Spain Investment Immigration focuses on Spain Immigration living strategies: Generally, to open a bank account in Spain, in addition to a small amount of initial deposit, the account holder must present a Spanish national identity card or a valid residence permit for foreigners, and must provide a contact address and phone number of a fixed residence. If a foreigner has submitted a residence application but has not yet received the official residence card, it is advisable to present the receipt stub issued by the police department as a substitute proof to gain the bank's trust.
Some banks at their headquarters can process account openings for foreigners without residence permits using their passports and valid visas, such as the SCH Bank located next to Puerta del Sol in Madrid. Friends who have not yet received their residence card in Madrid must go to this branch that specializes in foreigner affairs. Address: C/CARRETAS, 14, MADRID
Additionally, it is important to note that there are two types of cards available:
General Debit Card (Tarjeta de Debito) - can be requested by most account holders, with a lower annual fee.
Credit Card (Tarjeta de Credito) - has a higher threshold for approval, requiring proof of deposit or income.
However, both types of cards can generally be used for purchases. If you need to apply for a debit card when opening an account, please inform the bank staff of the type you wish to apply for. Generally speaking, international students can mostly only obtain a debit card, as the approval threshold for credit cards in Spanish banks is relatively high and more difficult to achieve.
Additionally, banks charge a maintenance fee every six months, the amount of which varies depending on the bank and the balance in the account.
According to the experiences of several friends, the fees for international remittances vary from bank to bank, and even different branches of the same bank may charge different rates, so it is necessary to inquire in detail. However, generally speaking, most fees range from 0.3% to 0.4%.
Individuals under the age of twenty-six can apply for a Youth Account (Cuenta Joven) at the bank, which waives the maintenance fee until they turn twenty-six, at which point it will convert to a general account.