A guide to opening a bank account in Spain: For students, Erasmus participants and newcomers

Moving to Spain for studies or an internship is an exciting process. But after packing your suitcase and dealing with the visa stress , the first bureaucratic hurdle upon arrival in Spain is usually opening a bank account. ✈️

A local IBAN (starting with ES) for rent payments, tuition fees, the expected Erasmus grant, or internship salary is not only practical but often essential. However, the Spanish banking system can sometimes seem like a confusing labyrinth to newcomers.

This guide simplifies the bureaucracy and explains step by step how to open a bank account in Spain. Ready to get started? 👇

❓ Is it absolutely necessary to open a bank account in Spain?

If you are coming for a short tourist holiday, this is not necessary. You can use the maps from your home country.

However, if you plan to stay in Spain for more than 3 months, a local bank account will make your life much easier and is in some cases even essential.

Who needs a Spanish bank account anyway?

• 🎓 Erasmus, Master's or PhD students.

• 📅 Holders of long-term student visas (Type D).

• 💼 Those who work or are doing an internship in Spain.

• 🏠 For those who will be signing a long-term lease (landlords usually require a Spanish IBAN).

• 💰 Those who will receive a scholarship or salary payments.

🏦 Account types: Differences between residents and non-residents

In Spain, the first question you will be asked when visiting a bank is: "Are you a resident or not?" This distinction determines the fees to be paid and the complexity of the process.

1. Non-resident account

You have only recently arrived in the country and have not yet received your Temporary Entry Permit (TIE). In this case, you would open this account.

• ✅ For whom: People who do not yet have a Physical Entry Permit (TIE).

• 💸 Disadvantage: Monthly account fees are usually higher, and some banks may require additional bureaucratic effort, such as a "certificate of non-residentship" (certificado de no residencia).

2. Resident account (Located in the "Residents" section)

This is the account type you need to switch to once you have completed your registration process.

• ✅ For whom: People who have received their NIE number and are in possession of a TIE (residence permit).

• 💰 Advantage: The costs are much lower (often free for students) and you have access to a wider range of banking services.

💡 Tip: Even if you initially open a non-resident account, don't forget to switch your account to resident status with your bank as soon as you receive your Time Identification Card (TIE). This will help you avoid unnecessary costs.

📝 What documents are required for a bank account?

In Spain, the required documents can vary slightly from bank to bank and even from branch to branch. However, preparing this "golden folder" before your appointment will speed up the process.

1. Passport: Original copy of your valid passport.

2. NIE number (if applicable): The foreign identification number that begins with "Y" or "Z" and is printed on your visa.

3. Registration certificate (Empadronamiento): A document that proves your residence. You may need a rental agreement or a registration certificate (Empadronamiento) from the municipality.

4. Status document: A document that proves what you intend to do in Spain. (Certificate of enrollment, university admission letter or internship contract).

🏆 Most popular banks in Spain

Here are some of the banks that are frequently used by students and expats and where you are more likely to find English-speaking support:

• 🔵 BBVA: It has a very strong digital infrastructure, its app is award-winning, and opening an account is relatively easy for new customers.

• 🔴 Santander: One of Spain's largest banks. It may have agreements with universities.

• ⭐ CaixaBank: Has a very extensive branch network.

• 🟠 ING: Generally a more affordable, digitally focused option.

• ⚪ Sabadell: Another established bank that is widely preferred.

💡 Tip: Be sure to ask about the "student package" (cuenta joven / cuenta estudiante) at the branch. These packages usually offer free accounts and cards for people up to 25-30 years old.

💻 Are online banks (neobanks) an option?

Yes! Fully digital banks (neobanks) like N26 or Revolut can be lifesaving for newcomers to Spain.

• ✅ Advantage: You receive a European IBAN within minutes – using only your passport and smartphone, without having to visit a branch. Ideal for receiving grant funding or making initial payments.

• ⚠️ Attention: Some official institutions or older landlords may not accept the IBANs of these banks (especially if they do not offer a Spanish ES IBAN). However, it is a good temporary solution until a main account is opened.

⚠️ The 4 most common mistakes

To avoid unnecessarily prolonging the process and losing money, you should avoid the following mistakes:

1. Incorrect account type: Opening a standard account with high costs without indicating that you are a student.

2. Ignore the small print: overlook clauses such as "The first 6 months free, then €15 per month".

3. No appointment necessary: In Spain, banks generally operate by appointment (cita previa). Don't go too early in the morning, or you'll be turned away.

4. Submitting incomplete documents: The "I'll bring them later" approach doesn't work in Spanish bureaucracy. Make sure your documents are complete.

Conclusion: Early preparation pays off.

Opening a bank account in Spain isn't rocket science, but it does require patience and the right information. It's especially beneficial for Erasmus students or other newcomers to research the different options beforehand and have the necessary documents ready so they can enjoy their first few weeks in Spain without any worries.

Good luck! 🍀