Requirements to Open a Bank Account: Steps, Advantages and MORE

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If you need to open a bank account, keep reading, this article will describe the requirements to open a bank account in Spain.

It will also detail the step by step to hire it, the advantages and many more keys, such as the banking institutions that offer the service, since with a bank account you can have money in real time, through transfers, ATM transactions or mobile applications.

What are the Requirements to Open a Bank Account in Spain?

Before I start mentioning the requirements, it is important to indicate that currently there is also the option of opening an account in a on-line or through the internet. With this option it is not necessary to go to the banking agency immediately, however it is mandatory to present certain requirements.

In this sense when opening a bank account, either online or in agencies, the bank will request some requirements to open a bank account. These documents are also used to validate the identity of the applicant:

  1. Valid personal identity document.
  2. It is mandatory to be of legal age.
  3. Document or receipt that indicates the residence address that you will indicate to open the bank account.gyu
  4. Indicate the contact telephone (s) for the bank.
  5. You also need a personal email.
  6. In addition, some banking institutions request:
    1. A letter of employment, in case of being a dependent worker.
    2. Photocopy of the last payroll payment received, in case of being a dependent worker.
    3. In case of being an independent worker, the bank requests the income statement.

Requirements to Enjoy Additional Benefits

In addition to the stated requirements, many banks request clients other requirements so that they can enjoy more benefits, such as: Promotions and discounts or also to exempt the charge of commissions.

In this sense, followed by mention the other requirements, only if the client decides to benefit from the additional advantages indicated by the bank:

  • Affiliate the payment of payroll and other receipts, to the account that is being opened, in case you need a payroll account. In the latter case, some banks require:
    • Maintain income greater than six hundred euros per month. In addition to affiliating the receipts of the water, electricity or heating service and any other.
  • Carry out a minimum number of operations with the debit card. In these cases, some banks request to carry out three operations on a quarterly basis with the indicated card.
  • Have a minimum balance in the account, although this requirement is less common than the previous ones.

Step by Step

Since there are currently two ways of contracting from a bank account: Via On-line or at the Bank Office, the step-by-step for each option is presented below.

Step by Step to request to open the bank account in a bank branch:

  1. Go to the bank office to request information on customer service hours.
  2. Present the indicated requirements, in a photocopy and original.
  3. The account contracting contract must be signed by the owner (s). Before signing, it is advisable to carefully read the terms and conditions of this document, in order to understand the collection of commissions or maintenance services, if applicable.
  4. If it is necessary to open a bank account in the outskirts of Spain, it is suggested to contact the customer service of that bank to request the information on the process to follow.
  5. Similarly, many banks already have specific accounts for these situations.

Step by Step to open the bank account through the internet or on-line:

Even though this type of service was created to facilitate the customer the procedures to open an account, the requirements and the process to follow do not vary much. In this sense, the step by step to open an account is mentioned below. on-line:

  • The applicant must be of legal age. Even when applying for a youth account, one of the holders must be of legal age.
  • Have Spanish citizenship.
  • The applicant must have an account with another banking institution.
  • Other more specific requirements when opening an online account:
    • According to the type of account required, the bank will also ask the client to affiliate the income and / or payment receipts.
    • Sign a continuity contract.
    • Download the bank’s application to carry out all financial procedures.

Because the procedure on-line it is not something common, below is details the process for enter the website of the chosen bank:

  • Enter the website of the chosen bank, follow the instructions on the website to open an account in lbjínea.
  • In many cases, the first thing the web requests is to download the bank’s application.
  • Download and complete the data indicated in the application form with:
    • The DNI, the residence address, the telephone numbers, email, type of account and number of holders.
  • Verification of identity data. The bank will validate the identity document:
    • It can be through a selfie, a photo with the account code of the other bank or through a messenger that will go to the residence of the applicant.
  • Regarding the economic activity of the applicant.
    • This must complete the requested data on annual income, current occupation and activity, profession, company and address of this. In the case that it is a payroll account.
  • Download and sign the contract, before signing the data must be verified:
    • The bank will send the account contract document to the indicated email. The signature is made by entering the validation code that has been sent by the bank, by means of a text message to the indicated cell phone.
  • Finally, the passwords to enter the web and those used to carry out other banking operations must be created.
  • Once the indicated steps have been completed, between seven (7) and ten (10) business days, the bank will send the credit card associated with the account to the residence address.

Best Institutions to Open a Bank Account

The best institution to open a bank account It is a decision that will depend of the applicant and their particular need. However, there are banking institutions that differ from others by the promotions of products and services they offer, commissions. Also due to the conditions provided at the time of account opening.

That is why some banks are mentioned below that offer advantageous conditions for applicants who do not require a checking account to receive payroll. The requirements to open a bank account at these banks are generally the same:

  1. Banco Bilbao Vizcaya Argentaria.
  2. N 26
  3. Bankia

Also below is a group of banks that offer advantageous conditions For applicants who require a checking account to receive payroll:

  1. Abanca.
  2. Bankinter.
  3. ING Direct.

Advantages of Opening a Bank Account

Currently have access to a bank account it is a very simple and short procedure. Thanks to the facilities of information technology, today it is possible to open an account in just a few moments and without having to go to the bank. Since there is the option of opening the account through the internet or in a on-line.

This type of accounts they have many advantagesOne of them is that they do not require affiliation of payments to the accounts. Another benefit is that in many banks when using this type of account, they exempt from some commissions. For example, commissions for:

  • Issuance of debit or credit cards or their renewal.
  • ATM operations.
  • Among other operations.

Without However, in general the benefits of opening a bank account are many, among which the most prominent are mentioned:

  • Have money available in real time, through transfers, ATM transactions or mobile applications.
  • They give the client security, order and control of the funds deposited in them, since they offer ease when using them.
  • In addition, through these, the bank can make debits corresponding to the customer’s payment obligations.
  • Bank accounts can offer payment instruments that give the user versatility and agility when making purchases or making payments.

Steps for Foreigners

The process of opening a bank account in Spain for non-resident foreigners or Spanish, is equal to the step by step of the Spanish residents.

However, it is important to remember that each banking institution may have particularities. In this sense, foreigners must present the valid passport or the identification document of the country of origin and the negative residence certificate issued by the Ministry of the Interior.

On the other hand, if a non-resident Spaniard needs to hire a bank account, you must have a valid personal identification. It can be the NIF or passport plus the consular record of registration in the country’s resident registry. In addition to all the requirements to open a bank account.

Tips for Opening a Bank Account

When opening a bank account it is important to perform a comparison between the advantages offered by each bank. All this before making the decision of the product to hire and the bank to choose, so it is necessary to define the real need.

In this sense, the following are mentioned some tips to consider before opening a bank account:

  • Define the type of account that is needed, for what it is wanted: payroll, payment of basic services, for young people, for families or pensioners.
  • Find the requirements to open a bank account.
  • Validate the commissions charged by banks. It is important to know the reasons why they charge commissions and the percentage that each bank charges.
  • Corroborate the length of stay required by each bank, since depending on the banking institution the client can benefit from promotions and discounts.
  • Check which banks offer credit or debit cards for free.
  • Research the other products each bank offers.

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