Current Accounts. Your everyday account.
What is a Current Account?
A current account is a bank account that allows you to manage your day-to-day banking. You can have your paycheck paid into it, set up direct debits and outgoing payments, and negotiate an overdraft.
Do I need a Current Account in Spain?
Having a bank account in Spain is not a legal requirement. It is possible to manage your finances from an overseas account. However, if you are a long-term resident in Spain or you come regularly, it may be costly and complicated to operate your everyday finances. There are many things such as paying utility bills and getting a Spanish loan or mortgage where it is convenient to have a IBAN in Spain.
What fees will I find in a Current Account?
Some current accounts include fees: some banks might charge you for posting a printed account statement or for accessing your account abroad. It is common in Spain to see maintenance fees on your current account, although 0% commissions or fees do exist. You may even be charged a fee for going into your overdraft without telling your bank beforehand. Always be careful in reading the details provided to you by the bank so you know exactly what you will be charged for.
What is a Digital Current Account?
The traditional idea of banking is being changed by digital banks, who provide most of their services through the internet or a mobile app rather than in branch. Many are designed to be more open and transparent with customers, and less focused on banking products.
Accounts from digital-only providers such as Revolut and N26 are available to anyone. All you need to do is download the mobile banking app which is available from the bank’s website. Opening up a digital-only account usually only takes minutes and can usually be done from your smartphone. You will need to provide an address, an email address and a mobile phone number to link to your account.
Why compare Current Accounts?
It is more convenient than ever to compare current accounts: big competition means there are a number of good deals available for those willing to switch. Switching current accounts is a good idea as you can benefit from an account that is much better for your pocket and lifestyle.
How to find the best Current Account?
When choosing which bank to open an account within Spain, there are a number of things you might want to take into account, such as:
– Costs: It is very common to find banks in Spain still charging maintenance fees or other commissions, but 0% fee accounts do exist and are available now to customers. You have a variety of them in our comparison.
– Ease of access: if you want 24/7 access to your account, then an online account or a mobile bank account may be the best option.
– English-speaking services: international banks in Spain are likely to offer English customer service, while local banks will usually have only Spanish-speaking employees and Spanish-language information.
How to open a Current Account?
Accounts are normally opened immediately (within 1–5 days) and with documentation and credit cards dispatched within two weeks. You will need to provide the following:
– Proof of identity (e.g. passport)
– Foreigner identification number (NIE)
– Proof of address
– Proof of employment status (e.g. employment contract, unemployment documentation)
Banks are mostly only available for residents, although accounts from digital-only providers such as Revolut and N26 are available to anyone. All you need to do is download the mobile banking app which is available from the bank’s website. Opening up a digital-only account usually only takes minutes and can usually be done from your smartphone. You will need to provide an address, an email address and a mobile phone number to link to your account.
How do I close a Current Account?
Closing an account or moving your money to another bank in Spain isn not just a case of withdrawing all of the funds out of the account. You will need to make sure the account is officially closed.
What happens to my direct debits when I switch current accounts?
Unlike in some other countries, any payments in and out of your old account are not automatically switched to the new account in Spain. You need to personally contact the companies with whom you have direct debits arranged and provide them the new account details, or in some cases the new bank can take care of this, but this request must be always done directly with the new bank. In any case, it is a small hussle well worth it when you think about switching, for instance, to a commission, charge free account.
Can I add another person to my current account?
Many banks will let you add another name to your current account – you’ll normally both have to provide ID to do this, as well as fill out some forms.
Can I have more than one Current Account?
You absolutely can. Many people actually have more than one, as it can provide a way to organize payments and incomes.
Are you ready to compare Current Accounts in Spain?
TIP: Would you like a Spanish bank account without doing any paperwork or speaking a word of Spanish? Digital banks like N26 and Revolut might be your best choice.
TIP: It’s a good idea to check your account statements regularly, because this could stop you going into your overdraft without knowing. It can also be a good way to double check whether there are any transactions you don’t recognise.
