Non Resident Bank Account Spain?

Non Resident Bank Account Spain
Yes, a foreign non-resident in Spain can open a bank account. To do so, they must take an ID document (normally a passport) and a certificate of non-residency to any of our branches. Other documents may be requested according to the product they wish to contract.

Your Santander branch will inform you of the characteristics of the current account that best suits each person. To get a Certificate of non-residency , the person must go to their closest Police Station or Foreign Office with their passport and the relevant forms and pay a fee.

If the person is abroad, they can apply for the certificate at a Spanish Consulate. The certificate takes approximately one week to be issued and is valid for three months. If you do not live in Spain and would like to know more about the non-residents account, click here.

Which Spanish bank is best for non-residents?

What is the difference between a resident and non-resident bank account in Spain?

What are the types of bank account in Spain? – A great place to start. There are two types of bank account that you might be considering: a resident account and a non-resident account. As the name suggests, resident accounts are for people living in Spain, and non-resident accounts are for people living abroad who may still wish to have an account there. These are the key types of bank account you can expect to come across:

  • Cuenta bancaria o Cuenta corriente (current account) – this is the standard, everyday account that you’ll use for the basics.
  • Cuenta de ahorros (savings account) – this is where to put your savings, to gain a little extra interest on your money.
  • Cuenta de depósito (deposit account) – this is like a savings account, but with fewer options for accessing the money: it’s for funds that need to be held securely.
  • Cuenta nomina (salary account) – this account is specifically designed to receive your paycheck from your employer.

As you can tell, accounts tend to have very specific purposes in Spain, and some people hold more than one based on their requirements. The question is, which one(s) do you need? That will depend on your circumstances, and what’s on offer from your bank of choice, but certainly: make sure you’ve got a cuenta bancaria.

Can I open a bank account in Spain without an NIE number?

Can I open a bank account without a NIE? – Yes, depending on the type of bank you are able to open a bank account without your NIE number. Some banks that offer the possibility to open a bank account without a NIE number: LaCaisa , Bankinter , Santander and Sabadell.

Get in touch with the bank of your preference to see what the possibilities are. Now, are you ready to spend (or earn) your money in Spain? Explore what are the best places to live in Spain. Please reach out to [email protected]

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Can I open a Spanish bank account remotely?

Can I open a Spanish bank account online? – If you’re not in Spain or planning to visit anytime soon, you can open your new Spanish bank account online. It depends on the bank whether you can complete the whole process online, but many banks will require at least one in-person visit to a branch to hand over your documents.

  1. If your Spanish is a little rusty, it can actually be easier to open a bank account in person;
  2. You can either bring along a Spanish-speaking friend or translator or ask for an English-speaking customer service representative;

You’ll be guided through the process of opening your account, ensure you get all your details correct and ask any questions you need to. Otherwise, you risk confusion and errors (not to mention a great deal of frustration) trying to complete your application on a clumsily translated form or website.

That’s why it’s important to remember that you aren’t just limited to banks. You can also use specialist money transfer services like Wise to send and receive money all over the world, for low fees and the real exchange rate.

You’ll also get your very own local bank account details in EUR (SWIFT/BIC and IBAN number ). Learn more about Wise.

How can I avoid bank fees in Spain?

Not all clients have to pay bank fees – Banks want clients who are profitable, and their best clients won’t pay any charges. In order to avoid fees a number of thresholds are established that can include:

  • Depositing a monthly wage or pension, subject to a minimum
  • Maintaining a minimum balance (this is normally a daily minimum, not the average during the month)
  • Using the credit card issued by the bank a minimum of 2 or more times a month or quarter
  • Having several direct debits (your usual household bills)
  • Investing with the bank in products such as an investment fund or a pension plan, subject to a minimum amount

Some banks will require you to meet more criteria than others, so once again you’ll need to check. If you think you meet the criteria but are still being charged, get in touch with your branch to query it.

