How to open a bank account in Spain

FEEDUC

HOW TO OPEN A BANK ACCOUNT DURING YOUR STUDIES IN SPAIN

If you are a citizen of a European Union country, you are not required to have a bank account in Spain to pay for university. This said, it can be useful to have one for many reasons.

A bank account in Spain is necessary in order to:

  • Sign an Internet or mobile phone contract
  • Open a water, gas or electricity contract
  • Be eligible for a monthly membership (e.g. sports club with monthly payments)

 

Sometimes, a student in Spain may be required to have a bank account in Spain to:

  • Rent accommodation
  • Take out insurance

 

FEEduc always advises students in Spain to open a bank account to facilitate their daily life. Most banks apply very low account keeping fees for students.

 

PLEASE NOTE: if you are not Spanish and do not live in Spain, you will not be able to obtain a student loan to finance your studies in Spain. To obtain a student loan to study in Spain, you will need to contact a bank in your home country.

To finalise your enrolment at certain universities, this bank account will also be required for certain payment methods. For example, if you choose to pay for your studies in Spain on a monthly basis, some universities will make direct debits to a bank account in Spain. Enrolment will only be finalised when you are able to provide a Spanish bank account number.

5 IMPORTANT THINGS TO KNOW

1. Information about banks in Spain

  • Banks are generally open to the public from 8.30am to 2.30pm, Monday to Friday.
  • It is not necessary to make an appointment in advance with an advisor.
  • Cheques are not used in Spain; very few shops accept them, as they are not a secure payment, take a long time to process and are very expensive.
  • Cash withdrawals are subject to charges if you withdraw from an ATM belonging to a network other than the one recommended by your bank.
  • Find out about your bank’s network (4B Telebanco, Servired, EURO 6000).

 

2. What documents do I need to open a bank account in Spain?

  • Your ID
  • Your NIE / TIE (for non-EU students)
  • Proof of income (pay slip or latest tax assessment)
  • Proof of address

Please note: not all bank branches open accounts for non-tax residents in Spain.

 

3. How much does it cost to open a bank account?

  • Costs can vary considerably from one bank to another.
  • Before doing anything else, find out about the various commissions, account management fees, bank card charges, transfer prices, etc.
  • For non-EU citizens, it is important to check with the bank the conditions for opening an account.

 

4. Where can I open an account as a foreign student in Spain?

TARGOBANK – TOMAMOS IMPULSO is the Spanish brand of the AXA Group, a leader in the European financial market.

 

5. What advantages does Targobank – Tomamos Impulso offer?

  • One online bank account for all transactions
  • Free transfers between the European Union and Spain
  • English-speaking advisors
  • No monthly salary deposit required to open an account in Spain
  • Financing solutions for buying property throughout Spain with fixed or variable rate mortgages
  • With TARGOBANK – Tomamos Impulso you have access to 3,800 ATMs throughout Spain. The list is available at this link.

As a customer of TARGOBANK – Tomamos Impulso, you are guaranteed the security and reliability you need to carry out all your transactions.