Are you planning to move, you already have all the legal aspects covered, you only want to enjoy your stay here and when you think that everything is over you find out all the banks in Spain and you need an account. The dilemma begins: Where should I open it? Which bank gives me more facilities? And for this, this post that will help you answer these questions.
In Spain, unlike other European countries, there are many banks and although they have differentiated services, in general they offer the same, making it a bit more difficult to select one, but why should I open a bank account in Spain?
To manage life in Spain, it is necessary to have a bank account since all utility bills (electricity, gas, water, internet, gym, etc.) are domiciled and charged to this account and most companies in Spanish territory request the account number to pay the salary so its opening is very important.
Types of accounts based on your status
But already knowing that I need it, we have the doubt of where to open it and what type to open it and thus we can say that banks in Spain have two types of accounts: residents’ accounts and accounts for non-residents.
The accounts residents: these accounts are opened in Spanish financial institutions with the presentation of the resident card or the European citizen certificate along with your passport.
Accounts for non-residents: these accounts are characterized by not requiring the TIE or the Certificate of Citizen of the European Union, but if they need more information and documentation to open it and may even apply certain restrictions of use depending on the nationality.
Requirements to open a bank account as a non-resident
• Tax return in the subject’s country of origin or from where they have had income in the last year
• Non-resident health insurance that has no copayments and includes repatriation of remains.
• Account statements in banks where you regularly receive income.
• Work contract in the country of origin or residence
It should be noted that these requirements may change (increase or decrease) depending on the bank in which the account is to be opened and depending on the (ever-changing) requirements of the Bank of Spain.
Likewise, limitations can be established on the use of accounts such as income (amounts and senders) and expenses (amounts and transfers).
Digital banks or traditional ones
On the other hand, according to our requirements we can have traditional banks or digital ones, the former giving us the regular services of conservative banking, such as different types of account, loans, mortgages, managing investments, etc.
Digital banks, on the other hand, present many facilities from the point of view of opening an account as long as you have a NIE, however in terms of personalized assistance, as well as a variety of services provided, they do not have the same catalog as traditional banks.
In the same way, it is important to highlight as a point to select a bank the number of commercial offices around the territory, since their presence around Spain will facilitate the procedures that we want and must carry out in person.
And the bank accounts, do they have commissions?
Each bank has a different commission system if it applies, some do not charge a commission if you are less than 30 years old, if you have the payroll associated with the bank, if you purchase home or health insurance .
On the other hand, most do not have expenses for issuing debit cards and do not charge a commission for withdrawing money from the bank’s ATMs, however, this operation in ATMs of other institutions would entail the payment.
Where do I open my bank account?
Then we will let you know the best banks based on their characteristics
BBVA-Best web application, great presence in the Spanish territory
Santader- Large presence in Spanish territory
Bankia- Large presence in Spanish territory
So do you already know which bank is right for you? You can always count on us for your procedures. Remember to follow us on our social networks to stay updated on all our blog posts:
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