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What kind of
bank account should you open in Spain?
In Spain you may open two different types of
bank accounts: non-resident ones and resident ones.
What do I need
to open an account as a non-resident person?
Registered banks in Spain may open current
accounts, saving accounts and accounts on credit terms, Euro
or foreign currency, in the name of a person or a company
legally not resident.
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| To open the account,
the bank has to identify the holder of the account and to proof
that he/she is not resident in Spain. For this reason the bank
will ask you for your passport or a document of identification
valid in the country of origin.
If you wish to open an account for a company,
you will need to show the formation of deed, the tax identity
number, the power of attorney and the passport of the legal
representative. Within 15 days after the opening of the account,
the account holder has to provide a certificate, issued by the
Spanish police department for foreign documentation, which states
that he/she is not resident in our country. Also he has to apply
for his Foreign Identity Number (Numero de Identificación
de Extranjero, N.I.E.), in the above mentioned police department.
Every two years the banks have to ask the account holders to
provide a statement of non-resident, to be handed in within
three months. The
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Which are the
characteristics of a non-resident account?
The non resident client may open and maintain
such accounts, accomplishing all sorts of operations: you
may realize credit entries and debit entries freely, provided
you observe the following norms: in the case of transfers
and loans from abroad, or income through bearer checks (cheques
al portador) you will need to justify where the funds are
coming from, independent from their currency. For deposited
amounts, which are exceeding a certain amount, the bank will
have to register the data of the person or the company who
has released the deposit, and also to inform the Bank of Spain
(Central Bank).
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May
I apply for a credit card if I am an account holder?
In principle, no. Banks are not in favor of
giving credit cards to persons who do not reside in Spain, because
of the mayor risks and the difficulties they could have to face
to cover overdrafts. In any case, you may apply for a debit
card, which allows you to access your money through a network
of cash machines all over the country.
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| Which kind
of currency should I use while travelling in Spain?
You may use any currency, which is convertible.
The best place for changing your money is a bank; the exchange
offices and the hotels tend to apply higher exchange rates.
Traveler cheques you can change in banks and in most of the
exchange offices, although it is not a common means of payment
in Spain.
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... Visit the
Cam! Click on the graphic! ...
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Which interest
rates are applicable on a non-residential account?
The interest rate will depend on the type
of account you have opened and on the currency it is maintained
in. For accounts in foreign currency the reference is the
LIBOR and for deposits in Euros, it is the MIBOR. Current
bank accounts usually do not generate interests for their
holders. You will have to negotiate in any case with the bank.
Whether applying the MIBOR or the LIBOR, the bank will deduct
some percentage.
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In order to give you a better impression on the Spanish Banksystem
we put two direct links to two common Spanish Banks. Both are
reliable and offer an excellent Bankservice like:
Account updates:
if you have a current account you will receive a monthly statement
from the Bank. You can also consult your account at more than
6.500 cashpoint terminals, or at Linea Abierta (the homebanking
service which you can access via internet or by phone).
Transfers:
you can send and receive instant national and international
transfers from any of the branches, or, if you prefer from the
comfort of your home, 24 hours a day using the homebanking service
"Linea Abierta".
Direct debits:
for easy payment of all your bills (water, gas, electricity,
telephones...) in Spain or any other country, simply set up
a direct debit with the billing company. The Spanish Banks will
provide you with proof of payment.
Cards: the
Spanish Banks offer an extensive range of debit and credit cards
from all major market brands (Visa, MasterCard, American Express,
Diners, JCB, etc.) enabling you to choose that which best suits
your needs. The
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