When moving to Spain, it is advisable to open an account at a Spanish bank. A deposit gives you peace of mind about the future and makes financial transactions simpler. You can open an account without a residence permit — with an international passport and a non-resident certificate — but banks check non-residents more strictly, and additional EU restrictions apply to Russian citizens.
What services do Spanish financial institutions provide? How do you choose the bank with the best terms? We answer your questions and give you a list of the documents you need.
Why you need one
You need money in a bank for various reasons: without a card you cannot make transfers or rent a car. Sending your earnings to family in Russia is also easier from a local account — the channels that work and their fees are collected in a separate overview, how to transfer money from Spain. Anyone who wants to move to Spain will need an account to avoid certain difficulties:
- Buying property. Most sellers in Spain only accept money from accounts opened in the country. The same applies to loans: without a local account a bank will not consider an application for a mortgage for a foreigner.
- Paying utility bills. Without a Spanish account you will not be able to pay for utilities. Problems will also arise when paying taxes.
- Renting. Even when renting a home you will need an account, since the utility payments are debited from it. The landlord will also ask for a statement from it as proof of income — details in the guide to renting a flat.
Which Spanish bank is best to open an account with
According to 2024 data, 152 banks are registered in Spain, and it is not easy to choose one that suits Russians. We will tell you where it is best to open a bank account to keep your money safe and get things done.
Want to start a financial history in a new country? The most reliable banks are considered to be:
- Santander. The largest bank in Spain. It has operated since 1857 and is also a multinational company with offices in Europe, China, and South and North America.
- BBVA. Banco Bilbao Vizcaya Argentaria is the bank in second place by profit and assets. Residents of Spain have used its services since 1857, and its banking products are now available in Italy, Mexico, Portugal and other countries. A stable credit rating and a 17% share of total banking assets inspire consumer confidence.
- Caixabank. Spain’s third bank, ahead of others on assets and profit. A stable credit rating, a 14% share of the total assets of all banks and many awards attract Russian-speaking clients. The institution has operated since 2011 but is already an important part of the country’s economy. Products for foreign nationals are offered under the HolaBank brand.
- Nickel. A French bank with many branches in Spain. Nickel started accepting clients in 2014 but has already become popular with locals and emigrants. Here you can open a card fairly quickly with a minimal set of documents.
- Correos. A kind of equivalent of Russia’s “Pochta Bank” (the postal bank), it actively issues bank cards with different terms of service. Many Russians open an account here, relying on the institution’s reliability.
How a non-resident can open an account
Opening accounts for residents does not usually cause major difficulties, but banks often refuse them too. It is even harder for non-residents to get the service. Foreigners without a Spanish residence permit provide an extensive set of documents, which is no guarantee of success. Citizens of non-EU countries have to go through a lengthy procedure that can take one or two months.
Getting a foreigner’s identity number (NIE)
The NIE is a code that serves as the tax identification number of a foreigner without a residence permit. It is required to open a bank account and to buy or rent property. The number is issued on the basis of an application stating the reason for requesting the NIE, an international passport and a receipt for payment of the fee. Where to book an appointment and what to write in the application is covered in detail: getting an NIE in Spain. The number is assigned once and does not change. For a non-resident account, banks more often ask not for an NIE but for a non-resident certificate (certificado de no residente): it is issued free of charge by the foreigners’ police by appointment or at a Spanish consulate. With a residence card, the bank’s terms of service are noticeably more lenient. The routes that give such a card are collected in the overview of types of Spanish residence permit.
What documents you need
Each bank has its own list, but usually it includes:
- an international passport;
- a non-resident certificate or NIE, and for residents — a TIE card;
- proof of address — for example, a utility bill or a lease;
- documents on the source of income or funds: the bank is required to check them under anti-money-laundering law.
Russian citizens should bear in mind EU Regulation 833/2014: European banks do not accept deposits over €100,000 from them if the person does not have a residence permit in an EU country.
Submitting documents and passing the checks
The collected, translated and certified documents are submitted to the bank, which carries out a thorough check. Some institutions accept applications online. The prospective client is checked for full compliance with current anti-money-laundering laws. For this, your financial history must be completely transparent, because even the slightest suspicion will lead to the account being refused.
Signing the contract and opening the account
After a successful due diligence check, the bank decides whether to open the account or refuse the client. If the decision is positive, all you have to do is sign the contract, after which you can use the institution’s services.
Can a bank refuse a foreigner
In Spain, foreigners without a residence permit need to justify why they are opening an account. For example, you need to prove income in order to buy property or obtain a residence permit. After the documents are submitted, a thorough check of your financial history is carried out. The chance of approval can depend on both the bank and your nationality. Citizens of CIS countries find it much harder to open an account if they do not have a Spanish residence permit. Importantly, if you are refused, you may apply to other banks.
You can be refused if there is any doubt about the legitimate origin of the funds. Additional documents will help prove your finances are clean. Political factors can also influence the decision. The support of experienced lawyers will increase your chances of overcoming any obstacles.
What services banks in Spain offer
Every financial institution offers a standard range of services — from opening an account or deposit to taking out a loan. Banks also offer insurance, car leasing, home alarms or mobile phones. Here is more detail.
Clients are offered:
- Bank cards. The terms of service depend on the bank and your status: non-residents usually pay higher fees. Residents of Spain and the EU have the right to open a basic payment account with a debit card — this right is established by Royal Decree-Law RDL 19/2017. Which apps to use from day one — from Bizum to taxis — is collected in the overview of apps for living in Spain. A card can also come with extras such as insurance or a higher interest rate on the balance.
- Deposits. Interest on deposits is quite low, so many clients prefer to invest in shares or investment funds.
- Loans. Mortgages, consumer loans and credit cards are offered on different terms that depend on many factors. For example, a mortgage can be taken out for up to 30 years, at a variable or fixed rate.
- Car leasing. It is easy to lease a car through a local bank: after signing a contract for several years, you get a new car.
Planning to get a bank card in Spain? Relotus-relocation can help you obtain a digital nomad visa or a start-up visa. In a country with a progressive system of start-up support it is much easier to get a residence permit and start living a truly good life. You can already book a free consultation to get answers to all your questions.
Frequently asked questions
Can you open a Spanish bank account with an international passport?
Yes. A non-resident usually needs an international passport, a non-resident certificate from the police or a consulate and proof of address; the bank also checks the source of funds. The decision rests with the bank, and banks do not open deposits over €100,000 for Russian citizens without an EU residence permit.
Do you need an NIE to open an account in Spain?
Not always: banks often open an account for non-residents on the basis of a non-resident certificate. Residents need an NIE — it is shown on the TIE card.
Is a bank obliged to open an account for a resident?
Residents of Spain and the EU have the right to open a basic payment account — this right is established by RDL 19/2017. A bank may refuse only on grounds set out in the law, for example because of anti-money-laundering requirements.
