Bank Accounts in Spain

Spain has a well-developed economy and banking system. This jurisdiction is very attractive for non-resident investors and expats. Arranging a business and long-lasting stay there is possible only thanks to having one bank account at least. This option is not a must-have feature but also an opportunity option that can significantly help in the course of handling different activities worldwide.

General Remarks about Banking System and Services in Spain

The banking system in Spain is well-integrated and internationalized. There are more than 140 banking institutions in the jurisdiction that offer a diversified range of banking products. The local banking system is flexible in terms of opening accounts – both local and foreign natural and legal persons are allowed to have such.

The two most popular types of accounts are current accounts and deposits. Digital accounts are also possible and are provided by specific banks. Still, the drawback of the digital account is that the scope of services is usually limited for it.

There are several modes to open and ensure the maintenance of accounts in this jurisdiction. A bank account owner may accomplish this objective in the course of face-to-face banking. That is the most standard way that is possible to realize in one of the branches a chosen Spanish bank has. Sometimes, this option may be the only one as an institution may have strict compliance requirements to follow.

An option of online banking is provided by almost all Spanish banks. It enables 24/7 access to a bank account and makes banking products open online anytime. Managing an account may be also possible thanks to using a mobile app. Installing such on your smartphone is required only. So, in most cases, using your account actively is possible even after leaving the territory of Spain physically.

Those foreigners who are wondering whether it is possible to implement an option “open bank account remote Spain”, it is possible to give a positive answer to that question. But, not all banks provide such an option.

Opening a Bank Account Spain: Benefits the Solution Opens

Spain bank account non-resident options introduces these advantages:

• availability of diversified banking products;
• high standards of banking services;
• stable banking system;
• confidentiality of all personal and banking details.

If you wish to reveal more about how a “non-resident bank account Spain” option may serve your personal and business objectives, contact Aotopay lawyers for a more precise assessment.

Matters to Emphasize While Opening Foreign Bank Accounts in Spain

Opening a foreign account in Spain is an objective that can be accomplished after careful and thorough consideration. These factors are must-haves to evaluate while shortlisting all available options and making the final choice as well:

• How easy is it to open a bank account Spain? Banks have different compliance requirements. Following those needs a different amount of time and documents. Among all banking institutions that offer comparatively similar banking products, it is surely better to choose one that has the simplest compliance requirements.
• Range of banking services. It is necessary to make sure that the services offered comprise money transfers, including worldwide, deposits, loans, mortgages, and other common banking products. The scope of banking products offered should be available for review to a user who visits the official website of a banking institution.
• Fees expected. Some banks are more expensive and some of them are low-cost. If they offer a comparatively similar range of banking services, it is surely better to choose one that requests lower fees for its services.
• Ease of access. Remote bank account Spain access should be provided as well. 24/7 access is usually ensured through the online and/or mobile options.
• English-speaking personnel are important for non-residents. Make sure that Spanish banks you consider provide services in English and have respective policies available in English. This will make the interaction with a target banking institution a number of times easier.
• Customer support. Ensuring that customer service operates effectively is a must-have condition for fast and effective problem-solving. It should be easy to send information and get consultation anytime a bank account owner may need that.
• ATM network. If you are going to stay in the territory of Spain, the ATM network is also an important factor during the assessment of options. Apart from the ATM number, it is also necessary to consider the number of fees expected for cash withdrawal.

How to Open Bank Accounts in Spain

The realization of a possible objective to "open accounts in foreign banks Spain” may require passing these simple stages:

1. Defining your priorities for bank account opening. Such priorities will determine the general type of account needed and specific banking products to choose from.
2. Shortlisting potential banking institutions that can meet your expectations.
3. Reviewing applicable banking policies to form application guidance.
4. Collecting and formalizing required documents. The standard package of documents needed to open a bank account comprises these must-have elements:
   • identification documents (passport);
   • visa or residence permit;
   • proof of address;
   • proof of employment status or documents where you state your unemployment;
   • Spanish NIE number (foreign identity number).

Non-resident entities need to provide duly certified copies of statutory documents. The information about the company’s management and business owners is provided as well (the scope of documents coincides with those foreseen in the case of opening bank accounts by individuals). If there is a group of companies, their corporate structure should be also explained. All papers that are forwarded for review have to be translated, notarized, and apostilled. Power of attorney for the company’s representatives should be provided as well.

5. Filling all necessary applications and forming the submission package.
6. Paying required fees.
7. Negotiating all details of the application with bank officers. Providing extra details and documents when necessary.
8. Getting confirmation about the bank account opening in case of a positive decision.
9. Customizing online access to a bank account.

The number of stages for bank account opening in Spain strongly varies depending on the compliance requirements. Aotopay lawyers are ready to consult you more precisely in these terms with an emphasis on a selected banking institution.

Most Popular Spanish Banks

If you are interested in more concrete options to open bank accounts in Spain, these intuitions are among the most popular ones:

• BBVA is one of the largest and most flexible banks. It has a diverse range of products and introduces fee-free solutions in many cases. There are no requirements about the minimum balance needed for an account. This institution has a well-developed loyalty policy. Zero maintenance fees are required to be paid as well. No fees for online transfers are expected within the European Economic Area. Opening an online account is also possible. A mobile app is available. The institution may be suitable for personal purposes well.
• Banco Sabadell is another large Spanish banking provider to draw attention to. It offers a wide range of services and accounts: current and savings accounts, loans, insurance, etc. An online banking option is available. Zero fees are expected in specific cases, like for transfers within the EU area. No administration and maintenance costs are charged in specific cases too. A mobile application is available.
• N26 is the mobile bank that helps to track incomes and expenditures in a real-time mode. It is possible to use a smartphone for that purpose only. The bank offers several types of personal and corporate accounts. Mastercard, Apple Pay, Google Pay, and other payment options are available.
• HSBC is a leading international banking network that is represented in the considered jurisdiction as well. It has a diversified range of products for corporate clients. It offers online services and enables carrying out cross-border transactions conveniently. Various lending options are available as well.

How Aotopay Specialists May Help You

If your current objective is "opening an account with a foreign bank Spain”, Aotopay lawyers are ready to provide you with extensive support in this course, including:

• Research and shortlist all available options depending on your current priorities.
• Collect all required information and details needed to open a bank account.
• Fill correctly all necessary application forms.
• Negotiate all possible matters with the representatives of the Spanish state and municipal authorities.
• Communicate on your behalf with bank officials.
• Provide extensive support to solve all possible matters that may appear in the course of account operation.
• Help with closing your bank account in the future.

Contact Aotopay lawyers to get more precise consultations and suggestions emphasizing the background of your concrete case.