Beyond the range of current and savings accounts, you are likely to find services such as: See this guide to banking in Spain for more detailed information on banking services. You can open a Spanish bank account online once you are in Spain. One of the best features of the Spanish banking industry for newcomers is how welcoming it is to expats and foreigners. Yes, it is possible to open a Spanish bank account as a non-resident as Spain has specific legislation for the matter and allows non-residents to easily open accounts. You can view your account entries and account statement from our website or on your cell phone or tablet. If you’re able to close the account down online, it’s wise to ask for confirmation from the bank that the account is closed. 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. It’s easy to see why – the country offers beautiful sun-kissed weather, amazing food and exceptional quality of life. You can get a certificado de no residencia from a Spanish police station. Check our comprehensive guide on how to go about it. If you’re an expat, banking and payments will be easier once you open a bank account in Spain. Some banks may require a certificate of non-residency (certificado de no residencia). Open your bank account from your phone and start enjoying the benefits of controlling all your finances in one app. Some of the main types of bank account in Spain are: Expats in Spain may find that opening an international offshore bank account is the best way to manage their finances. Current accounts. Opening a bank account in Singapore can be difficult but with little patience you can make it happen. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. If everything’s in order, your new account will usually be open and ready to use in as little as 1-5 days.⁴. We’ve covered many of the major banks in Spain, including those that offer dedicated newcomer and non-resident accounts. Having a bank account in Spain is not a legal requirement; it is possible to manage your finances from an overseas account. Openbank, the bank of the future, now. In 1999 Open Bank became first Spanish online broker that allows real-time operation in both domestic and international markets. The exact process and requirements will vary depending on the bank and the account. There are many things such as paying Spanish utility bills and getting a Spanish mortgage where it is beneficial to have a bank account in Spain. However, many offer fee-free basic and student accounts, particularly to non-residents. Before you even attempt to open a bank account, make sure you have the following documents handy as you will need them. Free bank account. It consists of 141 current private banks (including around 80 foreign-owned banks), plus many regional cooperative and savings banks. It’s the easiest business bank account to open if you’re a freelancer or you’re self-employed. Although again, it varies between banks – some offer free debit and/or credit cards with certain accounts. If you’re simply switching to another bank account, it’s best to open the new account before closing the existing one. If you are unhappy with the way you have been treated by a Spanish bank, you can complain to the Banco de España which is the national bank that regulates banking services in Spain. Opening a bank account in Spain is fairly straightforward, although there has been a tightening of regulations since the 2008 financial crisis. You only need a smartphone, a valid I.D. Opening a bank account in Barcelona, or Spain in general, when you move abroad is like trying to ride a bicycle with no handlebars – not impossible but not the easiest or most comfortable ride! Also acceptable are student cards, or unemployment documentation. 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. For those starting a new life in Spain, there’s the Expansion Account. With N26 you get a Spanish bank account in minutes, without any paperwork, or Spanish-speaking skills at all. The biggest problem regarding banks in Spain is high commissions, so expats usually open a saving account right away to cushion the blow to the budget.. Opening a bank account in Indonesia should no longer be complex. Banking services available in Spain. It is possible to open both types of bank account online… This everyday current account gives you free debit and credit cards, and no admin or maintenance fees when you deposit your salary. Opening a Bank account If you decide to reside in Spain you will need an account for paying bills, contracting and registering for certain services among many others. How to open a bank account in the United Kingdom, How to open a bank account in Switzerland, A valid passport or other acceptable proof of identity. In fact, it’s one of the easiest European countries in which to open a bank account as a non-resident. The process is not that much different from opening an account for yourself. These include: When choosing which bank to open an account within Spain, think about what you want with regards to products and services and shop around to find the best deal suited to your requirements. Proof of your employment status – such as an employment contract signed by your employer. If your Spanish is a little rusty, it can actually be easier to open a bank account in person. Prior results do not guarantee a similar outcome. The Open Current Account is a fee-free account (0% NIR, 0% APR) , so you won't pay anything to open, maintain, or close it, or for some of your everyday banking transactions: • National and international transfers in euros within the EU. This gives you access to complementary relocation services designed to make your move easier, including translations, help with paperwork, discounts and more. You may also be able to swerve account fees by meeting a minimum monthly deposit or account balance. It’s important to note that all documents will need to be translated into Spanish before they can be accepted. Cancel all direct debit and standing order payments on the account; You must also notify your employer or anyone else making payments into the account that the account is no longer in use. All current accounts help; Opening an account; Switching; Statements and balances; Features Store and Packs; Business accounts. Different entities allow to open bank account Spain online with an easy procedure, through platforms on the internet, such as websites and applications that can be … We need to open a Spanish bank account as have had an offer accepted on a house. There are a number of things you might want to consider, such as: See this handy guide to choosing a Spanish bank for some useful insider tips. The main benefit of these accounts is of course, the fact that there is no monthly fee to pay. