How to Open a Bank Account in Spain for Expats

Spain, with its sunny beaches, rich culture and relaxed lifestyle, attracts thousands of expats every year. Whether for work, study or a peaceful retirement, opening a bank account in Spain is an essential step to make your stay easier. This article will guide you through the steps required to open a bank account in Spain, mentioning the main banks and fintechs available.

Why Open a Bank Account in Spain?

Having a local bank account has many advantages for expats. It allows you to receive payments in euros, avoid currency conversion fees and simplify local payments such as rent, utility bills and groceries. In addition, a Spanish bank account makes it easier to access local financial services such as loans and insurance.

Types of Bank Accounts in Spain

In Spain, you can choose between two types of bank accounts: resident accounts and non-resident accounts.

1. Resident account: Intended for people who reside in Spain for more than 183 days per year. This account usually offers more benefits and services.
2. Non-resident account: Designed for those who spend less time in Spain. It is easier to open but may have limited features.

Necessary Documents

To open a bank account in Spain, the following documents are usually required:

• Valid passport or ID
• Foreigner Identification Number (NIE)
• Proof of address (rental contract or utility bill)
• Proof of income or employment status

Main Banks in Spain

Here are some of the main banks where you can open a bank account in Spain:

• Banco Santander : The largest bank in Spain, offering a wide range of financial services.
• BBVA : An international bank with well-developed online services.
• CaixaBank: Known for its good customer service and extensive branch network.
• Banco Sabadell : Offers specific services for expats.

Fintechs in Spain

Fintechs have revolutionized the banking industry by offering convenient and often cheaper digital services. Here are some popular fintechs in Spain:

1. N26: A German mobile bank that offers fee-free accounts in Spain.
2. Revolut: Offers multi-currency accounts with low exchange fees.
3. Bnext: A Spanish fintech that offers fee-free accounts and a free debit card.

Steps to Open a Bank Account

1. Choosing a bank or fintech: Select the one that best suits your needs.
2. Gathering documents: Make sure you have all the necessary documents.
3. Visiting a branch or applying online: Some banks require an in-person visit, while fintechs often allow you to open an account online.
4. Filling out the application form: Provide the requested information and submit the required documents.
5. Making an initial deposit: Some banks require an initial deposit to activate the account.

Finishing Off

Opening a bank account in Spain is a crucial step for any expat looking to settle in this beautiful country. By choosing the right bank or fintech and following the necessary steps, you can simplify your finances and fully enjoy your new life in Spain. Whether you opt for a traditional bank like Banco Santander or a modern fintech like N26, you will find options adapted to your needs to manage your money efficiently. You want to work in Spain? Head over to this article and share your experiences with us in the comments!