How to Open a Spanish Bank Account >> Easy 2024 Expat Guide

This comprehensive guide will walk you through the step-by-step process of how to open a Spanish bank account. We’ll help you choose the correct type of account, pick resident or non-resident, and demystify the paperwork required for each bank account type.

6 Steps >> How to Open a Bank Account in Spain

1. Use our article Best Banks for Expats in Spain to choose the right bank for your needs.
2. For a traditional bank, make an appointment in the branch or online. For online accounts, download the app or visit the website.
3. Get your documents together, and make copies in case the bank needs to keep anything for their records. For online accounts, scan copies to upload.
4. For traditional banks, attend your appointment and fill in the paperwork they give you. For online accounts, follow the e-verification process.
5. Wait for your account to be verified. This shouldn’t take more than two days. You’ll also receive your bank card in the mail within a week. You can use your account without the card for online payments in the meantime.
6. Follow the instructions that come with the card to activate it to complete this process fully.

Our experience: Opening our Revolut account took about 15 minutes from start to finish, including installing the app. There was no application fee for the account or debit card, and the cards arrived in the post six days after our application. For our Sabadell account, we made an appointment in the branch and completed the paperwork for our resident account. The process took around 30 minutes, and the bank representative spoke perfect English. We had to return to collect the cards, but subsequent cards were sent out to us by post. We did need to go to the branch to replace our Via-T.

Documents You Need to Open a Spanish Bank Account

The documents you need will vary slightly depending on the bank’s requirements and what type of account you’re opening. Particularly in the case of a resident account vs. a non-resident account.

However, because the variations are minimal, it’s best to take along as many of the following documents as possible so you are fully prepared.

• Spanish NIE card, or just the NIE paper from the police if you aren’t yet a resident.
• Your national ID document (passport or identity card).
• Proof of your current address in Spain (recent utility bill, a rental contract, or home ownership papers).
• Proof of current employment status (employment contract, self-employed certificate, pension income, student card, etc.).
• Certificate of Non-Residency (if you are applying for a non-resident account. You can get a certificate from your local police station for a nominal fee).

Documentation translations and certification

Spanish traditional banks sometimes require official translations and certification of supporting documentation. Check with your branch to find out precisely what is required before you start the process. The online banks will accept English (and often other language) documentation.

AML and KYC

Anti-money laundering (AML) and know-your-customer (KYC) regulations mean banks may require additional identification and residency evidence. These requirements are similar for traditional and online banks.

Should I Open a Resident or Non-Resident Bank Account?

Accounts with resident status tend to be flexible and have more benefits. If you are not planning on living permanently in Spain, a non-resident bank account will be easier to open.

A non-resident account may be opened, and then you can switch it once you get residency. You’ll have to make an appointment at your local branch and take the necessary documentation with you.

Note: EU /EEA citizens with residency in Spain will have the same requirements.

Non-Resident Bank Account

1. Eligibility: Non-resident bank accounts are for individuals not fiscal/tax residents in Spain.
2. Purpose: Ideal for those owning property or having business interests in Spain.
3. Features:
   • They often have both euro and foreign currency capabilities.
   • They might have higher fees and charges compared to resident accounts.
   • Accounts are limited in terms of credit facilities and investment options.
4. Taxation: Interest earned on these accounts may be subject to Spanish withholding tax. Check our guide to personal income tax in Spain to find out more.

Resident Bank Account

1. Eligibility: A resident bank account is for individuals who live in Spain for more than 183 days a year or have their fiscal/tax residence there.
2. Purpose: Suitable for anyone working, living, or studying in Spain long-term.
3. Features:
   • Access a broader range of banking products, including mortgages, loans, and various investment options.
   • Generally, there are lower fees and better interest rates than non-resident accounts.
   • You can link it to direct debits for paying bills, receiving salaries, and more.
4. Taxation: Account holders are subject to Spanish tax regulations, including declaring global income if Spain is their fiscal residence. If you are a tax resident in Spain you’ll include this information in your personal income tax declaration, called La Renta.

