Planning a big move to Spain? It’s easy to see why – the country offers beautiful sun-kissed weather, amazing food and exceptional quality of life.
Before your move, you’re likely to have a huge to-do list to work through. But right at the top of your list of priorities should be to open a bank account. This shouldn’t be too difficult if you have the right paperwork. Spain has a large expat community, so many banks cater their services to non-residents and newcomers.
It isn’t compulsory to have a Spanish bank account if you live, work or study in Spain, but life can be difficult without one. You’ll need a way to get paid by your employer, and to pay your bills and everyday expenses.
In this guide, we’ll cover everything you need to know about opening a bank account in Spain. We’ll look at the documentation required, the banks offering non-resident bank accounts in Spain and the fees you need to know about. So, let’s get started.
What documents do I need to open a bank account in Spain?
In order to open a bank account in Spain, you’ll need the following documents to hand¹:
- A valid passport or other acceptable proof of identity
- Proof of address
- Proof of your employment status – such as an employment contract signed by your employer. Also acceptable are student cards, or unemployment documentation.
- Spanish foreigner identification number (NIE) and certificate.
You’ll get your NIE when you get your Spanish Foreigner Identity Card². This is a document that proves your legal status to remain in Spain for more than six months.
It’s important to note that all documents will need to be translated into Spanish before they can be accepted. You’ll need to use an official translator known as a traductor jurado, and have your documents authenticated with an Apostille stamp³.
How to open a non-resident bank account in Spain
The good news for newcomers to Spain is that you can take your pick from both resident and non-resident accounts. While you may get more flexibility and perks from a resident bank account, you’ll usually find that a non-resident account is much easier to open. You can always switch or upgrade to a resident account later on.
To open a non-resident bank account in Spain, you’ll need to follow the bank’s required procedures. You’ll need to complete all paperwork, and submit forms along with your documents (translated into Spanish).
One of the most common ways to start the process is in a branch of your chosen bank in Spain. Make sure you make an appointment in advance and request an English speaker (or bring a friend as a translator). If everything’s in order, your new account will usually be open and ready to use in as little as 1-5 days.⁴
Can I open a Spanish bank account online?
If you’re not in Spain or planning to visit anytime soon, you can open your new Spanish bank account online. It depends on the bank whether you can complete the whole process online, but many banks will require at least one in-person visit to a branch to hand over your documents.
If your Spanish is a little rusty, it can actually be easier to open a bank account in person. You can either bring along a Spanish-speaking friend or translator or ask for an English-speaking customer service representative. You’ll be guided through the process of opening your account, ensure you get all your details correct and ask any questions you need to.
Otherwise, you risk confusion and errors (not to mention a great deal of frustration) trying to complete your application on a clumsily translated form or website.
That's why it's important to remember that you aren't just limited to banks. You can also use specialist money transfer services like Wise to send and receive money all over the world, for low fees and the real exchange rate. You'll also get your very own local bank account details in EUR (SWIFT/BIC and IBAN number).
Learn more about Wise
Can I open a Spanish bank account from the UK?
If you’ve not yet moved to Spain, you’ll need to know how to open a bank account in Spain from abroad.
There’s very good news on this front, as the Spanish banking system is known for being very accommodating to expats and newcomers. This means you should be able to open a non-resident account from the UK, although of course it does depend on the bank.
You’ll need to have all the required documentation in order, which may also mean an extra step to complete. Some banks may require a certificate of non-residency (certificado de no residencia).
You can get a certificado de no residencia from a Spanish police station. It usually takes around 10 days for your certificate to come through. However, it’s worth asking whether your chosen bank can complete the process for you, for which they may charge a fee of around €15.
When you do eventually become a resident (living in Spain for 183 days or more a year, or having a business or employment in Spain) you must inform your bank.
Which Spanish bank is best for my needs?
The Spanish banking system⁶ is integrated with the global financial market, and regulated by Banco de España. There are around 140 banks to choose from, including mobile banks.
