Opening a bank account in Spain

Having just arrived in Spain for an internship, you may want to open a bank account. Opening an account will certainly help you avoid the commissions imposed by your French bank, and make your life easier in Spain. This article from Stud&Globe answers all your questions and guides you through the process of opening an account with a Spanish bank.

Spanish bank account types

Current account (corriente)

Current accounts are still the most popular choice for private customers. You can make frequent transactions, withdrawals and transfers. Some banks may charge a commission on withdrawals made outside your bank.

Savings account (de ahorros)

Savings accounts are used to set money aside. Interest rates vary from bank to bank.

Account with pay slip receipt (nomina)

If you have an employment contract, you can open a nomina account. Stud&Globe advises you to open the account in the same bank as your company.

How to open a bank account in Spain

First of all, it’s important to know that the Spanish banking system offers two types of account: Opening an account for residents (for tax purposes) or opening an account for non-residents in Spain. Fees for non-resident bank accounts are normally no higher than those for resident accounts.

Opening a bank account for a non-resident in Spain

If you’re in Spain for an internship, it’s unlikely that you’ll be a tax resident. To open an account and receive a pay slip, you’ll need to bring your ID with you. However, some banks may ask you for a certificate of non-residency. This can be obtained from a police station. Please note that this takes around 2 weeks. The bank can take care of this, but will charge you a commission in exchange. Please note that it is not possible to open a Spanish bank account from abroad. You’ll need to travel to Spain to meet a banker. Proof of status or professional activity may also be required.

Opening a bank account for a resident in Spain

Being resident in Spain means that you are a tax resident in Spain, and that you pay your taxes in Spain. To do this, you need a certificate of residence (certificado de empadronamiento). Of course, you also need to have your NIE.

In both cases, to open a bank account in Spain, you need to be over 18.

Spanish banks

Banks will generally require a minimum monthly salary to open an account.

Banks with no management fees

Here’s a list of banks that won’t charge you any management fees:

• ING Direct: Opening an account is free. You can also get a free credit card and withdraw money commission-free with Santander, Targo or Banque Populaire. The Caixa bank, on the other hand, will charge you commissions.

• Evo Banco: Account opening is free for 18 to 28 year-olds. Twice a month, you can withdraw money from any bank. For each additional withdrawal, you’ll pay a €1 transaction fee.

• Open Bank: Opening an account is free, as is the credit card. You can also withdraw money free of charge from Santander banks.

• Triodos Bank: Opening an account is free. However, the bank will charge you €18 per year for the debit card.

• Banque Sabadell: Account opening is free for young people aged between 18 and 25.

Banks with French interface

As a French person, you may want to be able to consult and manage your accounts online in your native language. La Caixa and Banco Sabadell make it possible.