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Filed Under: Banks

How to Open a Spanish Bank Account (Advice for Brits)

Last Updated on August 3rd, 2024

Are you looking to relocate and enjoy a life in the sun in Spain?

Perhaps you need a Spanish bank account for other reasons.

Whatever the circumstances, opening a bank account in Spain can be straightforward, provided you have all the necessary information to hand.

This article will discuss the simple steps needed to open a bank account in Spain and the options available.

We will also look at the essential aspects like residency requirements, the best Spanish banks for different needs, and what fees you can expect to pay.

Send Money to/from Spain with Key Currency

Is it possible to open a Spanish bank as a non-resident?

The simple answer to this question is yes.

As a foreign non-resident in Spain, you can open a bank account.

There are two types of bank accounts that you might be considering: a resident account and a non-resident account.

As the name suggests, resident accounts are for people living in Spain, and non-resident accounts are for people living abroad who may still wish to have an account there.

Non-resident accounts are for people who spend up to 183 days (6 months) each year in Spain.

But first, you need to obtain a Certificate of non-residency.

To do this, you will need to download and complete the relevant forms, which you can find here: Certificate of non-resident.

Once you have done so, locate your closest National Police Station or Foreign Office and go along with your passport and the relevant forms.

If you are applying while still outside of Spain, you can apply for the certificate at a Spanish Consulate.

The certificate takes approximately one week to be issues and is valid for three months.

a one-pound coin placed slightly on top of a one-euro coin. Symbolising the pound to euro rate.

What other documents will I need to open a Spanish bank account?

The rest of the process is relatively straightforward: simply take an ID document (usually a passport) and your certificate of non-residency to any branch of your chosen bank.

Other documents may be requested according to the type of account you wish to open. e.g. business or personal accounts. These include:

Proof of identity (e.g. passport as previously mentioned).
Spanish foreigner identification number (NIE) and certificate (numero de identificacion de extranjeros) – for residents.
Proof of address.
Proof of employment status (e.g. student card, employment contract, unemployment documentation).

Remember that documents that aren’t in Spanish may need to be officially translated. They may need to be authenticated using an Apostille stamp if they’re from abroad.

Your branch will inform you of the best type of account to suit your individual needs.

See Our Great Euro Rates

Types of Spanish Bank Accounts

Spanish banks offer various accounts to suit different needs. Some common account types include:

Current Accounts (Cuentas Corrientes)

This account is ideal for everyday banking needs, including receiving your salary and paying bills.

Savings Accounts (Cuentas de Ahorro)

Best for saving money and earning interest.

Business Accounts (Cuentas de Empresas)

Great for business owners and entrepreneurs.

Student Accounts (Cuentas para Estudiantes)

Good for students with special benefits.

Foreigner or Non-Resident Accounts (Cuentas para Extranjeros)

Best account for non-Spanish residents.

A selection of different euro notes spread out amongst one another.

Best Spanish banks and popular choices for UK residents

With many of our team members at Key Currency living and working in Spain, we have true insider knowledge about the best Spanish banks!

Here are some of our suggestions for the best Spanish banks for UK clients and why we recommend them!

Santander

A popular choice owing to their international presence and English-speaking services.

BBVA

This well-established bank offers a wide range of accounts and services tailored to foreigners.

CaixaBank

One of the most popular banks for non-resident accounts as they offer special rates for non-residents, and also have wide network of branches and ATMs across Spain.

ING

A popular choice due to the digital banking solutions and user-friendly online services they offer – making them a great option for frequent travellers.

Banco Sabadell

With a strong presence and many branches across Spain, Sabadell offers an extensive range of accounts, including great options for non-residents.

What fees can I expect to pay for my Spanish bank account?

Spanish banks are notorious for charging fees and commissions.

These fees range from an annual (or monthly) fee for your account to a commission charged on transfers.

Banks also charge annual fees for debit and credit cards, and there’s often a fee for cash withdrawals from ATMs that don’t belong to the same banking network.

Of course, each bank is different, and your fees may vary depending on your residency and tax status. Therefore, it’s vital to do your homework before choosing which bank’s fees will be lowest for your requirements.

Most currency accounts in Spain incur annual fees that are usually around €15–20, although it’s worth shopping around as some banks offer deals as well as cheaper accounts for the likes of students or pensioners.

Graphic detailing the 4 simple steps to transferring money. Register, get an exchange rate, make your payment and your money is then sent out.

Sending Money between the UK and Spain

All Spanish banks will offer you the option to send money to and from your UK and Spanish accounts.

However, you will find that by using your bank to convert funds, you will receive a far less favourable exchange rate than what you would receive from a currency transfer company.

You will likely incur some hefty fees along the way.