One of the best features of the Spanish banking industry for newcomers is how welcoming it is to expats and foreigners. In fact, it’s one of the easiest European countries in which to open a bank account as a non-resident.
If you’re starting your search for a Spanish bank account, here are a few of the major banks to consider:
Santander
UK customers will already be familiar with Santander, as this Spanish bank has an established presence in many countries including the UK.
The accounts on offer are virtually the same as in the UK, but your best bet to start off with is the Cuenta Mundo account for non-residents⁷.
This Santander current account is tailored to newcomers, offering everyday banking services including free debit card withdrawals at Santander ATMs in Spain. You can also manage your account using the Santander app.
BBVA
This is one of Spain’s biggest banks, popular due to its fee-free current accounts⁸. Both its Fee-Free Online Account and Young Person’s Online Account for students are open to both residents and non-residents.
The main benefit of these accounts is of course, the fact that there is no monthly fee to pay. But they also come with a fee-free debit card, no pay-in requirements and free use of over 6,000 BBVA ATMs in Spain.
Banco Sabadell
One of the largest banks in Spain, Banco Sabadell is extremely welcoming and helpful to new arrivals. It has a dedicated Welcome Service offering advice and information as you settle into Spain, accompanied by a couple of current accounts⁹ tailored to newcomers.
For non-residents, there’s the Key Account offering free debit and credit card transactions plus 10 free translations per year. For those starting a new life in Spain, there’s the Expansion Account. This everyday current account gives you free debit and credit cards, and no admin or maintenance fees when you deposit your salary.
CaixaBank
CaixaBank has a dedicated service for people moving to Spain, called the HolaBank Club¹⁰. This gives you access to complementary relocation services designed to make your move easier, including translations, help with paperwork, discounts and more.
If this sounds good, you can open a CaixaBank HolaBank Account¹¹ as a non-resident (or new resident). This gives you a free debit and credit card, free withdrawals at 9,600+ CaixaBank ATMs throughout Spain and automatic access to HolaBank Club services.
Other Spanish banks worth checking out
We’ve covered many of the major banks in Spain, including those that offer dedicated newcomer and non-resident accounts. Another worth looking at is Bankia, which has a basic Cuenta Fácil account along with a dedicated Cuenta Joven account for students and young people.
Many major international banks also have branches in Spain, such as Barclays, Citibank, Deutsche Bank, HSBC and ING.
What are the fees?⁶
Banking in Spain isn’t the cheapest in the EU, but its market is quite competitive. You can expect to pay around €15–20 in annual fees for a current account, although it varies widely between banks. However, many offer fee-free basic and student accounts, particularly to non-residents. You may also be able to swerve account fees by meeting a minimum monthly deposit or account balance.
You’ll pay around €12–15 for a debit card and potentially more than €30 a year for a credit card with many Spanish bank accounts. Although again, it varies between banks – some offer free debit and/or credit cards with certain accounts.
If you want to withdraw cash at an ATM, this is usually free when using an ATM from one of the larger international banks.
The last important cost to consider when choosing a bank account in Spain is international transfer fees. This is a big one for foreigners living, working or studying in Spain, as it’s likely that you’ll want to send money home at some point.
Banks usually charge a fee to send money abroad, which in Spain can range from €3-15 if you’re sending less than €50,000.
And don’t forget about exchange rates, as banks are likely to apply unfavourable exchange rates to international money transfers. Think of these as ‘hidden fees’, which can make the transfer more expensive overall. There may also be fees charged by the receiving bank in another country.
A simpler and cheaper alternative – Wise
If you need to send money back home from Spain, or whizz it across to a friend in another country, there is an alternative to using your bank.
Open a Wise multi-currency account and you’ll only pay a small, transparent fee. Better still, you’ll always get the real, mid-market exchange rate. This makes your transfer as cheap as possible. In fact, it could be up to 8x cheaper than using a bank - and it’s just as quick, secure and reliable.
