A Spanish bank account

When you’re in the process of purchasing property in Spain, it can be wise to open a Spanish bank account.

If you’re financing your property with a Spanish mortgage, the lender will typically require that your monthly payments be processed through a Spanish bank account. If the lender is also a bank, they will usually open this account for you. If not, you can choose to open an account with any Spanish bank.

If you are buying the property without a mortgage and entirely with your own funds, opening a Spanish bank account may not be necessary. In this case, payments for the property could be managed through a special account held by your lawyer, after consulting with them.

In all scenarios, Spanish authorities will conduct a thorough anti-money laundering check on the origin of the funds. Having a Spanish bank account can be very useful to keep track of all income and expenses related to your Spanish property.

In this article, we’ll cover some key points to consider when opening a Spanish bank account.

Which Spanish bank should you choose?
If you have the option to choose your Spanish bank, it’s important to make your decision carefully. Opening a bank account isn’t particularly complicated, but it’s advisable to compare the terms and conditions of different banks before making a choice.

In Spain, there are various financial institutions, including major Spanish players such as Bankinter, Santander, Banco Sabadell, and CaixaBank. When selecting the right bank, consider the following:

• Do they speak English or Dutch?
  If you don’t speak Spanish, choose a bank where the staff speaks English or Dutch. Also, check whether this applies to the website and online banking services.
• Availability of online and mobile banking
  Although most Spanish banks offer online banking, this feature is usually only available in Spanish. If you prefer banking via a mobile app, ensure that the bank you choose meets your needs.
• Branch and ATM availability
  Card payments are widely accepted in Spain, but you may still need cash for small transactions. Check if the bank you choose has a branch and ATM nearby.
• What are the fees
  Spanish banks are known for their various fees, such as annual or monthly account fees, transfer fees, and fees for debit and credit cards. Withdrawals from non-network ATMs also often incur charges. It’s wise to compare different banks to find the one with the lowest costs.
• Resident vs. Non-Resident Account Options
  Whether you are a resident or non-resident in Spain, opening a bank account requires attention to detail. Non-residents must open a special account, which can later be converted to a resident account once you officially reside in Spain.

What else should you know about Spanish banks?

• Spanish bank accounts consist of 20 digits, and for transfers, you’ll need the IBAN, which begins with the letters ES, followed by two digits and your account number. For international transfers, you’ll also need your bank’s SWIFT code.
• Most banks are open Monday to Friday from 8:30 or 9:00 AM to 2:00 or 3:00 PM. Some banks stay open one or two afternoons a week until 5:00 or 6:00 PM. Note: banks are closed on weekends and holidays.
• If you want to transfer money from your Dutch account to a Spanish account, keep in mind that fees may apply.

Your Destinations has close partnerships with various banks. Each bank has its own specific requirements regarding mortgages and their terms. By carefully analyzing the unique situation of each client, we can connect you with the bank that best suits your specific needs and circumstances.