Bank account opening
Opening a bank account in a foreign country can be a challenge, especially for foreign students who are temporarily in Spain. However, there are many options available, and each one has its own advantages and disadvantages.
To open a bank account in Valencia, if you are a foreign student, you will need the following documents:
- Your NIE (Foreigners Identification Number). This is not a requirement for all companies, in some companies, your passport will suffice.
- Valid passport.
- Proof of enrolment in a Spanish educational institution.
- Proof of address (in Spain (e.g. a rental contract or utility bill with your name and address).
Additional documents may be required depending on the bank, so please contact your bank for detailed information on specific requirements.
Please also note that some banks may require a deposit to open an account and some of them may require you to have an account with their national bank.
It is important to compare the offers and conditions of several banks to find the one that best suits your needs. Many banks offer discounts for students, so if you have a student card, remember to take it with you.
Bank accounts for young people
If you are young, most banks offer to open a bank account without fees. Here are some interesting options:
- La Cuenta Joven de Evo Banco is an excellent option for people between 18 and 25 years old, as it offers a fee-free service. In addition, the debit card is free up to the age of 30. You can withdraw money in the Euro6000 network and twice a month free of charge in the 4B network and at any ATM in the world. In addition, online transfers are free.
- La Cuenta Joven de Ibercaja is an excellent option for people between 14 and 25 years old, it offers service without commissions and is a base for other products. You can use the associated debit card three times a month for free at other ATMs in Spain or Europe.
- La Cuenta Clara de Abanca is an excellent option for young people up to the age of 34, as it offers a commission-free service. Even intra-Community transfers and cheque deposits are free. In addition, you can use ATMs without commission 5 times a month in Spain and abroad.
- La Cuenta 1,2,3 Santander Smart has zero fees until you reach the age of 31.
- La Cuenta Corriente Sin Nómina ING is an excellent option for people looking for a bank account with no fees. It is not necessarily for young people, but it offers a great benefit: it has no fees (no maintenance, no management, no cards, no transfers, no minimum fees). The only requirement is a balance of € 2,000 or a monthly deposit of € 600.
It is important that you compare the offers and conditions of several banks to find the one that best suits your needs and age.
Have you thought about opening an online bank account?
Online banks are an excellent option for foreign students, especially if they are in Spain temporarily. Many traditional banks now offer online banking services, but there are some specific banks that have specialized in offering banking services exclusively online. These online banks tend to have fewer requirements and red tape than traditional banks and only need a mobile phone to operate.
In addition, many of these online banks offer free cards and low or no fees, which can be especially attractive for students looking for an easy and affordable way to manage their finances while studying in Spain.
We recommend researching and comparing different online banking options to find the one that best suits your needs and requirements. Here is a list of some of them:
- N26: offers a free current account, free debit card, and no fees on foreign transactions.
- BBVA: offers a free online account for young people with a free debit card, no fees on transactions abroad, and discounts on insurance and event tickets.
- ING: offers a free current account with no fees, a free debit card, and no fees on foreign transactions.
- Revolut: offers a free account with a free debit card, no foreign transaction fees and the possibility to exchange currencies at interbank rates.
- Bnext: offers a free account with a free debit card, no fees on foreign transactions, and the possibility to earn cashback on your purchases.
Please note that this list is not exhaustive, and conditions may vary. We recommend researching and comparing different online banking options to find the one that best suits your needs and requirements, as well as being aware of the conditions and offers of each entity as they may vary.
Do you have a bank account that has worked well for you and would like to recommend it to other foreign students looking to open an account in Spain? We would love to hear your experiences and recommendations!
With your recommendation, we can help other students find the bank account that best suits their needs and requirements.
In addition, your recommendation will also help us keep our information up-to-date and relevant for our readers. If you have any recommendations, don’t hesitate to share them with us. We’re looking forward to hearing your experiences!