A Wise account is handy to have as an expat, as it helps you avoid expensive bank fees when sending money abroad. You can also use it to spend like a local without hidden fees, using your Wise debit card, Google Pay or Apple Pay.
And you can open an account in advance of your move to Spain, so you’re not left without a payment method while you’re waiting for your new bank account to be opened. You’ll also find it extremely handy when it comes to sending money to Spain to cover moving costs and other expenses. Moving is often expensive, but this could save you a bundle on many unavoidable international payments.
Get your multi-currency account today
Moving abroad is always hard work at first, as there’s so much to set up and arrange. But thanks to Spain’s newcomer-friendly approach to banking, setting up a bank account could end up being one of the easiest things to tick off your list.
After reading this guide, you should have a better idea of the process of opening a bank account in Spain. This includes the paperwork you’ll need, fees to watch out for and which banks are the best for new arrivals.
Buena suerte!
Sources used:
Expatica - Spanish bank account Visa Guide - foreigner identity card Expatica - Spanish bank account Expatica - Spanish bank account Expatica - Spanish bank account Expatica - bank fees Caixa bank - financial advantages
Sources checked on 09-January 2021.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
FAQs
Can you open a bank account in Spain online? ›
Can you open a bank account in Spain online or from the US? Some Spanish banks allow you to start the application process online, for both resident and non-resident accounts. However, you'll usually still need to visit a branch in person to show your documents, before you can get your account fully up and running.
Is it hard to open a bank account in Spain? ›Opening a bank account in Spain is available to both residents and non-residents, although the country's legislation does distinguish between the two in order to carry out this procedure. Residents simply need to present their resident identity card and comply with the usual requirements.
How much do you need to open a bank account in Spain? ›The costs of opening a bank account in Spain vary per bank. Some banks even have fee-free basic accounts or student accounts with a discount. On average, you will pay: €12 - €15 for a debit card.
Can a non-resident open bank account in Spain? ›Yes, a foreign non-resident in Spain can open a bank account. To do so, they must take an ID document (normally a passport) and a certificate of non-residency to any of our branches.
Which Spanish bank is best for non-residents? ›- BBVA Bank Spain. ...
- Banco Popular. ...
- Santander Bank. ...
- Sadabell Bank Spain. ...
- Bankia Spain. ...
- Revoult Spain. ...
- N26 Online Bank. ...
- TransferWise.
Is It Possible to Open a US Bank Account Online as a Non-Resident? No. Most US banks will require non-residents to apply for an account in person. That means you have to travel to the US and walk into a bank branch to set up your account.
Can I open a Spanish bank account without an NIE number? ›Banco popular offer a range of services from simple bank accounts, debit cards and credit cards to mortgages and health insurance. You don't need a NIE Number in Spain to open a Bank Account.
Can I open a bank account with a tourist visa? ›A visitor to the USA cannot open a US bank account unless they have an EIN/SSN and other documentation required by the bank to prove who you are and the reason for doing so. You'll need proof of business incorporation or foreign residence along with the SSN/EIN and your passport. Even then most banks will not do this.
Can I open a non resident Spanish bank account online? ›Open a bank account even you are not living in Spain
Yes, you can apply for a resident's bank account online. In some cases, you can also apply for a bank account as a non-resident online. Either way, you will need to visit a branch or meet with a financial advisor to submit the paperwork.
The key banks in Spain include Santander, La Caixa, BBVA, Bankia (the big 4), Bankinter, ING and EVO Banco.
Which Spanish bank accounts are free of charges? ›
- BBVA - Cuenta Online sin comisiones. ...
- Openbank - Cuenta Corriente Open. ...
- Abanca - Cuenta Clara. ...
- ING - Cuenta Nomina. ...
- N26 - Cuenta N26.
The funds for the purchase of any property in Spain need not come from a Spanish bank account, although that is certainly the most sensible way to proceed. What is important is that the source of the funds is clear and that the payment of the funds from buyer to seller is apparent from documentation provided.
