Banks in Spain. How to open an account?

Opening a bank account is one of the first things you should do after moving to Spain. Find out which banks in Spain to consider and what you need to become a customer of one of them.

Although opening a bank account in Spain is not mandatory, completing this formality opens up many possibilities. You will need it to receive your salary from an employment contract, benefits or a pension, to set up a business or to pay bills. In addition, if you are interested in buying property, a bank account is one of the requirements that must be met in order to finalise the transaction and obtain a mortgage. How does the Spanish banking system work?

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If you want to open a bank account in Spain, you have a wide range of financial institutions to choose from. The market is supervised by the Bank of Spain (Banco de España). The most popular banks are Santander, BBVA, CaixaBank, Sabadell and Bankinter.

In addition, there are also digital (online) banks in Spain, such as N26, Revolut and Wise. Unlike traditional banks, they do not have physical branches that you can visit. In addition, they are often cheaper and provide convenient access to your account online.

If you want to open a bank account in Spain, keep in mind that residents can count on a better offer. Usually, maintaining an account involves lower fees than for non-residents or no fees at all if the account is used to receive your salary (cuenta nomina). In addition, residents can take advantage of a wider range of savings accounts (cuenta de ahorros). For non-residents, banks have created a special account called cuenta para no residentes.

The documents required by banks in Spain to open an account depend on your status. If you are a resident, you will need:
 

• a valid passport or identity card,
• an N.I.E. (Número de Identificación de Extranjero) number,
• an employment contract or other proof of employment,
• a rental agreement or other proof of residence, e.g. a utility bill.
   

Non-residents, on the other hand, must provide:
 

• a valid passport or identity card,
• a non-resident certificate (Certificado de No Residente), which you can obtain from the Spanish police station (Policía Nacional) after completing an application form.
   

Some banks in Spain require non-residents to provide additional documents, such as proof of current residence or employment status.

Are you wondering how to open a bank account in Spain? The process itself is not complicated. However, keep in mind that requirements and procedures vary depending on the institution.

The first step is, of course, to choose a bank and the type of account – personal (cuenta corriente), savings (cuenta de ahorros) or foreign currency. Then, open an account online or at a branch. If you choose the latter option, remember to make an appointment in advance. What is more, if you choose to open an account via the website, some banks may still require an additional meeting to sign the documents.

The next step is to verify the required documents, which must be provided in Spanish. Then you sign the agreement and wait for your account to be activated and for access to online banking. This usually takes a few days at most. It takes longer to get your card made and delivered.

Are you wondering how to open a bank account in Spain? The process itself is not complicated. However, keep in mind that requirements and procedures vary depending on the institution.

The first step is, of course, to choose a bank and the type of account – personal (cuenta corriente), savings (cuenta de ahorros) or foreign currency. Then, open an account online or at a branch. If you choose the latter option, remember to make an appointment in advance. What is more, if you choose to open an account via the website, some banks may still require an additional meeting to sign the documents.

The next step is to verify the required documents, which must be provided in Spanish. Then you sign the agreement and wait for your account to be activated and for access to online banking. This usually takes a few days at most. It takes longer to get your card made and delivered.

Are you wondering how to open a bank account in Spain? The process itself is not complicated. However, keep in mind that requirements and procedures vary depending on the institution.

The first step is, of course, to choose a bank and the type of account – personal (cuenta corriente), savings (cuenta de ahorros) or foreign currency. Then, open an account online or at a branch. If you choose the latter option, remember to make an appointment in advance. What is more, if you choose to open an account via the website, some banks may still require an additional meeting to sign the documents.

The next step is to verify the required documents, which must be provided in Spanish. Then you sign the agreement and wait for your account to be activated and for access to online banking. This usually takes a few days at most. It takes longer to get your card made and delivered.

Banks in Spain usually charge fees for accounts. However, there is a free option, but it requires meeting specific conditions, which vary depending on the institution. These may include, for example, a certain number of card transactions per month or a salary being paid into the account. Another way to avoid fees is to open an online account with a digital bank.
 

Furthermore, you have to take into account additional fees for:
 

• international transfers,
• withdrawals from ATMs of other networks, in foreign currencies or abroad,
• issuing a debit card.

Online and mobile banking – just like in Poland – is common and available at virtually every financial institution. Not only can you use it, but you can also open an account online. However, keep in mind that not all banks offer websites or apps in other languages. This is the case with Banco Mediolanum, for example. That is why, if you do not speak Spanish, you should use the services of larger entities such as Santander or BBVA.

In addition to a basic account, it is worth considering opening a foreign currency bank account. This solution is ideal for people who:
 

• regularly send money abroad,
• often visit Spain and do not live here permanently,
• are considering moving to the Iberian Peninsula.
   

You can open an account at both a traditional bank and a digital bank. In the first case, you should expect high international transfer fees and unfavourable exchange rates. Revolut or Wise may be a better choice. Digital banks in Spain offer lower fees, average market exchange rates and fast transfers that reach the recipient's account within seconds.

Having an account may or may not entail a tax obligation. The Spanish banking system is clear on this point: residents who settle their taxes with the local tax authorities must report income from bank accounts in their annual IRPF tax return. On the other hand, non-residents who pay taxes in Poland may be required to report their Spanish bank account to the Polish tax office, e.g. if the value of their assets exceeds EUR 50,000.
 

Another important issue is the Spanish savings tax, which is paid on income from:
 

• capital gains (e.g. from the sale of real estate),
• interest on bank deposits and savings accounts,
• dividends from shares.
   

For non-EU residents, the savings tax is 19%. Residents settle it in their annual tax return, but the rate is progressive – the higher the income, the higher the rate. It is 19% up to €6,000, 21% for €50,000 and 28% for over €300,000.
 

Now you know how the Spanish banking system works. If you are planning a longer stay on the Iberian Peninsula, opening a bank account is one of the necessary formalities. There are various banks to choose from in Spain, so you will easily find an offer that suits your needs. Regardless of which institution you choose, remember that residents can count on the most attractive terms. They are also eligible for more favourable mortgage loans in Spain. If you are looking for a property in Spain, contact Elite World Estates!

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Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. 
We are here to help you!
Please enter your contact details below and we will contact you as soon as possible.

Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. We are here to help you! Please enter your contact details below and we will contact you as soon as possible.

Let us narrow down the search among the properties available through us, by contacting us and finding the best options for you. We are here to help you!
Please enter your contact details below and we will contact you as soon as possible.