How to Open a Bank Account in Spain

Visiting Spain is an interesting thing to do on holiday. But not only that but living in this country is also an interesting decision to make.

With a lot of job and business opportunities in Spain, many foreigners decide to move to this country every year. This also leads to an increasing need for information on how to open a bank account in Spain. Therefore, no wonder if this kind of information is in demand.

Read Also: How to Send Money to Spain?

Open a bank account in Spain is not difficult. All you need to do is prepare the documentation and select a suitable bank as you wish. After that, you can continue checking whether the bank account can be applied offline or online.

For further information on this requirement and method, the following paragraphs will help to give a complete overview.

Type of Bank Services

How to Open a Bank Account in Spain

Commonly, each bank will provide similar services. The same way for most banks in Spain. The bank offers some services related to the daily financial transaction of their customer. Some of these services include the following.

• A saving account is a suitable selection to save money for daily transactions. Customers will be able to withdraw money from this account and also manage money transfers and payments.

• A deposit account is an account to allows the customer to save some amount of money for various purposes. Usually, this account gives a higher rate compared with a saving account.

• An ATM card is a card that can use to withdraw money from an ATM. This is also able to use as a debit card for electronic payment.

• Credit cards, the most customer will need to deal with this service. Since this card will be able to use for payment and withdraw a certain amount of money during an emergency.

• Bank loans, which will benefit to use for various purposes such as education, housing, business, and many more.

Requirements to Open a Bank Account in Spain

If you want to open a bank account in Spain, you have to check the requirements first. Each bank might have different terms and conditions. However, it will be a typical requirement for locals and expatriates. Basically, it will ask you to prepare the following documents.

• You have to prepare a valid ID card to inform your personal data. For local residents, you can show your local ID. While for expatriates, you can use your passport.

• Another document to provide for locals is the tax code. This will also apply to expatriates too. In case you don’t have the data, then you can your working place to provide it.

• Local residents will need to show their proof of employment for additional. While a foreigner shall give their VISA for additional evidence.

• Other than the mentioned document, the certain bank will request additional documentation. Such as proof of address, birth certificate, etc. Therefore, to avoid incomplete documents before applying for the bank account, it is recommended to check with the bank first. So that you can prepare accordingly and get a fast process of opening the bank account.

See Video How To Easily Send Money Overseas

Steps to Open a Bank Account in Spain

After preparing all the requirements above, the next thing you need to perform is to start applying for the new account. You can choose to apply offline or online. Both will require a different step to perform. Therefore, pay careful attention to each specific step. Starting from offline application to the bank.

Whenever you decide to open a bank account in Spain offline, you will need to spare your time to come to the bank office. Then meet the bank officer and mention your purpose. The bank officer will give you some forms to fill out. Simply fill out all the forms according to your data and personal documents. So that the validation process can be performed faster.

Pass the form to the bank officer and let the verification process start. Wait until your data is verified and your new account will be processed. Once it is finished, you will get a bank book and ATM card. After that, your bank account will be activated and you will be able to use it directly.

A different way if you want to apply online. Simply visit the website and then start to complete the forms online. After that, send the form with your documentation and wait for approval from the bank. If your application is accepted, then your bank account will be provided soon. Once it is provided, your bank book and ATM card will be sent to your address. While activating the bank account, you just need to follow the instruction accordingly.

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Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.

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It is now clear how to open a bank account in Spain. With the above information, you can prepare accordingly all the required documentation and procedure. So that you can easily get your new bank account in your selected bank in Spain. Once you get the bank account, you will be able to use this account for any financial purpose. Whether to receive payroll or make a money transfer, everything can be done easily and faster with a local bank account.