Payset prespective
June 1, 2023

How to Open a Bank Account in Spain

It can be tricky to figure out the necessary steps to manage your money when moving to another country. Here we explain how to open a payment account in Spain.

If you are moving to Spain or plan to travel to the country frequently, you’ll likely need a local bank account to go about your daily activities and to pay taxes. Fortunately, you have several options. Here’s how you can open a payment account in Spain, or, alternatively, use a multi-currency account from Payset.

What are the types of bank accounts available in Spain?

Spanish banks typically offer several types of accounts, and many people hold multiple accounts for different reasons. These are some of the popular account types.

Resident Accounts

Resident bank accounts are intended for clients who are residents of Spain. These accounts usually offer better terms and fees than non-resident accounts. You’ll need to prove that you are a resident of Spain to open this type of account.

Non-Resident Accounts

Non-resident accounts are also available in Spain. Though these accounts often have less attractive terms and higher fees than resident accounts, non-resident accounts might be your only option if you live or work outside of Spain. 

Depending on the bank that you choose, you might be able to complete some or all of your account application online — but you’ll likely need to finish your application in

Current Accounts

Current accounts or checking accounts are the most common type of Spanish bank account, and they meet the daily banking needs of most customers. These accounts have low interest rates and allow you to easily spend, transfer, deposit, and withdraw money.

Savings Accounts

Savings accounts have high interest rates compared to current accounts. However, since these accounts are primarily meant for saving rather than spending, banks may charge higher fees or place other restrictions on withdrawal requests and transactions.

Deposit Accounts

Deposit accounts offer high interest rates, similar to savings accounts. They also provide greater security as they are intended for long-term deposits. These accounts place heavy restrictions on withdrawals in order to provide these advantages.

Salary Accounts

Salary accounts are intended for customers who receive a salary, wage, or other income. Though some salary accounts offer exceptional features, you must earn and deposit a minimum income to open this type of account — usually at least €600 to €800 per month. 

How to choose a bank account in Spain?

There are many factors to consider when choosing where to open a bank account. You should first consider the bank account’s features, restrictions, fees, and interest rates.

You should consider the reputation of each bank as well as its opening hours. If you are outside of Spain, you might want to choose a bank with foreign offices that operate in your time zone. You should also consider whether the bank provides services in your language.

Finally, you should consider the registration process itself. You should determine whether you are eligible for an account and whether you can complete the application process. You may be able to register in person, online, or some combination of the two.

How to open a bank account in Spain

To open a bank account in Spain, you’ll need to take several steps. First, you should find out whether you need to be in the country to open a bank account. If this is the case, you’ll need to reside in Spain or be within travelling distance to complete the registration process.

Once you’ve established yourself, you can start the application process in person or remotely. Make sure that you have all of the necessary documents before you begin.

After completing the registration process, you might need to wait for your account details to arrive by mail. Some banks may provide you with a card or other account tools immediately. 

What documents are required to open a bank account in Spain?

You’ll need several documents to open a bank account in Spain. Documents and pieces of information that are commonly accepted or required include:

  • A piece of government ID or a passport
  • Proof-of-address documents, such as utility bills
  • A Foreigner Identity Number (NIE) if you are a non-resident
  • Proof-of-employment or a student card

How much does it cost to open a bank account in Spain?

The cost of opening a Spanish bank account varies between banks and account types. Even if you do not pay a fee to open a bank account, you might need to pay:

  • Maintenance fees, to keep your account open
  • Card fees, if your account comes with a debit or credit card
  • Withdrawal fees, if you withdraw money, spend money, or use an ATM
  • International transfer fees, if you make wire transfers 

Some estimates suggest that Spanish bank account fees can be higher than €200 per year.

However, many accounts offer a set number of free transactions per month. To find out more, ask your bank about account limits and included services.

At what age can you open a bank account in Spain?

Under Spanish law, you must be 18 years old to open a bank account. 

Some Spanish banks allow parents and guardians to register a bank account for children under 18. However, not all banks provide this option.

How much does it cost to cancel a bank account in Spain?

Cancelling or closing a bank account can be a lengthy process, and there may or may not be an associated termination cost. It’s a good idea to ask your bank whether you need to pay fees to close your account before you actually apply for the account in question.

What are the benefits of holding a Spanish bank account?

There are several ways that you might benefit from a Spanish bank account:

  • Easier access to funds: With a Spanish bank account, you’ll be able to access local bank branches, withdraw cash from ATMs, and make card payments
  • Access to Spanish services: You’ll likely need a Spanish bank account to pay for utilities, get a mortgage, and pay taxes if you reside in the country
  • No taxes on non-residential accounts: If you only spend half of the year or less in Spain, you may not need to pay taxes on your account

Can you open a Spanish bank account from the UK?

You can always attempt to open a non-resident Spanish bank account if you are a resident of the UK or any other country. However, you may eventually need to visit a Spanish bank branch in person to complete the registration process.

If you can’t arrive at a branch in person, you can try to find an online-only Spanish bank. These are sometimes categorised as bank alternatives.

Other alternatives to banks

At Payset, we do not offer bank accounts. We offer virtual multi-currency IBAN accounts that allow you to transact with the euro, US dollar, GBP, and other currencies using local and international payment networks.


Our accounts provide a fast and easy alternative to traditional banking. Most importantly, you can open an account with Payset entirely online.

By signing up, you’ll get access to basic payment features such as spending, saving, transfers, and forex exchange. With a Payset account, you can send and receive 34 different currencies via top payment networks such as SWIFT and SEPA. 

Our outgoing transaction fees begin at 0.45%. Plus, it’s always free to receive money via Payset, and it’s also free to send money to other Payset customers.

To sign up, click below:

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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