Where can you open a bank account without being a resident?

Opening Personal Bank Account Without Social Security Number or ITIN – A foreigner can open a bank account in the US. Most small banks only allow US citizens and permanent residents to open up bank accounts. These banks require a social security number, which non-citizens don’t have.

  • This is the most common problem that foreigners realize;
  • However, larger banks such as US Bank, TD Bank, Bank of America, Chase, and Wells Fargo will allow non-residents to set up a checking account and a savings account;
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Instead of your SSN, they’ll ask for an Individual Taxpayer Identification Number (ITIN) and other documents. As long as the necessary requirements are met, you’ll be able to set up an account with these banks. As a non-resident, you can apply for a personal account.

  • Checking account A checking account can be used for everyday transactions from buying groceries to getting gas. This type of account will come with different services, such as ATM withdrawals, debit cards, account transfers, and more.
  • Savings account A savings account, on the other hand, is for storing funds that you want to set aside for rainy days. Compared to checking accounts, they typically have higher interest rates. That means you can earn more money with the money you’ve saved up.

Since opening a traditional bank account can be challenging for non-residents, you can turn to other options, such as a multi-currency account, an international account, and a correspondent account. These alternatives might help you set up an account from your home country.

What do I need to open a non resident bank account in Spain?

Yes, a foreign non-resident in Spain can open a bank account. To do so, they must take an ID document (normally a passport) and a certificate of non-residency to any of our branches. Other documents may be requested according to the product they wish to contract.

Your Santander branch will inform you of the characteristics of the current account that best suits each person. To get a Certificate of non-residency , the person must go to their closest Police Station or Foreign Office with their passport and the relevant forms and pay a fee.

If the person is abroad, they can apply for the certificate at a Spanish Consulate. The certificate takes approximately one week to be issued and is valid for three months. If you do not live in Spain and would like to know more about the non-residents account, click here.

How long does it take to get a Spanish NIE number?

Document processing and delivery time​​​​ – A NIE is assigned by the General Commissariat for Immigration and Borders, under the aegis of the Spanish Directorate-General for the Police. The Consular Office cannot shorten the document processing time. The NIE is normally issued within two weeks, but this period may be extended by factors beyond the control of the administration.

Do I need a Spanish bank account to buy a property in Spain?

Do I need to have a Spanish bank account to buy a property in Spain?  – The funds for the purchase of any property in Spain need not come from a Spanish bank account, although that is certainly the most sensible way to proceed. What is important is that the source of the funds is clear and that the payment of the funds from buyer to seller is apparent from documentation provided.

In addition, and perhaps most importantly when you are the owner of a property in Spain you will find that it is very difficult and in some cases impossible to pay for utilities from an overseas bank account, hence it will be important for you to have a Spanish bank account as early as possible.

Opening a bank account in Spain can be very straightforward, or it can be very time consuming. That depends upon the bank. At E&G Solicitors in Spain we open bank accounts for our clients as part of our property purchase service.

Can I open a Sabadell bank account online?

How can I sign up for the Sabadell Online Account online? It’s very easy. All you need is your mobile phone, a valid ID card (DNI/TIE with photo) and a good Internet connection. Enter the browser from your mobile phone, access the Banco Sabadell website and click on the green ‘Become a customer’ button.

Is N26 a good bank in Spain?

Problems I’ve had with traditional Spanish banks – One of the things I really like about N26 is that I don’t have to deal with bureaucracy and hassle that I used to get from traditional Spanish banks. This section will list just a few of the problems I’ve had with the regular Spanish banks over the years.

  • I’ve never had any of the following problems with N26;
  • When I opened an account at a regular Spanish highstreet bank they asked me a lot of validating questions about what my occupation was, what was the source of my money, how did I make money, etc;

These types of questions were quite intrusive, and I felt were not justified. With my traditional Spanish bank I was also locked out of my online account on several occasions. Each time I had to make a visit to the branch to release the lockout. This was not due to an incorrect username or password but because they wanted to do another KYC (know your customer).