How do I get a Spanish IBAN? ›- 2 letter country code.
- 2 digit check number.
- 4 characters from the bank's bank code.
- 4 digit code for the bank branch.
- 2 digit code for national code.
- 10 digit code for the bank account number.
- EX-15 standard application form. ...
- Original of the applicant's valid passport and a copy of the passport's biographical data page.
...
KYC documents include:
- Green barcoded ID or a valid passport if you are a foreign national.
- Proof of residence (not older than 3 months and must be something like a utility bill to prove that you live at the address you're providing)
It's very easy. All you need is your mobile phone, a valid ID card (DNI/TIE with photo) and a good Internet connection. Enter the browser from your mobile phone, access the Banco Sabadell website and click on the green "Become a customer" button.
How can a foreigner open a bank account? ›You'll Need an ID
Foreign or not, applicants for a bank account must at least verify their name, date of birth, and physical address, say, from a utility bill. But if you're foreign-born, you may need to offer more. These customers also need to show photo identification that includes a numeric identity.
Yes, you can get residency in Spain after buying a house, and that is thanks to the golden visa scheme. Since 2013, non-EU citizens who purchase a property in the Spanish territory can get a 2-year residence permit (that can be renewed) as long as the property investment is at least € 500.000.
How can I avoid bank fees in Spain? ›Maintaining a minimum balance (this is normally a daily minimum, not the average during the month) Using the credit card issued by the bank a minimum of 2 or more times a month or quarter. Having several direct debits (your usual household bills)
How much are bank charges in Spain? ›Most current accounts in Spain incur annual fees that are usually around €15–20, although it's worth shopping around as some banks offer deals as well as cheaper accounts for the likes of students or pensioners.
Which bank is best for foreigners? ›
- Schwab Bank: Best for Using ATMs.
- Capital One: Best for Foreign transaction fees.
- HSBC: Best for Expats with high balances.
- Citibank, N.A.: Best for Wiring money.
- Revolut: Best for Nonbank multicurrency account.
- Driver's license.
- REAL ID card.
- DoD ID card (also known as Department of Defense ID Card)
- Passport/Passport card.
- Social security card.
- Birth certificate.
- Cayman Islands. The Cayman Islands have a reputation for being a tax haven for all people across the globe. ...
- Switzerland. Switzerland banking entities actually offer ironclad confidentiality services to their clients. ...
- Singapore. ...
- Belize.
How can I sign up for the Sabadell Online Account online? It's very easy. All you need is your mobile phone, a valid ID card (DNI/TIE with photo) and a good Internet connection. Enter the browser from your mobile phone, access the Banco Sabadell website and click on the green "Become a customer" button.
What is a NIE in Spain? ›The NIE is a personal, unique and exclusive number that is assigned to foreigners who, for economic, professional, or social reasons, are engaged in activities related to Spain and require identification in this country. It consists of nine digits: a letter, followed by a seven-digit number, and another letter.
What do I need to open a Santander account in Spain? ›...
Open your account online in a few minutes without going into a branch
- Provide your details. Provide your personal data.
- Prove your identity via videocall. ...
- Read and accept the contract conditions.
Option 2 - Government issued document with full name but no photo (eg old driving licence) AND an official document, statement or bill with name and either address or date of birth (eg Council Tax bill, credit card statement, utility bill) The easiest option if you don't have photo ID.
What is a non resident bank account? ›Non-resident means a person whose normal place of residence or domicile is outside of the CMA (Common Monetary Area). The Common Monetary Area consisits of Lesotho, Namibia, South Africa and Swaziland. If you have a valid work, study, retirement or spousal permit, you may qualify for a Temporary Resident Account.
How can I open a foreign bank account online? ›- during a video interview with a banker plus the online submission of documents;
- by sending documents by post or courier;
- on an in-person visit to a local office of the foreign bank in the country of residence;
HSBC has had branches in Spain since 1981. We have long-standing relationships with many Spanish domestic and multinational companies, as well as financial institutions and the public sector in both Spain and Portugal.
