How to open an account in Spain

The modern banking system makes travel more convenient, so for a short stay in another country, it is not necessary to open your account with a local bank. However, foreigners who want to stay in Spain must have a local bank account. This is necessary for several reasons - buying real estate, paperwork and obtaining a visa. We will tell you why you cannot do without a bank account and how to do it with minimal losses and troubles. 

How to open an account in Spain

Spain is one of the European countries with the most stable economy, which makes it very attractive for many businessmen. At the moment, there are several large banks that cooperate with foreign citizens and offer them various services:

• Santander. The largest bank in the country, which was founded at the end of the 19th century. Offices are easy to find in any city and the network covers not only Spain, but also the United States and Latin American countries.
• BBVA. The second largest bank in terms of assets, which also deserves attention. This financial institution actively cooperates with entrepreneurs from Latin America.
• CaixaBank. Their banks are easy to find in any corner of the country, so it is better to choose this institution for active travel.

These are the largest banks that are trustworthy and included in the list of the annual rating of reliable financial institutions.

Documents for opening an account

To open an account in Spain 2023, you need to provide the following documents:

• plastic residency card;
• Passport;
• documents on sources of income for the last year;
• documents confirming that taxes on these incomes have been paid in full.

This is the basic package, but the bank may require additional certificates depending on the reason for opening an account. For example, to pay for housing, you must provide a contract of sale or a lease agreement. In the event that you are planning an account for a visa, you need to provide an official letter of enrollment for study.

It is important to note that it may be more difficult for a non-resident to open an account in Spain. In addition to standard certificates, you may be asked to provide certificates from work and other documents confirming your income. Further, every year it is necessary to confirm your status as a tax non-resident - for this, a form is filled out in the prescribed form, which is sent to the bank.

Taxes when opening an account

When opening an account, you will not have to pay tax, but then you will have to pay taxes to the state for the income received and for the existing real estate. This is a rather delicate issue, since a lot depends on the status. For example, residents of the country pay taxes in full, but non-residents pay only on those incomes that were received directly in Spain. By the way, any foreign citizen who stays in the country for more than 183 days a year acquires the status of a tax resident.

How to open an account via the Internet  

If you are interested in the question of whether it is possible to open an account in Spain through Internet banking, you will have to face a small problem. Despite the fact that Internet banking is actively developing and used throughout Europe, the first acquaintance with a banking institution should be personal. You must go to the branch and provide proof of identity. In the matter of additional certificates, the bank can meet the future client halfway and the account will be opened with one passport. All other documents can be sent by mail, but you will not be able to open the first bank account on the Internet.

All types of cards that operate in the banking system are available to foreign citizens. Most of the applicants are interested in regular debit cards, as they need an account as one of the guarantors when communicating with municipal authorities. It is more difficult to open a credit card and this service is usually available only to those who have an account with the same bank.

Currency in the bank

The choice of currencies depends largely on the purpose for which the account is opened. If you plan to use the banking system to pay for your studies, apartment, or just for daily purchases, the easiest way is to choose the local currency. In many banks, the currency of different countries is available, but you will have to constantly recalculate the final amount, taking into account the exchange rate and for everyday purchases, a card with foreign currency will be a rather inconvenient financial instrument.

How to open an account for a non-resident

We recommend that you first contact the selected bank to find out how to open an account in Spain for Russian citizens. Some companies do not cooperate with non-residents and enter into contracts only when local companies can vouch for you. For example, when drawing up a lease agreement, a realtor can send you to a bank employee with whom he cooperates. This will guarantee that the account will be opened for you.

Non-resident status gives you the right to avoid paying some tax fees. However, if you stay in the country for a long time, the status will change automatically.

How to choose the right bank

Now you know the answer to the question of whether they open accounts for Russians in Spain and how to do it. It remains only to choose the appropriate bank and follow all the instructions of the bank employee. We advise you to contact a bank that inspires confidence and has been working in this capacity for a long time. If you work with a real estate agency or get a job, you may be advised which bank to contact. We recommend that you listen to these tips!