Foreigners are allowed to open a bank account in Spain at a commercial bank of their choosing. 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. With regards to the registration of a corporate bank account, our consultants can present the list of documents investors must submit, as well as other criteria that they should satisfy in this case.
| 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 |
Table of Contents
In this part of the article, we will focus on the steps investors must take when opening a corporate bank account. This process is not very complex, but it does involve a set of documents and this is why we recommend foreigners to request full representation from our team of consultants in Spanish company formation, who can provide assistance not only during the process of setting up a bank account but also during other incorporation steps.
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. Financial institutions operating at a global level are also present here and they operate through subsidiaries or branch offices.
As a general rule, most businesses prefer to set up their bank accounts at privately held banks, as the state banking institutions are oriented to personal savings or to credit schemes. Foreign businessmen who want to open a company in Spain have to be aware that all banks operating here are allowed to charge fees for their services, including ATM withdrawals.
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. Investors must also expect to pay fees for transfers registered from the respective accounts.
In 2024, you should expect to pay around EUR 20 or more per year charged as a fee for your current account, but the fee system can vary based on the bank that you selected. If you have a debit card in Spain in 2024, you may have to pay a fee of EUR 12 to EUR 15 per year, while for a credit card, a fee of EUR 30 may apply.
When you plan a business, we recommend that you also consider accounting services. Thus, we suggest you get in touch with our team of accountants in Spain and find out what the payroll and bookkeeping services involve, how you can be helped to register for the payment of taxes, or what risk assessment and evaluation entails. and to give you a clear idea about the situation and financial position of the company you own, audits could come to your attention. We invite you to discover the following infographic:
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.
For example, the procedure for company formation in Spain starts by applying for a trading name, applying for a foreigner tax identification number, registering the company with the Mercantile Registry, obtaining the company’s tax identification number, and preparing the statutory documents, these being the basic incorporation procedures. After these are finalized, the investors can proceed to open a bank account in Spain.
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.
In the case in which one wants to open a company in Spain registered as a limited liability company, the minimum share capital must be deposited in full once the bank account is set up. However, in the case of a joint stock company, which needs a minimum share capital of EUR 60,000, when opening a bank account in Spain, the investors are required to deposit only 25% of the minimum capital.
The rest of the capital can be added later, but of course, if the investors have the total sum of money necessary, they can make a payment in full as well. Our team of consultants in company registration in Spain can offer more details on other incorporation aspects applicable to this company type.
You can also rely on our team of specialists for in-depth legal assistance on how to start the process of opening a bank account in Spain in the case of those who want to operate a business through a sole trader (it is necessary to know that the Spanish law distinguishes between two types of sole traders, with different legal requirements).
You can have access to your bank account in Spain 24/7, by using the online app. On the other hand, some formalities and transactions made inside the bank are subject to specific working hours, for instance, from 9 to 11 in the morning.
It is good to note that minimum deposits might be required for larger corporations established in Spain, plus dedicated fees. One of our Spanish local specialists can tell you more about the ways in which a bank account can be opened for businesses in Spain.
You can watch the video presentation about how to open a bank account in Spain:
As we presented earlier, the banking industry in Spain is represented by both private and state financial institutions. Most of the banks operating in Spain are private banks, which are usually preferred by both local and foreign investors for opening a bank account or for applying for credit. Currently, the industry is characterized by the following traits:
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.
As an individual who wants to have a Spanish bank account, there are several options in this sense. One can open a current account, which represents the standard type of bank account available here; foreigners can set up a savings account, which is created for the purpose of increasing the value of the account by adding a small percentage in the form of interest to the sum deposited in the account.
Some banks in Spain might require translated documents into Spanish and even with Apostille stamp before opening a bank account in this country.
It is good to note that some banks in Spain solicit information about employment and salary, while other financial institutions like these do not require such details and also offer the possibility to open an account online without complications.
If you would like to open a bank account for your child, you can apply for a junior savings account, an available option provided by most banks in Spain. While many banks offer the possibility to open such account online, other prefer physical presence to sign a couple of documents with the bank officer.
Foreigners must know that they can also set up an online bank account and that the bank accounts available for natural persons are divided based on the residency of the applicant (Spanish resident or foreign resident), in which case, different documents will be required. Those who want to open a personal bank account in 2024 or a bank account for a newly founded business, are invited to contact our team of specialists in company registration in Spain.