Guide on Opening a Bank Account in Madrid

Opening a bank account in Spain is a straightforward process and requires no prior appointment, especially if you have resident status. If you are a resident you simply have to prove your residence in Madrid with your resident card (See the NIE and Residency section). If you are a non resident you have two options:

A) Visit the Dirección General de la Policía to apply for a non-resident certificate. You will need your passport and a photocopy that will be kept on file. You should be able to collect your certificate within 10 days from the Dirección General de la Policía.

Once you have this certificate you can go to any bank and show both the certificate and your passport in order to open an account.

B) Have the bank apply for your non-resident certificate. This will cost around 15 euros, and the account will not be opened until the bank has received confirmation that you have been granted the certificate. You will have to provide the bank with identification (passport, driver’s licence, ect.) and an address.

The address below is the police station where you can apply and collect your non-resident certificate:

Dirección General de la Policía

C/ General Pardinas 90

Types of Accounts

Spanish banks offer a wide variety of accounts and schemes for their banking customers. The following account descriptions are a small selection of the accounts and plans available at any Spanish bank:

Savings Account

Interest rates vary depending on the bank and the amount of money in the account. Some banks may charge an account maintenance fee.

Checking Account

These accounts generally aren’t interest bearing and don’t usually come with checks, but rather an ATM/Debit card. There may be account maintenance fee, although if your monthly salary is paid into your account via direct transfer, the bank generally waves the fee.

Pension Plan

There are numerous pension plans available that range from high risk to conservative plans to suit everyone’s financial situation. English and American based banks such as CitiBank, Barclays and Lloydsd TSB will have an English staff member who can discuss your options with you.

Investment Portfolios

Investment Portfolios and personal portfolio managers are available in all major bank branches in Spain and will assist and advise you on your stocks, bonds and other investments.