The usefulness of a Spanish bank account is up for debate. However, opening a Spanish bank account is often a safe tool for buying property in Spain. In addition, setting up direct debits with Spanish companies will be easier. Therefore, this article explains how to open a Spanish bank account.
The video below is a summary of this blog created using artificial intelligence.
Why a Spanish bank account?
With a Spanish bank account, buying property in Spain is more secure. After all, the payment of the balance of the purchase price can be made through your own bank account, so you always have control over the funds. You can also have a bank cheque issued through your Spanish bank account.
In addition, payments for expenses are easier. It is still the case that many companies (utilities, internet, television, etc.) only accept direct debits through a Spanish bank account.
Option 1: You are in Spain
In that case, it is simple. You can register with a branch (possibly by appointment). The account can then be opened immediately. Some banks will require your NIE number for the final activation of your account, as well as some personal information.
Option 2: You are not in Spain
If you are not in Spain yourself, we can open a Spanish bank account for you through a notarised power of attorney. A power of attorney can be pasted in Spain or in Belgium.
After that, the bank will validate the power of attorney. This takes about 3 working days. Once the power of attorney has been validated, you will need to provide some personal details and complete a customer form.
If the bank approves your application, we can sign the bank contracts for you. Your Spanish bank account will then become active for a period of 4 weeks. A provisional account allows you to deposit funds and we can make payments subject to your prior approval. Think for example of issuing a bank cheque. However, there are a number of restrictions. For instance, internet banking is not yet possible.
To open a final bank account, you need to apply in person at a branch. Indeed, because of anti-money laundering legislation, the bank is obliged to identify you. Internet banking can then be activated at once with you.
Note: foreign bank account registration requirement
Forget your Spanish bank account not to be registered at the National Bank and to indicate this in the personal income tax return. After all, this is required by law.