How to Open a Bank Account in Spain as a Foreigner

Today we will talk about how to open a bank account in Spain. Recently, the requirements from Spanish banks to foreigners became more stringent. Most often, problems arise in Russians: even if they managed to open an account, it is possible to face its blocking, if the flow of funds seems suspicious to a Spanish bank.

Choosing the right bank and opening an account through a real estate agency or service company will save you a lot of time. Agencies usually have established personal relations with the bank management and there is already a clear understanding of the conditions, comfort of service and acceptance of documents. Such banks will be more loyal to foreigners. It is also convenient because there is no language barrier. If you do not speak English or Spanish, you simply will not be able to quickly resolve issues with a financial institution.

Before you open an account in a Spanish bank, it is necessary to find out how it is allowed to top up the balance. In most cases, non-residents of the country, as well as students can transfer only funds from their own account in the country of permanent residence. It is not possible to replenish your bank account in cash through an ATM or through an operator in Spain.

Account maintenance expenses will cost you approximately 100 euros plus fees per year. In many banks, when opening an account, there is an obligatory condition – issuing medical insurance through this bank, costing 35-60 euros per month.

When choosing a bank, we recommend that you immediately clarify:

what additional certificates may be needed;
commissions that may arise when using the account;
additional requirements for opening an account;
with what frequency it is possible to replenish the account.

In What Situations is it Necessary to Open a Bank Account in Spain?

A foreigner will need an account in a Spanish bank when buying a property, applying for a mortgage, and paying for tuition. Taxes, all insurance polices, Internet and mobile phone, utility bills – all these payments are tied to your account so that the above mentioned services could be written off automatically. Also, without a bank account here, you will not be able to register a business in Spain, rent a property or pay for school.

How to Open a Bank Account as a Resident of Spain

If the foreigner is a resident with the right to work:

You will need a Spanish bank account to receive your salary. In such cases, the foreigner will be required to:

Spanish resident card;
labor contract;
certificate of employment and income statements.

If the resident does not have the right to work, then in order to open an account he will need to provide:

passport or id card;
resident card (tarjeta de residencia);
NIE number;
documents, confirming the presence of legal sources of income.

How to Open a Bank Account for a Non-Resident of Spain

In a bank, the non-resident will have to indicate the reason why he needs a bank account in Spain and confirm it documentarily. For all funds that are planned to be transferred to Spain, the account holder has to prove the legality of them.

Of the documents required:

NIE;
passport or id card;
certificates and statements confirming income.

If you are planning to open a business or buy a property in Spain, then the company you will cooperate with can help you choose a comfortable bank, which duly serves non-residents.

Now, not all banks require a NIE to open an account. When necessary, it can be obtained from the Spanish consulate in your country.
For some banks, documents in English or regular translations into Spanish will suit. For other financial institutions, only a consular or Spanish sworn translation of financial documentation is suitable.

How Can a Foreigner Open a Bank Account in Spain Remotely

For many foreigners, it is important to open an account in a Spanish bank remotely. This service is especially popular among those who plan to buy property in Spain and obtain a residence permit.

You can open an account remotely if you have good acquaintances in Spain or you are going to buy property through a trustworthy agency. Such agency can provide this service for free. Also, you can contact special companies that offer various services in Spain especially for foreign persons. The algorithm of actions in this case will be as follows:

Get a NIE. This can be done at the Spanish consulate in the country of your permanent residence.
Prepare a sworn or consular translation and send documents to the agency: a scan of your passport, financial documents (certificate of employment, tax return, confirmation of the source of funds).
The agency submits documents to the bank.
Bank employees process the information within 2-3 days and open a bank account.
An agreement and bank documents are sent to your email.
These documents need to be printed, signed and sent in originals to Spain by delivery service.
The agency sends your documents to the bank and your account will be activated almost immediately.

How Online Banking Works in Spain

When you visit a bank to open an account, employees immediately install a mobile application for you or show you how to enter online banking through the website.

In most cases, online banking supports only Spanish and English. Through the application or website, you will be able to individually perform a number of operations: bank transfers, paying of bills, utility supply, taxes, internet, mobile phone, etc.

Please note: the Spanish bank may assess some actions as «suspicious» and block the account without notifying the client about it.

You also need to monitor the number and amount of payments on the Internet; established limits; transfers and cash withdrawals from ATMs, because additional fees may arise.

How to Add Funds to Your Bank Account in Spain

Replenishing a bank account in Spain is more difficult than opening one. It is impossible to deposit funds to the account through the terminal or make a transfer from an external account. Only its owner can update the account by transferring from the account of the country in which the client is a tax resident.