Therefore, if you plan to make frequent payments to and from the UK to Spain, a money transfer specialist such as Key Currency can save you time and money and offer a safe and efficient service.

At Key Currency, we don’t make you download an app or send you into battle with your computer.

All our customers have an account manager on the other end of the phone.

Our account managers will help you with the entire process and keep you informed at all stages of your transfer.

It takes away any stress or worry.

Moreover, we can also monitor the currency markets on your behalf and work with you to get the best rates and reduce costs.

With an ‘Excellent’ Trustpilot rating from 2,000 reviews whilst also being regulated and Authorised by the FCA, we are a currency broker you can trust.

To make a no-obligation enquiry, please request a quote today!

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More Guidance & Transfer Tools

Filed Under: Moving Abroad

How to Transfer Money When Moving to Another Country (Good Advice)

Author, Mike Smith

Last Updated on August 14th, 2024

The decision to relocate abroad, whilst exciting, comes with many things to consider.

One crucial aspect often gets overlooked – transferring your money.

Clever financial management is essential to ensure a smooth transition to your new life abroad, whether moving as a family, an individual, or for work purposes.

In this article, we’ll look at the essential steps to help you transfer your money cost-effectively when moving to another country.

Get a Great Rate on Your Money Transfers

Informing your bank

Be sure to inform your bank and other financial institutions, such as mortgage lenders and building societies, about your international move.

This can help to prevent any queries about unexpected international payments.

Your existing bank will be able to offer you some essential services for living abroad, such as foreign currency accounts or international debit cards.

A drawing in sand of a car pulling along a house with wheels.

Beware of hidden bank fees

Banks can often impose fees for international transactions and currency conversion.

Be sure to make yourself fully aware of the fees your bank may charge, especially when transferring money from a UK bank account to an international one.

Below is an example of some high street bank charges for international transfers.

Bank	Incoming International	Outgoing International
Metro Bank	£0	£15-£25
NatWest	Up to £7.50	Up to £15
RBS	Up to £7.50	Up to £15
Santander	£0	Up to £25

Note – The big cost tends to be hidden in the exchange rate. You will find banks are rarely the best option when it comes to transferring your money abroad.

Choosing the right money transfer method

At some point, you will need to transfer funds from home to abroad.

This is especially relevant if you are in the fortunate position to be able to purchase your international property.

Let’s have a look at some of the best ways to do this…

You have several options when transferring money to another country, including your bank, online apps, and currency brokers.

Whilst each method has pros and cons, detailed below, it’s essential to mention that currency brokers often offer more favourable exchange rates and lower fees.

This makes them an attractive choice for regular or large money transfers between countries.

It’s easy and convenient to use your bank to send money abroad – it is also safe and secure. However, if you’re sending large amounts, you may get a better exchange rate from a currency broker as well as personal assistance.

Transfer Service	Pros	Cons	Best For
Banks	Convenient and familiar.	Transfer fees, high charges, and not the best exchange rates.	One-off payments abroad.
Online Apps	Quick transfer times.	Transfer fees, no personal service, daily transfer limits.	Small international money transfers.
Currency Brokers	No fees, competitive exchange rates, personal service.	Need to register before you can use the service.	Large or regular money transfers abroad.

Compare transfer services

Before choosing a transfer service, compare fees, exchange rates, and transfer times.

Speed, costs, and support are some factors to consider when sending money abroad.
Banks can transfer money overseas, but worse exchange rates and higher fees can make them more expensive than alternatives.
SWIFT payments and wire transfers are suitable for large transactions but have higher fees and longer processing times.

A yellow toy plane on a map.

Understanding exchange rates

International exchange rates fluctuate daily, impacting the value of your money when transferring it to another currency.

An exchange rate is the rate at which one currency can be exchanged for another between nations or economic zones. It is used to determine the value of various currencies about each other and is vital in determining trade and capital flow dynamics.

A currency transfer specialist can give you up-to-the-minute advice on exchange rates.

Currency conversion will significantly impact the amount of money you receive when making an international transfer.

Using a specialised money transfer company such as Key Currency can help you ensure the most favourable exchange rate.

gbp to usd exchange rate graph showcasing up and down fluctuations over time.

See Our Great Rates

How to set up an international bank account

Setting up a bank account in your new home country before you move can make things much easier, and cheaper, for you, once you arrive.

A good tip is to speak with your existing bank to see if they have a banking presence in your destination country.

For example, HSBC and Barclays are among the 10 largest banks in the US, so they could help you open an account from the UK should you relocate to the USA.

Many UK banks offer foreign currency accounts, which allow you to hold multiple currencies in a single account.

These accounts can be beneficial if you regularly receive income in different currencies or plan to move funds between countries frequently.

Top tips from our team!

