If you are planning to settle in Mallorca, either temporarily or permanently, there are many advantages to opening a Spanish bank account. Whether you are currently in the middle of planning or already living on the island, you can open a Spanish bank account both as a foreigner with a permanent residence (Residente) or a foreigner without a registered residence (No residente).
How to open a Spanish bank account and what to consider, we at NEPTUNUS INTERNATIONAL have summarized for you below.
Why open a Spanish bank account?
You should open a Spanish bank account in any case, if you move your residence for a longer period of at least several months to Mallorca. A Spanish bank account is always advisable if you have to make regular payments such as incidental costs for water or electricity. The payment is debited from the account in Spain by direct debit.
Who can open a Spanish bank account?
You can open a Spanish bank account on the one hand as a person who already has his permanent residence on the island, but also without a registered residence. In principle, the opening is easier if you are already officially registered. At the same time, it is possible to open a Spanish bank account as a "no residente" if you are only planning a short stay abroad.
To open a Spanish bank account, you must meet the following requirements:
- Minimum age of 18 years
- Internationally valid identity card or passport
- Proof of current address
- Proof of an employment relationship
- If you already live on the island, the Spanish identification number NIE (Número de Identificación de Extranjeros).
Good to know: When opening a Spanish bank account, no inquiry is made to the Schufa. However, it can happen that you are noted with the application in the ASNEF (Asociación Nacional de Establecimientos Financieros de Crédito). This body is the equivalent of the German Schufa.
What types of Spanish bank account can I open?
Different variants of Spanish bank accounts are available to you. As already mentioned, the main difference is a bank account for people who have a residence in Spain and people who do not have one (yet).
In addition, when opening a Spanish bank account you have the choice between a current account (Cuenta corriente), a savings account (Cuenta de ahorros), a deposit account (Cuenta de depósito) and a salary account (Cuenta nomina). The decisive factor is the purpose that the Spanish bank account should fulfill for you. In any case, it is advisable to open a current account, as this is a classic standard account that is used for all everyday transactions. With us you will also learn a lot about other topics from the area of taxes and law
Where should you open a Spanish bank account?
If you deal with opening a Spanish bank account, you will quickly realize that there are many banking institutions as well as digital banks that are eligible for this. It is therefore worthwhile to make a comparison and consider the advantages and disadvantages of the respective offers. It is important that you encounter as few hurdles as possible when opening a Spanish bank account. Furthermore, pay attention to fees and the language. If the services are also offered in German or English, this often facilitates many processes and your life in Mallorca will be quite uncomplicated.
What do I need to open a Spanish bank account?
If you want to open a Spanish bank account as a person without a permanent registered residence, you will need the following documents:
- Internationally valid identity card or passport
- a document showing where you currently reside
- Information about employment situation such as salary statement or tax declaration
If you already have a residence in Spain, the following documents must be submitted:
- Internationally valid identity card or passport
- a document stating that you have your current residence in Spain
- Information about employment situation such as salary statement or tax declaration
- NIE number
Note that you must provide the documents in a Spanish translation.
How to open a Spanish bank account
If you would like to open a Spanish bank account, you have two options to choose from: You can go to a bank branch if you are already local or open a Spanish bank account online.
At a bank branch, you go to the counter and inform the service employee of your wish to open a Spanish bank account. You then fill out the account application, submit the aforementioned documents and immediately receive your new account number and documents. The card is usually sent to you by mail a few days later.
To open a Spanish bank account online, select the bank of your choice and visit the website. Click on "Open account" and follow the instructions. Enter all the details and upload the required documents. Everything else is done via your online access, which you will receive after opening a Spanish bank account, by e-mail and post. In many cases, large online banks have their own app that allows you to carry out all your banking transactions digitally with ease.
What are the fees for opening a Spanish bank account?
The costs for opening a Spanish bank account are somewhat higher than in other European countries. Nevertheless, no general statement can be made, because the fees vary greatly from bank to bank. Therefore, before you open a Spanish bank account, it makes sense to find out about the expenses such as account maintenance fees, transfer fees and withdrawal fees. There may also be international transfer fees. Compare prices and services in advance.
