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Opening an account without payroll that can be managed online can be the perfect alternative for all those consumers who never set foot in their bank branch, who do not have regular income and who do not want to pay a single euro in commissions. And it is that while some accounts can cost 240 euros a year in commissions, there are banks that do not charge a single euro to their clients, whether or not they have income. What are the requirements to open an online account without payroll? What advantages do they have? We tell you the whole truth about these products below.
Table of Content
- How does an online account without payroll work?
- What requirements do they have?
- How do you open an online account?
- What advantages do they have?
- Mobile account, is it the same as an online account?
How does an online account without payroll work?
Online accounts without payroll are an alternative for those people who are looking for a bank account to manage their day-to-day activities that do not have commissions or connection requirements and who, in addition, are willing to carry out all the operations through the bank. on-line. These accounts can serve as a primary account, a secondary account, or to be shared with another person.
These accounts are usually contracted without the need to go to an office. Once the opening process has been completed, you will have an IBAN code and, generally, a debit card.
Once the account is 100% operational, from the comfort of home it will be possible to carry out basic operations without paying commissions such as transfers, check balance and movements, pay bills, activate or deactivate cards, etc. And all this without the need to domicile a payroll.
These types of accounts, which are attracting more and more customers due to their 0 commission and 0 connection policy, can be found both in online banks and in neobanks. Even more and more traditional banks market them.
Are online accounts different from traditional accounts?
The product is essentially the same. In other words, with an online account we can domicile income and receipts, make transfers, request cards, pay with a mobile phone or send money through Bizum if the bank has this service. The difference is that online accounts are designed for the holder to operate through the bank’s website or app. In fact, if you go to an office, the bank could charge you commissions. Some entities that sell online accounts without payroll do not even have an office network.
In any case, the number of services associated with each account will depend on the entity. For example, some online accounts without payroll, generally those marketed by fintech banks, do not allow paying taxes or direct debiting public benefits such as pensions, while those offered by online banks or traditional banks do allow it.
What are the requirements to open an online account without payroll?
One of the main advantages of these accounts is that, as the name suggests, they do not oblige the holder to domicile a salary, so they can be contracted even if there is no income. The most common requirements to open an online bank account without payroll are the following:
- Be of legal age, that is, be 18 years of age or older.
- Be a resident in Spain.
- Have the DNI or NIE handy at the time of hiring, as well as the rest of the documentation requested by the entity (some banks request that the client attach a document that proves their professional activity, such as a payslip).
- Have a computer or a smartphone to be able to contract the online account.
- Operate through digital channels (through the app or online banking)
Before opening an online account without payroll, keep in mind that you will have to carry out all your usual operations through remote banking (web, app and ATMs) and you will have to do without the branches for basic operations (transfers, withdrawals, payment of bills, etc.). Therefore, although operating through online banking is very simple, they may not be convenient for all consumers.
How do you open an online account?
The process to open an online account without payroll is very simple. Once we have decided which account to contract and all its conditions are known, it will be necessary to access the entity’s website or download its app on the smartphone. As it is an online account, we will not be able to open it in an office.
During the registration process, we will have to fill out a form with our personal and contact information and verify our identity. The entity’s own app or its website will guide us during this process, which generally consists of taking a photo of the DNI and taking a selfie or making a video call. Sometimes the IBAN of another account in our name may also be attached to complete this step. Finally, you will have to indicate the address where you want to receive the card associated with the account.
The whole process may take a few minutes. Of course, in some cases it will be necessary to wait a few hours or even a few days until the account is operational and another few for the card to arrive at home. Some banks, however, have accelerated the process and allow you to open the account instantly and start using the card to pay with your mobile right after opening.
Advantages of opening an account online and without payroll
The simplicity and freedom offered by this type of product, as well as the absence of commissions, are its main advantages.
|No commissions. Free of maintenance costs, this type of account is usually the ideal solution to avoid paying commissions, especially if you have no income.|
|Free card. Online accounts offer completely free debit cards to customers without payroll with which it will be possible to buy in stores, make transactions at ATMs and make purchases online.|
|Share costs. Many of these accounts allow you to have more than one holder, so they are interesting alternatives whenever you want to share expenses, income or organize a budget: raise money for a wedding or a trip or pay joint household expenses.|
|No commuting. One of the most attractive points for many people is that these types of accounts are designed to carry out all basic operations through digital channels. This means that, in most cases, it will not be necessary to travel to the office to manage the account.|
|Fast hiring. Online bank accounts save time. Most entities allow you to register in a matter of minutes through their website or app. Although the card may take a few days to arrive at home, the account will most likely be operational shortly after having completed the entire contracting process.|
|Extra benefits. Some of these accounts offer advantages in additional services: discounts or cashback, good currency exchange, free ATMs inside and outside country, the possibility of investing.|
Mobile account, is it the same as an online account?
Mobile accounts, like many online accounts, do not usually have commissions nor do they require a payroll to be directly deposited. But they have a difference: they can only be managed through an app that is installed on the smartphone, while online accounts also have a web platform to operate through the computer.
In general, in this case, customer service is carried out through a chat integrated within the application and both the opening and closing of the account are done through the app.