As we have many team members working across Europe and further afield, we have an innate understanding of the financial aspects to consider when making your move.

One of our independent agents, Hilary Crane, who moved to Spain 14 years ago, shares her insider top 5 tips for keeping on top of your finances when making the move from the UK to abroad.

Understand local tax laws!

Making sure your taxes are in order, especially when purchasing a property is paramount.

Employing the services of a local tax advisor who fully understands the tax implications you will have to manage is highly recommended.

Capital gains tax on property sales and other disposals are a good example of what you may need to consider.

Look into whether or not there is a double-tax agreement between the UK and your destination country and how it applies to you.

Get covered – insurance.

Access to medical care is vital for anyone moving abroad, and it will most likely be necessary to take our private medical insurance for you and your family.

Life and home insurance are also important, look at price comparison sites for the best rates, and contact companies directly for personalised quotes.

Keep a close eye on exchange rates.

If you need to move money regularly to your new country of residence, it’s important to make sure you do so at a time when the exchange rate is favourable.

It can often take at least a couple of years to settle into a new country, and then buy a house.

It’s so important to get to know your new location before settling in a specific area.

Many expats choose to keep funds in their original bank account until they need it, and then transfer when the exchange rate is at an attractive rate.

Your currency broker can help you with this and advise you when it is a good time to transfer funds.

Create a budget for your new location.

Do your research and speak to other locals to get an idea of how much your outgoings will be when you move abroad and budget accordingly.

You may find costs such as food and utilities are less expensive than in the UK, but other expenses like buying a car cost much more, for example.

Get your documents in order!

Having all your paperwork in order will make your move easier.

Registering your new address, opening a bank account, or getting healthcare coverage generally requires lots of form filling and you will need all of your essential documents to hand.

For example, make sure you have your passport, driver’s license, bank statements, and other forms of ID easily accessible, and have both paper and electronic copies.

Close-up photo of an organiser folder for papers.

At Key Currency, we help thousands of customers moving abroad with their money transfers and can offer invaluable advice.

We can serve customers throughout the UK, EU, Middle East, and Australasia and can transfer money in 39 different currencies.

Our exchange rates are highly competitive, and we don’t charge any fees.

Our expert team of traders works closely with you with your best interests at heart, we won’t push you into a trading platform and make you do everything yourself.

All our customers have an account manager who will help you from start to finish and help you with the timing of your transfer when moving to your new country.

Get a free quote today and see how we can help you!

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More moving abroad & money transfer guidance…

Filed Under: Money Transfer FAQs

How to Find the Best Exchange Rate (For Your Money Transfer & Travel)

Author, Mike Smith

Last Updated on June 4th, 2024

When you need foreign currency, the exchange rate is one of the most crucial factors to bear in mind.

This is equally important whether you’re planning a holiday, investing in property abroad, or sending funds to family overseas.

Securing a favourable exchange rate will significantly impact how you maximise your finances.

This comprehensive guide offers clear and concise advice on finding the best exchange rate.

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What Do I Need to Know About Exchange Rates? (Before making decisions!)

An exchange rate is a rate at which one currency will be exchanged for another currency. Most exchange rates are defined as floating and will rise or fall based on the supply and demand in the market. Usually, exchange rates change every 2-3 seconds.

There are a huge number of factors that drive exchange rates which makes them hard to predict.

Should you need expert advice, a currency broker can offer professional and well-informed guidance on your international exchange.

How Can I Get the Best Exchange Rate?

Before you commit to exchanging foreign currency, whether for travel, business purposes, or other personal reasons, remember that thorough research is key. A good place to begin is looking at the current exchange rates on offer, which you can do by speaking to your bank or viewing online currency transfer companies.

It’s vital to remember that rates can vary between providers, so by comparing multiple sources, you can get a wider perspective on the prevailing exchange rates.

Below, we have outlined a simple step-by-step guide on how you can the best exchange rate.

1. Compare Providers.

Compare rates from different providers, including banks, specialised exchange platforms, and money transfer services.

2. Consider Fees.

Factor in any potential fees, including foreign transaction fees or currency conversion charges.

3. Hedging Strategies.

For large transactions, explore hedging strategies to mitigate the risk of unfavourable rate movements. In such cases, we would strongly advise speaking to a currency broker.

Why are Exchange Rates so Important?

Simply put, you are effectively losing money on every pound if you transfer money abroad or exchange currency at anything other than the best foreign exchange rate.

This is much more relevant should you make large transfers, for example, the purchase or sale of a property abroad.

In these cases, even the slightest shift in the rate will considerably impact the final funds.

Exchange rates are typically quoted in pairs, such as GBP/EUR, indicating the value of one currency in terms of another.

The ‘base’ currency is the one you have, while the ‘quote’ currency is what you want to acquire.

