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Opening a bank account has never been so simple and fast. Thanks to the digital revolution, it is now possible to have one in just a few minutes and without having to travel. But, what documents do you have to provide? What are the steps to follow? And how to choose the best bank? Then we reveal all the unknowns.
- How to open a bank account?
- What are the requirements to open a bank account?
- Other requirements to open a bank account
- What are the steps to open a bank account?
- What is the best bank to open a bank account?
- Best checking accounts without payroll
- Best checking accounts with payroll
- How to open an online account?
- Issues to consider when opening an online bank account
- Advantages and disadvantages of opening a bank account
- Frequently asked questions when opening a bank account
- Do I need to have a minimum amount of money to maintain my bank account?
- How to open a bank account in another country?
- What is Bank Portability?
How to open a bank account?
Opening a bank account is a simple and fast process, as long as the guidelines are followed. Anyone can get one (if you are a minor you need the identification and authorization of your parents or legal guardian), either by going to the offices or directly through the Internet.
Before getting down to work, the first step is to choose the bank. For this it is essential to know both:
- The opening conditions required
- The commissions that you will be charged for the opening
- The type of bank account that best suits your needs: account with or without payroll, basic payment account, etc.
What are the requirements to open a bank account?
At the time of opening a bank account, regardless of whether you do the process online or in the branches, the entity will ask you for a series of documents to verify your identity:
- National Identity Document (DNI) or resident card (NIE): it is necessary to be of legal age
- Proof of address that will appear in the bank account
- contact phone
- Email _
Many banking entities will also request a work life report, a copy of the last payslip received or the income statement in the case of self-employment.
Other requirements to open a bank account
In addition to those classified as common, a high percentage of banking entities ask you to meet other more specific requirements to enjoy discounts and promotions or so that commissions continue to be zero:
- Other requirements to open a bank account
- Domicile the payroll and/or receipts: To open a payroll account, some require you to have an income of no less than 600 euros per month. Likewise, receipts such as water, electricity or heating must also be domiciled
- Make a minimum of operations with the card: Most require at least three operations per quarter with the free debit card they give you
- Have a minimum balance on the card: it is the least common of the requirements indicated
What are the steps to open a bank account?
Opening a bank account can be done in several ways, but going to a branch is usually the most frequent option. The fact that a person can solve all your doubts about the contract is reassuring. So, these are the steps to follow:
- Go to the commercial office : find out beforehand about opening and closing times
- Present the required documentation : remember to take all the copies to identify yourself and demonstrate your economic solvency.
- Signature of the contract by all the holders : before taking this step, carefully read the conditions, the commissions (if any) and the administration and maintenance requirements that the financial institution determines.
In the case of having to open a bank account outside of Spain, it is best to call customer service to be informed of the steps to follow. In any case, some banks already have specific accounts for this type of situation.
What is the best bank to open a bank account?
Choosing a financial institution to open a bank account is very personal and it all depends on your financial and savings needs. However, there are some that stand out above others, either because of the commissions, the promotions or, in general, the opening conditions that they require:
Best checking accounts without payroll
- Online Account Without BBVA Fees
- Openbank Savings Account
- N26 account
- EVO BANK account
- Account ON Bankia
Best checking accounts with payroll
- ING Payroll Account
- Open Payroll Account from Openbank
How to open an online account?
When it comes to opening an online bank account, the requirements and steps to follow change minimally, but they are all aimed at you, as a customer, spending less time in this process:
- The basic requirements to open an online bank account are:
- Being of legal age: even though you open a Youth Account, the holders must include someone over 18 years of age
- Have a valid DNI, NIE or residence card
- Have an internet connection
More specific requirements when opening an online bank accountDepending on the type of bank account, you will also be asked to direct deposit the income or receipts, sign a permanence commitment and/or download the bank’s app to carry out all the financial procedures.
Naturally, the changes can be seen in the steps to follow to open an online bank account:
- Enter the bank’s website: Access the website of the chosen bank and follow the guidelines to open an online account. In many cases, they will offer you the possibility of downloading the app (Ibercaja, CaixaBankNow or Imagin Bank app, among other examples).
- Fill out the customer form: Submit a copy of the DNI and fill in the information about the address, telephone number, email, type of account and number of holders.
- Validation of data and identification, either through a selfie video, a photograph, with the bank account number of another bank or through a courier who will come to your home.
- Description of the economic activity: Fill in the information about your annual income, current occupation, professional activity or name and address of the company (in the event that it is an account of this type).
- Download and signature of the contract: Validated the data, they will send you the contract of the bank account to the indicated email. The signature is done by entering the verification code sent by the bank via SMS to your phone.
- Creation of access passwords: Both the entry passwords and the ones you will use to carry out other banking procedures.
Once all these steps have been completed, the free credit card will arrive at your address within 7 to 10 business days.
Issues to consider when opening an online bank account
When opening a bank account it is very important to compare between the different entities. Before opting for a product from one bank or another, determine what exactly you need and the stipulated conditions:
- Conditions for opening a bank account
- Type of account you need: See if you require a payroll account, a basic payment account, one more aimed at young people, families or pensioners
- Commissions: Investigate if you will be charged a commission for opening, maintenance and administration, for making transfers, issuing cards or depositing checks
- Time of permanence: To enjoy bonuses and discounts, some banking entities require a minimum time of permanence
- Free credit or debit card: Some banks only offer it free for one year
- Requirements to close a bank account: find out if to cancel it you will have to pay the opening and maintenance commission
- Other products offered: By opening the account you can still benefit from promotions for pension plans or mortgages.
Advantages and disadvantages of opening a bank account
We consider opening a bank account in Spain to be a simple procedure, adapted to any profile. The lack of requirements, such as not directly directing the payroll, and the fact that many lack commissions, bring important financial benefits, but these are not the only advantages:
Frequently asked questions when opening a bank account
Can I open a bank account with the passport?
Yes, if you are a Spanish resident, only your passport will suffice, as long as it is valid. If not, the process is complicated. In any case, you must present it together with the consular certificate of registration in the registry of residents of the country.
How to open a bank account in another country?
If you want to open a bank account in a country that is not a member of the European Union, you can find quite a few obstacles. In general, they usually charge you high commissions, ask you to deposit a good amount of money or even show up at the offices to sign the contract, even if you have done the process online.
Do I need to have a minimum amount of money to maintain my bank account?
No, you can usually keep the bank account without depositing a minimum amount of money. Of course, remember that in order not to be charged commissions for the free credit card, you have to carry out a minimum number of operations per quarter.
What is Bank Portability?
This is a new free service offered by banks since March 25, 2020 and whose purpose is to be able to transfer your bank account to a new account in another bank. For more information, access our article on Bank Portability.