Previously, the process of opening a bank account in Spain for foreign citizens, including Russians and residents of post-Soviet countries, was not particularly difficult, especially if the applicant had a good level of Spanish or English. Spanish banks were willing to work with clients from Russia, Ukraine, Belarus and other countries, offering attractive conditions, including mortgages with low rates.
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However, since 2014, the situation has changed. After a circular from the Bank of Spain, Russians were among the undesirable clients, which made it difficult to open accounts. Although restrictions were subsequently eased, since March 2022, newly introduced sanctions have led to many banks stopping servicing citizens of Russia and Belarus. In early 2023, BBVA Bank faced consequences for opening multiple accounts for clients from these countries.
At the moment, opening an account in a Spanish bank for Russians and citizens of the CIS countries is still problematic, but doable. Residents can open an account by presenting a resident card, while non-residents will need to provide income documents and a passport. The process has become more complex compared to previous years, including several steps to confirm non-resident status.
Opening a bank account in Spain is an important step for those planning to live, work or invest in this country. An account in a Spanish bank is convenient for daily expenses, paying utility bills, managing investments and simplifies the process of receiving a salary or pension. In this article, we will consider how to open a bank account in Spain, what documents are required for this, and which banks offer the best conditions.
Why is it important to open a bank account in Spain?
Having a bank account in Spain is beneficial and convenient for several reasons:
- Convenience of daily transactions: paying for purchases, rent, utilities and the Internet.
- Facilitation of receiving wages, pensions and other income.
- Doing business in Spain requires a bank account for financial transactions.
- Possibility of obtaining loans, mortgages and other financial products on more favorable terms.
Who can open a bank account in Spain?
In Spain, both residents and non-residents can open a bank account. The process and requirements for opening an account may vary slightly, but most banks offer products for both citizens and foreigners.
- Residents: Those who live in Spain on a permanent basis can open a bank account by providing a Resident ID (NIE) and proof of address.
- Non-residents: Foreign citizens living outside of Spain can open an account by presenting a passport and a non-resident certificate.
Types of bank accounts in Spain
There are different types of bank accounts that can be opened in Spanish banks:
- Current account (Cuenta Corriente): a basic account for day-to-day transactions, including paying for goods and services, receiving salaries and transferring money. Current accounts usually have minimal fees, and some banks even offer free service for new customers.
- Savings account (Cuenta de Ahorros): designed to accumulate funds with the possibility of accruing interest on the balance.
- Foreign account (Cuenta para No Residentes): designed for non-residents who do not live in Spain but want to manage funds through a Spanish bank.
- Business account (Cuenta para Empresas): necessary for doing business in Spain and carrying out business transactions.
Which bank should you choose to open an account with?
Spain offers a variety of banks, each with its own characteristics and advantages. Here are some of the major banks that offer accounts for foreigners and residents:
- Banco Santander: The largest bank in Spain, with a wide network of branches and ATMs. It offers a variety of options for private and business customers, including international transfers and online banking.
- CaixaBank: One of the most popular banks with a focus on digital technologies. It offers many services for foreigners, including a mobile app with English support.
- BBVA: The second largest bank in Spain, with convenient rates for non-residents, as well as attractive conditions for business and mortgage programs.
- Sabadell: A bank with favorable conditions for foreigners and flexible lending offers.
- Bankinter: The bank offers accounts for foreigners with simplified opening conditions and minimal fees.
Documents for opening a bank account in Spain
To open a bank account, you will need to provide certain documents. The list of documents may vary depending on the resident status and the chosen bank, but, as a rule, the following documents are required:
- Proof of identity: Passport for foreigners or ID card for Spanish citizens.
- NIE number (Número de Identificación de Extranjero): Mandatory for residents. For non-residents, you can get a non-resident certificate from your nearest police station.
- Proof of address: Utility bill, rental agreement or proof of registration.
- Proof of income: Income certificate, employment contract or tax return to prove your solvency.
- Non-resident certificate: If you are not a resident of Spain, you will need to provide this certificate to prove that you are not a resident.
