What do I have to know about banks in Spain?

When you invest in Spain you will need to open a Spanish bank account in a Spanish bank. The payment of your purchase will probably be done with a banker’s draft cheque issued by a Spanish bank. Also, your Spanish Bank account will be necessary to direct debit your day to day expenses, for instance, electricity, water and telephone.

Matters to be considered when choosing a bank in Spain

An important point is to watch out the commissions. Some banks may charge high commissions when they receive transfers from abroad or they issue cheques to pay for the purchase price. Most of the banks are prepared to negotiate their commissions so speak to them when you open a bank account.

It is important that the branch you will choose is used to deal with clients who have the same nationality than you. In this way, they will know the documents they need from you based on previous cases.

If you choose a bank in Spain that is used to deal with the anti-money laundering, the documentation that they will ask you will be accurate since in order to comply with the anti-money regulations banks need to identify the source of the funds invested in Spain.

Please see the video below for more information.

If you have any questions, please contact us. If you want to open a bank account in Spain, check our our property investment services.