BANKING PROCEDURES

Informative Note: Regarding opening a bank account in Spain.

If you plan to move, buy a property or other assets, start working, open a business, or establish a company in Spain, then you must open a bank account in a Spanish bank.

With a Spanish bank account, you can pay for the purchase of properties, any services or state, regional, garbage, and other municipal taxes, as well as payments for contracting telephone and internet services, gas, water, or electricity. Payments are automatically debited via direct debit.

Documents required to open a bank account in Spain:

Although the formalities and requirements may vary depending on the circumstances, as different documents are required for a student, a resident or non-resident, or if you own a property in Spain, the following documents are generally needed to open a bank account in Spain.

For example, for NON-RESIDENTS who want to buy a property in Spain, the following documents are needed:

• A valid identity document from your country of origin or passport. 
• Documents justifying income: The last two tax settlement declarations, the last 3 payslips, bank statements from the accounts you hold in your country. Banks accept documentation in Spanish or English, and if it is in another language, it must be translated by a sworn translator. 
• Proof of your usual residence. 
• The N.I.E. (Foreigner Identification Number, although it is essential, it can be provided later if you do not have it at the time of opening the bank account). 

Remember that each branch of the same bank may require different documents. The most popular banks in Spain are: Banco Santander, Sabadell, CaixaBank (or other Caixas, which are Savings Banks), BBVA, and Bankinter.

Opening a bank account in Spain generally requires the bank to verify the origin of the funds you want to deposit into the account. According to EU Directive 2015/849 on the Prevention of Money Laundering and Terrorist Financing,
And for the purchase of real estate in Spain, just like in other EU countries, you will be asked to present documents that confirm your income and/or capital.

As a result, Spanish banks may carry out an annual monitoring of your financial situation, so you will be obliged to submit annual tax returns. If you do not provide income documentation, the bank may block your account. It is also recommended to log in online to your Spanish bank account at least once a month and verify the transaction history.