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They also asked me again to go through another KYC on a second occasion even though I had been with the bank for 15 years, and paid my taxes through the same bank. With the bank I was with (I won’t mention them here) they would not allow me to change my mobile number from the online account.

I had to go in to their branch with photo ID and mobile to change the number. Since I travel a lot this was not convenient to do. Another problem I had with my traditional Spanish bank was on occassions they blocked incoming transfers so they could do investigations on it.

  1. On one occassions they froze my transfer funds for 7 days whilst they undertook an investigation on it;
  2. This caused me a lot of problems because I needed to make payments for services I had contracted;
  3. This incident was the last straw for me and in the end I just closed down the traditional Spanish bank account because it was causing me too many problems;

Even closing the account was a problem. There were a few euros left in the account and the bank would not close the account until there was a zero balance. I made the transfer to clear the balance in the bank however they said I needed to return again in 3 days after the transfer was cleared.

  • I went back to the same branch however they said I had to go to another branch to close down the account – the reason given was I had to go the my original branch and they could not close it from their branch;

So, why didn’t they tell me this when I was in there the first time? I eventually managed to close the account but I still kept receiving email SMS messages from them. I had to make another visit to the branch and requested that all my data be deleted under the GDPR regulations.

  • However they said they could not do it because the person that deals with that was not present on that day;
  • I then spoke to the branch manager and he found agreed to find someone else who could do it for me;

With my previous traditional high street Spanish bank they would spontaneously increase the charges without giving me notice. I would have to go into the bank to complain and they would remove the excess charges but then after a few months they would once again increase the charges again.

I found this frustrating and time consuming to deal with however with N26 there are no problems like this, the charges are clearly laid out – and there are not many of them and, most importantly they don’t just spontaneously appear on your account like they did with the traditional Spanish banks.

I have never had any of the above problems with my N26 bank account. In my experience you setup the account and they leave you alone, fees are clearly laid out and you know where you stand. If you need assistance you can speak to someone on their in-app tech support.

How long does it take to open a Spanish bank account?

Accounts are typically opened almost immediately (within 1–5 days) with documentation and credit cards dispatched within two weeks. You will typically need to provide the following: Proof of identity (e. , passport) Spanish foreigner identification number (NIE) and certificate (número de identificación de extranjeros).

Does N26 count as a Spanish bank account?

Opening a Bank Account in Spain as a Foreigner

Your money is safe with deposit protection – N26 is a German bank operating in Spain with a full European license, giving you the best of both worlds. Get a Spanish IBAN for all your local payments, and rest assured with the German Deposit Protection Scheme—the funds in your free bank account are guaranteed up to €100,000. Learn more Non Resident Bank Account Spain.

What do I need to open bank account in Spain?

How do I open a bank account with my passport?

KYC documents include: –

  • Green barcoded ID or a valid passport if you are a foreign national
  • Proof of residence (not older than 3 months and must be something like a utility bill to prove that you live at the address you’re providing)
  • KYC documentation is needed for every person who gets linked to your accounts (even if you are the accountholder)

Can I open a UK bank account if I live in Spain?

Foreigners can open a traditional bank account in the UK as long as they have proof of the address, which sometimes it’s hard to get. Good news is that there are companies like Monzo or Monese which offer UK bank account, even without proof of the address.

Can I have a UK bank account if I live in Spain?

What can expats do? – Banks must legally notify customers two months ahead of any closure but most customers whose accounts are due to be closed should have been contacted by now, to give them enough time to sort out their situation. ‘The key for expats is not to panic’, Rob Hallums, founder of the financial website Experts for Expats , said.

