After you move to Madrid and start renting a flat, you will need a Spanish bank account. This guide explains how banking works in Spain, Bizum payments, and how to open an account.
Resident versus non-resident accounts
You can open two main types of bank accounts in Spain. If you do not have residency documents yet, you need a non-resident account.
The Spanish term for this is cuenta de no residente (non-resident account). These accounts have higher maintenance fees and fewer features.
Once you get your residency card, you can open a resident account. This account is called a cuenta de residente (resident account).
Resident accounts are cheaper and often have no maintenance fees. You must update your status with the bank when you receive your residency card.
Transitioning to a resident account
When you obtain residency, you should convert your account immediately. The process is not automated by the bank.
You must present your new identity card at a branch. The bank will update your tax status in their system.
Converting the account avoids the high non-resident fees. It also changes your tax withholding status for interest earnings.
Some banks might require you to close the old account. They will then open a new resident account for you.
Required documentation for opening an account
You must present specific documents to open an account in Spain. Traditional banks are strict about verifying your identity and income source.
For resident accounts, prepare these documents:
- Valid passport : Your primary identity document.
- Residency card (TIE) : To prove you are a registered resident.
- Proof of income : A Spanish employment contract or student enrollment certificate.
- Proof of address : A rental lease or registration certificate.
For non-resident accounts, prepare these documents:
- Valid passport : To verify your identity.
- Non-resident certificate : You can request this at the police station.
- Proof of income : Income tax statements from your home country.
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Understanding Spanish IBANs
Spanish bank account numbers use the standard European format. Every Spanish IBAN starts with the letters ES followed by 22 digits.
You need a Spanish IBAN for daily transactions. Most utilities and employers do not accept foreign bank accounts.
Your salary must be deposited into your Spanish account. The Spanish term for salary deposit is nómina (payroll deposit).
You will also use direct debits to pay your bills automatically. Direct debits are called recibos domiciliados (direct debits) in Spain.
How electric and water bills work in Spain
Bizum payments in Spain
Spain has a very popular instant mobile payment service called Bizum (instant payment service). It links your phone number directly to your bank account.
You can send money instantly to other people for free. Almost all banks in Spain integrate Bizum into their mobile apps.
You do not need to download a separate app. Expats use Bizum to split restaurant bills, pay rent, or purchase items.
You need a Spanish phone number and a Spanish bank account to use it.
How to dial Spanish phone numbers
Common banking fees and charges
Traditional Spanish banks charge high fees if you do not meet their conditions. Annual maintenance fees can range from 60 to 240 euros.
These fees are called comisiones de mantenimiento (maintenance fees). You can avoid these fees by depositing your monthly salary.
Many banks also require you to make multiple card purchases each month. Avoid overdrafts on your account whenever possible.
An overdraft is called a descubierto bancario (bank overdraft) in Spain. Banks charge high interest rates and penalty fees for overdrafts.
Bank regulations and protection
The banking sector in Spain is supervised by the Banco de España (Bank of Spain). They ensure banks follow consumer protection laws.
Your deposits are protected by the national guarantee fund. The Spanish term is Fondo de Garantía de Depósitos (Deposit Guarantee Fund).
If a bank fails, the fund guarantees up to 100,000 euros per depositor. This rule applies to both residents and non-residents.
If you have a dispute with your bank, you must contact their customer service department first.
Closing an account
Closing a Spanish bank account can be a slow process. You must usually visit your local branch in person to close it.
Ensure all direct debits are moved to your new bank first. You must pay any outstanding fees before the bank closes the account.
Get a written confirmation statement showing the account is officially closed.
Questions and answers
Can I open a bank account online?
Yes. Residents can open accounts online using video verification. Non-residents must visit a branch in person.
What is the minimum age to open an account?
18 years old. Minors need parental permission and supervision to open an account.
Is Bizum safe to use?
Yes. Bizum transfers are backed by your bank security systems. However, you cannot cancel a transfer once sent.
Do I need to speak Spanish at the bank?
Usually no. Central Madrid branches have English-speaking staff. Bring a friend if you want help with complex terms.
Are cash withdrawals free?
Only at your bank’s ATMs. Using other bank machines can trigger fees of 1 to 3 euros per transaction.
What is the deposit guarantee limit in Spain?
100,000 euros. The Spanish government guarantees deposits up to this amount per person per bank.
Can I link multiple bank accounts to one Bizum number?
No. You can only link one phone number to a single bank account at any time. You can change the linked account in your app.
How long does an international transfer take?
Usually one to three business days. Transfers within the SEPA network are faster and often arrive within 24 hours.