Can I live in Spain and have a UK bank account? ›
Keeping a UK address
Many UK residents in Spain get around the problem by using a 'care of' address in the UK in order to retain their British bank account – usually either the address of a property that they own or the home of a relative.
N26 is the better choice if you're looking for a fully-fledged current account from your mobile phone. Revolut is the better choice if you're looking for a flexible spending account next to your main bank account.
What is the safest bank in Spain? ›Banco Santander
Santander is the safest bank in Spain according to Global Finance.
Your cash withdrawal limit varies from bank to bank. Most ATM withdrawal limits are between €200–€300 a day. Always be aware of your bank's withdrawal limit, especially if the money you need exceeds that amount. For N26 customers, the maximum withdrawal limit from an ATM is €2,500 for most countries.
How much cash can I deposit in my Spanish bank account? ›The maximum amount you can deposit in a bank without having to declare it in Spain is also set at €10,000. Remember, however, that if your deposit exceeds €3,000 the bank does have an obligation to notify the authorities of your operation.
Which bank in Spain is best? ›Within the scope of digital banking, CaixaBank was named "Best Consumer Digital Bank in Spain 2021" by Global Finance, which also recognised its website as "Best Consumer Website Design in Western Europe 2021" and CaixaBankNow as "Best Consumer Banking App in Western Europe 2021".
How much is it to open a Santander account? ›| Account | Santander Select® Checking | Santander® Basic Checking |
|---|---|---|
| Minimum opening deposit | $25 | $25 |
| ATM withdrawal fee (domestic non-Santander ATM)2 | $0 | $3 |
| Free Paperless Statements? | Yes | Yes |
| Paper Statement Fee | $0 | $3 |
In Spain you can pay in cash in almost all cases, and usually only Euros are accepted. In some cases, if the payment is made through a machine, it may be necessary to pay by card. The option to pay with credit and debit cards, mainly Visa and Mastercard, is very widespread.
How much money do I need to get residency in Spain? ›So, based on the above, if you are applying for residency in Spain in 2022 we recommend proving: A regular monthly income of at least €600 OR a lump sum/savings of at least €7000 in a Spanish bank account. All financial proof needs to be in Spanish and stamped by the issuing Spanish bank.
Can I own property in Spain without being a resident? ›Are foreigners allowed to buy property in Spain? Of course! There are no restrictions on buying property in Spain, whether it's commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.
How much deposit do I need for a property in Spain? ›
The Spanish mortgage experts
Normally, the maximum you could borrow is up to 70% of the valuation of your chosen Spanish property. Therefore you must have at least 30% available as a cash deposit.
Accounts don't take long to open, usually between one and five days with the proper documentation. You can usually get debit cards on the premises, however, credit cards take up to two weeks to be sent out. To open a bank account, you'll need to bring the following with you: Your passport as proof of identity.
Is IBAN same as account number Spain? ›In Spain, IBANs consist of 24 digits and include the country code, check digits, bank code, bank branch code, national code, and bank account number.
Is IBAN and account number the same? ›IBAN stands for International Bank Account Number. An IBAN is not a new account number, but simply a new format for an existing bank account number that will be recognized internationally. The IBAN facilitates the communication and processing of payment transactions.
How long can I stay in Spain if I have an NIE number? ›For citizens of the European Union, no residence permit or visa are needed to live in Spain if you stay less than 6 months – if you stay longer you will need the green NIE card.
How long can I stay in Spain without becoming a resident? ›How long can I stay in Spain without becoming a resident? You can stay in Spain for a maximum of 183 days per year (6 months) in order to not become a resident. If you spend an extra day (184 days and onwards), you will be regarded as a resident, hence paying resident taxes in the country.
