Open your bank account in Spain

Opening a bank account can be very useful if you want to buy or rent property in Spain. You do not master the language correctly? Don't worry, our Immo 365 agents will support you in your efforts. Our collaboration with different Spanish banks simplifies banking procedures. This support allows you to open your account and consider obtaining a loan, without too much difficulty.

Choose the type of bank account suited to your situation

In Spain, banks offer two basic bank accounts.

• The resident account corresponds to you if you live in Spain or if you move there for a while and you want to be able to control your transactions.
• The non-resident account applies if you wish to buy a so-called secondary residence located in Spain.

The different types of Spanish bank accounts are quite simple:

• The current account (cuenta corriente) which allows you to manage your daily expenses.
• The savings account (cuenta de ahorros) where you can place your savings.
• The deposit account (cuenta de depósito) also allows you to save, but preferably funds for longer periods.
• The salary account (cuenta nomina) is adapted to collect your salary payment.

If you are a French taxpayer, you must declare each foreign account that you have, that you use or that are now closed, to the tax authorities, under penalty of a fine of € 1,500 per account that you do not have declared.

Check bank charges

Bank charges vary from bank to bank, sometimes including account opening fees and management fees, which will be billed monthly, quarterly or annually.

The actions, which you carry out with your bank account, can influence the costs:

• Contributions associated with your credit or debit card when they are used.
• Commissions associated with your cash withdrawals. Charges can also run if you withdraw from a distributor that does not belong to your bank. It would therefore be wise to choose it according to the available collection points, around your property.
• Costs related to your international transfers.

Not all banks apply these fees. Individuals considered young and the elderly have access, most of the time, to reductions. You must therefore be well informed in order to compare the offers.

Differentiating a resident from a non-resident

You are considered a Spanish resident if your situation meets these criteria:

• The duration of your presence on Spanish territory exceeds 183 days in the calendar year.
• The basis of your professional activity or your economic interests are directly or indirectly located in Spain.
• Your spouse and minor children reside, just like you, in Spain.

Gather the documents necessary to open your account

You live in Spain

• Your ID or passport.
• Your NIE (Foreign Identity Number or Número de Identificación de Extranjero), which proves that you have been declared official resident in Spain.
• Proof of your professional status (student card, employment contract, proof of retirement ...).

You are non-resident in Spain

• Your certificate of non-residence. You can get it at the local Spanish police station, with a copy of your passport. The document will be available in the same place, about fifteen days later. The bank can also provide it, but a commission will be required. You have the obligation to renew this certificate every 2 years. If in the meantime you become a resident, you must report this to your bank.
• Your ID or passport.
• Proof of your professional status (student card, employment contract, proof of retirement ...).
• Your proof of address.

It is advisable to send the Spanish translation of your documents directly to the bank you have chosen. This will facilitate acceptance of the opening of your account.

Open your bank account

You have found the accommodation you want at Immo 365. You can now prepare the steps to open your Spanish bank account:

• Find out more on the websites and from our agency, in order to choose a bank and one or more accounts suited to your situation.
• Gather copies of the necessary documents.
• To open your account, you must have a bank advisor. You can therefore make an appointment within a period allowing you to have gathered all the requested supporting documents.
• When your account is opened, you will receive your information and your bank card by post. Checks, being little used and accepted in the country, will be allocated to you upon request.

You are now sufficiently informed to consider opening your bank account in Spain. The latter will facilitate your transactions and obtaining your loan for the acquisition of your property. Our agents are at your disposal for any information concerning the banks with which we collaborate. Do not hesitate to contact us by email or by phone