If you plan to live in Tenerife for a long time, buy a property or move here completely, you can’t do without a Spanish bank account. Whether it’s paying for electricity, setting up a Spanish phone number or buying a car, a local account will allow you to access many services. In this article, we’ll examine why having a Spanish account is important, what documents you’ll need to set one up and how to choose the right bank.
Why Do You Need a Spanish Bank Account?
Opening a Spanish bank account is a practical step that will make your life on the island much easier. With a local account you can:
buy a property and handle the associated payments
paying for utilities and other services (water, internet…) by automatic direct debit,
get a Spanish SIM card
buy and register a car
use Spanish apps and online services (e.g. for transport, insurance, etc.)
What Documents Will You Need?
Each bank may have slightly different requirements, but in general you will need the following documents to open an account:
1. Proof of identity
A valid passport or ID card (for EU citizens).
NIE – Foreigner Identification Number (Número de Identificación de Extranjero) which is required for almost any administrative action in Spain (more info on NIE here)Vložit k slovu ,,here’’ odkaz na stránku VyÅ™Ãzenà NIE)
2. Proof of income
Banks want to know where your money comes from. You can provide proof of, for example:
your pay slips
last year’s tax return
your employment contract
in some cases, a statement from another account
3. Proof of address
You can prove your address in Tenerife by showing, for example:
rental agreement
the purchase contract for the property
a utility bill in your name
Some banks may also require proof of residence registration (empadronamiento), i.e. proof that you are registered to live at the address.
Which Bank to Choose?
Each bank has different policies on fees, attitude towards foreigners and online services. Some are more willing to communicate in English, others have branches only in Spanish.
Bank accounts for non-residents usually have higher fees than accounts for residents. However, some banks allow you to reduce or waive these fees altogether – for example, by opening a savings account, reaching a certain monthly income level in the account, or using a credit card regularly. Before you decide, we recommend you carefully compare the offers of each bank to see which option is best for you.
The largest Spanish banks that offer their services to non-residents include:
BBVA Bank Spain
CaixaBank
Santander Bank
Sabadell Bank Spain
Bankia Spain
Opening a bank account in Tenerife is one of the first and essential steps for anyone who wants to live or invest on the island.Â
Are you about to visit a bank in Tenerife for the first time? Still have questions or need help? Do not hesitate to contact us!