Best banks for expats in Spain
The best bank account for expats in Spain will depend on the specific needs of each person.
Best bank accounts for expats in Spain?
- Banco Sabadell Expat Account: This account is specially designed for people who are not residents of Spain and offers specific services for expatriates, such as international transfers and advice on tax issues.
- Santander Transferwise: This account is a collaboration between Banco Santander and Transferwise, which facilitates international transfers at low costs and competitive exchange rates.
- N26: N26 is a mobile bank that offers a fee-free current account and useful features for expats, such as free transfers in euros and foreigners.
- BBVA Online Account without commissions: BBVA offers an online account without commissions that can be a good option for expatriates looking for a simple and easy-to-manage account.
Before choosing a bank account, it is important to compare the different options available and consider factors such as fees, exchange rates, services offered and ease of use. It is also advisable to consult with a financial advisor for personalized recommendations.
Open a bank account in Spain
Opening a bank account in Spain is an easy process. But you must have all the necessary documentation prepared for this. Here we explain everything you need to open a bank account in Spain, either physically or online.
Steps to follow to open a bank account in Spain as an expatriate or tourist:
Open Banck account step by step
- Choose the bank: Research the different bank options in Spain and choose the one that best suits you based on your needs and preferences.
- Review requirements: Check the specific requirements of the bank you have chosen to open an account, as they may vary from one bank to another. Typically, you will need to present your ID or passport, proof of address and, in some cases, proof of income.
- Go to the bank branch: If you prefer to open an account physically, you must go to a branch of the bank you have selected. There you will be assisted by an employee who will guide you through the account opening process.
- Fill out the application: Complete the account opening form with your personal information and all the information requested by the bank.
- Present the documentation: Give the branch employee the documents required to verify your identity and address.
- Sign the contract: Carefully review the conditions and terms of the bank account contract and sign the document to formalize the opening of the account.
- Make the initial deposit: In some cases, an initial deposit will be required to open the account. Make sure you deliver the necessary amount at the right time.
If you prefer to open an online bank account, the steps to follow are similar, but through the bank’s website or app. Generally, you must follow a registration process, complete an online form with your personal data and the required documentation, and verify your identity digitally through an electronic signature system or video call.
Once the account opening process is complete, you will receive the access information for your account and you can begin managing your finances through online banking or withdraw your debit card at the corresponding bank branch.
Doubts about bank accounts in Spain
Here are the common doubts of other expatriates who have opened a new bank account in Spain or have had problems with their bank account or cards in Spain.
Can I open a bank account on the Costa del Sol as an expatriate?
Yes, foreigners can open bank accounts in Spain, including on the Costa del Sol.
What documentation do I need to open a bank account on the Costa del Sol as an expatriate?
A valid passport, an employment contract or proof of income, and proof of address are generally required.
Can I open a bank account on the Costa del Sol if I do not have permanent residence in Spain?
Yes, it is not necessary to have permanent residence to open a bank account on the Costa del Sol as an expat.
Are there any additional requirements if I am a foreigner to open a bank account on the Costa del Sol?
Some banks may require foreigners to provide a NIE (Foreign Identification Number) to open a bank account on the Costa del Sol.
What bank cards do you recommend to withdraw online that do not charge commissions for tourists on the Costa del Sol?
Some recommended options are Revolut, N26 and Bnext cards, as they do not charge fees for use abroad and offer competitive exchange rates.
Can international transfers be made from a bank account on the Costa del Sol as an expat?
Yes, most banks on the Costa del Sol allow international transfers from a bank account, although fees may apply for this service.
How long does it take to open a bank account on the Costa del Sol as an expat?
The time to open a bank account on the Costa del Sol can vary, but is generally completed within a few business days once all required documentation is submitted.
Can I have a bank account on the Costa del Sol in a foreign currency?
Some banks on the Costa del Sol offer accounts in foreign currencies, such as dollars or pounds sterling, but fees may apply for this service.
Is it safe to have a bank account on the Costa del Sol as an expat?
Yes, banks on the Costa del Sol are regulated and offer security measures to protect their customers’ accounts, such as the use of security codes and two-factor authentication.
Can you withdraw cash from ATMs on the Costa del Sol with a foreign bank card?
Yes, most ATMs on the Costa del Sol accept foreign bank cards and allow cash withdrawals, although fees may apply for this service.
Can I open a bank account on the Costa del Sol if I am a foreign student?
Yes, foreign students can open bank accounts on the Costa del Sol by presenting their passport, a registration certificate and proof of address.
Are there limits on the amount of money that can be deposited into a bank account on the Costa del Sol as an expat?
There are usually no limits on the amount of money that can be deposited into a bank account on the Costa del Sol, but there may be restrictions on international transfers of large sums of money.
Can payments be made in businesses with foreign bank cards on the Costa del Sol?
Yes, most businesses on the Costa del Sol accept payments with foreign bank cards, although it is important to check with the establishment if there is any commission for this service.
Can you open a bank account on the Costa del Sol remotely?
Some banks on the Costa del Sol allow accounts to be opened remotely through their website or mobile application, although in some cases it may be necessary to go to a branch to complete the process.
Can I apply for a credit card on the Costa del Sol as an expat?
Yes, expats can apply for credit cards on the Costa del Sol by presenting the required documentation and meeting the solvency requirements established by the bank.
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