For example, if the GBP/EUR exchange rate is 1.20, this means that one GBP is equivalent to 1.20 Euros.

Researching rates thoroughly and using a currency broker with a team of experts working on your behalf will always be a good way of navigating unpredictable FX market fluctuations.

A close up photo of a foreign exchange rate board showing multiple different currencies and their rates.

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Where to Get the Best Currency Exchange Rates?

Speak to your Bank

You can speak to your bank either in person or by telephone and ask for a rate on a certain amount of currency you wish to exchange.

Sometimes banks can offer decent rates for account holders. But, watch out for those hidden transfer fees!

Get a quote from a Currency Broker

Currency brokers, such as Key Currency can be the best way to transfer a large sum internationally.

Especially where costs, communication and timing are so important. They can give a live trading price (customer rates!) which avoids any unpleasant surprises along the way.

Use currency conversion apps

Apps like XE, OANDA, or Currency Converter Plus give you real-time rates. These can be a lifesaver when you’re on the move.

Monitor the Market

Exchange rates fluctuate daily. Monitor the market trends and strike when the rate is favourable.

Plan ahead

If you know you’ll need foreign currency for a scheduled trip, plan! Rushing to exchange money at the last minute usually leads to poor rates.

Remember the ‘best’ rate can vary depending on your specific needs and how long you have to choose the best time, so take some time to research and compare options.

It could save you a tidy sum when you need to make an international money transfer or any other financial transaction!

Timing is crucial!

Exchange rates change rapidly due to various factors, including economic reports, geopolitical events, and market sentiment.

For example, consider a scenario where you plan to transfer £10,000 to euros for a business transaction.

If the exchange rate shifts from 1.20 to 1.15, you will receive 500 euros less due to the timing of your transaction.

This example is an excellent way of understanding why monitoring rates and acting at the opportune moment is crucial.

If this all seems confusing, an expert currency broker can talk you through the finer details.

If you are looking at changing money over some time, with a currency specialist, you can protect yourself against such a disappointment by locking in a reasonable exchange rate to use for up to two years.

This simply means that you won’t miss out even if the rate shifts out of your favour by the time you’re ready to make your international money transfer.

A wooden scale with coins on one side and a timer on the other. Representing that timing is important when making a foreign exchange transfer.

What to avoid when deciding on exchange rates

For both travel and international money transfers, unfavourable exchange rates and hidden fees can eat into your funds.

You will most often find these two issues when using traditional methods of exchanging money, such as banks or credit unions.

One surefire way to make your money work harder for you and avoid these pitfalls is to consider alternative options like money transfer services.

Obtaining the best rate and maximising funds with a Currency Broker

Key Currency has a dedicated team of experts who watch the international exchange rates all day, every day.

To be able to benefit from the expertise of the team is a simple process.

First, you need to register with Key Currency online or over the phone. This only takes a few minutes and is quick and easy.

This is simply a safeguard against money laundering and is required by law.

Once you are registered, you will speak with an account manager. They will need to know the amount of money and the currency you wish to exchange it for.

The account manager will answer any questions you have and give you an exchange rate that, rather than being fixed, is up to date with current rates and inflation.

Key Currency offers money transfers for personal or business transactions with an ‘Excellent’ Trustpilot Rating from over 2,000 reviews.

Forecasting exchange rates is ultimately about making an informed judgement based on probability and using that to your advantage.

If you would like to find out our international transfer rates or be kept abreast of market trends and upcoming news and events, request a quote below!

Graphic detailing the 4 simple steps to transferring money. Register, get an exchange rate, make your payment and your money is then sent out.

Lock-in an Exchange Rate

Want to Read More?

Is it possible to open a Spanish bank as a non-resident?

What other documents will I need to open a Spanish bank account?

Types of Spanish Bank Accounts

Current Accounts (Cuentas Corrientes)

Savings Accounts (Cuentas de Ahorro)

Business Accounts (Cuentas de Empresas)

Student Accounts (Cuentas para Estudiantes)

Foreigner or Non-Resident Accounts (Cuentas para Extranjeros)

Best Spanish banks and popular choices for UK residents

What fees can I expect to pay for my Spanish bank account?

Sending Money between the UK and Spain

Informing your bank

Beware of hidden bank fees

Choosing the right money transfer method

Compare transfer services

Understanding exchange rates

How to set up an international bank account

Top tips from our team!

What Do I Need to Know About Exchange Rates? (Before making decisions!)

How Can I Get the Best Exchange Rate?

Why are Exchange Rates so Important?

Where to Get the Best Currency Exchange Rates?

Timing is crucial!

What to avoid when deciding on exchange rates

Obtaining the best rate and maximising funds with a Currency Broker

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