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Banking In Spain

Banking In Spain

2. Types of Accounts

Fiscal residents in Spain can have a current account and savings account for residents. Non residents can only have the current and savings accounts for non residents. To open a bank account in Spain you will only need your passport or residence permit, and will be asked to fill out a form by the bank which will also set forth the bank's general terms and conditions.

You will also be asked for your N.I.E. number which can be obtained at your nearest police station with a foreigners department.

A current account (cuenta corriente) usually carries a very low interest rate, if any. You can ask for a check book.

A fix deposit account (cuenta de imposición a plazo) will give you interest depending on the time period of the deposit and the amount deposited. Banks can be bargained with about these conditions!

A savings book account (libreta de ahorro) also carries a low interest rate, but does give you a continuous written record of your account, and in some cases can be used in cash machines for withdrawing money. The bank is obliged to retain 18% of the interest you earn, but not on a fix deposit by a non resident.

The bank should also prepare a statement giving your average balance for the year, to be used in your Wealth Tax Declaration if you need to make one.

 

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