Opening a Bank Account in Spain

Once you’ve made the decision to buy property in Spain, you’ll need to open a bank account. Not only can you use this account to transfer money for the purchase, but to pay bills and taxes by direct debit once you own the property. In this article, we offer some tips on which bank to choose and look at how to open a bank account.

Choosing a Spanish bank

Your first step is to choose your bank. Numerous financial entities operate in Spain, mostly Spanish, such as the giants Santander, Banco Sabadell, CaixaBank, but also branches of foreign banks like Deutsche Bank. When deciding which one to open an account with, bear in mind the following:

Do they speak your language?

If you don’t speak Spanish, choose a bank where the staff speak your language. This also applies to the website and online, and telephone banking services.

Do they have a good range of branches and ATMs?

Unless you open an account with an online bank, you will probably want a bank with a branch near your property. The same applies to ATM cash machines. Although card payments are widely accepted throughout Spain, cash is still useful for small transactions and in the occasional business where you can’t pay by card. Choose a bank with a branch near you and an ATM.

Do they offer online and mobile app banking?

All banks offer online banking – useful when you’re not in Spain and need to use your account – but not all provide the service in a language other than Spanish. If you like banking via a mobile phone, have a look at the app for your chosen bank and see if it suits your needs.

What are their fees?

Spanish banks are notorious for charging fees and commissions. These range from an annual (or monthly) fee for your account to commission charged on transfers. Banks also charge annual fees for debit and credit cards, and there’s often a fee for cash withdrawals from ATMs that don’t belong to the same banking network. It therefore pays to shop around to find the bank that charges the least.

Bank account details

All Spanish bank accounts have 20 digits. For transfers, you’ll need the IBAN – the letters ES followed by 2 digits and your bank account number. International transfers require the SWIFT code of your bank.

Spanish Bank opening hours

Banks typically open Monday to Friday between 8.30 am and 9 am to 2 pm or 3 pm. Some banks open until 5 pm or 6 pm one or two afternoons a week. Banks do not open at weekends nor on public holidays.

Practicalities of opening a bank account in Spain

Depending on your status in Spain, you can open a non-resident account or a resident account. If you are not officially resident in Spain, you cannot open a resident’s bank account, but it’s easy to convert from one to the other should you become resident later on.

Non-resident’s bank account

Most banks offer this type of account. To open it, you need to provide the following:

• Proof of identity in the form of a passport or national ID card (a driving licence is not valid).
• Proof of address outside Spain (e.g. a utility bill in your name, a rental contract or title deeds for your home).
• Proof of your occupation or status (i.e. employed, student or retired).
• A certification of non-residence. You can obtain this from a police station in Spain or ask the bank to do it (they will probably charge a small fee for this).

Resident’s bank account

If you’re officially resident in Spain, you need the following documentation to open an account:

• Proof of identity in the form of a passport or national ID card.
• Proof of Spanish residency and a copy of your NIE (foreigner’s identity number).
• Proof of your Spanish address, such as a utility bill, title deeds or rental contract.

How to Open a Bank Account in Spain: Step-by-Step Process

Many Spanish banks allow you to apply for an account online. You simply fill in the application and upload the required documentation. You then need to go to the bank in person to sign the paperwork. Given below is the complete account opening process.

Prepare All Required Documents

Before applying, gather the necessary documents. Non-residents must provide a passport or national ID card, proof of address in their home country, proof of employment or financial status, and a certificate of non-residence, which you can get from a police station or the consulate. Residents need to show a passport or ID, their NIE number and residency document, and proof of their Spanish address.

Start the Application (Online or In-Branch)

You can open a Spanish bank account either online or by visiting a branch. If you apply online, you will complete a digital form on the bank’s website and upload your documents. In some cases, the bank may ask you to record a short video holding your passport for identity verification or may require you to visit a branch later to finalise the application. If you prefer an in-person approach, you can go directly to a branch with your documents, where a bank representative will guide you through all the necessary forms and explain the steps clearly.

Identity Verification

Spanish banks must follow strict anti–money laundering regulations, so identity verification is an essential part of the process. You may need to show your original passport or ID, answer questions about your occupation or source of funds, or provide extra documents such as bank statements, employment contracts, or tax returns. For online applications, verification may take place through video identification, ID scanning, or a required follow-up visit to the branch. These checks are standard and required by law.

Sign the Account Agreement

After your identity has been verified and your documents approved, the bank will prepare your account agreement. If you applied online, you will sign the contract digitally using a secure code or SMS verification. If you applied in person, you will sign the paperwork at the branch. Once completed, the bank will provide your account IBAN along with important information about account fees, terms, and online banking access.

Make the Initial Deposit (If Required)

Some banks require a small initial deposit to activate your account, while others may not. This amount typically ranges from €50 to €300, depending on the type of account you choose. The deposit can be made by transferring funds from your home bank or by depositing cash directly at the branch.

Set Up Online and Mobile Banking

Once your account is active, you will receive your login details to access online and mobile banking. The bank will give you a username, temporary password, and instructions to download their mobile app. You may also receive security codes required for online transfers. After setting up your access, you can check your balance, make payments, set up direct debits, communicate with your bank, and upload additional documents if needed. Make sure to activate two-factor authentication for added security.

Once everything is activated, you can begin using your Spanish bank account for your property purchase and daily expenses. You can transfer funds, pay utility bills, set up automatic payments, withdraw cash from ATMs, and manage any ongoing property-related costs.
If you later become a Spanish resident, you can easily convert your non-resident account into a resident account by providing your residency documents.

Conclusion

Opening a bank account in Spain is a simple but essential step when buying a property. By choosing a bank that suits your needs, you can manage your property-related expenses with ease.