Why Do I Need A Bank Account in Spain?
If you are planning to buy a property in Spain, you will need a bank account for making a money transfer, for getting a loan, and for utility payments or maintenance costs of your new house. Opening a bank account in Spain is a relatively easy process with some details to take care of.
What Do I Need to Open A Bank Account?
As Spain Homes, we are always right next to our customers also for opening a bank account to make this process comfortable. Spanish banks often have different account products, for resident and non-resident customers. It is good to know which type you will need before you start the process as the documents needed may be varied accordingly.
Here we share the required documents to open a bank account as a non-resident:
- Valid passport
- Foreigners’ Idendification Number (Which you will see as NIE - Número de Identificación de Extranjero or TIE-Tarjeta de Identidad de Extranjero)
- Proof of your residential address, which could be a utility bill or an official letter from a government agency
- For non-EU countries nationalities proof of income or last tax return
Depending on their process, banks may also ask for other documentation, such as proof of employment status or income.
Can I Open My Bank Account Remotely or Online?
It can be possible depending on the type of account (resident or non-resident) or the chosen bank. Many Spanish banks accept non-resident accounts from overseas, so it is possible to set up an account prior to moving in. Though, it is recommended to apply in person for avoiding misunderstanding regarding website translations. Giving a Power of Attorney can also be another option.
Can I Open a Bank Account as a Non-Resident?
Yes, you can open a non-resident bank account. The documents needed are mentioned above.
How Long Does This Process Take?
It depends on the bank, but accounts are usually opened almost immediately (within 1–5 days) with prepared documentation. So, if you send us a copy of a utility bill and passport before you arrive, we can prepare the necessary documents to speed up this process. Cheque books and credit cards dispatched within two weeks.