Article
3 min read
Author
Gabriele Culot
Published
September 22, 2023
Last Update
July 01, 2024
Table of Contents
1. Research and choose the right bank
2. Gather the required documents
3. Select additional banking services
4. Complete the application process
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Spain has become a magnet for both expatriates seeking a high quality of life and global businesses looking to tap into its dynamic economy and strategic location. Various efforts, for example, the incorporation of the Beckham Law (which serves as an attractive tax regime for expatriates), make the destination even more desirable. Opening a bank account in Spain allows you to make and receive payments, access essential local services, and simplify your daily life.
With the proper documentation and research, opening a bank account in Spain is a breeze. To help you get started, this guide walks you through each step needed to grow your professional life in Spain.
Spain has a selection of banking institutions with comparable packages, from free accounts and virtual banking to large, traditional banks. A foreign resident bank account is available for people legally living in Spain and offers more flexibility. A non-resident bank account is available for people who live abroad and is typically easier to open.
Resident and non-resident bank accounts can be categorized into three main banking options: traditional, online, and international.
When deciding which type of bank account is best for your financial needs and goals, consider the following details:
Local banks in Spain, often called “banca local,” offer services tailored to individual remote workers and businesses. These options are best if you are staying in Spain for an extended period of time or if you need access to specific services.
International banks bring a global perspective to their services, offering solutions for international transactions, multilingual customer support, and accounts in various currencies.
Virtual banks in Spain, also known as online or digital banks, have gained popularity for their convenience and innovation. They operate entirely online, offering various financial services, from basic accounts to specialized savings and investment products.
Gathering the required documents to open a bank account in Spain is a crucial initial step. The specifics may differ depending on whether you are a resident, non-resident, expat, or digital nomad.
In addition to the necessary bank application form details, residents, expats, non-residents, and digital nomads must provide the following documentation.
While the documentation for specific bank accounts may vary, Spanish residents require the following documentation when opening a bank account.
Take note: While some Spanish banks may let you open a bank account without an NIE number, you will most likely have limited options.
Spain is a hotspot for digital nomads who have access to banks in Spain, given that you can provide the following documentation.
Opening a bank account as a non-resident requires the following paperwork to be translated into Spanish by an official source.
Remember the following five essential tips to ensure a hassle-free experience when opening a bank account in Spain.
Selecting the right type of account depends on your financial goals, lifestyle, and specific requirements, so it's important to carefully evaluate your options before making a choice.
Modern banks offer more services than general transactions. These additional services enhance the overall banking experience, making certain banks more desirable for individuals based on their specific services.
Consider the following additional banking services in the Spanish banking landscape. These should be considered when choosing the best bank for your needs.
After following the above steps, which include conducting your research and making your selections, you need to supply the necessary documentation and complete the application form offered by your prospective bank.
In many instances, these steps can be completed via the Internet, but you may need to visit a physical branch. Your application will undergo evaluation by the bank, and once it is approved, you will be given your account particulars.
Spain has become an exciting destination for remote workers, offering the perfect blend of picturesque landscapes, a vibrant culture, and an efficient banking system. Beyond its rich cultural heritage, Spain provides a welcoming environment for digital nomads and remote professionals.
Setting up a Spanish bank account can be seamless, with various options for different financial needs. The country's well-connected network of banks and commitment to technological advancement make it easier than ever to establish your lifestyle and business in Spain.
If you need extra help getting to Spain, consider Deel’s work visa support. We offer everything you need for immigration in a single guide, including eligibility criteria, processing time estimates, specific requirements, and step-by-step instructions. Interested in learning more? Book a free consultation today.
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