This is one of the most common procedures when arriving in Spain. As it is very important to have accurate information about the required documentation, here we will reveal all the unknowns.
Opening a bank account in Spain is available to both residents and non-residents, although the country’s legislation does distinguish between the two in order to carry out this procedure. Residents simply need to present their resident identity card and comply with the usual requirements. Non-residents, on the other hand, will have to provide a series of supporting documents, which will vary from one entity to another.
Common requirements
All banks in Spain have certain common requirements. These are:
- Be of legal age – although there are some accounts that are specially designed for children or young people, you generally have to be over 18 years of age.
- Have a good credit history with some financial solvency and regular income.
- Not to appear on any list of defaulters such as Asnef, Equifax or Badexcug.
- Provide the DNI (National Identity Document) or NIE (Foreigner’s Identification Number), the employment contract, the last pay slips and the last income tax returns or the quarterly VAT payment.
Types of bank accounts
When opening an account, the first step is to understand the different types of bank accounts that exist.
- CURRENT ACCOUNT: these are the most common and all banks have at least one type of current account. They do not offer a return, but offer the possibility of depositing money and drawing on it at any time. They can also be used for direct debit payments, transfers, credit and debit cards, etc.
- REMUNERATED ACCOUNT: this account does earn a return on the money deposited. In addition, it differs from the current account in that it does not offer the possibility of direct debiting payments or carrying out regular operations, such as withdrawing cash from ATMs.
- NUMBERS ACCOUNT: this product works as a savings instrument, although it generally gives a lower return than the remunerated account. Its main difference is that it allows direct debit of bills.
- HOUSING ACCOUNT: this account also functions as a savings mechanism, just like an interest-bearing or salary account, but offering tax advantages. In order to take advantage of the tax benefit, the entire balance must be used to buy a new home or to renovate the current one, and the cash must be available within a maximum period of four years.
