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Requirements to open a bank account in Spain

Once you enter the labor market and start receiving salaries, an important need arises: to open an account at the bank. This process is a bit tedious if you have never done it before, so in this guide, we will tell you the Requirements to open a bank account in Spain And what other alternatives do we give you if it becomes too heavy for you.

Benefits of bank accounts

But, we want to tell you what benefits bank accounts have and why you should open one:

  • Bank accounts offer convenience. For example, if you have a checking account, you can easily pay your expenses online with a virtual card. It is also cheaper than buying a temporary card, and, in addition, it allows you to have full control of the daily expenses of your account since you can check it in your online banking. If you have an ATM or a debit card nearby, you can easily withdraw money and make payments in stores, without having to dig through your wallet. A debit card is generally accepted for purchases at any establishment where credit cards are accepted.
  • Bank accounts are safe. Your money will be protected against theft and fire. Plus, it'll also be federally insured, so if your bank goes out of business, you won't lose your money.

  • It is a simple way to save money. Many banks offer an interest rate when you deposit your money into a savings account. The interest will help your money grow over time. Be sure to compare prices and check what fees are involved; You don't want to end up paying more in fees than you are earning in interest. If you have a checking and savings account with the same institution, you can have your money transferred periodically from a checking account to a savings account to help your savings grow.

  • Bank accounts are cheaper. Banks and credit unions generally offer their account holders free or low-cost services.

  • Bill Payment: Without a bank account, you probably depend on companies in charge of making the payment of telephone bills, electricity, water... all of which have charges attached. With a checking account, you can issue invoices for free or pay online at low cost.
  • Transfer: If you use a money transfer company to transfer money to someone else's account, you will have to pay a fee, usually a percentage depending on the company. Depending on the amount you want to transfer, this fee can be expensive. But if you make a transfer from your bank account to someone else's account, your bank will usually charge a flat rate that is generally lower than the money transfer company's.
  • access to cash- When you need cash but don't have money in your account, you can always choose to use a credit card to get a cash advance from an ATM. The credit card company will charge you a transaction fee and interest. If you have a bank account and an ATM or debit card, you can access your money from your own bank's ATM for free. Although you can access your money from any ATM, you may still pay a transaction fee if you use an ATM that is not owned by your bank.

Requirements and documentation

The requirements to open an account banking There are not many, you just have to:

  • generally you should be major dand age (+18)
  • own a credit history demonstrating regular income
  • not belong to any list of defaulters

To demonstrate to the bank that you meet all these requirements, the necessary documentation that you must provide to the bank is the following:

  • Identification document, such as the DNI or resident card of foreign nationality. For non-residents of Spain, it is necessary to provide certificates of non-residence, registration certificate and passport.
  • You must provide the bank with the last payslip you received and the statement of income or quarterly payment received from value added tax.

Once you have these documents, the financial institution will tell you what additional particular requirements you will have to open a bank account. These requirements may be different for each entity and/or branch. Then, you must go to said branch and an agent will evaluate if all the requirements are met. The response can take hours and even days.

Open an online account at Fazil

If, on the other hand, you are a person in a hurry and who hates paperwork like us. We tell you what steps you have to follow to open an account in Fazil and that they will not take you more than 10 minutes. 

To open your Fazil account you simply have to:

  • Be Over 18 years of age and have your valid Spanish DNI (soon also with NIE and PASSPORT for residents in Spain or in a country in the SEPA zone)
  • have a mobile with internet connection

Also, when you open your Fazil account, forget about commissions and carrying coins, all payments are made through your mobile phone. In this article we explain what they are and how to obtain free wallet cards.

Transfer cash to Fazil and pay your daily expenses with your mobile

Create your account in 4 minutes.

Transfer cash to Fazil and pay your daily expenses with your mobile

Create your account in 4 minutes.

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Dear Boomer

If you see that easy is not for you, you will always have the classics...

Those old glories that they have their bank branches, You already know how they work and they will not take you out of your comfort zone. 👴🏽

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By submitting the form you confirm that you are interested in creating an account online and that therefore you have read and accept the terms and conditions of the service as well as the Privacy Policy easy.
By submitting the form you confirm that you are interested in creating an account online and that therefore you have read and accept the terms and conditions of the service as well as the Privacy Policy easy.
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