Open a Bank Account in Spain

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 incorporation in Spain can present the process foreigners must follow when opening a bank account.

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 that foreigners 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 completed.
• 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 fees are set freely by each bank, subject to Bank of Spain transparency rules (only the basic payment account has a regulated maximum fee).

We invite you to discover the following infographic:

Documents for opening a Spanish corporate bank account in 2026

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 before 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 EUR 1. 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 name certificate from the Central Mercantile Registry, the provisional tax ID (NIF), 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 to open 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 those available for locals, and there aren’t any differences in the taxes or fees associated with the usage of the account. 

The banking sector of Spain explained

The banking sector of Spain is one of the most powerful in the world. Here are some interesting facts to know:

• The banking sector of Spain consolidated its position in 2025 among the most powerful in the world, recording high profitability.
• One of the most important banks in Spain reported around EUR 10 billion in net profits.
• Madrid and Barcelona are the prime centers for digital banking and neobanks in Spain. These cities have strong digital infrastructure and various startups in the financial sector.
• In Spain, non-cash payment transactions increased by approximately 8.5% in the first half of 2025 compared to the same period in 2024.
• In 2025, the card payments represented about 65.7% of the total made with non-cash instruments.

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.