Can I open a business bank account in Spain for my company?
Communication Team
Communication Team

January 17, 2023

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Can I open a business bank account in Spain for my company?

If you travel to Spain often or have recently started a business there, you might be considering opening a Spanish bank account. This will make financial transactions, and life more generally, much easier when you’re in the country.

Much like opening an account anywhere else, there are some things to keep in mind when opening a bank account for your business in Spain. In this blog, we'll walk you through the entire process of opening a business account with ease.

Introduction to Spain's banking system

Spain has a well-developed banking system, with a number of large national and international banks operating in the country. The main regulator of the Spanish banking system is the Bank of Spain, which is responsible for maintaining the stability and integrity of the financial system.

The Spanish banking system is composed of both commercial banks and savings banks. Commercial banks, also known as "bancos," offer a wide range of financial products and services, including checking and savings accounts, loans, and investment products. Savings banks, also known as "cajas de ahorros," were traditionally focused on providing savings and mortgage products to individuals and small businesses.

In terms of banking services, Spain offers a wide range of services, similar to most developed countries. Internet banking and mobile banking are widely used, and cashless payments are also becoming more common.

IBAN in Spain

Much like in the rest of the EU, Spain uses IBAN (International Bank Account Number) to identify bank accounts. IBAN is a standardised format for bank account numbers made up of a combination of letters and numbers. The system was created to help process cross-border payments and reduce the risk of making errors when making international money transfers.

In Spain, an IBAN typically has 24 characters, which include the country code (ES), a two-digit check digit, and the basic bank account number (BBAN) for the account. The BBAN includes the bank code and the account number, which can vary in length depending on the bank.

For example, a Spanish IBAN might look like this: ES00 2345 5678 4568 9876 1235

Where ES is the country code, the next two digits (XX) are the check digits, and the remaining digits are the BBAN.

Advantages of opening a business account in Spain

You probably don’t need much more convincing to open a business account in Spain, but just in case, here are more advantages in doing so:

  • Access to the EU market: Spain is a member of the European Union, which means that your business will have easy access to the EU market and can take advantage of the EU's single market for goods and services.
  • Low barriers to entry: Spain has relatively low barriers to entry for foreign businesses, which makes it fairly easy to open a bank account and do business in the country.
  • Strong economic growth: Spain has a large and growing economy, with a strong emphasis on tourism, services, and technology. This can provide opportunities for businesses across different sectors.
  • Favourable tax environment: Spain has quite a favourable tax environment for businesses, with a corporate tax rate of 25% which is among the lowest rates in the EU.
  • Access to funding and investment: Spain has a well-developed banking sector and a growing venture capital industry, which means that businesses can access funding and investment to help them grow.

Keep in mind that there might be a few extra steps and costs when opening a business bank account in Spain, such as having an address or specific type of visa. This will all depend on the type of business you run and different regulations in place in Spain.

How to open a business account in Spain?

Go through the checklist below to get your documents in order to open your business bank account in Spain. In general, you’ll need the following:

  • Your ID - this should be your passport but sometimes a driving licence is accepted
  • Proof of identity for all company directors and shareholders (if this isn’t you)
  • Your company's registration documents, such as the Articles of Association and Certificate of Incorporation
  • Your company’s tax identification number
  • Proof of address for the company, such as a utility bill or lease agreement
  • A business plan or proof of financial projections for the company.

Be sure to stay organised as you will need to be physically present in Spain to open a business bank account, and you may be asked to provide additional documentation depending on the type of business you run.

Where to open a business account?

There are multiple options of where to open a business bank account in Spain. Take a moment to look for an option that best suits your company’s specific needs and requirements. Below are some of the more popular options out there:

National banks: Spain has a number of large national banks, such as Santander, BBVA, and CaixaBank, which have a wide network of branches and ATMs throughout the country.

International banks: Quite a few international banks have a presence in Spain, such as HSBC and Deutsche Bank, which can provide access to a global network of services and support for businesses with international operations.

Online banks: Spain has a growing number of online-only banks, such as wamo and N26, which offer a more digital and convenient banking experience, with features such as online account opening, mobile banking, and no physical branches.

Regional banks: There are a selection of regional banks in Spain, such as Kutxabank, Ibercaja etc, that have a strong presence in specific regions in the country. These banks can provide more localised services and specialised products for businesses operating in that region.

You can open a business account in Spain with wamo in 10 minutes

Opening a business bank account in Spain as a non-resident can take a long time, as it typically involves providing the bank with all sorts of documentation and filling out many forms. The process can take many days or even weeks, depending on the bank and the type of account you are opening. Additionally, most banks require an in-person meeting with the account holder and the bank representative.

But with wamo, you can open an account in 10 minutes. Unlike traditional banks, wamo is built for businesses to accept and make international payments in multiple currencies. The company has developed an online process that allows you to open a business bank account faster than a traditional bank and offers a vast range of financial services. wamo gathers all the necessary information and documentation and can typically get you a business account ready within 24 hours, making the process faster and more convenient from wherever you are.

You can get started by downloading the wamo business app or from here.

Also read: Business account pricing plan

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