Let’s talk about how to open an account in a bank in Spain. Recently, Spanish banks have tightened their requirements for Russian citizens. Not all banks provide services to Russians, and even if you managed to open an account, you may encounter frequent blocking of funds if the Spanish bank finds their receipt suspicious.
Choosing the right bank and opening an account through a real estate agency or service company will save you a lot of time. Agencies usually have already established personal connections with bank management and already have a clear understanding of the conditions, ease of service and acceptance of documents. Such banks will be more loyal to foreigners. It is also convenient because of the language. If you do not speak English or Spanish, you simply will not be able to quickly resolve any issues that arise with a financial institution.
Before you open an account in a Spanish bank, you need to know how you can top up your balance. For non-residents of the country, as well as students, in most cases, only a bank transfer from a personal account in the country of permanent residence is available. It is not possible to top up a bank account in Spain with cash from an ATM or through an operator.
Account maintenance costs will cost you approximately 100 euros per year, plus fees. In many banks, when opening an account, there is a mandatory condition – taking out health insurance through this bank, costing 10-20 euros per month.
When choosing a bank, we recommend that you immediately find out:
- what additional information may be needed;
- commissions that may arise when using the account;
- availability of additional conditions for opening an account;
- How often should you top up your account?
In what situations is it necessary to open a bank account in Spain?
You will need a Spanish bank account when purchasing real estate, applying for a mortgage, or paying for education. Tax payments, all insurance payments, utility bills, Internet and telephone payments are linked to the account so that services can write them off automatically. Also, without a bank account in Spain, you will not be able to register a business in Spain, rent real estate or pay for school.
How to open a bank account in Spain for a resident
If the resident has the right to work
You will need a bank account in Spain to receive your salary. In such cases, the foreigner will be required to:
- Spain resident card;
- labor contract;
- salary certificate and income declaration.
- If the resident is not eligible to work
To open an account you need to provide:
- international passport and resident card;
- NIE number;
- documents confirming sources of income.
How to open a bank account in Spain for a non-resident
A non-resident bank will have to indicate the reason why an account in a Spanish bank is needed and document this. For all funds that are planned to be transferred to Spain, you need to confirm legality.
From the documents you will need:
- NIE;
- international passport;
- certificates confirming income.
If you are planning to open a business in Spain or buy real estate, then the company with which you will cooperate can help you choose a comfortable bank to serve non-residents.
Nowadays, not all banks require NIE to open an account. If required, it can be obtained from the Spanish Consulate in your country.
For some banks, documents in English or regular translations into Spanish will work. Otherwise, a consular or spanish sworn translation financial documentation.
We provide assistance in opening an account in a bank in Spain. More details:
How to open a bank account in Spain remotely
In the current situation, it is important to open an account in a bank in Spain remotely. This service is especially popular among those who plan buy property in Spain and get a residence permit.
You can open an account remotely only if you have friends in Spain or are planning to buy real estate through an agency. It provides this service for free. You can contact special companies that provide services in Spain for foreigners. The algorithm of actions in this case will be as follows:
- Get your NIE. This can be done at the Spanish consulate in your country of residence.
- Make a sworn or consular translation and send the agency documents: a scan of your passport, financial documents (certificate of employment, tax return, confirmation of the source of funds).
- The agency submits documents to the bank.
- Bank employees process the information within 2-3 days and open a bank account.
- The agreement and bank documents are sent to your email.
- These documents must be printed, signed and the originals sent to Spain by delivery service.
- The agency sends your documents to the bank and your account is activated almost immediately.
How online banking works in Spain
When you visit a bank to open an account, employees immediately install a mobile application for you or show you how to log into online banking through the website.
In most cases, online banking does not support the Russian language, but there is English. Through the application or website, you can independently make bank transfers, pay bills, utility bills, taxes, Internet, telephone, etc.
Please note: the bank may regard some actions as “suspicious” and block the account without notifying the client about it.
You also need to monitor the number and amount of payments online; established limits; transfers and cash withdrawals from ATMs, because additional fees may arise.
How to top up a bank account in Spain
Funding a bank account in Spain is more difficult than opening one. You cannot deposit funds into your account through the terminal or make a transfer from a third-party account. Only its owner can top up the account by transfer from the account of the country in which the client is a tax resident.