How to open a bank account as an International Student

Tip: Ask your educational institution if they have a banking partnership. In many cases, they’ll have a relationship, which makes opening a student account much more straightforward.

Fees and Cost of Opening a Bank Account in Spain

Another factor to consider when choosing the right bank for you is the fees involved. The amount will depend on the bank and what type of accounts they offer.

Here are two examples from banks that we recommend to Expats in Spain.

• N26 has four tiers of accounts with increasing services and benefits. The lowest tier is free, and the highest has a €16.90 monthly fee. There are no joining fees.
• Sabadell has an account maintenance fee that ranges from free to €20 per month, depending on various factors.

Banks can also charge withdrawal, ATM, foreign exchange, and overdraft fees, to name a few! Understanding how you’ll use your account and what fees you’ll pay is really important when opening your account.

Ways to Minimize Fees:

1. Choose a No-Fee Account: Many banks offer no-fee accounts, especially for basic services. Look for accounts with minimal or no monthly maintenance fees.
2. Use ATMs Within the Bank’s Network: Withdraw cash from ATMs within your bank’s network to avoid extra charges. If you don’t use the right ATM, expect to pay somewhere between €1.80 and €2.50 for withdrawing cash each time. Finding the right ATM can be a pain, particularly if you’re in a rush. However, those fees soon add up, so it’s worth the odd little detour.
3. Opt for Online Statements: Choose electronic statements instead of paper statements to avoid paper statement fees.
4. Consider Direct Debit for Bill Payments: Some banks offer discounts or fee waivers if you set up direct debits for regular bill payments.
5. Maintain the Minimum Balance: Some banks waive certain fees if you maintain a minimum balance in your account.
6. Negotiate with Your Bank: In some cases, banks may be willing to waive fees, especially if you’re a long-time customer or have multiple accounts with them.
7. Choose a Bank with a Transparent Fee Structure: Before opening an account, carefully review the fee structure of different banks to choose one that aligns with your usage patterns.
8. Explore Online Banks: Some online banks have lower fees compared to traditional brick-and-mortar banks. Research and consider online options.

Type of Spanish Bank Account

• Current/Checking Account (cuenta corriente) is the most common account as it covers daily needs, and plenty of low-fee options exist. But current accounts seldom pay interest. This is typical of Spain and one of the only negatives of their banking system.
• Savings Account (cuenta de ahorro) – you can find specific savings accounts with interest rates. However, interest rates are low, and you may have restricted access. You won’t be able to use it like a current account, so if you want a savings account, you’ll need a checking account, too.
• Deposit account (cuenta de depósito) – a deposit account will give you a higher interest rate than a savings account. However, your money is held for extended periods, giving even less flexibility than savings. You’ll often be required to have a minimum income with a deposit account.

Banks also provide customers with:

• Mortgages (cuenta hipoteca)
• Fixed Deposits (cuentas de depósitos a plazo fijo)
• Credit Cards (cuenta de tarjeta de crédito)
• Investment Options (cuenta de fondos de inversión)
• Salary Accounts (cuenta nómina)
• Student Accounts (for those under the age of 26)

The Main Banks in Spain

Check out our guide to the best banks in Spain for Expats. We’ve broken down the pros and cons of 8 major banks to help you choose the perfect banking partner. We feature N26, Bunq, Revolut, Banco Sabadell, Banco Santander, ING, Wise, and BankInter.

Ready to Open Your Spanish Bank Account?

Once you break down the process of opening a Spanish bank account, it’s not so scary after all. You’ll find your experience to be similar, if not the same, as the experience you had when opening an account in your own country. The paperwork is different, but everything else will be familiar to you.

But don’t forget, if you feel more comfortable not going through this process alone, you can take someone with you. If you need a friend for support or a translator to help with any questions, they can attend your appointment. Now you know how to open a Spanish bank account, which one will you choose?

FAQ – How to Open a Spanish Bank Account