Opening a Bank Account In Spain: Who, Where and How

How To Open a Bank Account in Spain

One of the first requirements for starting a company in Spain is opening a bank account. However, regardless of whether you are an entrepreneur or not, you may want to open a bank account to keep control of your finances. It can be difficult to know which bank to go to and how best to go about opening an account. Click more to find out our best tips. 

Who can open a bank account in Spain?

Wondering whether you qualify to open an account? The good news is that anyone can open a bank account in Spain, you just need to determine which status you fall under. This being said, the first step to opening a bank account in Spain is determining whether you wish to open an account for as a resident or a non-resident.

Residents are those who correspond to at least one of the following:

• Live in Spain for more than 183 days a year
• Own a business in Spain
• Have a spouse or minor living in Spain

There are 3 types of bank accounts in Spain: current account, savings account and company account. You can make transfers throughout the world between these accounts and any others you may have set up in other countries since Spanish banks all have an IBAN.

Where to open your account

Spain, as a country, has the largest quantity of banks within the EU with over 20 or so to choose from. To make this slightly less overwhelming, we have narrowed them down to a list of our Top Ten starting with the most reputable.

1. Santander

2. La Caixa

3. BBVA

4. Caja Madrid

5. Bankinter

6. ING Direct

7. Banco Sabadell

8. Banaja

9. Banco Popular

10. Banesto

Each bank in Spain is good for a different purpose and has its own speciality. For example, Santander is the top bank in Spain and one of the main ones in Europe. La Caixa is a mutual fund, BBVA work extensively with Latin America and Sabadell is an investment bank adapted to businesses.

Therefore, if you are planning to start a business in Spain, we recommend you head to Sabadell since they are used to dealing with foreign business owners.

How to open your bank account

Once you have chosen your bank of choice, make an appointment or drop in with all the required documents.

To ensure that you’re not stuck in the bank trying to open an account, follow our list below to make sure you have all the correct pieces of information:

For a non-resident:

• A certificate of non-residency that can be obtained by going to a national police station, it should take around 2 weeks to get. Sometimes the bank may charge for this.
• A passport or ID card
• Proof of employment status
• Proof of address

NB. It is mandatory that you renew your certificate of non residency every 2 years and that you notify the bank if you become a resident.

For residents:

• NIE
• ID document (passport)
• Notarial notes
• Administrator appointment
• Articles of Association

Some FAQs about opening a bank account 

• Can I open a bank account from abroad?

Unfortunately, it is not possible to open a bank account in Spain from abroad. You must be in Spain to meet the banker in order to do so. If necessary, you can hire an interpreter or a consulting firm to assist you if you do not feel confident enough to carry out the process yourself.

• Will I need to make an initial deposit to open the account? If so, how much?

Traditionally, Spanish banks do not require a large deposit, a few hundred Euros are sufficient. However, one should note that opening an account itself is free of charge. Note that non-resident travellers in Spain must declare all sums in excess of 6,010 Euros in cash.

• What is the main difference between a resident and non-resident bank account?

The difference between the two accounts is that for non-residents the account is not taxable.

• Are there any fees involved in opening a bank account in Spain?

Banks in Spain require no minimum deposit amount to open an account in Euros but may request one if you wish to open one in a foreign currency. As for management fees, most banks charge a small amount for the annual management of the account of around 15 to 25 Euros.