FAQ's about bank accounts in Spain
Here is a list of the most frequently asked questions from our clients about bank accounts in Spain.
WHAT ARE THE PROPERTY TAXES FOR RESIDENTS & NON-RESIDENTS?
Residents will need to pay:
The IBI property tax.
Non-residents will need to pay:
The Non-Resident tax declaration.
The IBI property tax.
* Non-Resident tax is paid to the national government.
* Impuesto de Bienes Immuebles (IBI) is paid to the local council.
ARE DEBIT CARDS PROVIDED WITH ACCOUNTS?
Current accounts will provide you with a debit card. However, saving accounts do not. you will notified as to when you can collect you card from your bank. This usually takes 10 days to complete. At this point you will be given your PIN number.
Most restaurants, shops and businesses will accept debit card payments. When using an ATM machine, be cautious when withdrawing funds, as you may be charged, unless you use an ATM from your specific bank.
ARE CREDIT CARDS PROVIDED WITH ACCOUNTS?
You will be to apply for a credit card, although, you must have a current account in order for the bank to know that payments can be made. In some cases, only Spanish resident can have a credit card and not Non-Residents.
IS IT POSSIBLE TO MAKE AND ACCEPT INTERNATIONAL TRANSFERS IN MY SPANISH ACCOUNT?
International transfers are treated exactly the same as domestic transfers, that can be done from your branch or in your online banking. In order to send or accept money, you will need an IBAN number, always.
CAN THE BANK STAFF TALK TO ME IN ENGLISH?
Some banks in Spain are able to provide English speak staff, not all of them do have English speaking staff because the banks are located in Spain and most of the banks are directed to Spanish residents.
Living in area an in Spain where there are many international residents and visitors, then you are likely to have English speaking staff in banks.
WHAT TYPES OF BANK ACCOUNTS ARE THERE?
Cuenta Corriente (Current Account) - This is mainly used for day to day banking and direct debits.
Cuenta de Ahorros (Savings Account) - This account usually comes with a savings book rather than a ATM or Debit card.
Cuenta de Depósito (Deposit Account) - This account is very much like the savings account.
CAN JUNIORS OPEN A BANK ACCOUNT
Many banks in Spain provide junior accounts, aimed at specific age ranges. Such as, Cuenta Junior which is aimed at children between 12 and 17 years of age.
Usually, junior accounts will receive a bank card and account book or a debit card and no administration fees.
ARE CHEQUE BOOKS PROVIDED?
You will need to ask your bank for a cheque book as they are no longer automatically issued to you when you open an account. Many businesses in Spain do not accept cheques for fear of them bouncing.
ARE DIRECT DEBIT FACILITIES AVAILABLE?
Yes they are, although the direct debit system used in Spain is different from some other European Union countries. You will normally guided in signing to allow money to be taken from your account, however, in Spain the banks simple give them your accounts details.
Cancelling a service that uses a direct debit, won’t actually cancel the direct debit with your bank. You would need to tell your bank that the debit is no longer required.
CAN I HAVE ONLINE BANKING?
Most banks in Spain do provide excellent online banking services. Some can even be in English.
CAN I GET MONTHLY STATEMENTS?
You can receive monthly statements, especially through internet banking , where you can see your account details and transactions.
WILL I BE ABLE TO RECEIVE A PERSONAL LOAN AND OTHER FINANCING?
You will be able to apply for personal loans for a new car, home improvements and other necessities. Banks offer different terms to each other, and when you have been with a bank for a while, they will be able to determine how much money you have going in and out of the account. If you have a good credit rating, then you should be able to receive a loan.
At PSI Consultants, our experienced legal, fiscal & visa experts can help you acquire residency & nationality in Spain through property investment in Spain. We will guide you through the whole process of gaining Golden Visa residency in Spain and we offer a wide range of services related to the management and transmission of property ownership in our department dedicated to conveyancing, donations & inheritances. Also in our legal department we manage the obtaining of NIEs, Residences, Wills, private contracts, representation and personalized legal consultation on all related matters.
If you would like to learn more about our Spanish services in the Costa Blanca area, please feel free to contact us at any time when our office is open between 9am - 2:30-pm, Mondays to Fridays.
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Feel free to ask any legal or fiscal questions that you need answered. You are more than welcome to also email or call us.