In order to buy or rent a property in Spain, you will invariably need a bank account. Non-residents will be offered a non-residents account, which ultimately is very similar to a residents account apart from some variation in charges and authorities and access to funds. It is not necessary to open an account and immediately pay in large amounts of money, but it’s advisable to always have a small balance available to pay for any unexpected bills or charges that you may be subject to.

Obtaining debit and credit cards is normally quite straightforward and these days most banks will offer them without any proof of financial history. You may find that you will only be given a small credit limit, but providing you are a good customer and keep your account in order, the bank will be more than happy to review your situation. Most Spanish banks will provide you with a list of their terms and conditions on an annual basis, which will outline any costs or fees you are likely to incur as well as interest rates for overdrafts or unauthorised spending.

A bank account will be needed to transfer funds to and from Spain and to set up utility bills and other financial obligations. You can set up an account and pay bills by direct debit or by cheque, but the companies you choose will advise you.

When Moving money or transferring funds to and from Spain, amounts will be subject to transfer costs and exchange rates should your home country not use the Euro. Moving money can also take time, especially as new legislation has forced banks to be more thorough when checking money movements. The general reasons given include the prevention of drug trafficking and the financing of terrorism, but it’s just as likely to be to prevent money laundering and tax evasion as Spain endeavours to clean up its cash culture.

For advice on money transfers or bank accounts, please call +34 954 829 231 or click here to complete our online enquiry form.