This is a very recurrent question and one that is of great interest to foreign citizens planning to settle in Spain or who have just moved to Spain: yes, despite the very contradictory information available, a foreigner can open a bank account as a non-resident in Spain. To do so, he/she must be of legal age, must go to a bank office with an identification document (usually a passport, but also the national ID card, in the case of EU citizens, is accepted) and with the Non-Resident Certificate.
Despite this, it must be said that many banks are reluctant to open this type of account, or in some cases allow the user to open a non-resident account only if it is linked to the purchase of a financial product (such as, for example, a private health insurance policy) or if guarantees of minimum monthly income are provided, for example, pay slips, employment contracts and/or the commitment to direct debit the account for the payment of utilities or salary payments.
Some banks allow you to open this type of account just by providing your passport or national ID card, others also request a «Non-resident certificate«: to open a current account as a resident in Spain, in fact, foreign citizens must provide a «Certificado de registro de ciudadano de la Union Europea» (in the case of EU citizens) or a T.I.E. associated with a residence permit (in the case of non-EU citizens).
Nowadays there are several online banks that allow you to open an account of this type, in a matter of a few hours, just by providing the holder’s N.I.E., and this is one of the best options to have a current account in a short period of time when you have just arrived in Spain associated to a Spanish IBAN.
If you are already a non-resident account holder in Spain and, in the meantime, you have acquired your «Tax Resident» status and/or obtained your «European Union Citizen Registration Certificate» (Certificado de registro de ciudadano de la Union Europea), we recommend you to go to your bank as soon as possible to communicate and document it, since your account will become a resident account, and the conditions applied by many banks can vary a lot in your favour in this case: besides, your bank will have to associate the IBAN to your N.I.E. so that the Tax Agency is informed.
What is the fundamental difference between a «Non-resident account» and a «Resident account»? Well, both accounts are technically identical, they work in the same way, the banking operations are identical and both are associated to a Spanish IBAN: what happens in many cases, and what makes a very relevant difference between the two types of accounts, are the maintenance expenses (or commissions). Maintenance is a fee normally charged by the bank for keeping a current account active. In accounts for non-residents this fee usually ranges between 140 and 196 EUR per year, while in accounts for residents the maintenance can be free if it is an online account or exceed 200 EUR per year with some financial institutions.
Some online banks are also considered «FINANCIAL ENTITIES COLLABORATING WITH THE SOCIAL SECURITY SYSTEM» (ENTIDADES FINANCIERAS COLABORADORAS CON EL SISTEMA DE LA SEGURIDAD SOCIAL), i.e. banking institutions accepted for direct debit of monthly contributions to register as self-employed.
Do you need advice on taxation, bureaucracy and administrative procedures in Spain? Contact BarcelonaGlobalService now at francesco@barcelonaglobalservice.com or through our online contact form (https://barcelonaglobalservice.com/contacto/).
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Hi, can I really open a Spanish bank account just with my passport (I’m french, living in Madrid)? Many thanks
Dear Francoise, yes absolutely, you can requets a bank (I would probably suggest BBVA or Santander, since thos eare the ones that more often offer this kind of bank account) to open a «Cuenta no residente» and then, once you’ll obtain a «certificado d eregistro de ciudadano de la Union EUropea» (green EU resident card) show them to your bak so they will switch from a «noin resident» to a «resident» account, with cheaper commissions. Kind regards,
Do I need a «Certificado de no residente» issued by the spanish tax agency to open a non-resident account? If so, could you provide it for me? Many thanks!
Dear Paolo, some banks might ask you for this certificate but normally a «Certificado de no residente» (NIE on white sheet) is enough in order to open a non-resident account with an online Spanish bank. On the other hand, you can open a non resident account in many Spanish banks just with your passport or national ID. By the way would you please email me to francesco@barcelonaglobalservice.com Kind regards,