Foreigners are allowed to open a bank account in Spain at any commercial bank. This right is granted to natural persons relocating here for a longer period of time, but it is also available for persons who want to open a company in Spain. It must be noted that businesses in the process of registration in Spain are legally required to open a corporate bank account, used for depositing the minimum share capital, but also for the company’s transactions. Our team of specialists in company formation in Spain can present the process foreigners must follow when opening a bank account.
| Quick Facts | |
|---|---|
| Who can open a bank account in Spain? | Both residents and non-residents in Spain |
|
Formalities to open a bank account in Spain |
– work and residence permit, a valid ID, proof of employment for natural persons – company documents for legal entities |
|
Required documents |
– Articles of Association and Certificate of Incorporation for companies, – a valid passport in the case of natural persons |
| Types of bank accounts |
– saving accounts, – deposit accounts, – debit and credit accounts, – digital accounts |
| Debit or credit card issued with a bank account |
Yes |
| Cash deposit to open a bank account |
A small deposit might be solicited by the selected bank. |
| Fees to open a bank account in Spain |
Some banks impose fees for opening accounts. |
| Banking services offered (YES/NO) |
Yes |
| Possibility to open a bank account online (YES/NO) |
Yes |
| Possibility to pay online the utility bills (YES/NO) | Yes |
| Overseas money transfers accepted (YES/NO) |
Yes |
| Formalities for student bank account |
– letter of approval from the University, – specific bank forms, – residence permit, – proof of domicile |
| Loans option available (YES/NO) |
Yes |
| Offshore bank accounts |
Yes, under certain conditions |
| We provide support for opening a bank account in Spain (YES/NO) | Yes |
| Mandatory local bank account for companies (Yes/No) | Yes |
| Special requirements for corporate bank accounts | Some banks may ask for annual turnover conditions for SME accounts. |
| Corporate account online opening | In most cases, a business account for companies is opened in a local branch, not fully online. |
| Bank accounts for self-employed individuals | Some banks offer bank accounts for freelancers. |
| Self-employed bank account online opening | Yes, banks can offer the option to open this account fully online. |
| Conditions for self-employed worker’s accounts | The applicant must prove his/her self-employed status. |
| POS terminal | A business account can offer the option to hire a POS terminal. |
| Business financing options | Business owners with a bank account in Spain can access financing options such as credit lines or loans for projects. |
| Local agent requirements | Not mandatory but can be used |
| Power of attorney for banking matters | A general or specific power of attorney can be used to sort banking matters. |
| General criteria for choosing the bank | Accessibility, past experience with the respective international bank, fees, interest rates. |
| Specific criteria for choosing the bank | Special deals, special support for business clients, various favourable conditions for some types of accounts. |
| Examples of large banks in Spain | Santander, BBVA, CaixaBank, Sabadell, Bankiter, etc. |
| Assistance for opening a bank accountin Spain | As needed, our incorporation experts will help with representation, document submission to the chosen bank, etc. |
| Other services | Complete solutions for starting a business in Spain. |
Table of Contents
The corporate bank account for companies in Spain
The process of opening a corporate bank account in Spain is not very complex. However, it does involve preparing a set of documents for which we recommend foreigners to request full representation from Spanish agents. Here are some of the main steps implicated:
- One of the basic steps investors should take is to decide on the commercial bank where they want to open their bank account.
- There are numerous options in this sense, the Spanish market being represented by privately held banks, but also by state-held banks.
- Presenting the company documents is a start when opening a bank account in Spain.
- The bank will have to authorize signatures and transactions on behalf of business owners in Spain. A document in this sense should be complete.
- Other formalities might concern the type of banking services solicited by the business owner/company representative when opening a corporate bank account in Spain.
Please note that the yearly maintenance of the bank account is also charged with a fee, depending on the type of account, but the maximum rates that commercial banks can charge are regulated by the Bank of Spain.
We invite you to discover the following infographic:
Documents for opening a Spanish corporate bank account in 2025
When opening a bank account in Spain, businessmen will have to provide their personal identification documents, but also the company’s statutory documents, which vary based on the business form selected for incorporation (limited liability companies are incorporated based on the articles of association, while partnerships are set up based on a partnership agreement). The company’s representatives should also provide additional documents that were issued prior to opening the bank account.
When opening a bank account in Spain for a newly-founded business, the first step that the investors must conclude once the account becomes operational is to deposit the required capital, which varies depending on the selected legal entity. For example, in the case of a limited liability company, the minimum share capital is of EUR 3,000. Once the investors have deposited the required capital, the bank will issue a certificate that states that the required capital was deposited in the account.
This is a necessary step during the procedure of company registration in Spain, as after the minimum share capital is deposited, the investors will need to handle other incorporation steps, where the certificate issued by the bank will be required. For instance, after this is completed, the company’s representatives must sign the public deed of incorporation, a step that is performed with the assistance of a public notary in Spain.
When this document is drafted and signed, the public notary will require from the company’s founders specific documents, such as the company’s incorporation certificate, the documents issued by the tax institutions, and also the certificate issued by the bank where the account was set up.
You can watch the video presentation about how to open a bank account in Spain:
How can foreigners open a bank account in Spain?
The right of opening a bank account in Spain is available for both natural persons and legal entities, who can be local residents or foreigners. A natural person who is a non-resident in Spain (the residency is defined under Article 9 of Law 35/2006 of 28 November 2006) is entitled to open a bank account in his or her name at a local commercial bank.
It must be noted that foreign natural persons can choose any of the commercial banks operating in Spain and, as a general rule, one must expect to provide the following documents for this action: the document attesting the applicant’s identity, a document showing the person’s professional status (employed, self-employed, retired, student, etc.) and a document showing the person’s address (here, any type of document is allowed, including utility bills).
However, foreigners must also be aware that some banks may request a certificate of non-residence, a document that can be obtained through the Spanish consulate or the Spanish police office closer to the place where the foreigner resides. Once the bank account becomes operational, one should know that it provides the same benefits as the one available for locals, and there aren’t any differences in the taxes or fees associated with the usage of the account.
About digital banks in Spain
Digital banks have been in high demand in Spain in recent years, even though, the traditional ones remain the first option for both entrepreneurs and natural persons. The figures below highlight the direction and future prospects of digital banks in Spain:
- Around USD 18.40 billion is the projected market value to be reached by digital banks in 2025 in Spain.
- In 2024, over 5 million citizens residing in Spain were users of digital banking services.
- 53% of the total number of digital banking services prefer two large providers.
- Low-cost international transfers and viable exchange rates are the reasons why many residents of Spain switched to digital bank services in 2024.
- The digital bank market in Spain is expected to perceive a notable rise in net interest income in 2025.
Interested in setting up a company in Spain? A bank account is also needed in this case. As such, you may discuss directly with our team of accountants in Spain who can also tell you more about bookkeeping, payroll, and taxes, among others. Please contact our experts in company incorporation in Spain and explore the services we offer in the business field.