Resident or non-resident: what changes
The first question is your situation. If your habitual residence is in Spain, your ID card (DNI) or NIE and a proof of address are enough. Most institutions open the account the same day, at a branch or online.
If you are a foreigner without residence, you need the NIE or your passport depending on your country of origin, plus documents proving your situation: visa, residence permit or residence certificate. Anti-money laundering checks are stricter, so it is best to have your paperwork in order and, if possible, a bank reference from your bank in your home country.
The basic payment account: a right capped at 3 euros
Royal Decree-Law 19/2017 grants anyone legally residing in the European Union the right to open a basic payment account in Spain. It covers the essentials: opening, using and closing the account, depositing and withdrawing cash, direct debits, a debit card and transfers within the EU.
The maximum fee is set at 3 euros per month for all services. It is free for people in a vulnerable situation or at risk of financial exclusion. The bank can only refuse it on specific grounds: that you do not provide the anti-money laundering information, security or public order reasons, or that you already hold an account in Spain covering those basic services.
Accounts for non-residents
Santander, BBVA, CaixaBank and Sabadell have specific products for non-residents, with extended requirements and, in general, maintenance fees. The practical alternative if your needs are simple are neobanks: Revolut, N26 or Wise open an account in minutes with a passport or NIE, with no direct debits or travel required.
Before choosing, think about what you need it for. Neobanks work for day-to-day use and receiving transfers, but some procedures require an account with a local institution: a visa, a mortgage or a business account with a traditional bank. If your plan is to open a subsidiary, the company account is a different matter, and we cover it in the next section.
The business account
To open an account in the name of a company you need the company's NIF, the deed of incorporation and the representative's identity document. Most institutions also require a compliance interview, and opening usually takes from a few days to two weeks.
Costs vary by institution: online banks tend to offer business accounts with no fee subject to conditions, while traditional banks charge fees that can be waived with average balances or linked products. Compare the real monthly cost, not just the opening cost, and also check how long it takes to get the debit card and online banking.
