Opening a Bank Account in Spain

Opening a bank account is one of the formalities that every expat must complete upon arrival in Spain. To do so, and before going through all the bureaucracy involved in this process, it is necessary to have an identification document (NIE, TIE or Passport). Other requirements for opening a bank account are being of legal age (18 years or older) and not being on any list of defaulters.

Processing Time

As to how long it takes, opening a bank account is quick, as it will normally take 1-5 days for your account to be activated. Where there will be more delays is in the preparation of all the documents you need to submit, as some procedures can take weeks.

Online Account Setup

On the other hand, in some banks you can set up your account online. In traditional banks you can do most of the process online, but you will have to go to your branch to complete the process in person. Online banks operating in Spain will not require you to go in person and will allow you to complete the whole process online from your smartphone.

Residents vs. Non-Residents

Both foreign residents and non-residents can open a bank account in Spain. But both the process and the requirements differ.

Residents

If you are a resident (i.e. you stay more than 183 days a year in the country), your bank account will offer you more benefits and services, and the fees will generally be lower. The process to open your account is much simpler. It will be sufficient to provide the DNI/NIF or the resident's card of foreign nationality, the NIE.

• Employment status/proof of income (such as a payslip or tax return).
• Proof of address (such as a current utility bill or bank statement).
• Rental contract or title deeds if you have or are going to buy a property in Spain.

Please note that foreign documents must be translated into Spanish and duly notarized (apostilled).

Non-Residents

Opening a bank account as a non-resident may be the right option if you do not live in Spain permanently. However, you can later switch to a resident account.

• Non-resident certificate (usually obtained at a police station or Spanish consulate).
• Identity document (usually a passport).
• European Union Citizen Registration Certificate (EUC) for EU citizens.

These are the two documents normally required to open a simple bank account for non-residents. Requirements may vary depending on the bank and product.

Students

Students can open a bank account in Spain. Most banks have special conditions for them, as well as branches within university campuses.

As a prerequisite, you must first obtain your student visa/residence card, and with that document and your NIE, you will be able to open your bank account.

Banks in Spain

In Spain, there are a large number of options, and choosing one will depend on your preferences and needs, as conditions vary depending on the product/s you want to contract.

The options can be divided into three groups:

• Traditional national banks (e.g. BBVA, La Caixa or Santander).
• International banks (ING, Deutsche Bank or Barclays, among others).
• Online banks (Open bank, N-26, Revolut...).

As for opening and maintenance costs, it is necessary to check the information provided by each bank in detail depending on the product to be contracted.

In SityEx, we provide the necessary information so expats can obtain the basic legal documents and accommodations. Our mission is to smooth the transition to your new hometown and make those difficult first steps easier. Check out all our services here.