Bank Accounts
If you do not plan to purchase real estate or have any business interests in Spain, you may not need to open a bank account in a Spanish bank.
However, if you plan to:
Relocate
Purchase real estate or other assets
Start working in Spain
Start a business or establish a company
Then you must open a bank account in a Spanish bank.
With a Spanish account, you can pay for real estate and other services. Many accounts also offer health insurance options at very favorable rates. Property taxes, garbage fees, other municipal taxes, as well as internet, gas, electricity, and telephone bills are often automatically debited via direct debit.
Documents needed to open a bank account in Spain
Although formalities and requirements may vary depending on the circumstances (different documents are required for a student versus a non-resident property owner in Spain), the following documents are generally needed to open a bank account in Spain.
For non-residents purchasing property, the required documents include:
A valid ID card or passport
Income documents – the latest tax return. For English-speaking clients, it can be in English, but Polish annual tax statements often need to be translated into Spanish by a certified translator.
Proof of residence outside Spain, confirmed by a gas or phone bill with a translation
NIE Number (Spanish: Número de Identificación de Extranjero) – the Foreigner Identification Number – can be provided later
Remember that each branch of the same bank may require different documents. The most popular banks in Spain are Santander, Sabadell, Caixa Bank, BBVA, and Bankinter.
Opening a bank account in Spain usually requires the bank to verify the source of the funds for the purchase. Under EU Directive 2015/849 on preventing money laundering and terrorist financing, you will be asked to present documents confirming your income and capital for the real estate purchase in Spain.
As a result, some Spanish banks may conduct annual monitoring of your financial situation. You will be obligated to submit annual tax returns. If you fail to provide income documentation, the bank may block the account. It is recommended to log in to your Spanish bank account at least once a month and check your transaction history.