Expatriate Banking Spain

Anyone moving to live in Spain permanently or who has bought property in Spain will find they have a requirement for a local bank account.

Expatriate banking in Spain is offered by all the major Spanish banks, and in the most popular southern regions of the country many of the major British and German banks have branches available for expats to use as well.

Those who purchase property in Spain are often asked for their NIE number or numero de identificacion de extranjeros when they open an account. Otherwise the only requirements for an individual to open an expatriate bank account in Spain are that they are over 18 years old and can prove their identity - quite simply take your passport along when you go to open an account as well as proof of your address either in the UK or Spain and this should be sufficient.

The majority of banks who cater for expats in Spain - from Barclays Bank to Deutsche Bank, from Banco de Santander to Caja Rural - offer current accounts, savings accounts and investment accounts. Charges can be quite high depending on the type of account structure you select and for most expatriates living in Spain a simple current account is sufficient for everyday use. Make sure you’re aware of all charges you’ll be subjected to for transferring money in and out of your account and also for paying cheques into your account. All of these actions usually attract ridiculous fees in Spain unfortunately, although it can occasionally pay to shop around and barter for a reduction in charges with your bank manager - especially if you bank with a smaller branch.

It’s also possible for an expatriate to continue handling their banking business via their old bank account ‘back home’ in the UK or Germany for example. Nowadays with the popularity and sophistication of internet banking it’s rare that personal bank visits are required. Having said that, many expats like to have a local account for smaller day to day transactions and also to establish a credit history in Spain. Establishing a credit history can be useful especially for those working in Spain who may one day require a credit card, loan or mortgage.

In terms of having access to ATMs in Spain there are three main ATM operators and most cash point machines are affiliated with a specific bank. Some banks charge you if you use your card in another bank’s cash point, therefore if there is a specific bank’s ATM near you, you might like to consider opening your expatriate bank account with that bank to avoid charges. All cities and towns in Spain have ATMs and even some of the larger villages - but once you venture off the beaten track the availability of cash points becomes less.

And finally, if you’ve just moved to Spain and have yet to learn Spanish consider approaching a larger branch to open an account with or one of the British banks that operate particularly in Southern Spain. These banks will always have English speaking staff who can assist you with all your expatriate banking needs while you get to grips with the Spanish language in your own time.