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. https://www.spotahome.com/blog/2017-guide-best-banks-spain-expats Spanish IBAN. We are the online bank of Santander Group, available 24/7 and without fees for your everyday transactions. Opening a bank account in Spain might look very difficult but it’s really not that complicated, if you follow the simple rules banks have for non-residents. Bear in mind that not all the personnel will speak English there, so try booking an appointment with someone who does. This includes the paperwork you’ll need, fees to watch out for and which banks are the best for new arrivals. Products include the Key Account which offers a free translation service for foreign and temporary residents, the Expansion Account with free unlimited deposits and withdrawals (suitable for pensioners), the Primera savings account for young people, and the Higher Sterling savings account. Expatica uses technology such as cookies and scripts to personalize content and ads, provide social media features, and analyze our traffic. This guide explains what is required to open a bank account in Spain. Some accounts that come with special offers may have a clause that the account needs to remain active for a minimum period, so check this first to avoid any penalties; You have no outstanding payments coming out of the account that will leave you with a negative balance. As a result, this option is primarily useful for those who spend a significant chunk of time in Spain but are normally resident elsewhere. If you’re not in Spain or planning to visit anytime soon, you can open your new Spanish bank account online. This shouldn’t be too difficult if you have the right paperwork. It’s best to visit the bank of your choice in person and request an account. If your Spanish is a little rusty, it can actually be easier to open a bank account in person. Banking in Spain isn’t the cheapest in the EU, but its market is quite competitive. If you move to Spain without having opened an account, you can manage your finances from your overseas account. You'll also get your very own local bank account details in EUR (SWIFT/BIC and IBAN). It’s worth shopping around to find the solution that best suits your circumstances. The Fee-Free Online Account is only for new customers who live in Spain. So far everyone says that we to go to Spain to do so. Spain’s biggest bank offers a wide range of current accounts including a basic account, a classic account a young person’s account and a non-resident account. Many Spanish banks offer accounts for children such as junior savings 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. Australia and the US: Due to high demand, we're experiencing some delays in processing new and submitted overseas account applications from Australia and the US. When you go to open your Spanish bank account make sure you have your non-resident letter (if required), your passport and a photocopy of the identification page of your passport. Click below to consent to the use of this technology on our website – and don’t worry, we respect your privacy. Spain accepts most major types of foreign bank and credit card if they are Visa, Mastercard or American Express. The maximum amount guaranteed is €100,000 per person for the total of all deposits established at BBVA. Bank accounts. Opening an online bank account Expatica helps make your expat journey the experience you've always wanted. Make sure you make an appointment in advance and request an English speaker (or bring a friend as a translator). This makes your transfer as cheap as possible. Yes, you can apply for a resident’s bank account online. To open an account before you move, you have to do so as a non-resident and set up a non-resident account. You get real-time access to your account, instant payments and dedicated customer support available in English, Dutch, German, Italian and Spanish. If you’re moving to Spain long-term, you will probably want to open up a Spanish bank account. This is particularly helpful for anyone who works abroad, spends a lot of time in more than one country, or frequently transfers money between countries. Some banks will do the paperwork for a nominal fee (around €15). See the Expatica guide to banking in Spain for more information. Spanish banks offer various different account types to customers. We’ll look at the documentation required, the banks offering non-resident bank accounts in Spain and the fees you need to know about. You can expect to pay around €15–20 in annual fees for a current account, although it varies widely between banks. You can also use this comparison tool to compare current accounts with Spanish banks. You can choose how you manage your money and finances with Spanish banks. Moving abroad is always hard work at first, as there’s so much to set up and arrange. To get one, you have to apply at a Spanish police station and the process typically takes 10 days. Many don’t have English-speaking staff; either book an appointment with an English-speaker or bring a translator (a fluent friend will do) with you. If they’re from abroad, they may need to be authenticated using an Apostille stamp. In some cases, you can also apply for a bank account as a non-resident online. In order to that you will have to follow the next steps: This Santander current account is tailored to newcomers, offering everyday banking services including free debit card withdrawals at Santander ATMs in Spain. How to open a Spanish bank account – step 1 choose your account. Open a Spanish bank account in English with zero paperwork. To open your free bank account, simply fill out the form below. You can also manage your account using the Santander app. 