Feeds Topics Living Abroad Opening a Bank Account in Spain

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    Dorcas Ebuara

    Opening a bank account as a foreigner is very essential if you’re already in the said country, or looking to relocate for study or work. Spain is not an exception.

    Using an overseas account to manage your finances is possible. However, if you are looking to stay long-term in Spain, it may be expensive to operate. You will need to pay your bills and do some little transactions here and there, trust me without a bank account life can be difficult because many Spanish institutions and businesses only transact with the local bank accounts.

    In this post, I will be telling you how to get started on the right foot, the major obstacles to avoid and how to open the best account with little or no headache.

    Generally, before you open any bank account, you need documents to show proof of identity. Here in Spain, you’ll need these documents below ;

    • A valid passport

    • Proof of Address

    • Proof of your employment status – such as an employment contract signed by your employer. student cards, or unemployment documentation.

    • Spanish foreigner identification number (NIE) and certificate.

    NIE is a document that shows that you are eligible to stay in Spain for more than six months and it is given to you when you get your Spanish foreigner Identity card. You should also note that all documents should be translated into Spanish and stamped with an Apostille stamp. That is when it can be accepted.

    In Spain, the bank account is divided into two – residents and non-resident accounts. In a resident bank account, the interest rates are higher and the commissions lower, while in the non-resident account, the services are fewer, and the fees are higher.

    Have it at the back of your mind that opening a bank account in Spain depends on the type of account you want to open, the banking institution, or your residential status (if you are a resident of Spain or not)

    Non-resident are people who spend an average of 183 days (6 months) in Spain within a year. Also, you wouldn’t be required to pay any tax if you open a non-resident account.

    There are so many banks in Spain you can choose from. The Spanish banking industry is very welcoming, especially with foreigners. Click here to make your choice.

    Fees vary from one banking institution to another, you may want to inquire from the bank and make the best decision. Some banks may ask that you deposit to activate your account, especially if you are opening the account with a foreign currency and not Euro.

    Furthermore, some of the cost associated with bank accounts in Spain are ;

    • ATM Fees: we know that in the banking system generally when you withdraw money via your bank’s ATM, you are usually not charged, it is the same in Spain. But if you use that of another bank, you might be charged 2/Euro per transaction.

    • Maintenance Fees: this is a monthly/annual fee charged by the bank for account maintenance and it is usually 8/Euro per month or more, it depends on the banking institution.

    • Card Fees: usually, you pay 12-15 euros for a debit card and more than 30 euro yearly for a credit card. However, it varies between banks.

    • Transfer Fees: for those looking to send money back home to families and friends at some point, you will be charged while doing that transaction. Transfer fees are usually 13-15Euro for amounts larger than 50,000 Euro. The higher the amount, the higher your fee.

    Alternatively, you can send money across to another country from Spain through another medium. All you need do is (Open a Wise multi-currency account) and pay a little fee. The best part about this is that you always get the (mid-market) and (exchange rate.) This is not just cheaper than using a bank, it is faster and reliable.

    By now, you should have in-depth knowledge on how to open a bank account in Spain, not forgetting the documents you need.

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0 of 0 posts June 2018