Bank accounts
In Spain today, opening a bank account is relatively easy and most of the banks now cater for the foreign residents with many staff who speak English or another European language and even provide the application forms and information packs in other languages.
There are two types of bank accounts for foreign residents:
Resident account
This is for people who intend to make Spain their permanent home or who reside here for the greater part of the year. This account can be opened either in euros or in a foreign currency (depending on what each bank offers). A percentage of interest earned on these accounts is withheld for tax purposes and maintenance of the account.
Non-resident account
If you are not intending to reside in Spain or if you don’t have a NIE (Spanish ID number) and you live in another country, you are considered a non-resident. The Bank of Spain allows non-residents to hold bank accounts in Euros or in foreign currency. Identification via a valid passport or ID card from your country of origin is required. If you are not a tax resident the bank does not withhold the interest earned on a non-resident account and will therefore, check regularly to confirm your non-resident status. If you acquire resident status any time after opening the account, you must notify the bank and give them your NIE and your account will then be changed. Annual fees for a resident account are generally less than that of a non-resident account.
Banks in Spain generally open from 8.30am to 2.00pm from Monday to Friday with some banks opening on a Saturday during the winter months.
If you are take out a mortgage in Spain the bank will automatically open an account for you and this account has to be used to debit your monthly mortgage repayments. It is more beneficial to use just one account as there are discounts on your mortgage rate as well as exemptions from bank charges for those clients who use their account for regular payments.
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