Your Spain Traveling and living in Spain

Spanish bank account for foreigners

Spanish bank account for foreigners is sometimes necessary.

Spanish bank account can be very useful if you want to buy a house in Spain. They forced us to open a bank account.
If not, all the documents and the notary could not be handled.
Home insurance was also compulsory.
But also applying for the NIE number.
Do you want to know more about the NIE number ? Then click on the blue field.

Spanish bank account for foreigners

Because otherwise you cannot buy or rent real estate.
You are of course free to choose the bank.
But the annual rates differ from bank to bank. The opening price also differs. For the management costs. Commissions for withdrawal of money. Contributions for your debit or credit card. Or your costs for international transfers.

Spanish bank account for foreigners
Spanish bank account for foreigners

What you have to take into account is the annual cost of keeping a bank account in Spain.
At our Spanish bank this amounts to two hundred and fifty euros per year.
We received the bill this week.
We think this is pricey.
Compared to current prices with us.

Spain has two basic bank accounts.

The residence account
Is the bill for those who actually live in Spain.
Or has moved there for a while.
The bank can then properly check your transactions.

The foreign Spanish bank account
For example applies to us.
We have a second home there. The bank has a harder time checking us in terms of income. There is no pay or income.
But you do need it to buy a house or apartment.

Different types of Spanish bank account

You have the current account.
With which you manage the daily transactions.
In Spanish : Cuenta Corriente.

The savings account.
It’s clear where you put your savings.
In Spanish: Cuenta de ahorros.

There is also a deposit account.
You can put money on it for the long term.
In Spanish: Cuenta de deposit.

Also the salary bill.
Clear on what your salary is paid on.
Cuenta Nomina

Avoid high costs?

Certain banks use a lower rate because they are sure of your wages or other income or pension.
For example with the Cuenta nomina.
This allows you to save.

So comparing rates can certainly save you money.