One of the first things you’ll need when moving to Spain is a local bank account. Whether you’re paying rent, utilities, or just want easy access to cash, having a Spanish account makes life much simpler. Here’s what you need to know.
Opening a Bank Account in Spain
By Matthew Green
This article is published on: 11th September 2025
1. Types of Bank Accounts in Spain
- Resident Accounts: For those officially registered as residents.
- Non-Resident Accounts: For people living abroad or not yet registered. Often with higher fees.
Tip: Once you have your padrón and residency, switch to a resident account for better conditions.
2. Documents You’ll Need
- Passport or national ID
- NIE (Foreigner Identification Number)
- Proof of address (rental contract, utility bill)
- Proof of income (employment contract or pension statement)
Some banks also ask for a non-resident certificate, which can be obtained from the police station or arranged by the bank.
3. Which Bank Should You Choose?
Spain has a mix of traditional banks (Santander, BBVA, CaixaBank) and digital options (Wise, N26).
Consider:
- Language support (does the bank offer English service?)
- Fees (some charge monthly maintenance)
- Online banking and app usability
4. Common Pitfalls
- Forgetting to update your status from non-resident to resident account.
- Unexpected fees—always ask for a fee schedule in writing.
- Assuming all banks offer English-speaking staff (many don’t).
Plan Ahead for a Smooth Transition
Opening a bank account is a key step – but so is understanding how to structure your income, savings, and investments in Spain. Banking here is different, and so are tax rules.
As a financial planner with The Spectrum IFA Group here in Valencia, I help expats like you make smart decisions for a stress-free life in Spain.
If you’d like a free, no-obligation chat about setting up your finances for life in Spain, feel free to get in touch. It’s all about making sure you can enjoy everything Valencia has to offer—without financial stress.