American Having a Hard Time Opening a Spanish Bank Account

8POSTS

4 years ago

Hello!
I am Roger.
My interest is to purchase a property in the Malaga area and was told that I needed an NIE in Spain in order to open a bank account and transact.

I obtained the NIE through the embassy in Washington, and made a trip this month to Spain to inspect the property and open a bank account at BBVA.

I presented all the credentials necessary which included my passport, NIE, letters from my bank institutions in the US ascertaining that the funds to be transferred to my new account are "legitimate". They also asked for my social security card and tax filings. I presented everything they wanted.

They said they would approve it soon, but after 10 days (and I'm back in the US), they told me the compliance department would NOT open an account for me.

Is this how banks operate there or is this just BBVA?
Thank you for any help....
Roger

1 member reacted to this post

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roby65 Member

16POSTS

4 years ago

Try Bankinter. I'm Italian and I didn't any problem to open a bank account.
Ciao, Roberto

1 member reacted to this post

JaneLoveit Banned

68POSTS

4 years ago

What reason did compliance department give? I assumed you asked.

novaluck Member

13POSTS

4 years ago

Hi Roger!
I am spanish but I had live in the US most of my life. When I came back I tried opening a bank account with BBVA and the gave me all sorts of problems as well. Any other back in Spain will be easier than them.
I have an account in La Caixa but Bankinter is a good one too. I would try them

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rmisiclier New member

8POSTS

4 years ago

They claim it's a "software issue" on their end. Very strange!

rmisiclier New member

8POSTS

4 years ago

Thank you! I will check them out

Zdravich Active member

44POSTS

4 years ago

We are Americans living in Spain, and shortly after we arrived we opened an account at Banco Sabadell with no problems. It was done on the spot at our appointment with a banker. Banco Sabadell seems to "specialize" in helping foreigners living in Spain. Give them a try.

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gwynj Bulgaria Expert

2596POSTS

4 years ago

Like @ZDRAVICH we got one at Sabadell.

We did need NIE, but they gave me a "non Resident's account" at a higher monthly fee, prior to me sorting out my residence. After I got my residence permit, I let the bank know and they changed the account status and the fee went down.

gwynj Bulgaria Expert

2596POSTS

4 years ago

We traipsed around Madrid for several hours trying to open an account, and they all insisted they could only do it after we had residence (apart from one that said they could do it we became a bank customer by buying a very expensive health insurance policy). So we were very pleased when we walked into a Sabadell and they were more flexible.

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kittycat1 Serial expat

204POSTS

4 years ago

#10

In oder to open a bank account in Spain
some banks, persuades you to commit to buy 'their other bank-finantial products' aka Insurance claims, Retiments Plans, Investment Funds..just to open a savings bank account.

I must point out that any of 'those other products' offered are not mandatory by law ie Life Insurance, Health Insurance, by the exception of Home Insurance which will be mandatory only for morgages.
So by law, they can't obligate you to do so.

For any abussive savings account' claims you can summit a copy of your previous -branch bank complaint form- to:
Banco de España - OCU·Customer's Association - Ministry of Economy of Spain

https://www.ticpymes.es/legislacion/tru … ria.1.html

https://clientebancario.bde.es/pcb/es/m … lizarrecl/

https://sede.mineco.gob.es/portal/site/ … 06140aRCRD