All about Spanish banks
You have just arrived in Spain for your internship and you need to open a bank account? Indeed, opening a bank account in Spain can help you avoid commissions imposed by your French bank and will make your life easier there, especially if you stay in Spain for several months, opening an account can be useful. It will allow you, for example, to receive your salary, to pay your rent, to pay your expenses or to withdraw cash without any fees. With this article, opening an account for your internship in Spain will no longer be a secret for you!
Banks without management fees
Here is a list of banks that will not charge you any management fees:
– ING Direct: The opening of the account is free. You can get a free credit card and withdraw money without paying any commission with Santander, Targo or Popular Bank but not with Caixa bank, which will charge you commissions.
– Evo Banco: The opening of the account is free between 18 and 28 years old. Twice a month, you can withdraw money from any bank. You will pay a €1 transaction fee for each additional withdrawal.
– Open Bank: The opening of the account is free as well as the credit card. You can also withdraw money for free in Santander banks.
– Triodos Bank: The account opening is free. But the bank will ask you 18€ per year for the debit card.
– Sabadell Bank: The account opening is free for young people between 18 and 25 years old.
Some useful information about banks in Spain :
– Banks are generally open to the public from 8:30 am to 2:30 pm Monday through Friday.
– It is not necessary to make an appointment in advance with an advisor.
– Checks are not used in Spain, very few businesses accept them, they are not a secure payment and their processing is time consuming and very expensive.
– Cash withdrawals are subject to a fee if you make a withdrawal from an ATM belonging to a different network than the one advised by your bank.
The different Spanish bank accounts
THE CURRENT ACCOUNT “CUENTA CORRIENTE”
Current accounts are still the most popular accounts for individuals. You will be able to make frequent transactions, withdrawals and transfers. Some banks may charge a commission on withdrawals made outside of your bank, which is always good to know.
THE SAVINGS ACCOUNT “CUENTA DE AHORROS”
Savings accounts are used to put money aside. Interest rates vary from bank to bank. Unless you want to save money during your stay in Spain, this account will not be useful.
THE ACCOUNT WITH PAY SLIP RECEIPT “CUENTA NOMINA”
If you have an employment contract, you can open a “nomina” account. It is a current account, but it has the particularity of being fed directly by your salary, pension or a recurring source of income to benefit from all the advantages it offers. In exchange the bank offers you a series of discounts, bonus points or better interest rates on other financial products. There are usually no maintenance or administration fees.
Opening a bank account in Spain
To open a bank account in Spain, being from an EU country makes the process easier. However, you will need to gather certain documents necessary to open the account, such as a photocopy of your passport or identity card, a certificate of residence in Spain and your NIE. As a non-EU resident, the process is not very complicated either, but it takes a little longer.
For foreigners in Spain, there are two types of bank accounts: one for residents and one for non-residents. In both cases, you must of course be of age.
OPENING A BANK ACCOUNT FOR A NON-RESIDENT IN SPAIN
If you are in Spain for an internship, then it is unlikely that you are a tax resident. You will need to open a non-resident account. You will need to provide a passport or identity papers valid in your country, proof of status or professional activity and proof of address. Within 15 days of opening your account, you will have to provide a document called “certificado de no residencia” proving that you are not a resident. This document can be obtained at your local police station. Also, it is important to know that it is impossible to open a Spanish bank account from abroad. You have to be in Spain to open your account. Also, if you are a French tax resident, you must declare your bank account abroad to the tax authorities.
OPENING A BANK ACCOUNT FOR A RESIDENT IN SPAIN
Being a resident in Spain means that you are a tax resident in Spain and that you pay taxes in Spain. You are considered a Spanish resident for tax purposes if you have spent more than 183 days per year in Spain and your professional activity is established there. For this, you will have to prove yourself with a certificate of residence (certificado de empadronamiento). You also need to have your NIE, passport and proof of income (work contract, pay slips, student card, etc.).
The option of international online banks
Why not open a Revolut account ?
Revolut is an international online banking service with no fees, ideal for people who travel!
Revolut, as its name suggests, revolutionizes the banking world because unlike banks in general, bank transfers from an account to a foreign account are free. It is then an easy way for you to manage your different accounts and avoid management delays. The bank allows you to make payments, transfers and direct debits free of charge all over the world as well as quick transfers via text or email. All the operations carried out from your account are followed by a notification on your smartphone.
You can top up your account from another bank account or from a credit card via instant transaction.
You will be able to receive your salary on your Revolut account, make recurring payments, credit your accounts for free using up to 24 currencies, notify one of your contacts to remind him/her of a transfer, personalize your card by activating or not the contactless, ATM withdrawals, magnetic stripe payments, choose your country of residence and so on…
The N26 bank, a commission-free online bank
If you want all your banking to be digital, you can also create a bank account in the N26 bank. The N26 Standard account can be opened online in less than 10 minutes and allows you to manage your money via a simple and efficient mobile application. There are no account maintenance fees and you can use a free virtual Mastercard debit card to make payments (or order a physical one for €10).
Frequently asked questions about Spanish banks
How much does it cost to bank in Spain?
Fees can vary from bank to bank. Most current accounts have a management fee that can be around 40 euros per year. If you use your bank account to transfer money, you may be charged, and you will also pay a fee if you use an ATM that is not linked to your bank.
What are the opening hours of banks in Spain?
In general, bank opening hours are Monday through Friday from 8:30 or 9:00 am to 2:00 or 2:30 pm. Some banks open for a few hours one evening a week and on Saturdays from 9:00 am to 12:00 or 1:00 pm.