This is an informative article for the people who want to open a bank account in Spain. Opening a bank account is quite simple in Spain. You can also live there without opening an account, but it might cost you some extra cash in the long run.
Spain has a pretty good internationalized bank system, with 141 private banks to date. It also offers various bank accounts to its user to choose the account that suits their needs perfectly. There is an account type for everyone: savings account for a brighter future or a non-resident account for foreigners!
How to open a bank account as a Non-Resident:
Many banks accept Master, Visa, and American Express, so you can manage your finances from your overseas bank account until your Spanish bank account is sorted out. Overall the procedure of opening a bank account is pretty simple. The banks are open from 9 AM to 2 PM on all days of the week except Sunday. Going by yourself would ensure reliability. If you face a language barrier, you can always bring someone who would serve as a middle man and explain everything to you in detail.
You will be asked to present the following documentation:
- Identity proof
- Spanish foreigner identification number (NIE) and certificate
- Proof of your residential address
- Proof of whatever your employment status is
If all the process goes smoothly, your bank account will typically open within 1 to 5 days, and you will be issued a credit card within two weeks.
It is advised that you translate your documents into Spanish if they are in some other language.
You can also open your bank account before you move to Spain as many banks offer the service. You have to provide documented proof that you are not a resident of Spain.
Best Banks in Spain
Banks in Spain offer a spectrum of services such as loans, mortgages, international money transfers, insurance, and much more. The way you manage your bank is up to you. You can always manage it in person by going personally to the bank, or you can manage it digitally if you are on a tight schedule by shifting to an online platform or, else, carry your bank with you with mobile banking.
Here are the top three most reliable banks in Spain.
1. BBVA
Named the best investment bank in Spain by Euromoney, BBVA is one of Spain’s biggest banks. They continue to offer many sustainable packages and commission-free accounts to their customers in such a competitive market. They also offer a global app whose mobile payments are compatible with Google pay, Apple Pay, and Samsung pay.
2. Santander
Santander is the biggest bank in Spain and has a variety of tailored offers for any individual. There is a basic account, a classic account, a young person’s account, and if you are a foreigner, a non-resident account. Lately, they have been focusing on their digital app, making it a perfect choice for individuals who like to manage their finances digitally in such a busy life.
3. Banco Sabadell
Being one of the largest financing banks in the Spanish system, this prestigious bank is the perfect choice for foreigners and living there temporarily. They also offer their translators for people who are not fluent in Spanish. They also provide an Expansion account that offers unlimited deposits and withdrawals at no cost. Also, their services include relatively cheap international money transfer options.
