If you’re considering buying a property on the Costa del Sol, one of the key questions you’ll need to answer is: Do I need a Spanish bank account? The short answer is yes—and in this week’s Two-Minute Tuesday, Keith and Sophia from Target Property Spain break down everything you need to know.
Why Do You Need a Spanish Bank Account?
Owning a property in Spain comes with ongoing costs such as:
🏡 Community fees
🏛️ IBI property tax
🗑️ Basura (waste collection) tax
💡 Utilities (electricity, water, internet, etc.)
Having a Spanish bank account makes it much easier to handle these payments, and if you’re getting a mortgage, the account will typically be set up for you as part of the process.
How to Open a Spanish Bank Account
Setting up an account is straightforward—you’ll need:
✅ Your passport
✅ Your NIE number (foreigner identification number)
✅ Proof of income (sometimes required for anti-money laundering regulations)
Choosing the Right Bank
Not all banks in Spain offer English-speaking services, but if you’re in Mijas Costa, we recommend:
🏦 Sabadell
🏦 Cajamar
🏦 La Caixa
Each of these banks has branches with English-speaking staff, making the process smoother for expats.
What to Expect from Spanish Banks
While the process is simple, there are some downsides to be aware of:
💰 Banking fees – Unlike in some other countries, free banking is rare in Spain. Expect charges for account maintenance, debit cards, and even basic transactions.
⏳ Long queues – Visiting the bank can take time, so be prepared for some waiting.
Final Thoughts
A Spanish bank account is essential when buying property in Spain, but the setup process is relatively easy. While fees and queues can be frustrating, having a local account will make managing your property much more convenient.
📌 Watch the full video above for more insights, and if you have any questions, feel free to reach out! Looking for your dream home on the Costa del Sol? Contact us today to get started!
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