property. The same goes for ATMs. Although card payments are common in Spain, cash is still useful for smaller purchases and shops where you can't pay by card. Choose a bank with a branch and ATM near your home.
Do they offer online and mobile banking?
All banks provide online banking, which is handy when you're not in Spain and need to access your account. However, not all banks offer services in a language other than Spanish. If you prefer to bank via a mobile app, make sure your chosen bank's app suits your needs.
What are the fees?
Spanish banks are known for their fees and commissions. These fees can include annual or monthly account maintenance fees, transfer fees, annual debit and credit card fees, and fees for withdrawals from ATMs outside the bank's network. It is therefore worth comparing the offers of different banks and choosing the one with the lowest fees.
Practical information on opening an account in Spain
Depending on your status in Spain, you can open an account for non-residents or residents. If you are not officially resident, you cannot open a resident account, but it is easy to convert your account from non-resident to resident if you later become resident.
Non-Resident Account
Most banks offer this type of account. To open it, you will need:
Valid proof of identity, such as a passport or national ID card (a driving licence is not valid).
Proof of address outside Spain, such as a utility bill, lease agreement or title deed.
Proof of your employment or status (employee, student, pensioner).
Non-residency certificate, which you can obtain from a police station in Spain, or ask the bank to arrange this for you (with a small fee).
Resident Account
If you are officially resident in Spain, you will need the following to open an account:Valid proof of identity, such as a passport or national ID card.
Proof of Spanish residency and a copy of your NIE (identification number for foreigners).
Proof of Spanish address, such as a utility bill, title deed or rental agreement.
Opening an account
Many Spanish banks allow you to open an account online. You fill out an application, upload the required documents and then you have to appear in person at the bank to sign the contractual documentation.
What to know about Spanish banks
Banking details
Each Spanish bank account has 20 digits. For transfers you will need the IBAN - a code starting with the letters EC, followed by two digits and your account number. For international transfers you will need your bank's SWIFT code.
Bank opening hours in Spain
Banks usually open Monday to Friday between 8:30am and 9:00am and close at 2:00pm or 3:00pm. Some banks are open until 17:00 or 18:00 one or two afternoons a week. Banks do not open on weekends or public holidays.