Spain is renowned for its climate, cuisine, and culture, and is a popular destination for both travelers and expats.
Those relocating to Spain for an extended period of time, study, employment, or travel may be curious about the process of opening a bank account in Spain from outside the country.
This is the guide for you. We will discuss how an American can establish a bank account in Spain, including the required documents and a list of the best banks to consider.
Can a US citizen open a bank account in Spain?
Yes. Depending on the circumstances, opening a bank account in Spain as an American can be accomplished in a variety of methods. Options will be discussed in greater depth in a moment. Typically, you will have the option to select from:
- An account held by a non-resident with a Spanish bank¹
- A resident account at a Spanish bank with the proper documentation.
- A utility for ex-pats provided by a global bank
- A digital or online account maintained by a specialist provider
Can a US citizen open a bank account in Spain with a USA address?
It is possible to establish a Spanish bank account using an American address. In order to open an account at a physical bank with branches in Spain, you will typically be required to present a bank in Spain with a Certificate of Non-Residency, which can be obtained from a Spanish police station.
This certificate serves as evidence of your eligibility for a non-resident account; however, it is available for a fee.
Alternatively, establish a multi-currency account with a specialized online provider that offers account services and bank information in euros using your US address.
This is frequently more convenient and less expensive than opening a non-resident account upon arrival in Spain.
Should I open a resident or non-resident bank account?
Bank accounts offered by conventional Spanish institutions are accessible to both Spanish citizens and non-citizens. Your preference may also be influenced by the circumstances at hand; furthermore, there are online alternatives that may be more suitable.
The majority of the time, resident bank accounts offer greater flexibility and benefits. If, on the other hand, you are a visitor to Spain or do not intend to establish permanent residency, it will be simpler to create a non-resident bank account.
One may establish an account as a non-resident and subsequently change it to a resident account upon attaining residency status. You must schedule an appointment at your local branch and bring the required documentation with you in order to accomplish this.
Destining for Spain? Visit our property-buying guide while you’re in the area.
How to open a bank account in Spain: step-by-step
Generally, opening a bank account in Spain requires an in-person visit to a branch. It is noteworthy that banking hours, particularly in lesser branches, might be relatively restricted.
Anticipate the need to make an appointment during regular banking hours (9 AM to 2 PM) on weekdays.
You may find English-speaking branches in larger metropolitan areas and regions with a significant expat community. However, it is advisable to inquire beforehand or bring a Spanish-speaking companion if your language proficiency is inadequate.
While the specific procedures for establishing a Spanish bank account may differ among financial institutions, the fundamental principles remain consistent:
- Step1. Determine which bank and account options best suit your needs by conducting research.
- Step 2. Confirm your eligibility for the account and collect the necessary documentation.
- Step 3. Visit a bank branch; an appointment may be required beforehand.
- Step 4. Compile the necessary documentation and present it
- Step 5. After a day or two, your account will be verified and you will be able to begin conducting business.
Can you open a bank account in Spain online or from the US?
Certain Spanish financial institutions permit online account applications, for both resident and non-resident accounts.
However, you will typically be required to personally visit a branch to present your documents before your account can be entirely activated.
This essentially renders opening an account with a conventional Spanish bank difficult when one is not physically present in the country.
Consider alternative options such as specialized online providers that offer digital and online induction processes; these are frequently more adaptable due to their design with online applications in mind.
Which documents do you need to open a bank account in Spain?
The documentation required to establish a bank account will differ based on residency status (resident or non-resident).
Additionally, some banks may demand a greater quantity of documentation than others; therefore, it is prudent to confirm your bank’s prerequisites in advance.
Opening a bank account as a non-resident
Obtaining a bank account as a non-resident requires the submission of a collection of documentation that may differ among individual financial institutions. It is not uncommon to require documents, which may consist of the following:
- Passport or national identification certificate that is valid and unexpired (if you are an EU citizen)
- A document attesting to your current address, such as a utility bill or bank statement that is no more than three months old, or a certificate of non-residency (further details to follow).
- An official document attesting to one’s employment status, such as a payslip, tax return, or government letter confirming state benefits receipt or unemployment.
To ensure the documents’ acceptance, you must have a sworn official translator, known as a traductor jurado, officially translate them into Spanish.
You might be able to locate an official translation service in your area of residence and have your documents translated prior to your transfer.
Certificado de no residente / Non-resident confirmation
A ‘Certificado de No Residente’—a letter attesting to your status as a non-resident—might also be mandatory for certain financial institutions.
