How To Open A Spanish Bank Account And Get A Mortgage Loan in Spain?

Elvis Elvis

Need a Spanish bank account? Or a mortgage loan for your Spanish house? Here’s what you need to know!

It is a simple procedure to open a bank account here in Spain.

As a resident the bank will usually only ask for your residence card.

As a non-resident you’ll simply need your passport, plus a reference from your current bank (or a recent bank statement), a proof of residence in the U.K. or Spain (a utility bill is sufficient) and some MONEY.

You’ll be asked to fill in a form and that is basically that.

You’ll get a debit card and a chequebook within a couple of weeks, although around Malaga and the coastal resort towns cheques are rarely used. Most businesses will only accept cash or cards.

In the last few years, it might be interesting for you to know, several British building societies have opened offices in the Malaga area. Non-residents with one foot in the U.K. and one foot in Spain might find it a good idea to open a bank account with these building societies in both countries as they offer free banking and free money transfers. (As long as a set minimum amount is maintained in the accounts.)

When transferring money over to Malaga there is generally no restriction of capital being imported. But, do be sure to fill in the relevant bank declaration form to prove that the funds have been transferred from abroad and not derived from (taxable) income earned in Spain. You, of course, are ahead of the game because you have completed the necessary currency exchange before arriving in Spain. Give yourself a smartie!

And if you’re thinking of purchasing property in the Malaga area then this is the time to check with your bank as to what type of mortgage loan they will allow you.

How To Open A Spanish Bank Account And Get A Mortgage Loan in Spain?
So many people do this the other way around spending weeks looking at properties without knowing exactly what type of mortgage loan they can achieve.

General guidelines … depending on your age, the bank or mortgage company will offer around 60 to 80% of the property value for up to thirty years.

Another factor to take into account is that lenders here in Spain prefer that the monthly repayment be not more than 35-40% of the borrowers monthly income.

Start with your own bank or building society where you have a bank account but, do shop around … there’s a lot on offer in Malaga and maybe you’ll find that you will be able to stretch those guidelines. Good Luck!