Opening a Bank Account in Spain: Which Bank for Residents
Sandor Farkas
Mallorca expert and author
A Spanish bank account is almost essential for residents on Mallorca. Rent, electricity, water, tax payments to the authorities and your salary from an employer in Spain practically always run through a local account with a Spanish IBAN. But if you want to open an account in Spain, the question quickly comes up of which bank actually suits you, and whether as a newcomer you can get a full resident account straight away. This article explains the difference between a resident and a non-resident account, which documents you need and what to watch out for with fees.
At a glance
Anyone living permanently on Mallorca needs a resident account. For that you need a NIE number, an Empadronamiento and proof of income. If you do not have residency yet, many people start with a non-resident account or a digital bank with a Spanish IBAN. Deposits are protected by the Spanish deposit guarantee fund FGD up to 100,000 euros per customer and bank.
Resident account or non-resident account?
A resident account is a Spanish bank account for people who have their tax residence in Spain. It offers lower fees, full online banking and all the usual services. A non-resident account is aimed at people whose residence is abroad and is usually more expensive and comes with fewer features.
In practice this distinction matters more than many people think. As a recent arrival you often do not have residency yet, but you already need an IBAN to sign the rental contract and set up the electricity. Many people therefore start with a non-resident account and switch it to a resident account later, once the paperwork with the authorities is done. How that first official step works is explained in the post on applying for a NIE number in Palma.
The documents you need to open an account
The paperwork required depends on whether you are opening a resident or a non-resident account. For a full resident account the branch banks usually ask for:
- A valid passport or national ID card
- A NIE number (Número de Identificación de Extranjero)
- An Empadronamiento or other proof of address from Spain
- Proof of income: employment contract, payslip, pension notice or tax return
For a non-resident account you often only need your passport and a Certificado de No Residente instead of the NIE. Many banks obtain this certificate for you as part of opening the account and charge a fee for it, usually between 15 and 25 euros.
Tip: NIE first, then account
The NIE number is the key to almost all dealings with the authorities and the banks on Mallorca. Sort it out early and nothing stands in the way of a resident account. More on this in the guide to bank accounts in Spain.
Branch bank or digital bank?
On Mallorca you basically have two routes open to you. The traditional branch banks such as CaixaBank, Banco Sabadell or Santander have branches in almost every town and offer personal contact, sometimes in English. In return they more often charge account maintenance fees and tie free accounts to conditions such as a regular incoming salary.
Digital banks such as N26, or providers like Wise, score with a Spanish or European IBAN, low fees and quick opening via an app. N26, for example, combines a German banking licence with a Spanish IBAN and lets you open an account by video identification in a few minutes. The downside: there is no branch you can walk into with a folder of papers if there is a problem.
| Posten | Kosten | Dauer |
|---|---|---|
| Account maintenance, branch bank (with conditions) | 0 to 240 € | per year |
| Account maintenance, branch bank (without conditions) | 60 to 240 € | per year |
| Certificado de No Residente | 15 to 25 € | one-off |
| Digital bank basic account | 0 € | per year |
How opening an account works
At a branch bank in person the process is straightforward if you bring your documents in full.
Choose a bank and account model
Compare fees and check whether an English-speaking contact is available on site.
Book an appointment
At many branches a pre-booked appointment is quicker than just turning up.
Present your documents
Bring your passport, NIE, Empadronamiento and proof of income as originals.
Receive your contract and IBAN
After a check you get the IBAN straight away, and the card follows by post within a few days.
At a digital bank a video identification replaces the branch appointment. You then have your salary or pension paid conveniently into the new account. Anyone who regularly moves money between their home country and Spain should also take a look at the comparison on transferring money to Spain, because standard international transfers are often needlessly expensive.
How safe is my money in a Spanish account?
Spanish banks are supervised by the Banco de España. Deposits are protected by the Spanish deposit guarantee fund, the Fondo de Garantía de Depósitos de Entidades de Crédito. Since the EU-wide harmonisation, the guarantee covers up to 100,000 euros per customer and bank.
This limit applies per institution. Anyone holding more than 100,000 euros in liquid funds should sensibly spread the money across several banks. With digital providers it is worth checking which licence the account runs under, because the guarantee depends on the country of the banking licence.
Fondo de Garantía de Depósitos (FGD)
Official Spanish deposit guarantee fund, with details on the 100,000 euro limit.
Banco de España - Cliente Bancario
Official consumer portal of the Spanish central bank on accounts, fees and rights.
Watch out: hidden fees
Some Spanish accounts are only free if a minimum salary comes in or several direct debits run through them. Ask specifically about the conditions when you open the account, otherwise 60 to 240 euros of account maintenance per year can quickly land on your statement.
Common questions
Can I open an account in Spain before I move? Yes. Before moving you can open a non-resident account or use a digital bank with a Spanish IBAN. Once you have your NIE and Empadronamiento, you switch to a resident account.
Do I absolutely need the NIE number? For a full resident account at a branch bank, yes. For a non-resident account a passport plus Certificado de No Residente is usually enough.
Are accounts at digital banks safe? The deposit guarantee depends on the banking licence. With a German licence the German scheme applies, with a Spanish one the Spanish guarantee up to 100,000 euros per customer.
Conclusion
Opening an account in Spain is no great feat, but the order of steps matters. Anyone without residency yet starts with a non-resident account or a digital bank and switches later. Anyone who already has a NIE and Empadronamiento gets a cheaper resident account straight away. Above all, watch the fee conditions and keep the deposit guarantee in mind. You will find an overview of all the steps around banking in the guide to bank accounts in Spain.