Recently, opening a bank account in Spain has become quite a difficult task. Tighter control over non-residents’ accounts, an ever stricter fight against money laundering and the European policy of supervising the banking sector have turned opening an account in Spain from a simple operation into a real quest.
Opening an account in Spain for non-residents and residents
If you are buying property in Spain (with or without a mortgage) or starting a business without being a resident, you can open a bank account in Spain without any problems.
When you enter into economic relations with Spain and become a taxpayer (for property tax, non-resident income tax and so on), you receive an NIE number, which is both your identification number and your tax number. So for the bank, too, you become a clear figure with a definite status. What is more, owning property or a business, not to mention a mortgage, comes with many costs that are often paid without cash, by direct debit from your account. In other words, in this case a bank account in Spain is simply essential.
Non-residents opening a bank account in Spain need to be prepared for the bank to impose strict limits on paying money into the account. At present the policy of the different banks on this point is almost exactly the same: you can only pay money in by bank transfer, and the transfer must come from the owner’s personal current account opened in the country of their tax residence.
A tax resident of Russia can transfer money to their account in Spain only from an account opened with a Russian bank, a UK tax resident only from their British account, and so on. The Spanish bank is also entitled to ask for documents proving the source of income. These documents include letters from your employer, 2-NDFL and 3-NDFL statements, tenancy agreements or sale contracts (if your income comes from letting or selling property).
Residents of Spain who do not work (for example, holders of a residence permit without the right to work, residencia no lucrativa) can also open an account by proving the source of their income.
In either case, you need to be prepared for the bank to insist that you buy additional financial products. As a rule, this means insurance: home, health, car and so on.
Opening an account in Spain has recently become impossible for non-residents who have neither property nor a business and visit Spain as tourists. And yet you will not find any restrictions or bans on Spanish banks working with non-resident foreigners in any piece of legislation. In reality, though, tourists will find that banks refuse to open accounts for them.
How to open a bank account in Spain online
You can open a bank account in Spain online. This is how BBVA, Openbank, ING and N26 work, for example. Caixabank has also introduced an online account option. This does not mean that you simply register on the website and get an account. You will still have to prepare a set of documents and send it to the bank by courier or as scans. But you do not need to go to a branch in person. You can also manage your account online or through cash machines.
When opening an account in Spain, remember that there are fees. Since last year, fees for running accounts and cards have risen sharply at all Spanish banks. To avoid extra costs, you will have to meet a number of requirements set by each bank.
The requirements that let you avoid the fees include: a lending relationship with the bank (a mortgage or large deposits), paying a certain amount into the account every month, paying bills (for example, utility bills) or taxes from the account, buying an additional financial product (insurance), active use of a debit and/or credit card, and so on.
Opening an account in Spain requires a local phone number
Opening an account in Spain (online or in the traditional way at a branch) requires a Spanish phone number. Ideally, this number should work in roaming when the account holder travels abroad.
Over the last two or three years, security in the banking sector has been raised continuously. Logging in to your online banking, getting account information, bank transfers and online shopping all come with additional checks. As a rule, the account holder receives a text message with a code, and in some cases the transaction has to be confirmed through an app installed on the phone.
