How to Open a Bank Account in Spain

As an expat in Spain, opening a local bank account is an essential step to managing your finances, paying bills, and receiving salaries. While the process is relatively straightforward, knowing what documents you need and which type of account suits you best will make it much smoother. This step-by-step guide will walk you through how to open a bank account in Spain as an expat.

1. Why Open a Spanish Bank Account?

While it’s possible to use a foreign bank account for some transactions, having a local bank account is highly recommended for the following reasons:

• Direct Debits: Paying for utilities (water, electricity, internet) or rent is easier with a local account.
• No Foreign Exchange Fees: Using a foreign bank for day-to-day expenses incurs currency exchange and transaction fees, which can add up quickly.
• Receiving Salaries: Many Spanish employers require a local account for salary deposits.
• Residency Requirements: Some residency visas may require proof of sufficient funds in a local account.

2. Types of Bank Accounts for Expats

Before you begin, it’s important to understand the two main types of bank accounts in Spain for expats:

A. Resident Bank Account

If you plan to live in Spain for an extended period, this is the type of account you will need. Resident bank accounts are available to those who hold a NIE (Número de Identificación de Extranjero), which is the Foreigner Identification Number issued by the Spanish authorities. Most banks offer a wide range of services for resident accounts, including direct debits, international transfers, and savings options.

B. Non-Resident Bank Account

If you are a non-resident but want to manage your finances in Spain (e.g., for property management or business), you can open a non-resident account. You will not need an NIE, but you’ll have fewer benefits compared to a resident account, and some additional paperwork will be required.

3. Required Documents

To open a bank account in Spain, you’ll need several key documents. Here’s what you should prepare:

• NIE (Foreigner Identification Number): For resident accounts, this number is essential. You can apply for it at a Spanish police station or consulate.
• Valid Passport or ID: A copy of your passport (or national ID for EU citizens) is required for both resident and non-resident accounts.
• Proof of Address: This could be a utility bill or rental contract, showing your Spanish address.
• Proof of Employment or Income: Some banks require this to assess your financial stability (particularly if you're applying for a credit card or mortgage).
• Certificate of Non-Residency (for non-resident accounts): If you are opening a non-resident account, you’ll need a certificate from the police proving your non-resident status.

Note: Some banks may ask for additional documents or forms, so it’s always good to check the specific requirements of the bank you choose.

4. Step-by-Step Guide to Opening a Bank Account in Spain

A. Choose a Bank

Start by researching banks in Spain to find one that suits your needs. Spain has both traditional banks and online banks that offer a variety of account types, fees, and services. Some popular banks include:

• Santander: One of the largest banks in Spain, with a wide branch network.
• BBVA: Known for its easy-to-use online banking services.
• CaixaBank: Offers a variety of account options for expats.
• ING: An online bank with lower fees and simple account setup.
• Sabadell: Offers good services for non-residents and expats.

If you prefer to manage everything digitally, online banks like Revolut and N26 are also popular for expats in Spain due to their lower fees and easy international transfers.

B. Visit a Branch or Apply Online

Once you’ve chosen a bank, you can either visit a local branch or apply online. While many banks in Spain allow online applications, some still require you to visit a branch in person to finalize the process, especially for resident accounts.

C. Submit Your Documents

During the application process, submit the required documents mentioned earlier (passport, NIE, proof of address, etc.). Ensure you bring both original copies and photocopies to avoid any delays.

D. Set Up Your Account

Once your documents are verified, the bank will guide you through the account setup process. At this point, you will:

• Choose your account type (checking, savings, joint account, etc.).
• Set up online banking if available (most Spanish banks have an app or online portal for easy management).
• Request a debit card (typically included with the account).

Some banks may offer a credit card as well, but this often requires additional proof of income or employment.

E. Fund Your Account

To activate your account, you may need to make an initial deposit. The amount required varies between banks, but it’s typically between €50 to €200. Afterward, you can begin using the account to make transactions, pay bills, and transfer funds.

F. Register for Direct Debits

For convenience, you can set up direct debits for recurring payments like rent, utilities, and mobile phone bills. Ask your bank for guidance, as they often provide this service for free.

5. Bank Fees and Charges

It’s essential to be aware of any fees associated with your Spanish bank account. Most banks charge a monthly maintenance fee (usually between €5 to €15), though some banks waive these fees if you meet certain conditions, like maintaining a minimum balance or receiving a regular salary deposit.

Other potential fees include:

• ATM Fees: While withdrawing money from your bank’s ATMs is free, using ATMs from other banks may incur fees.
• Transfer Fees: Domestic transfers within Spain are usually free, but international transfers may come with charges.
• Card Fees: Some banks charge an annual fee for debit or credit cards, while others may offer them for free with certain accounts.

6. Tips for Expats

• Compare Banks: Each bank has different fees, account types, and perks, so it’s important to compare your options to find the best fit for your needs.
• Avoid Unnecessary Fees: If you prefer online banking and don’t need regular branch access, consider banks like ING or N26, which often have lower fees.
• Use International Accounts: For expats who frequently send or receive money from abroad, using international accounts like Revolut or TransferWise for transfers can save you on exchange rates and fees.

7. Closing an Account

If you ever need to close your bank account in Spain, it’s a straightforward process. You’ll need to visit the branch (or do it online, depending on the bank), ensure all pending transactions are settled, and withdraw any remaining balance. Be sure to confirm that the account is fully closed and request a confirmation in writing.

Conclusion

Opening a bank account in Spain as an expat is an essential step to managing your financial life in the country. By gathering the right documents and choosing the right bank, you can streamline the process and enjoy the convenience of local banking for everything from paying bills to receiving salaries. Whether you opt for a traditional or online bank, having a local account will make your time in Spain easier and more efficient.