Can a tourist open a bank account in Spain? ›Yes, a foreign non-resident in Spain can open a bank account. To do so, they must take an ID document (normally a passport) and a certificate of non-residency to any of our branches.
Can I open a Spanish bank account without an NIE number? ›Banco popular offer a range of services from simple bank accounts, debit cards and credit cards to mortgages and health insurance. You don't need a NIE Number in Spain to open a Bank Account.
How can a EU citizen open a bank account in Spain? ›- A valid, current passport or national identity card if you're an EU citizen.
- A document that proves your address in Spain, such as a utility bill that is less than three months old, or a recent bank statement from another Spanish bank.
- EX-15 standard application form. ...
- Original of the applicant's valid passport and a copy of the passport's biographical data page.
How do I get a non resident certificate in Spain? ›
Documentation: Application form on the official form (EX-15) , duly completed and signed in duplicate. Copy of the passport , travel document or registration certificate or identity document if the applicant is a citizen of the Union. Communication of economic, professional or social causes that justify the request.
Which Spanish bank accounts are free of charges? ›- BBVA - Cuenta Online sin comisiones. ...
- Openbank - Cuenta Corriente Open. ...
- Abanca - Cuenta Clara. ...
- ING - Cuenta Nomina. ...
- N26 - Cuenta N26.
Is It Possible to Open a US Bank Account Online as a Non-Resident? No. Most US banks will require non-residents to apply for an account in person. That means you have to travel to the US and walk into a bank branch to set up your account.
Can I open a bank account with a tourist visa? ›A visitor to the USA cannot open a US bank account unless they have an EIN/SSN and other documentation required by the bank to prove who you are and the reason for doing so. You'll need proof of business incorporation or foreign residence along with the SSN/EIN and your passport. Even then most banks will not do this.
Can I open a bank account in Europe if I don't live there? ›If you're not a legal resident of a European country, you will usually be able to open a European bank account. However, non-resident bank accounts in some countries may still require you to provide documentation in presence, or have with service limitations or higher fees than the usuall ones.
What international banks are in Spain? ›The key banks in Spain include Santander, La Caixa, BBVA, Bankia (the big 4), Bankinter, ING and EVO Banco.
Which countries allow non residents to open bank account? ›- Cayman Islands. The Cayman Islands have a reputation for being a tax haven for all people across the globe. ...
- Switzerland. Switzerland banking entities actually offer ironclad confidentiality services to their clients. ...
- Singapore. ...
- Belize.
For citizens of the European Union, no residence permit or visa are needed to live in Spain if you stay less than 6 months – if you stay longer you will need the green NIE card.
How long can I stay in Spain without becoming a resident? ›How long can I stay in Spain without becoming a resident? You can stay in Spain for a maximum of 183 days per year (6 months) in order to not become a resident. If you spend an extra day (184 days and onwards), you will be regarded as a resident, hence paying resident taxes in the country.
How long is a NIE valid for? ›If you live in Spain it is very important to have all your documents up to date, and the NIE is one of these important documents. But, how long does a Spanish NIE number last? The truth is that the Spanish NIE number will never change. This number will be your Spanish Identification Number forever.
Can a tourist open a bank account in Spain? ›
If you are wondering if you can open an account in Spain when you are a foreigner, the answer is yes. Currently Spanish legislation and most banks in the financial system have the necessary resources and mechanisms for a non-resident to open an account, in addition to providing other types of actions and transactions.
What is the difference between NIE and Residencia? ›EU and British pensioners tend to confuse the two documents, although they are not even similar in format or usage. The NIE certificate is printed on a white A4 sheet (with no photo), whereas the Spanish residency for EU and British citizens is a small green card (also without a photo… some people call it “green nie”).
Do I need to pay non resident tax in Spain? ›Yes. You'll need to pay non-resident tax on any income from Spanish sources. Demands can be issued for unpaid Spanish non-resident income tax payable in respect of the previous four years. Interest is payable on the balance owed and further penalties may be payable later.