Guide to opening a bank account in Spain for non-residents

If you are planning to live in Spain, you will need to open an account. This is certainly not a legal requirement, but, to buy a property for example, it is more appropriate to have your own bank account as a non-resident. Immo365 Costa Brava presents the steps to follow and offers its expertise for a property investment.

Documents required to open a bank account in Spain for a non-resident

To open an account in Spain as a non-resident, you must present a specific certificate. This document is required by the vast majority of banks. To obtain it, apply to the Directorate-General of the Police. After this initial formality, you will need to collect a number of documents. These are likely to vary from one banking institution to another and may depend on your legal status.

You will usually be asked for proof of identity. This may be a passport or identity card. Next, bring proof of your professional activity. An employment contract, unemployment certificate or payslip should suffice. Most Spanish banks require acertificate of non-residence. You can apply for this at the police headquarters. The procedure could take around 10 days.

To open a bank account, you will need proof of residence in Spain. A rental contract or invoice will be very useful. Make sure you have a foreigner's identification number (NIE). This is essential for any legal, administrative or economic procedure.

If you are a student, some banks may offer you the opportunity to open an account without requiring a certificate of non-residency. Simply present your student card. What's more, living in Spain has its advantages and disadvantages that you should be aware of before you set foot on Iberian soil.

How to open a bank account in Spain

Before you start the procedures for opening an account in Spain as a non-resident, you should take the time you need to choose the ideal bank. Once you have carried out this initial precaution, check the list of documents required by the institution and try to mobilise them. Don't wait until the last minute, as the procedure for obtaining certain documents can be extremely lengthy.

You must then go to one of the bank's branches and express your desire to open an account. The procedure takes an average of 20 minutes. Once the necessary checks have been carried out, your card will be sent to your home address. You can also choose to collect it from a branch. As a reminder, all French documents will have to be translated into Spanish. You will also need to have them apostilled by a notary. Otherwise, they cannot be approved by the banks.

Also, it is not possible to open a bank account in Spain remotely. Your presence is required throughout the procedure. If you are faced with the problem of a language barrier, do not hesitate to seek the expertise of an interpreter. A consultancy agency can also provide you with personalised support.

If your activities in France do not allow you to travel to open a bank account in Spain as a non-resident, you can exceptionally give power of attorney to a law firm. The latter will take out the subscription on your behalf for a relatively high fee.

In Spain, opening a bank account is generally free of charge. Financial institutions do not require a large initial deposit. With just a few hundred euros, you can activate your account. Non-residents are, however, obliged to declare any sum over 6,010 €.

If you want to buy a second home in Spain, get help from Immo365 Costa Brava, a company specialising in real estate sales.

Which bank to choose for your account in Spain?

Choosing a bank in Spain to manage your finances requires careful consideration of your specific needs. Between modern digital options and traditional establishments, the range is varied. Favour those that offer services tailored to your lifestyle, with low fees and easy online access.

Spanish network banks

The Spanish banking world is dominated by 4 major institutions:

• BBVA,
• CaixaBank,
• Banco Santander,
• Sabadell.

As a non-resident, you can open an account there and enjoy the same benefits as Spaniards. Access conditions or eligibility terms may vary.

Then find out before applying. Having an account with one of these banks makes life considerably simpler. For example, you'll find it easier to find a branch or ATM near your home.

When you carry out foreign currency transactions, however, you are subject to hefty commissions. For this type of transaction, these financial institutions charge fees and increase the exchange rate.

Spanish regional banks

These financial institutions offer the same services as national banks. However, they are only present in certain regions of the country.

Because of the poor territorial coverage, it is difficult for customers to find their ATMs in other regions. You will therefore have to pay withdrawal fees each time, which can be very disadvantageous.

This type of institution is aimed at customers with a high standard of living, looking for a tailor-made service. Some regional banks sometimes have an agreement with other institutions, giving you access to other ATMs.

Spanish online banks for non-residents

To open an account with a online bank in Spain, you have 2 options. You can turn to network institutions with an application that promotes remote management. Santander, ING and BBVA are all options. La Caixa and Sabadell even have a French-language website. With these different banks, you can benefit from the flexibility of an online account and the availability of ATMs. Fees for foreign currency transactions and account maintenance can be high, however.

You can also choose international payment providers. With an international focus, they have the advantage of being particularly economical. They offer you multi-currency accounts with IBANs. Payments in euros and incoming SEPA transfers are often free of charge.

On the other hand, withdrawals over a certain amount are charged. These banks are recommended for people who prefer virtual transactions.

How to choose a bank in Spain?

When it comes to where to buy a second home abroad, Spain is an ideal solution. The country offers a number of not inconsiderable advantages, particularly when it comes to property. To make your purchase, you need to open a bank account if you are a non-resident on Iberian soil. And your choice of bank is essential to your project.

Whatever type of bank you target, you need to take a number of criteria into account when making your choice:

• amount of management fees,
• fees on international transfers,
• language of the online customer area,
• credit/debit card fee,
• fees for use abroad,
• amount of withdrawal fees,
• amount of transaction rates.

These various elements need to be carefully assessed before a final choice is made. In general, account maintenance and day-to-day transactions are charged at 5 €/month. So avoid banks that charge much more than this. However, it all depends on the package you choose and the services included. As for other charges, they vary enormously from one bank to another. Ideally, use a comparison tool to identify the best deal on the market.

In Spain, financial transactions are digitised. Using cheques is therefore not very common. If you wish to have a booklet, make a specific request to your banker. Also, make sure that your bank card is affiliated to the bank where you plan to make your withdrawals. If not, you will have to pay a commission of around €2 on each transaction. International transfers can be very expensive.