Open Bank account
Despite the recent crisis that has affected the Spanish economy, Spain still counts with more than 100 banking institutions operating in Spanish territory. You can choose between small institutions, rather regionals, like “cajas”, or big international financial institutions. Therefore, Spain is a good option when considering to open a bank account whether to lodge your savings or operate a current bank account.
Depending on the profile of the client, there might be different options to be considered. As a Law Firm with wide experience in Corporate and Real Estate Law, we deal every day with this type of procedures. One of our experienced lawyers will evaluate your profile, needs and reasons for opening the said account, and he/she will advise you on the best option for you.
It is important to keep in mind that just a few banks offer their services for non-Spanish residents. Therefore, if you do not count with a Spanish residence permit and need to open a bank account, our attorneys can assess you on this particular matter. Please note that banking service rates may not be very different between resident and non-resident accounts.
Also, if you are a foreigner in need of opening a bank account, you do not need to travel to Spain for we can represent you in this particular by means of a Power of Attorney. As your appointed attorney, we can submit all the requirements to the bank and follow up the process until the account is completely operative. Once it is done, the bank will send you by email all the passwords to operate the home banking which will allow you to carry out any transaction or bank transfer from any part of the world.
There are different types of accounts. The most common ones are the current account (Cuenta corriente) or the saving account (Cuenta de ahorros). A current account might be more appropriate to settle direct debits, while the saving account should offer better interest rates. However, there are other types of accounts to be considered according to your profile for example a mortgage account (Cuenta para hipotecas), an investment account (cuenta para fondos de inversión), a fix deposit accounts (cuenta de depósito a plazo fijo), or even a payslip account (Cuenta nómina) which you should learn about if you are willing to incorporate a company in our country.
In order to open a bank account, you must know that the requirements may vary from one financial institution to another. However, there are certain requirements that are generally the same. For instance, if you are a foreigner and decide to open a resident account, you will always be required to submit you NIE number (Número de Identificación de Extranjero in Spanish) along with your passport and your Spanish resident permit. If you are a non-resident and wish to open an account you may need to submit your passport along with a certificate of non-residency. Also, a recent bank reference or statement from your bank shall be required.
You may need to open a bank account in Spain for different purposes. Whether to buy a property, pay your studies and maintenance, get a mortgage, pay taxes, invest on shares, or just to set up a company, we got all the legal resources to help you sorting out any problem along the way. Remember that we offer our services in both English and Spanish, and our attorneys count with internal background and studies. Contact us and let us know your case, and we will deal with any financial institution for you.