When you’re planning to move to Spain, you’re probably wondering how to open a bank account.
Opening a bank account in Spain as a non-resident might sound like a time-consuming task, but it shouldn’t be. Spain is home to a great number of internationals. The banking system is accustomed to offering its services to internationals. Discover how the Spanish banking system works.
Can a foreigner open a bank account in Spain?
Although it’s not compulsory to have a Spanish bank account when you’re (temporarily) living in Spain, it’s useful to have one. You can use a Spanish bank account to pay your rent and utilities or buy your groceries.
There are 2 types of bank accounts in Spain:
- a resident account (for people who live in Spain)
- a non-resident account (for people who live abroad)
It’s up to you to decide which account you prefer. Keep in mind that a resident bank account gives you more flexibility, whereas the non-resident account is easier to open.
When opening a bank account you can opt for the following:
- Cuenta bancaria o Cuenta corriente (current account) – the most standard account that you can use for your everyday expenses, like groceries or going out for dinner.
- Cuenta de ahorros (savings account) – the account to put your savings on as it offers interest on your money.
- Cuenta nomina (salary account) – this account is meant to receive your paycheck from your employer.
- Cuenta de depósito (deposit account) – this is like a savings account, but with fewer options for accessing the money. For funds that need to be held securely.
What do you need in order to open a bank account in Spain?
To open your resident account, you need the following documents:
- A valid identity card (e.g. your passport)
- A valid Spanish address
- Your NIE number (Número de Identificación de Extranjero), as a proof you’re officially registered in Spain
- Proof of your income or employment status
Be aware that your documents need to be in Spanish. So make sure to make some Spanish friends to help you (or learn the language yourself, vamos!).
How much does opening a bank account in Spain cost?
The costs of opening a bank account in Spain vary per bank. Some banks even have fee-free basic accounts or student accounts with a discount. On average, you will pay:
€12 – €15 for a debit card
€30 – a year for a credit card
Withdrawing cash at the ATM at your branch is free, in most cases.
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At what age can you open a bank account in Spain?
With the exception of an account your parent or guardian signs off on, the minimum age to be able to open a full bank account in Spain is 18 years old.