Remote Banking in Spain

### A Comprehensive Banking Guide for Expats in Spain

Moving to Spain can be an exciting adventure, but navigating the banking system in a new country can be daunting. This guide aims to provide you with essential information on banking in Spain as an expat, including banks accepting foreigners, KYC requirements, Wise/Revolut availability, ATM fees, multi-currency options, the account opening process, currency exchange tips, and tax residency clarification.

#### Banks Accepting Foreigners

As an expat in Spain, you have various options when it comes to choosing a bank. Some of the major banks in Spain that are known for accepting foreigners are:

1. BBVA: BBVA is one of the largest banks in Spain and is known for its international presence. They offer a range of services tailored to expats, making it easier for foreigners to open an account.

2. Santander: Santander is another popular choice for expats due to its widespread network and English-speaking staff at some branches.

3. CaixaBank: CaixaBank is one of the leading retail banks in Spain and is known for its customer service and digital banking solutions.

#### KYC Requirements

When opening a bank account in Spain, you will need to provide certain documents to comply with Know Your Customer (KYC) regulations. These typically include:

- Passport or national ID - Proof of address (utility bill or rental agreement) - Resident card or NIE (Número de Identificación de Extranjero)

Make sure to have these documents ready when visiting the bank to open your account.

#### Wise/Revolut Availability

If you prefer digital banking solutions, platforms like Wise and Revolut are available in Spain. Wise, formerly known as TransferWise, allows you to send money abroad at a lower cost than traditional banks. Revolut offers a multi-currency account with competitive exchange rates.

You can easily sign up for Wise or Revolut online, making them convenient options for expats looking for hassle-free banking.

#### ATM Fees

While most banks in Spain charge a fee for using ATMs that are not part of their network, some banks offer fee-free withdrawals. It's advisable to check with your bank regarding their ATM fee policy to avoid unnecessary charges.

#### Multi-Currency Options

If you frequently deal with multiple currencies, consider opening a multi-currency account with a bank like BBVA, which offers accounts that support various currencies. This can help you save on exchange fees when transferring money internationally.

#### Opening Process

The process of opening a bank account in Spain as an expat is relatively straightforward. You can follow these steps:

1. Visit a branch of the bank of your choice with the required documents. 2. Fill out the application form provided by the bank. 3. Provide the necessary KYC documents. 4. Make an initial deposit as required by the bank. 5. Receive your account details and start using your new account.

#### Currency Exchange Tips

When exchanging currency in Spain, consider the following tips:

- Use reputable currency exchange services to avoid scams. - Compare exchange rates between banks and exchange offices to get the best deal. - Be aware of commission fees and hidden charges when exchanging currency.

#### Tax Residency Clarification

It's essential to understand your tax residency status as an expat in Spain. If you reside in Spain for more than 183 days in a calendar year, you are considered a tax resident and must declare your worldwide income. Non-residents are taxed only on income earned in Spain.

To clarify your tax residency status, consider seeking advice from a tax professional or consulting the Spanish tax authority.

In conclusion, banking as an expat in Spain offers a variety of options to suit your needs. By understanding the banking landscape, KYC requirements, digital banking solutions, ATM fees, multi-currency options, account opening process, currency exchange tips, and tax residency rules, you can navigate the Spanish banking system with confidence and ease. Choose a bank that meets your requirements and enjoy hassle-free banking during your stay in Spain.