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Corporate accounts opening in Spanish banks

Corporate accounts in spanish banks

Reasons to open an account in Spanish bank

The Spanish banking system is fully integrated with the international financial markets and includes the credit, stock, money and derivatives markets. The banking industry in Spain has expanded significantly during the country's 15 years of rapid economic growth.

Spain has one of the largest networks of bank branches in the Eurozone.

Spain has a number of large national banks, including those operating in other countries.

operation of spanish banks

Principles of operation of Spanish banks

An interesting feature in the work of Spanish banks can be emphasized that there is no same policy and same requirements for foreign clients and their documents. The same issue may be resolved differently in different banks, as well as in two neighboring branches of the same bank.

Here an important role is played by the position of the chairman of each department and the internal policy of working with foreigners.

Well-coordinated interaction is based on personal contact with managers of branches of specific banks while accompanying the procedure of opening bank accounts.

Hence, what should you pay attention to when choosing a bank?

Convenience of location, terms of service, tariffs, English speaking managers (another foreign language), assistance of a personal manager are the key points.

As practice shows, small regional banks turn out to be the most loyal to foreign customers, and foreign banks (for example, Barclays and Halifax) usually establish unusual requirements.

We recommend to visit the bank's website and, if possible in demo mode, familiarize yourself with the client's personal account.

In which banks it is possible to open an account?

In which banks it is possible to open an account?

Spanish banks in which we can accompany the opening of an account for a foreign company:

Santander

Santander maintains a leading position in Spain in the asset and credit sector and has an extensive branch network constantly working to develop customized services for individuals, small and middle size companies, offering attractive proposals to its clients.

Bank Santander has prepared a separate type of account for non-residents called the World Account. This is a current account in EUR with Internet access and mobile banking.

This offer also includes a debit card with free maintenance.

La Caixa

CaixaBank is one of the leading money institutions in Spain. After integrating with Bankia, the bank further consolidated its leadership in Spain in terms of assets. It is one of the leading banks in the European market and one of the most popular banks in Portugal.

The CaixaBank Group, which includes La Caixa Bank, has 20.7 million customers and the largest number of branches (5,314) and ATMs (14,426) in Spain and Portugal. It also leads in digital banking (73.1% of customers in Spain).

open an account

BBVA

BBVA is a global financial services group founded in 1857. The group has a strong presence in Spain, is the largest financial institution in Mexico and has leading subsidiaries in South America. The bank is also a leading shareholder in Turkey's Garanti BBVA and owns investment, transaction and capital markets banking businesses in the US.

Spain mainly combines the banking and insurance business that the BBVA Group carries out in this country, including a proportional share of bank assurance thanks to an agreement with Allianz concluded at the end of 2020.

Benefits of opening an account with a Spanish bank BBVA

1. The possibility of opening an account for a foreign company;
2. Remote account opening (as agreed by the bank);
3. The bank is the leader in Spain in the field of technical innovation, therefore it provides the opportunity to sign banking documents electronically;
4. To open an account with BBVA, a non-resident company must have a business connection in Spain (clients, partners, counterparties of the company).

Sabadell

Banco Sabadell operates in 14 countries, including Spain, the UK and Mexico. Since its foundation, the bank has aimed to support the development of projects of both individuals and legal entities-clients. Banco Sabadell's business model is focused on quality service, digitalization and long-term value for customers, employees and society at all.

Banco Sabadell has a wide range of services and products:

• access to online and mobile banking;
• interface with 7 languages, including English, German and Spanish;
• investment offers;
• deposits;
• insurance;
• lending (consumer loans, mortgages);
• POS products;
• leasing;
• factoring;
• asset Management;
• bank guarantees;
• international payments.

spanish banks

Bankinter

Bankinter SA operates under the supervision of the Bank of Spain and the National Stock Market Commission.

Forbes has released its fourth annual World's Best Banks report featuring organizations from 28 countries: Bankinter is again one of the banks included in this year's Forbes list based on customer feedback and indexes such as satisfaction, trust, commissions, digital services and financial advices.

Bankinter continues to improve its position in the "Best Spanish Brands" ranking compiled by the consulting firm Interbrand, ranking 22nd.

a) Conditions for opening an account

Basically, the bank opens accounts for local companies (Spanish). The personal presence of the director of a legal entity can significantly increase the chance.

Consideration period for opening a corporate account with Bankinter is 2-3 weeks.

If you want to open an account with Bankinter, the bank has the right to request all data on the company's activities, financial condition, sources of assets and partners.

b) Documents required to open an account:

  • Company charter;
  • Certificate of Registration;
  • Extract from the commercial register (not older than 3 months);
  • A document confirming the powers and appointment of the director.

c) Benefits of a corporate account in Spanish Bankinter:

  • Making transfers between your accounts;
  • View transactions through a user-friendly interface;
  • Currency exchange;
  • Access to E-Banking.

The bank also has the right to ask for additional documents of the company, since  everything depends on the business and activity of the legal entity.
To clarify the final list of documents specifically for your company, please contact us and we will promptly advise you.

LP LTD

Which documents and information are required to open an account with a Spanish bank?

Corporate documents:

• Statutory  documents under an apostille (certificate of registration, articles of association);
• Latest financial report;
• Good Standing Certificate (not older than 3 months);
• Certificate of Incumbency (not older than 3 months);
• A power of attorney for our employee to represent your interests in order to open an account (we provide a draft of power of attorney);
• A completed questionnaire on the activities, partners and turnover of the company (we help with filling it out).

Documents of the UBO (beneficial owner) of the company:

• Notarized copy of the international passport;
• Notarized and translated into English confirmation of the tax status of the beneficial owner (country of tax residency and tax number).

In the process of opening an account, agreements with the company's counterparties may also be required.

an account for companies

For which companies is the offer to open an account in Spanish banks relevant?

Opening an account in one of the Spanish banks is possible without the personal presence of the director of the company.

This option is available for all types of UK companies (LTD, LLP and LP):

  • English;
  • Welsh;
  • Scottish;
  • Northern Irish.

Read also about substance in Cyprus and why it is important for opening a corporate account in foreign banks around the world.

Benefits of opening an account with Taxters

Our colleagues will advise you on all issues: from filling out the necessary forms to the first successful payment. We will contact the bank and individually assist the process of opening an account. We will help you fill the KYC (know your customer) procedure, which will significantly increase the chances of successfully opening an account. Just click the "Quick Consultation" button and we will answer all your questions!

FAQ

Is it possible to open an account for a non-resident (who does not have a residence permit)?

Yes.

Which documents are required to open a corporate account in one of the Spanish banks?

Each Spanish bank has its own terms and conditions, so you should contact directly the financial institution where you plan to open a corporate account. However, among the main documents, the bank may ask you to provide: the company's charter, certificate of registration, an extract from the register (not older than 3 months), a document confirming the appointment of a director.

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