You may obtain this letter by presenting your passport at a police station. Additionally, some banks may offer to obtain this for you in exchange for a fee (typically around 15 EUR).
Due to the fact that different police stations have distinct duties, you should inquire beforehand whether a station in your area provides this service.
Opening a bank account as a resident
Documents required to establish a resident bank account may differ. For a basic account, a passport and confirmation of residence may suffice; however, the following documents are typically required for most accounts:
- Passport or national identification certificate that is valid and unexpired (if you are an EU citizen)
- Proof of Spanish address document (e.g., a recent utility bill, bank statement, or lease).
- Your Spanish NIE designation
- Employment verification documentation (e.g., a student card, employment contract, or unemployment benefits documents).
Applying for your NIE in advance is essential, as it is a prerequisite for all activities that entail official procedures. This consists of obtaining employment, purchasing or leasing real estate, connecting to utilities, and paying taxes.
Can you open a bank account in Spain without NIE?
Yes. While certain Spanish institutions may permit account opening without an NIE number, the range of available options may be restricted.
Additionally, online alternative providers that offer flexible euro accounts to both Spanish residents and non-residents may be taken into consideration.
What’s the best bank in Spain for Americans?
Spain is home to scores of banks, all of which provide products that are essentially identical. Nevertheless, Santander, Bankia, BBVA, and La Caixa are the four largest institutions.
This is each of their individual contributions.
CaixaBank Bankia²
Recent consolidation between Bankia and CaixaBank produced the largest domestic banking conglomerate in Spain. This option could be favorable for American citizens residing in Spain who require international assistance, such as multilingual services both in person and online.
Featuring web and support services in numerous languages, including English, the Hola Bank³ service is tailored exclusively for international clients. Consider the following features:
- A comprehensive selection of account services and products, including online banking
- Support in the English language and international goods for expatriates
- Products of international mortgage and insurance
- Certain branches maintain extended business hours beyond the summer season.
BBVA⁴
Being one of the most sizable multinational financial organizations globally, BBVA has an extensive presence not only in Spain but also throughout South America and other regions.
Established more than 150 years ago, it currently caters to a staggering 74 million consumers across the globe. Unsurprisingly, BBVA offers a vast selection of products and services; the following are a few highlights:
- Outstanding website with extensive English language coverage
- Business accounts, fee-free accounts, mortgages, and loans, among others
- Primarily digital accounts enhance convenience.
- Available basic financial accounts without an NIE number:
Santander
Santander is another multinational financial corporation that has established a significant foothold in Asia, North America, and Europe, in addition to Spain and Europe.
You may be familiar with Santander in the United States through their consumer loan division, but Santander bank branches can also be found in certain US states. Every conceivable banking account and product is available within a single location in Spain.
- Resident and non-resident accounts in addition to commercial banking
- Banking services for ex-pats
- In addition to loans, mortgages, and card products
Can a US Santander bank open a Spain Santander account?
Due to your established relationship with the group, obtaining a Spanish Santander account might be a simpler process if you are an existing Santander customer in the United States.
Contact the support center or your local branch to see if they can be of assistance; the options may vary depending on your account type and specific circumstances.
Other Spanish banks
Although the aforementioned banks are likely the most suitable options for permanent residents of Spain, Sabadell and other emerging challenger online and digital banking services that are gaining traction in the European Union and globally are also worthy of consideration.
Costs and fees of having a Spanish bank account
In comparison to other EU countries, the cost of banking in Spain is comparatively high, despite the market being quite competitive.
Additionally, fees can vary substantially between banks and depending on whether you have a resident or non-resident account; therefore, it is advisable to compare rates in order to find the best deal.
You should therefore anticipate paying a minimum of a portion of the subsequent fees and charges:
Account maintenance fee: Maintaining a basic bank account might not incur any fees.
Resident accounts that fail to maintain a minimum balance amount may incur a fall-below fee.
Monthly fees on non-resident accounts are more likely to be in the neighborhood of 16 EUR.⁸
ATM charges: withdrawals from networks are frequently gratis.
There are applicable out-of-network and international fees, which may be imposed by the ATM operator instead of the customer’s home bank.
International transfer fees: Transfer fees may be lower for non-resident accounts; however, an exchange rate markup and any applicable third-party fees will still apply.
Sending payments in euros is significantly less expensive, if not free, than sending payments in other foreign currencies.