Instructions for establishing a new bank account in Spain.
So to be honest: going overseas comes with the most extensive to-do list that has ever been created. Finding a place to reside, becoming fluent in the local language, organizing all of the necessary documentation, etc.
Even before you begin to consider the implications of the relocation on your money, you will find that moving to Spain will provide you with a significant number of new considerations.
The process of opening a bank account in Spanish may seem to be yet another challenging endeavor, but in reality, it shouldn’t be that challenging. Whether you’re moving to this location for job or school, the process of opening a bank account in your new country may be made easier by following the steps outlined in this tutorial.
What other kinds of bank accounts are there in Spain?
A wonderful point from which to begin. You have the option of opening either a resident account or a non-resident account with the bank. Both have their advantages and disadvantages. Non-resident accounts are designed for persons who live outside of Spain but yet want to maintain financial ties to the country.
Resident accounts, on the other hand, are reserved exclusively for citizens of Spain.
If you want to purchase real estate in Spain but won’t be living there full-time, you should investigate whether or not opening a non-resident account is the best option for you. Even though you are not a Spanish citizen by birth, you should register a resident account in Spain if you want to make a permanent move to the country and want to have a bank account for your day-to-day financial transactions there.
The following is a list of the most common kinds of bank accounts that you could run into:
This is the typical, day-to-day account that you’ll use for the fundamentals, and it’s also known as a current account or a bank account.
A savings account, also known as a cuenta de ahorros, is the place where you should keep your savings in order to earn some interest on the money.
A deposit account, also known as a cuenta de depósito, is similar to a savings account, but it has fewer possibilities for accessing the money than a savings account does. This kind of account is for cash that need to be maintained safely.
Cuenta nomina, often known as a salary account, is an account that has been created for the exclusive purpose of receiving payments from your company.
As you can see, accounts in Spain often serve very particular objectives, and some individuals maintain more than one account depending on the necessities of their situation. The issue that has to be answered is, which one (or ones) do you need? Whether or not you need a cuenta bancaria will depend on the specifics of your situation as well as the services provided by the bank you choose; nonetheless, it is essential that you open one.
How to Determine Which Bank Account Is Right for You in Spain
There are a large number of conventional banking institutions in Spain in addition to several more modern digital banks. It is ultimately up to you to decide which kind of account to open, but before you do so, you may want to take into consideration the following aspects:
How straightforward it is to set up the account.
Is the language barrier an issue while using the financial services? What are the costs (or what are they called in other languages, if you don’t understand Spanish very well)?
Doing your homework is going to pay off in this situation. You should be able to discover all of the aforementioned information by searching the websites of the banks themselves, of course, as well as comparison websites.
Instructions for establishing a new bank account in Spain
In light of the fact that you are now familiar with the various kinds of resident accounts and are prepared to establish one for yourself, the following is an outline of how to get your Spanish bank account set up:
After you have moved to Spain and established residency there, you may open the bank account. Although it may not be immediately visible, once you are at this location, it will be much simpler to complete the task.
Because you will most likely need to give specifics such as your home address in the nation, this is not always a procedure that you can accomplish in advance, unlike locating employment and flats. This is because you will need to submit details such as your home address in the country.
Get your paperwork in order (for a complete list of requirements, see “What do you need to establish a bank account in Spain?” below).
Utilize online banking as an alternative to dealing with language hurdles if you are unable to locate a financial institution that offers English-speaking customer service. (For example, the N26 website is accessible in five different languages.)
After you have successfully registered, you will have to be patient for a few days in order to get your account information and card in the mail. Once again, it is to your advantage to already be in the nation for this!
How to register a bank account using the internet in Spain
If you are already too busy with the chores of unpacking, looking for work, studies, language classes, and drinking sangria, you may want to seriously consider opening a digital bank account, which can be done in just a few minutes from your phone. If you do decide to open a digital bank account, you will need a valid email address and a valid phone number.
How much would it set you back to create a checking account with a Spanish bank?
The fees associated with opening a bank account might vary greatly from nation to country, including Spain. The costs that banks charge customers in Spain are, on average, greater than the fees charged in other countries in Europe.
These expenses may consist of recurring account maintenance fees, and in certain cases, you may also be required to pay a one-time price to start the account. There are occasions when those who are extremely elderly or very young are eligible for reductions on this.
Different kinds of bank account fees applicable in Spain
Depending on the kind of bank account you have, you may be subject to one or more of the following types of fees:
A maintenance fee may be assessed on a monthly, quarterly, or annual basis.
Fees associated with using a credit card or debit card are a possibility, since card ownership alone might result in extra expenses.
Find out from your bank provider whether or not using ATMs will incur a charge by inquiring about this matter. Cash withdrawal fees. If you use a cash machine that is not part of your bank’s ATM network, you may be subject to a fee.
Costs associated with international money transfers are something you should be aware of if you often move money between countries since some financial institutions levy fees based on the amount of money sent.
Obviously, not every bank will charge you each and every one of these fees. It is in one’s best interest to look into several options in order to locate a deal that is competitive. When you open an account with N26, you won’t be charged any monthly maintenance fees, and you’ll be able to make up to five free withdrawals from an ATM each month.
Furthermore, because TransferWise is integrated into the N26 app, you’ll typically be able to save a lot more money than you would with a standard international bank transfer.
In order to create a bank account in Spain, what documentation is required?
Once again, the prerequisites to create a bank account in Spain vary from one financial institution to the next. As was just discussed, in order to open a N26 account, you do not need to provide evidence of address as long as you are a legal resident of Spain. This eliminates one piece of paperwork that you will need to worry about.
When opening an account with a conventional bank, you may be required to provide documentation of any or all of the following items:
ID, such as a passport is required.
A legitimate residence in Spain.
Your Nmero de Identificación de Extranjero, or NIE number – this is the code that demonstrates that you are properly registered in Spain.
You are need to provide evidence of your job status, such as a student card if you are a student, a contract if you are employed, or any formal papers to establish that you are unemployed.
This, of course, is only a summary of the prerequisites for a resident account. If you want to create a non-resident account, you will probably have to provide documentation from the nation in which you really live to verify that you are not a resident of that country.
When a person reaches what age, they are able to create a bank account in Spain?
In Spain, the minimum age to be allowed to create a complete bank account is 18 years old. The only exemption to this rule is if you are opening an account with your parent or guardian’s permission. Bring along your valid identification to substantiate this (or with a digital bank like N26, simply show this to our verification team in the app.)
You must be at least 18 years old to create a bank account with N26, and it is not feasible for your parents or guardians to sign up on your behalf. If you are under the age of 18, your parents or guardians cannot register an account for you.
What are the fees that are associated with closing a bank account in Spain?
If you think you may, at some time in the future, wish to terminate your bank account, you should investigate how simple it is to do so and whether or not there are any costs associated with doing so. It is possible to be unexpectedly difficult, and when dealing with conventional banks, it often includes considerably more paperwork.
There may be additional costs associated with the procedure, but it all depends on the bank account that’s being used. The specifics of what they are will differ from bank to bank; however, if you want maximum flexibility, you should open an account with a mobile bank like N26 in Spain so that you may continue to use it in euro currency no matter where you are in the globe.
Do not allow the challenges of Spanish banking prevent you from making the most of the first few weeks and months of your time in Spain. If you are able to locate a solution that meets your needs, creating a bank account in Spanish ought should be as simple as counting to three in “uno, dos, tres.”
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