How to open a bank account in Spain for UE citizens

How to open a bank account in Spain for UE citizens

If you are planning to live in Spain, receiving and making payments, namely buying a property in Spain, will be easier if you open a Bank account. If you don’t know how to open a Bank account in Spain, this article will guide you through it.

There are two different types of bank accounts: Resident and Non-Resident accounts. People who live less than 183 days (Six months) in Spain are considered non-residents, and will need the following documents:

  • A non-resident certificate: this document can be gotten in any National Police Station. The bank is usually in charge of getting this document for you, however you will be charged for it (around 15€-20€). This process will take approximately 10 days.
  • A passport or ID card.
  • A proof of employment status (employment contract, unemployment documentation, student card….)

All these documents must be in Spanish or officially translated.

If you want to buy a property in Spain, having a Bank account is highly recommended, but be aware that for this purchase, the money should be transferred from your personal bank account in your original country. Doing this transference from off shore accounts or foreigner societies is highly inadvisable.

Spain has over 170 financial institutions, most of which offer accounts for daily uses and will help you in opening a non-residents account. Be aware that most banks charge an annual fee for administration of the account and/or additional charges for credit cards, transferences, debits cards or withdrawals from other banks’ ATM.

These charges can be usually avoided having minimum purchases with the cards, or setting up direct deposits for the main house expenses and supplies (telephone, gas, electricity, water…)

Having an account in Spain has many advantages as you can benefit of easier access to loans and mortgages or lower exchange rates when transferring money.

In Andalucia Realty we will introduce you to the branch’s directors of the main banks in the area and guide you through the process of purchasing a property in Spain.