Opening a Spanish Bank Account as an American

You'll need a Spanish bank account early: for a lease deposit, utilities, your health insurance premium and, in many cases, to show proof of funds. Here's what to expect.

Why it can be harder for Americans

Under FATCA, foreign banks must report accounts held by U.S. persons to the IRS. Some smaller Spanish banks avoid the paperwork and simply decline American customers. The larger banks have dedicated processes and will open accounts for Americans, usually in person.

What you'll typically need

• Your passport
• Your NIE (some banks open non-resident accounts with a passport only, but the NIE is needed sooner or later)
• Proof of address and proof of income or funds
• Your U.S. tax identification (Social Security number) for FATCA reporting

The two-account approach

1. A non-resident account opened before or shortly after you arrive, used for deposits, utilities and transfers.
2. Once you hold residency, convert it to a resident account: lower fees and full digital banking.

Don't close your U.S. accounts

You'll still want a U.S. account for Social Security or pension deposits, IRS refunds and U.S. credit cards. Multi-currency services are useful for low-fee transfers, but they don't replace a Spanish account connected to the SEPA system for local direct debits.

If you'd like to talk through your specific situation, schedule a free call with us (free, no obligation).