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Depending on the region, payments can be made through foreign bank accounts, but regular Spanish companies and some utility companies do not all accept direct debit from a foreign bank account.
Incidentally, with the introduction of the IBAN bank account number, this is less of an issue. With a so-called ‘certificado del banco’ (=bank letter drawn up in English or Spanish, showing the IBAN number and corresponding account holder(s)), most companies will accept a direct debit.
However, sometimes it is still advisable to have a Spanish bank account, as there are always exceptions to the rule. Other than that, a Spanish bank account can also be useful to keep the expenses for the second home separate from the first home.
What documents do you need when opening a bank account?
- ID card
- NIE number
- A document showing your address in Spain: this could be your purchase deed, a rental contract or a utility bill, such as electricity or gas, and so on.
- A document showing your employment status, such as an employment contract, a pay slip, your pension income, etc.
- Tax return from the previous year
It is practical to choose a bank where people speak Dutch and/or English. Indeed, in case the language is an obstacle, the documents have to be translated by a sworn translator.
For residents, the bank usually has fewer requirements and there is more flexibility in opening the account, including lower fees. Incidentally, this also depends on the services and products contracted with the bank and which bank you want to open an account with. Thorough preliminary research is worthwhile.
BANK FEES AND COMMISSIONS
The cost of a bank account is considerably higher in Spain than in Belgium and the Netherlands, for example. Costs can vary enormously from bank to bank. So it is advisable to look carefully at what each bank has to offer before choosing a bank. Also bear in mind that the fees and commissions charged by a bank will vary depending on your personal circumstances.
Current accounts are usually cheaper than other types of accounts. When you are paid a fixed monthly amount (such as, for example, (part of) your salary, pension or fixed contribution from your account in Belgium or the Netherlands), you can usually enjoy favourable rates and commissions. The same applies when you take out other services through the bank. Think of the various insurances, a pension plan or a share package.
Beware! Banks sometimes still charge fees for withdrawing cash from ATMs that do not belong to the bank itself (or their partners) and even commissions on certain transactions, such as bank cheques or transfers.
ACQUISITION OF OUTSIDE BANK ACCOUNTS: the reporting requirement
Something little talked about is the fact that you are legally obliged to register your Spanish bank account with the tax authorities of the country where you are a resident. Registration can generally be arranged online and should also be mentioned in your annual personal tax return form.
