Opening a Bank Account in Spain

Opening a bank account in Spain as a foreigner is essential for those who migrate to this country, as well as for non-residents with interests in Spain or in the European Union territory, whether they are companies or individuals.

Why opening a bank account in Spain?

If you plan to stay in Spain for an extended period or need to carry out local procedures, opening a local bank account becomes essential. Many institutions and situations, such as obtaining a residence permit, buying property, or paying rent, require having a Spanish bank account. It’s also possible that you are an administrator or representative of a company with interests in Spain or in the European Union territory or that you conduct online sales of products or services, and having an active bank account in Spain is essential for your business activities.

Can foreigners open bank accounts in Spain?

Yes, both resident and non-resident foreigners can open bank accounts in Spain. However, the requirements and benefits vary depending on your status. Below, we break down the differences:

Opening a bank account in Spain as a resident

If you are a resident (stay in Spain for more than 183 days a year), you have additional advantages, such as lower fees and a simpler account opening process. The required documents include your passport or identification document, Foreigner Identification Number (NIE), proof of income, and proof of address in Spain.

Opening a bank account in Spain as a non-resident

Opening a bank account as a non-resident can be the right choice if it is a company with its registered or fiscal address outside the European Union territory, with no prospect or need to open a subsidiary in Spain, or if you do not plan to live permanently in Spain or have just relocated. The process is more complex, and the fees are higher. You will need documents such as the non-resident certificate, passport, proof of address, proof of income, and, if you have a property in Spain, a rental contract or property title. For legal entities – companies – more documentation is required: NIE for Administrators and registration with AEAT, as well as providing comprehensive information about the company in compliance with the European Anti-Money Laundering Regulations.

How long does it take to open a bank account in Spain?

The actual opening process is quick and generally takes 1 to 5 days to activate your account. However, the preparation of documents may take longer.

Costs of opening and maintaining your bank account in Spain

It is important to be aware of the fees when opening an account in Spain, including annual maintenance fees, transfer fees, and debit card fees. Additionally, you will need a mobile line with a Spanish number, +34, for activations and security passwords, in accordance with the European PSD2 directive.

Can students open bank accounts in Spain?

Yes, students can open bank accounts in Spain, with special conditions in most banks. These conditions include reduced registration fees, installment payment options, and the elimination of many online payment fees. To open an account, you need to obtain your student visa/residence card and your NIE.

If you have any questions about opening a bank account in Spain as a foreigner, we are specialized lawyers. Contact us today, and we will assist you with this procedure.

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