These days, it is practically impossible to function in daily life without having a bank account. For foreigners, opening a bank account in Spain can be fraught with complications depending on your legal status in the country.
To help you get through this process smoothly, this article contains some guidelines for anyone who might need to know how open a bank account in Spain as a foreigner, whether you are a legal resident here, a non-resident, or a business entity.
How to open a bank account in Spain
In very general terms, opening a bank account in Spain is not very different from opening one in your home country. You will have to visit a local branch of your chosen bank, present the required identification and other documents, such as proof of residence, and complete some official paperwork.
Unfortunately, it is not possible to open a Spanish bank account from abroad (online, for example) unless you have a legal representative who is authorized to visit the bank and go through the process on your behalf. These legal representatives can also advise you on the documents that you will need to submit based on your residency status and whether or not you plan on engaging in any business activities in Spain. And if you don’t speak Spanish well, having a bilingual professional on your team can save you a lot of headaches.
Non-resident bank account in Spain
Not all banks are equally friendly when it comes to opening a non-resident bank account in Spain. If you are physically in the country and not working with an advisor, you may have to sit down and speak with a banker at several banks before you find one that is willing to work with you as a non-resident.
If you are a non-resident or on a short-term visa, you may be required to provide additional documentation. For example, if you do not have a resident card, the bank may want to see a lease agreement in your name as proof that you are living there. Sometimes, they may need you to use at least one other banking product, such as insurance, to strengthen your customer relationship with them.
Santander bank accounts for foreigners in Spain
The largest bank in Spain is Santander, followed by BBVA, Caixabank, and Bankia. A Santander bank account may be a good choice for opening a bank account in Spain because of its strong international presence, with branches in many countries including the United Kingdom and United States. This could be beneficial for foreigners, and business owners in particular.
That being said, the complexities of financial accounts for international business dealings should not be left to chance. Having a legal and/or financial adviser who understands the regulations Spanish bank accounts are subject to and how to satisfy each bank’s requirements is advisable for anyone who is opening a bank account in Spain as a foreigner, but it is vitally important for business accounts.
Foreign residents, non-residents and businesses will inevitably face some red tape when opening a bank account in Spain. It is not an impossible task to do on your own, but it is one that is made much easier with professional help.