How to open a bank account in Spain

5 min readDec 8, 2022

Written by Yizuo Wang

Spain is a beautiful country with a rich history, culture and customs that offer living conditions to match, an affordable cost of living, beautiful scenery and weather that make Spain a highly attractive tourist destination. It hosts thousands of tourists and international students each year to explore, study or settle.

In this article, you will find out how to open a bank account in Spain.

Spanish Banking Sector

Spain’s banking sector is made up of more than 190 credit institutions, including 10 banking groups, 48 private banks, 60 credit unions, savings banks and more than 80 branches of foreign institutions. The Bank of Spain is the national central bank of Spain and a member of the ESCB. The four biggest banks in Spain are Santander, BBVA, CaixaBank and Sabadell.

Here is a list of Spain’s largest and best quality banks in terms of assets, deposits and loans.

Santander

Santander maintains a leading position in Spain in assets and loans and has a large branch network which continuously works on developing tailored offers to individuals, SMEs and corporates, offering attractive value propositions for our customers. As a result, Santander received prestigious awards including “Bank of the year in Spain”, by The Banker in 2019 and “The best bank in Spain”, by Euromoney in 2020.

https://www.santanderbank.com/

Banco Bilbao Vizcaya Argentaria, S.A. (BBVA)

Banco Bilbao Vizcaya Argentaria, S.A. is a global financial group and is often referred to simply as BBVA. It has been ranked the second-largest of banks in Spain.

https://www.bbva.es/en/personas.html

CaixaBank

CaixaBank SA headquartered in Valencia, is the leading retail bank in Spain with about 20 million customers. It has the largest domestic branch network consisting of 4,200 offices and 12,000 ATMs across the country. Caixa was named Best Bank in Spain 2022 by Euromoney and Global Finance. In 2021, CaixaBank merged with Bankia.

https://www.caixabank.es/particular/holabank/online-banking.html

Banco de Sabadell

Banco de Sabadell, S.A. is the fourth largest Spanish bank by assets. Established in 1881, Sabadell Group was a large banking network with 2310 branches in Spain and 53 international branches, all over the world.

https://www.bancsabadell.com/cs/Satellite/SabAtl/Particulares/1191332204474/en/

Types of Bank Accounts in Spain

l A resident account

l A non-resident account

Foreign non-resident

Documents should be prepared

Ø A valid, unexpired passport or national identity card (For EU citizens)

Ø A document to prove the address, such as a recent bank statement or utility bill (less than 3 months old) or a certificate of non-residency

Some banks may also require a so-called ‘Certificado de No Residente’ — a letter that confirms you are a non-resident. You can get this letter by going to a police station and showing your passport. Some banks may also offer to get this for you against payment of a fee (normally in the region of 15 EUR).

Ø A document to prove the employment status (such as a pay slip, tax return or a government letter confirming that you’re unemployed or receiving state benefits)

Tips: For the documents to be acceptable, you’ll have to get them officially translated into Spanish by a sworn official translator, called Traductor Jurado.

Q&A: Can I open a bank account without a NIE?

Yes, some banks that offer the possibility to open a bank account without a NIE number: LaCaisa, Bankinter, Santander and Sabadell.

Resident

Documents should be prepared:

Ø A valid, unexpired passport or national identity card (For EU citizens)

Ø A document to prove the Spanish address (such as a lease, a recent utility bill or a recent bank statement

Ø Spanish NIE number

Ø Proof of the employment status (such as an employment contract, a student card or unemployment paperwork)

Tips: Applying for NIE first is vital if conditions allow, after all, a resident account provides more convenience. For NIE application, this includes getting a job, renting or buying property, getting connected to utilities and paying taxes.

At What Age Can You Open A Bank Account in Spain?

The minimum age to be able to open a full bank account in Spain is 18 years old.

How to Open a Bank Account in Spain for International Students?

As an international student, one must wait until arriving in the country and obtaining their NIE number in Spanish. Then follow the above procedure to open a resident bank account. If the stay is less than 6 months, it is necessary to open a non-resident bank account. However, at the end of the stay, the student should to make sure to cancel the bank account before returning to the home country.

How Much Does It Cost to Open A Bank Account in Spain?

Some of the costs associated with a bank account in Spain include:

l Maintenance fees: Banking institutions will charge a monthly/annual fee for account maintenance. However, when applicants meet the minimum requirements such as minimum deposits, some banks will waive this fee.

l ATM fees: There is usually no charge for withdrawing money from a bank’s ATM. Using ATMs from other banks may result in a fee of €2 per transaction.

l Transfer fees: The transfer fee for sending or receiving money internationally is usually as high as €15 for amounts over €50,000. The larger the amount, the higher the transfer fee.

Things to Consider When Opening a Bank Account in Spain

l Fees. Different banks will charge different fees and have different requirements. That’s why you should make sure to compare before deciding on a particular banking institution. Choose options that are more affordable for you, but also consider your bank’s other services such as online banking and whether they fit the needs. Sometimes the cheapest/most expensive option is not the best option for you.

l Customer Service. As a foreigner in Spain, it is not possible to speak Spanish proficiently, so choosing a bank with English-speaking staff will be crucial.

l Bank Location. The location of the bank, as well as the distribution of its branches, is something that must be taken into account when opening an account. You want a banking institution that you can access when you might have any questions. A nearby branch can solve many problems when you can easily access it.

l ATM Distribution. Most banks in Spain do not charge for transactions at their own ATMs, but will be charged for using other banks’ ATMs. Therefore, it becomes important to consider whether there are any available ATMs nearby, and whether there are enough ATMs in the area of activity.

References

https://n26.com/en-eu/blog/opening-a-bank-account-in-spain

https://wise.com/us/blog/opening-a-bank-account-in-spain

https://housinganywhere.com/Spain/open-spanish-bank-account

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This article was written by Yizou Wang a graduate student at NYU

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