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‘There are options available and you should not make snap decisions without doing the necessary research first, so be sure to do your own research into the best options available. ‘ Those living abroad will almost certainly hold a local bank account, and they have a legal right to a basic bank account in the EU country they live in, meaning a UK bank can offer them banking services but without add-ons like overdrafts.

But the issue, Hallums said, ‘is all about being able to receive money in the UK. ‘ This is particularly important for those hoping to have their pensions paid into a UK bank account which may be about to be closed. While the Department for Work and Pensions and certain other providers allows retirees to have their state pension paid into a local bank account, many choose to keep it in sterling and convert the money at a later date.

  • Expats who move to the EU see their state pension ‘uprated’ every year, unlike many retirees abroad who see them frozen  One UK expat living in Greece, Phillip Moss, told This is Money he and his wife kept their Halifax account open for the purpose of having their private and state pensions paid into it, rather than their local Greek account;

This leaves two real options for those impacted who need access to a sterling account. The first is to open a British bank account with another UK bank, but that requires the bank not to be closing its doors in the country in which they live. While it is difficult for expats without a UK address to open an account, some banks, including HSBC which at this stage say they aren’t planning on shuttering their EU operations, do offer accounts to EU residents.

  1. High street bank HSBC may potentially offer UK expats access to a pound sterling bank account if they live in the EU;
  2. It offers the bonus of free international transfers  HSBC ‘may’ be able to consider applications from UK nationals who move to an EU country ‘taking account of local regulation’;

Its customers can also benefit from a currency account which lets them transfer money from their UK account into euros and send up to £50,000 abroad with no fee at the HSBC exchange rate. Crucially, money held in that account is covered by the Financial Services Compensation Scheme, although only up to £85,000 held across all accounts someone may have with HSBC is protected.

But those who receive their pension or other income in sterling so they can transfer it into euros at the most opportune time may also wish to consider a second option. Currency conversion providers like Moneycorp, Revolut and Transferwise offer cheaper ways of sending money abroad.

Transferwise even offers the option of opening account with multiples currencies   Rob Hallums added: ‘One of the biggest issues that British expats face and that affects so much of their international lives is the currency factor – especially in the current turbulent economic times.

‘With global currencies fluctuating massively, we believe it is essential for expats to not just accept the exchange rate at any given time, but that they are able to transfer or exchange money when they can get maximum return in their local currency, and without paying bank charges on top.

‘ He instead recommended expats consider a money transfer service like Moneycorp, Revolut or Transferwise, which lets customers hold and exchange currencies at a lower cost and a better rate than what is usually offered by banks. Although they are not banks, with money ring-fenced in segregated accounts rather than explicitly protected by the UK deposit protection scheme, they do offer expats access to UK bank details and accounts which can hold pounds.

Transferwise offers a multi-currency account with access to EU bank details. It is also licensed in Belgium, meaning it will be unaffected by the end of passporting rules. The account lets customers hold euros, Czech koruna, Danish krone, Polish zloty, Hungarian forint and Swedish krona also comes with a Mastercard debit card and the ability to pay direct debits.

Moneycorp doesn’t offer a debit card for expats, but it does offer an online currency conversion account with 33 possible currencies.

Counting the cost: Currency conversion charges for UK expats in the EU

Bank  Fee  Amount received when converting £1,000
HSBC  £4 (£0 if sent to another HSBC account or from its currency account if sending euros) €1,056. 58 
Moneycorp  N/A  €1,093 
Transferwise  0. 35%  €1,098. 63 
Revolut  0. 5% beyond first £1,000 converted each month €1,100. 91
All figures correct as of 1. 30 on 6 October 2020  

And provided they’re happy to manage an account on their smartphone, Revolut lets customers open a sterling account, generate European bank details for themselves, or transfer money with a 0. 5 per cent fee if an expat wants to convert more than £1,000 a month. Rob Hallums said these accounts ‘help to reduce the exposure to exchange rate turbulence’ but warned those thinking of signing up to check they can get their pensions paid into one of these accounts first.