Anyone moving to or buying property in Spain needs a Spanish bank account. Even non-residents purchasing a property must have a Spanish account to pay utility bills, community fees and taxes.
As a non-resident: You can open a cuenta no residente. Required: valid passport, NIE number, proof of address in your home country (utility bill or bank statement, dated within 3 months), proof of employment or income. The most accessible banks for English-speaking expats: Sabadell, CaixaBank, BBVA and Santander.
As a resident: Once you hold a Spanish residency certificate (green EU certificate or TIE card), you switch to a cuenta corriente with better terms. Also need: padrón certificate.
Online banks: Wise, Revolut and N26 work well alongside a Spanish bank account (for low-fee international transfers and day-to-day spending) but are not replacements — landlords, utilities and the tax authority require a Spanish IBAN.
| Non-resident mortgage | Resident mortgage | |
|---|---|---|
| Max LTV | 60–70% | 70–80% |
| Typical term | 15–20 years | 25–30 years |
An independent mortgage broker who works with multiple Spanish lenders can save significant time and often secures better rates than going directly to one bank.
If you are transferring a large amount to pay for a property, do not use your high street bank. Specialist currency brokers (Currencies Direct, TorFX, Wise) typically offer rates 2–4% better than banks on large transfers. On a €200,000 purchase, a 2% difference is €4,000.