The Law in Spain: Easy to Set Up a Bank Account in Spain
It is extremely easy to set up a bank account in Spain, whether you are a resident or not. All you need is proof of a Spanish address (this can be your new property or a rental property) and an official form of identification. Most current and savings accounts with the main banks have a monthly fee, but otherwise they work in much the same way as in the rest of Europe.
Remember: the Spanish banking market is extremely competitive, so it is a good idea to research the account that best suits your needs. If necessary, take a Spanish-speaking friend with you. Even though most bank branches on the Costa del Sol employ staff who speak English, some banking terms might be better explained and understood in their own language.
- Any banking transaction of more than €3,000 requires both the payer and the payee to be identified.
- If you transfer money out of Spain, some banks can charge a significant percentage of the amount being transferred. The amount charged varies depending on the entity, so it’s a good idea to check the small print at your bank before transferring money. There are several specialised foreign exchange companies that can advise on these matters, including Moneycorp.