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. That's why it's important to remember that you aren't just limited to banks. Spain has a big expat community; as a result, there are many banks that cater their services towards expats. You’ll need to make sure the account is officially closed. Opening a bank account in the USA can be difficult but with little patience you can make it happen. You don’t need a Spanish NIE Number to open a Santander Bank account in Spain Before your move, you’re likely to have a huge to-do list to work through. At Banco Sabadell, we make it easy. Opening a bank account in Spain You can open up an account with most main banks in Spain either before you move or once you arrive in the country. You must inform the bank should you become resident, which is defined as spending 183 or more days per year in Spain or having a business or employment-based in Spain or a spouse or minor child who are resident in Spain. Opening up a mobile-only account usually only takes minutes and can usually be done from your smartphone. And they are a promising alternative to traditional banks that often aren’t consistent in their policies from one branch to the next. Discover N26 Business 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. The good news for newcomers to Spain is that you can take your pick from both resident and non-resident accounts. This site uses functional cookies and external scripts to improve your experience. of one of the supported countries and follow the process. Spanish residents can choose to open an account with an online (or mobile) provider. There are several banks that allow you to open and manage your bank account purely online. Online banks in Spain include: bunq, N26, and Revolut. BBVA is affiliated with Spain's Deposit Guarantee Fund for Credit Institutions. You can either bring along a Spanish-speaking friend or translator or ask for an English-speaking customer service representative. Think of these as ‘hidden fees’, which can make the transfer more expensive overall. Open a Wise multi-currency account and you’ll only pay a small, transparent fee. There are around 140 banks to choose from, including mobile banks. Banks in Spain provide a similar range of services to banks in many other European countries, with many having diversified into other product areas. Most of the big Spanish banks offer business banking to both small and large businesses, including products such as loans and insurance. A Wise account is handy to have as an expat, as it helps you avoid expensive bank fees when sending money abroad. Planning a big move to Spain? Offshore accounts are located outside the holder’s country of residence and usually offer distinct advantages such as a wider range of cross-border services and lower taxation on funds. Either way, you will need to visit a branch or meet with a financial advisor to submit the paperwork. How to open a bank account in Spain It’s best to visit the bank of your choice in person and request an account. You’ll need a way to get paid by your employer, and to pay your bills and everyday expenses. Opening a bank account in Switzerland shouldn’t be such a complicated process. Depending on the account you have, you may have to fill in and sign some forms. There are also several debit and credit cards to choose from and a downloadable banking app for those who prefer to manage their finances from their smartphone. Spain has a large expat community, so many banks cater their services to non-residents and newcomers. If you’re opening your first bank account in Spain with one of the local banks: A valid passport or national identity card; Your Spanish Tax identification number (NIE) This is one of Spain’s biggest banks, popular due to its fee-free current accounts⁸. 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. If you’ve not yet moved to Spain, you’ll need to know how to open a bank account in Spain from abroad. If you are starting a Spanish business or becoming a freelancer in Spain, you can check out the different account options on Spanish bank websites. One of Spain’s biggest banks, BBVA offers various commission-free accounts including a basic current account, a young blue account for people aged 18-29, and a payroll account for managing income. However, if you are a long-term resident in Spain, it may prove costly and complicated to operate your everyday finances. If you’re not in Spain or planning to visit anytime soon, you can open your new Spanish bank account online. The Banco de España is Spain’s national bank which also serves as the regulator for the banking sector. 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. Check our comprehensive guide on how to go about it. Banks are usually only open 9am–2pm Monday to Saturday. Before closing a bank account in Spain, also make sure that: Have a cookie You may change your settings at any time. Online banks tend to offer free account deals to lure people away from their trusted brick-and-mortar banks. There may also be fees charged by the receiving bank in another country. You will need to provide an address, an email address and a mobile phone number to link to your account. 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