Opening a bank account in Spain

Opening a bank account in Spain is one of the first and most important requirements for starting a business in in this country. This is the first thing you have to do if you expect cooperation in the future. Holding of a bank account give you an instrument of handling financial affairs of your own business, applying for financing, investing free funds and making use of other financial services and products offered by the bank.

How to Open a Bank Account in Spain?

Opening a bank account in Spain is a simple procedure, you need just to choose a bank according to your purposes and enter into a bank account agreement. Once you have chosen your bank you will cooperate with, make an appointment with a bank manager and arrange the required documents.  Once you have entered into agreement, the bank will create a bank account number in IBAN bank account format. You can make transfers throughout the world between these accounts and any other companies you may have set up in abroad.

As for management fees, most banks charge a small amount for the annual management of the account of around 15 to 25 Euros. In pursuance of legislation in force, all deposits held with the Spanish banks are insured.

A modern alternative to a simple bank account is a virtual bank account. Today, many businesses find it more attractive to have a virtual bank account and make all payments online.

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