Opening a bank account in Spain is an essential requirement when relocating to the country, here we offer a guide to opening a bank account in Spain as a foreigner. It raises questions about the process, online feasibility, preferred banks, and more. This comprehensive guide addresses these queries, highlighting distinctions between resident and non-resident accounts, along with indispensable tips.
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THE IMPORTANCE OF OPENING A BANK ACCOUNT IN SPAIN:
While using your foreign credit card poses no issues, staying for an extended period or undertaking certain procedures necessitates a local bank account. Although the process can be cumbersome, it is critical for seamless living in Spain. Examples of situations requiring a Spanish bank account include:
- Obtaining a residence permit
- Property purchases (for fund transfers)
- Receiving a pension
- Rental payments
- Additionally, day-to-day activities such as gym memberships, utility bill payments, health insurance, mobile purchases, and local expenses also necessitate a Spanish bank account.
BANK ACCOUNT ELIGIBILITY FOR FOREIGNERS:
Both foreign residents and non-residents can open bank accounts in Spain. However, requirements and processes differ, with non-residents facing greater complexity and higher fees. While online account opening is generally unavailable, it is possible for non-residents at certain banks and branches. The following documents are typically required:
- Non-resident certificate (obtained from a police station or Spanish consulate)
- Passport or national ID card
- Proof of address (e.g., utility bill or bank statement)
- Employment status or proof of income (e.g., payslip or tax return)
- Lease agreement or property title deed (if applicable)
Additional documents may be necessary based on the desired banking product. Foreign documents must be translated into Spanish and properly notarized (apostilled).
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ONLINE BANK ACCOUNT OPENING:
Online completion of the account opening process is feasible with many banks. However, a visit to the branch office is usually required for finalizing the procedure. Traditional banks like BBVA or Santander adhere to this practice, while online banks operating in Spain allow for the entire process to be completed online via smartphones.
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PROCESSING TIME FOR ACCOUNT OPENING:
Opening a bank account is relatively fast, typically taking 1 to 5 days for activation. Delays may arise from document preparation, particularly when obtaining a non-resident certificate (requiring approximately 2 weeks) or apostilling foreign documents.
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Associated Costs of Opening and Maintaining an Account:
Bear in mind that opening a bank account in Spain incurs various fees, which can be high and less transparent compared to other countries. These fees include maintenance fees (around 50€ per year), transfer fees (2-3€ per transfer), and debit card holding fees (typically around 15€ per year). It is crucial to inquire about potential future fee increases when signing contracts, as these changes often occur without prior notice.
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RECOMMENDED BANKS FOR FOREIGNERS:
In Spain, a multitude of options exist, allowing you to select a bank based on your preferences and specific needs. Traditional banks such as Banc Sabadell, BBVA, Santander, and La Caixa offer their services, while online banking alternatives like Openbank, N-26, and Revolut are available. International banks, including ING, HSBC, Deutsche Bank, and Barclays, are also viable choices.
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STUDENT BANK ACCOUNTS:
Students can open bank accounts in Spain, with many banks offering special conditions and branch offices on university campuses. These conditions often include reduced enrolment fees, instalment payment options, and waived online payment fees. To proceed, students must obtain a student visa or student residency card and present their NIE (foreigner identification number) when opening an account.
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With this comprehensive guide, navigating the process of opening a bank account in Spain as a foreigner becomes more manageable. Consider your specific circumstances and preferences to choose the bank that aligns best with your needs in the country.
Please see-here our video-blog with options and legal-advice to obtain residency in Spain.
Do you require assistance to obtain residency in Spain?
We will prepare with you the required documentation, complete the application forms, arrange the required appointments and legally advise.
Permanent residency is obtained after 5 years of Spanish Residency through Self-Employed Residency, Digital-Nomad, Non-Lucrative Residency or Golden-Visa. This followed by 5 years as a permanent resident in Spain and means you can then obtain Spanish Citizenship with a Spanish Passport.
