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How to open a bank account in Spain?


Do I need to open a bank account in Spain to buy a property?

Spanish law requires purchasers to open a bank account in one of the Spanish banks and transfer the funds there to pay to the seller directly from the Spanish bank account. Then the bank passes the filter of these funds from money laundering. Because of it if you are planning to buy a house in Spain, one of the first things to do is to open a bank account with a Spanish bank. This will make purchasing the property as well as its later maintenance easier. After the purchase, all costs associated with maintaining the property will be charged directly to your bank account and will be paid on a standing basis.

English-speaking staff in Spanish banks

In Spanish banks, there is generally no problem with communication in English. Most employees who have contact with foreign clients know English very well.

What are the most popular banks in Spain?

Are you wondering what are the best Spanish banks for expats In Spain?

After the crisis of 2008, the Spanish banking sector has been completely reorganized and modernized.
The largest banks in Spain, whose branches you will have the opportunity to see on the main city streets are:

What is the normal bank opening hours in Spain?

Branches are usually open to the public from 9 a.m. to 2 p.m, Monday through Friday.
Remember that banks have different opening hours in winter and summer.

What documentation do I need to open a non-resident bank account in Spain?

Most people buying property in Spain will open a non-resident bank account.

To open such an account, you must provide:

NO (Numero de Identidad de Extranjero), tax identification number for a foreigner issued in Spain.
Identity document – passport or ID card
You may also be asked to provide proof of possession or a recent tax return.

Checks and bank cards in Spain

Banks in Spain issue checks at the customer’s request and this is the usual form of payment when buying a property. For the bank to issue such a check, of course, you must have funds in your account and provide the details of the person for whom the check is issued.

Bank cards issued for bills usually cost around 40€ per year.

Payment for utilities (electricity, water, etc ..)

All bills are payable based on a standing order with the bank. Therefore, it is important to always provide funds on the invoice to support current payments.

Card payments in Spain

Of course, you can pay by card at most restaurants, shops and bars. To avoid unfavorable currency conversions, it is better to use a Spanish bank card.

Do Spanish Banks Offer Internet Banking?

Yes, most banks in Spain now provide you with very good internet banking service. Some also offer internet banking in English.

ATM withdrawals in Spain

ATMs in Spain are present on virtually every street. There are no problems with cash withdrawals. Also, as in the case of card payments, it will be better to pay using a Spanish card.