Think about opening a bank account anywhere in the world… A strong feeling of laziness invades yourself when you think about all the paperwork you may need to do it, and even more if it is in a foreign bank.
Well, in Spain we have several worldwide renowned banks, so that the presence of bank entities in Madrid is considerable. Here, in this post we want to help you out to be prepared for all the steps for opening a bank account in Spain, so that you are not out of guard when doing it.
First of all, we are going to indicate you the main banks operating in Spain and, of course in Madrid:
- Banco Santander
These are the banks that have more presence all around Spain, with lots of ATMs in the streets for cash withdrawals, as well as physical offices for your transactions to be done.
All of them offer sort of the same advantages and account characteristics for young people (normally under the age of 25/26), so choosing between one of them following this criteria won’t make such a difference.
Evo Bank was, until now, the most “electronic” bank. However, with the huge improvement toward the automation of the banking world, now you can operate electronically via APP or through the Internet with all of the abovementioned banks, barely needing to visit any office.
Until this point, the process of opening a bank account in Spain seems like a child-to-do path, with no hinders in the middle.
Nevertheless, all of this banks lack the possibility of opening an account from your hometown, and they always require you to go to the bank to do so, unless you have a NIE number (the ID for foreigners in Spain), with which you could activate an account in some of them electronically.
Even if you do not mind going to an office to open up a bank account ONCE YOU ARE ALREADY IN MADRID, they will always ask you for that NIE number (which takes a while to acquire, and you can only get it already being here in Spain), together with other documents, like the exchange agreement that justifies you living in Spain for a while, as well as local address in Madrid, just to mention some of them.
With all this documents required, since you need to get some of them once here in Madrid, and the process to get them is quite long, you will be living in Madrid for the first few weeks without a local bank account in Spain to operate with.
You may think at this point, DO I REALLY NEED A BANK ACCOUNT IN MADRID? MY LOCAL BANK BACK AT HOME TOLD ME NO COMMISSIONS WILL BE CHARGED ON MY ACCOUNT EVEN THOUGH I OPERATE ABROAD OR EVEN WITH ANOTHER CURRENCY…
Well, based on our own experiences abroad in the past as exchange students we can say that that story was also told to us by our local banks and the truth is that they will always charge you the commissions, even more if the currency of your home account is not the same as the Euro. You can always talk to your bank and ask for the reimbursement of the charged commissions and they will probably give them back to you but, being honest, you are going to be doing payments during all your stay and nobody wants to be talking to the bank every two weeks for reimbursement of commissions that should have never been charges, do you?
That is why we, in Set a foot, want to solve this and ease the process, so that nobody else has to go through that. We have a partnership with one of the most important banks in Spain, which is Banco Sabadell. They simplify the steps for opening a bank account in Spain, mainly for young people, by asking for way less information than the other banks. And we, through our partnership with them, can reduce the process in time even more, so that if you hire the service through our webpage before you come to Madrid, the only thing you would need to do is signing the account (due to legal reasons there is no option to avoid this step) but your account would be activated and operative and your debit card will be issued and ready to use from your very first day in Spain. How cool and easy sounds that?
The only thing we would need from you to accelerate the process would be:
- Copy of your passport
- Exchange agreement with your name on it
- Local address at your hometown
- And… THAT WOULD BE IT!
If you want to know more about this service, the conditions and characteristics of the account and, of course, the possibility of hiring it, please visit our webpage at www.setafoot.com/banking
An account at your destination is needed, we have been in your shoes in the past and they also told us that it was not extremely needed… We trusted that and we ended up opening a local bank account once there. Do not let that happen to you and avoid unneeded waits and steps, we will take care of it for you so that you are only a signature away from having your own personal bank account in Spain, which will be easier for doing monthly rent payments, local purchases… BELIEVE ON US, IT IS EASY!
If you have any further doubts or inquiries about this, please comment us below!