Opening a Bank Account in Spain
Contents
Everything you need to know to open a bank account in Spain
Documents you will need
How to open an account with a Spanish bank online
Banking fees and commissions
Which bank is best suited to your specific requirements
Conclusions
1. Everything you need to know to open a bank account in Spain
If you are planning to purchase property on the secondary market of Spanish real estate, you will need to open an account with a local bank in any case, since secondary real estate in Spain can only be purchased through a bank. New housing can be bought by transferring money from abroad. But not in the case of a mortgage! If you need a mortgage, your path lies through a Spanish bank. Taxes and utilities are also paid from a Spanish account.
Competition is high — about 150 private banks operate in the country (roughly half of them with foreign participation). Supported cards: Visa, Mastercard, American Express.
Differences between bank accounts for residents and non-residents
Both can open accounts. A non-resident account is suitable for foreigners who do not live in Spain most of the time but conduct transactions. After obtaining a residence permit, the account type can be changed.
Bank account for non-residents
No tax is levied on funds on deposit. Some banks charge an additional fee for maintenance. A number of banks do not issue credit cards to non-residents. It is necessary to renew the Certificado de No Residente every 2 years, otherwise the bank may close the account.
Bank account for residents
It is necessary to live in the country for at least 183 days per year. Now accounts are standardized, the main difference is in the list of required documents.
2. Documents you will need
General documents (regardless of resident status):
Valid passport or other photo identification document (the latter is relevant for EU citizens, however it’s better to check in advance — it’s known that some institutions do not accept, for example, driver’s licenses).
NIE (Numero de identidad de extranjero) — foreign citizen identification number. It is assigned once and is non-transferable. You can apply at the local immigration office at your place of residence in Spain or at a Spanish consulate. Format: A-1234567-B. For non-residents, this document is not mandatory (it is replaced by a non-resident certificate), however it is necessary for purchasing real estate.
Proof of employment (for example, a certificate from work or student ID). When it comes to purchasing real estate, it is necessary to prove the origin of funds: document on the sale of previous housing, certificate of inheritance rights, savings accumulated over a long period, receipt of social benefits, etc.
You can open an account from age 18. All documents must be translated by a sworn translator (traductor jurado) — the cost is about €40 per page, which will total approximately €300 for one transaction.
Additional documents for non-residents
Non-resident certificate (Certificado de No Residente). You can obtain it at the nearest police station by presenting your passport. Some banks process it independently for ~€15.
Additional documents for residents
It is necessary to confirm your current residential address: rental agreement or utility bill (no older than 3 months), bank statement on tax payment.
It is recommended to bring a Spanish-speaking acquaintance with you.
3. How to open an account with a Spanish bank online
CaixaBank, Santander and BBVA provide online account opening services. In addition, mobile banks operate in the market: N26 (pioneer in this field), Revolut, bunq. They provide 24/7 account access, security through fingerprints, voice identification and photos, as well as instant account blocking.
4. Banking fees and commissions
Banking service costs in Spain are slightly above the EU average. They vary depending on the bank, region and account type.
Account opening and maintenance fees
Most banks charge a fee for opening an account. Some require an initial deposit. The average maintenance fee is about €8 per month.
Transfer fees
Many banks offer free international transfers, however limits should be checked. Transfers between Spanish banks usually cost €1.5 or €3.5 plus a percentage of the amount.
ATM fees
Cash withdrawals at your own bank’s ATM are free. At another bank’s ATM — about €2 per transaction.
Credit card fees
Some banks charge for card issuance or monthly maintenance. Not all banks issue credit cards to non-residents. Payment is made through chip and PIN. When paying with a foreign card, choose euros as the transaction currency.
5. Which bank is best suited to your specific requirements
Spain’s “Big Four” banks:
Bankia
Created in 2010 as a result of merging 6 banks, came under government control in 2012. Many branches, headquarters in Madrid. Products: Cuenta Fácil, Cuenta Joven (for clients up to 25 years old, free youth debit card), Cuenta Negocio for business.
BBVA
One of the oldest banks, operating since the mid-19th century. Present in more than 30 countries, holds leading positions in Mexico and Latin America. Headquarters in Bilbao. Offers free online account, special conditions for youth (18–29 years) and salary account. Excellent mobile app.
La Caixa (CaixaBank)
One of Spain’s three largest banks. Popular among foreigners, headquarters in Barcelona. Offers Cuenta Family with free maintenance and bonuses for transfers between relatives.
Santander
Founded in 1857, it is Spain’s largest bank. Ranks in the top 20–50 banks worldwide. More than 14,000 branches, 200,000 employees, 144 million clients. Headquarters in Santander. Offers Cuenta 1l2l3 with 3% cashback and 3% on balance from €3,000 to €15,000. Has offers for students and entrepreneurs.
Also worth considering: Bankinter, IberCaja, Sabadell, ING, Deutsche Bank.
6. Conclusions
VirtoProperty cooperates with Spain’s largest banks. By contacting us, you receive VirtoProperty client status — any issues are resolved promptly. This is especially useful when processing mortgages: loan amount, repayment term, fixed or variable rate. The bank requires up to 2 weeks to review documents. Our consultants are ready to help with preparing all necessary documents.