Opening a Bank Account in Spain
Do I need to have a bank account in Spain?
If you personal a house in Spain, a Spanish bank account is crucial to make mortgage payments and spend bills by direct debit. You will also be offered a debit card which you’ll be able to use when buying accompanied by a type of photographic concept, typically your passport or driving license should you be not resident. When purchasing, you’ll be able to use your UK debit and credit cards, once again with ID and you’ll be topic to exchange rates.
But I can’t speak Spanish?
This isn’t generally an issue particularly along the Coasts where all banks employ English speaking staff.
What do I require to open an account?
To open a fundamental account (cuenta corriente) as a non-resident you need to present your existing passport. The paperwork is carried out rapidly
What kinds of banks are there?
You’ll find two forms of banks in Spain: saving banks (Caja de Ahorros) and regular banks.
What will I be charged for?
Sadly, it appears like there are charges for every little thing from cashing cheques to receiving cash from an UK account and there is also an annual upkeep charge.
How does the direct debit system work in Spain?
Bills including electricity, water, telephone, insurance coverage and so on can all be paid by direct debit. If you’d like to cancel a direct debit, you’ll need to pay a visit to your branch in individual and inform them to take away the company out of your list of direct debits. The main distinction is always to set up a direct debit inside the UK you should fill in a type which can be authorised by your signature. In Spain, you simply hand somebody your account particulars and they could request the money out of your account. Because the account holder there is a time limit in which you’ll be able to reclaim this cash, should you will need to. For this reason, it really is crucial which you get and check all of your statements frequently.
Debit Card
Your card will take about ten days to arrive at your branch. When you choose it up you will be offered your PIN number which you are able to modify in the cash machine.
Money Points
Make sure that you use your bank’s money point to prevent the high rates of commission that are frequently as a lot as 10%.
Internet Banking is accessible for many banks in Spain, ask within your branch.
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