HEALTHPLAN MAGAZINE

What is a non-resident bank account in Spain?

Simply put, a non-resident account is a bank account for someone who is not resident in Spain.

These kinds of accounts are ideal for those who own a property in Spain but spend less than 183 days here each year.

Most non-resident accounts will be euro accounts and also offer online banking and debit cards giving you full control of your account while on the go.

If you spend more than 183 days each year in Spain, you will not be eligible for a non-resident account.

What documents will I need to open one?

• A valid and unexpired passport or national identity card, if you are a citizen of the EU.
• A document that verifies your current address, which could be a recent bank statement or a bill from a direct debit service issued in the past three months.
• A document that proves your current employment status, such as a payslip, tax return, or government letter confirming your employment status.
• An NIE (Número de Identificación de Extranjero) number. This is a unique identification number for foreigners in Spain, and you can obtain it from a Spanish consulate in your home country. With some accounts you will not need to provide an NIE number.
• A certificate of non-residency - This is referred to as a ‘Certificado de No Residente’ and can be obtained from a police station. You will need to present your passport and the relevant form and pay a small fee of around 10 euros. If not in Spain you can apply at your nearest Spanish consulate. Certificates take around one week to be issued. Some banks will carry this out for you for a fee of around 15 euros.

Note that some banks may need you to translate any supporting documents. This will need to be done by a Sworn Translator.

Are there any fees involved?

These will vary, however, many of the non-resident accounts charge a monthly/yearly fee for the service.

Typical bank account fees in Spain include:-

• Maintenance fees – Some banks will charge a monthly, quarterly or yearly maintenance fee.
• Credit or debit card fees – There could be an additional charge for debit/credit card maintenance.
• ATM fees – If you withdraw cash from a bank that is not part of your bank's ATM network, you could be charged a fee for this.
• International transfer fees – In some cases, banks will charge you to send and receive money between two countries.

When shopping around, always make sure that you enquire about any potential banking charges that may apply.

Can I open a non-resident account online?

Yes, most banks offer an online service to open a bank account. You will just need to upload your ID and other supporting documentation.

Which bank in Spain is best for a non-resident account?

With around 140 banks and banking institutions in Spain, there are quite a few to choose from. The most popular include:-

• Banco Santander (Mundo Account)
• Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) - (Basic Payment Account)
• CaixaBank/HolaBank - (HolaBank Account)
• Banco de Sabadell (Key Account)
• Unicaja - Basic Payment Account (EU nationals only)
• Bankinter - Offers a number of accounts for non-residents in Spain.

The links above for each bank direct you to the non-resident account information.

Online banks

There are now a number of online-only bank accounts that are available to non-residents in Spain.

These include:-

• Revolut - Revoult Spain is a digital banking app that provides low-fee financial solutions with state-of-the-art features. It's ideal for expats who need to travel frequently or work abroad as it offers an international approach, accessible from any device, and an IBAN number required for transactions and payments in Spain.
• N26 - N26 is an app-based digital banking account which offers a Spanish iban for formal banking operations in the country. The account is ideal for those who travel and are considered non-resident in Spain. N26 is not currently available to UK citizens.
• Wise - Formerly TransferWise, Wise is an online multi-currency account with a debit card that's ideal for non-residents in Spain and other EU countries, the UK, US, New Zealand, and more. The account can be opened quickly and easily via a smartphone or tablet app. Users can withdraw money from ATMs, and exchange rates are favorable, with minimal fees.

What happens if I become a resident?

If you become a resident in Spain, i.e. spend more than 183 days a year here, you must tell your bank.

In most cases, your account will revert to a resident account.

CONCLUSION

You have lots of options when looking for a non-resident bank account in Spain. This includes traditional brick-and-mortar banks and online-only app-based accounts.

Having an NIE or residency is not always a requirement and many banks will ask you to prove that you are a non-resident by acquiring a certificate of non-residency (Certificado de No Residente) from either a local police station or Spanish consulate in your home country.

Make sure you check that the account is right for you and that you will be able to perform the tasks that you require such as paying bills in Spain or transferring money to and from your home country.

Remember that any foreign documents may well need to be translated into Spanish by an official Sworn Translator.

Finally, as most non-resident accounts have fees, it is wise to check these before opening an account as there may be general maintenance fees, debit card, and transfer fees.