Spanish Bank Account
Open a Spanish Bank Account for Property Purchase
Step-by-step guide to opening a Spanish bank account as a foreign buyer. Required documents, process, common challenges, and practical tips.
Opening a Spanish bank account is one of the first practical steps when buying property in Spain. Without one, you cannot pay deposits, settle taxes, or set up the standing orders that keep a Spanish property running smoothly.
Deposits and Completion
Reservation fees, the 10% deposit, and the final bank draft at completion must all come from a Spanish account.
Mortgage Payments
If you finance your purchase, monthly mortgage repayments are debited directly from your Spanish bank account.
Tax and Community Fees
Annual property tax (IBI), community fees, and non-resident income tax are all paid via direct debit.
Utilities and Insurance
Electricity, water, internet, and home insurance providers require a Spanish bank account for direct debits.
Technically, Spanish law does not require a bank account to buy property. In practice, however, the notary, the seller, and your lawyer will all expect payments to come from a Spanish account. The bank draft (cheque bancario) issued at completion must be drawn on a Spanish bank. Trying to complete a purchase without one creates unnecessary risk and delay.
Resident vs Non-Resident Accounts
The type of account you open depends on where you live. A non-resident account (cuenta de no residente) is designed for people who do not live in Spain full-time. A resident account is for those registered as tax residents. The key differences are straightforward: non-resident accounts may carry slightly higher fees, some savings and credit products are only available to residents, and switching from non-resident to resident is simple once you register your Spanish residency.
Documents and Opening Process
Before visiting a bank, gather these documents:
- Valid passport or national ID card
- NIE number (Número de Identificación de Extranjero) — essential for any financial activity in Spain
- Proof of address in your home country (utility bill or bank statement, typically less than three months old)
- Proof of income or employment (payslip, tax return, or pension statement)
- Property reservation agreement — not always required, but it can speed things up
Banks may request additional documentation depending on your nationality and the source of funds. EU citizens generally face a simpler process than non-EU buyers. For a full picture of what buying in Spain involves, see our first-time buyer guide.
Choose a Bank
Select a bank with English-language support and solid online banking. Major Spanish banks such as Sabadell, CaixaBank, Santander, and BBVA all serve international clients. Branches near the coast are typically experienced with foreign buyers.
Book an Appointment
Walk-ins are increasingly difficult. Call ahead or use the bank's website to reserve a slot. In tourist areas, summer waiting times can stretch to several weeks.
Submit Your Documents
Bring originals and copies. The bank will verify your identity, NIE, and address. Anti-money-laundering (AML) checks are standard and may take a few working days.
Deposit Initial Funds
Most banks require a small opening deposit, typically €50–€200. Some require proof of the source of larger incoming transfers.
Activate Online Banking
Request online access immediately. This lets you monitor transactions, set up direct debits, and authorise transfers from anywhere in the world.
Common Challenges and Practical Tips
How to Stay on Track
Common Pitfalls
Once your account is active, set up direct debits for electricity, water, community fees, and property tax (IBI). This prevents missed payments when you are not in Spain. If you are transferring funds from another currency, consider using a currency specialist rather than your bank's exchange rate — the savings on a large property transfer can be significant. For a breakdown of all purchase-related costs, see our costs and taxes guide.
Keep a small buffer in the account at all times. Some banks charge inactivity fees or close accounts that remain empty for extended periods. A balance of €500–€1,000 is usually enough.
Can You Open an Account Remotely?
Some banks and fintech providers allow remote account opening, but most traditional Spanish banks still require an in-person visit. If you cannot travel to Spain beforehand, your lawyer can open the account on your behalf using a power of attorney (poder notarial). This is common for international buyers who need the account ready before they arrive for completion.
Frequently Asked Questions
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