Step-by-step process for opening a bank account in Spain
- Choosing a bank: Research the different banks to find the one that suits you best.
- Collecting documents: Prepare all the necessary documents depending on your residency status.
- Visiting a bank branch or applying online: Some banks allow you to open an account online, but most require a personal visit.
- Signing a contract: When you visit the bank, you will be asked to sign a contract that specifies the terms of service and fees.
- Topping up your account: Some banks will require a minimum deposit to activate your account.
Online banking and mobile apps
Many Spanish banks offer convenient mobile apps and online banking that allow you to manage your account remotely. This is especially convenient for foreigners, as many apps support English and allow you to make transfers, pay bills, monitor your balance and receive statements.
Bank fees and fees
When opening a bank account, it is important to consider the fees that may be charged for maintenance, transfers and withdrawals. Most banks offer accounts with no monthly fee if you meet minimum requirements, such as regular deposits. Fees may vary depending on the type of account, so it is important to check the terms beforehand.
Payment and credit cards
Most banks offer a debit card when you open an account, which you can use to make purchases and withdraw cash. Credit cards are also available for those who meet the bank's creditworthiness requirements. Credit cards also offer loyalty programs, cashback, and additional benefits.
Taxes and requirements for non-residents
If you are a non-resident opening an account in Spain, pay attention to your tax obligations. Some banks require proof of tax status, and you may need to certify your non-resident status annually to keep your records up to date.
How do I get a NIE to open an account?
If you do not have a NIE, you can get one at a police station or Spanish consulate. NIE is a mandatory document for opening an account in most banks, as it confirms your identity and tax status. To obtain NIE, you will need a passport and a completed application.
Opening a bank account in Spain is a simple and convenient process, especially if you have all the necessary documents. A bank account gives you access to various financial products and simplifies your daily transactions. Regardless of whether you are a resident or non-resident, Spain offers many banks with convenient conditions for foreigners and locals.
How to open an account in a Spanish bank?
Spanish banks have two types of accounts that foreigners can have - for residents and for non-residents.
If you are a resident of Spain, that is, you live in Spain for more than 183 days a year, for example, you have a residence permit in Spain, then it is enough to present a resident card (tarjeta) at the bank confirming this fact and they will open an account for you.
If you are a non-resident, in this case you will need documents on income from your country of residence, a passport, but the NIE (foreigner identification number) is no longer required (however, not in all banks in Spain).
Previously, it was definitely much more difficult in this regard:
There were several options for a non-resident to open an account:
- Option one. It was necessary to contact any police station to obtain a non-resident ID. The police required a passport and a photocopy of it from a foreigner. And then, with a passport and this ID, you could contact any bank to open an account in Spain. However, this method was time-consuming - obtaining a non-resident ID from the police could take ten to fifteen days, or even a month.
- Option two. You had to contact the bank directly with your passport. The bank could open an account for a foreigner without a non-resident ID. However, within 15 days, the foreigner still had to confirm his status, otherwise the account could be blocked.
- Option three. If a foreigner was limited in time, he had to contact the bank, and its specialists, if they wished, could independently request confirmation of his non-resident status from the police. To do this, it was necessary to sign the corresponding power of attorney. Naturally, it was necessary to have a passport with you. As a rule, you had to pay the bank about 15-50 euros for this service. In this case, the account was opened, but the foreigner could not dispose of his money until the bank received the relevant documents from the police.
To open an account, some Spanish banks require a NIE - Foreigner Identification Number. You can read about what a Foreigner Identification Number (NIE) is and how to obtain it on our website in the article: "Foreigner Identification Number (NIE)"
Tariffs and Services
As a rule, most banks in Spain do not set a minimum for opening an account in euros. If you want to open an account in another currency, keep in mind that there may be a certain minimum amount depending on the type of currency.
Types of accounts and services provided, commission fees - all this differs depending on the bank. As a rule, information about services and tariffs can be found on the official website of the financial institution. Usually, tariffs and services for residents and non-residents do not differ. However, banks are reluctant to issue credit cards to non-residents, debit cards - no problem.