Opening a bank account in SpainOpening a bank account in Spain is one of the first and most important requirements for starting a business in in this country. This is the first thing you have to do if you expect cooperation in the future. Holding of a bank account give you an instrument of handling financial affairs of your own business, applying for financing, investing free funds and making use of other financial services and products offered by the bank.
- Also read about how to get One Year Business Visa for SPAIN. More information here
How to Open a Bank Account in Spain?Opening a bank account in Spain is a simple procedure, you need just to choose a bank according to your purposes and enter into a bank account agreement. Once you have chosen your bank you will cooperate with, make an appointment with a bank manager and arrange the required documents. Once you have entered into agreement, the bank will create a bank account number in IBAN bank account format. You can make transfers throughout the world between these accounts and any other companies you may have set up in abroad. As for management fees, most banks charge a small amount for the annual management of the account of around 15 to 25 Euros. In pursuance of legislation in force, all deposits held with the Spanish banks are insured. A modern alternative to a simple bank account is a virtual bank account. Today, many businesses find it more attractive to have a virtual bank account and make all payments online.
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What do I need to open a bank account in Spain?The first step to opening a bank account in Spain is determining whether you wish to open an account for as a resident or a non-resident. To ensure the process of opening an account is quick, follow the list below to make sure you have all necessary documents and information: If you are a resident of Spain, you need, first of all, a valid ID document, NIE, Articles of Association (if you are a business). If you are a non-resident, you can also open a bank account in Spain for foreigners. Then you need the following:
- A certificate of non-residency that can be obtained by going to a national police station.
- A passport or ID card
- Proof of employment status
- Proof of address