Google translate: 
SINGLE.PHP - BREAKPOINT: xs smmdlgxlxxl

Opening a Spanish Bank account can save you money

Why do I need a Spanish bank account?

If you are planning to buy a property in Spain, you will need a Spanish bank account to pay utilities, local taxes and mortgage payments. Mortgage Direct can open an account for you as part of the pre-approval process. Firstly we assess your ability to obtain a mortgage in Spain and, when we are confident that we can secure the borrowing, we submit the case to the chosen Bank for a formal pre-approval. Once the mortgage is approved, the bank will open your bank account without you having to travel to Spain in person and waste valuable time and money.

What are the benefits of opening a Spanish bank account before making an offer?

The most important benefit is to save money on exchange rates. We all know the exchange rates fluctuate and having an account open in advance will give you the opportunity to transfer your deposit funds when the rates are advantageous. This could save you thousands.

£100,000 transferred at 1.14 would give you €114,000

£100.000 transferred at 1.18 would give you €118,000

That’s €4,000 savings! Be smart. Be prepared. And once you have your deposit in your Spanish account, it’s just one click away from being transferred and sealing the deal, preventing delays in the purchase process.

Another benefit of having your Spanish bank account opened in advance is that you can use it while on holiday/viewing trips. We’ve all done it: carefully prepared for our holiday only to find out after week one we need more cash. We find the nearest cash machine and get what we need. Result? Bank charges and very bad exchange rates. This can easily be avoided if you already have your own Spanish bank account.

What facilities will my Spanish account have?

Banks in Spain offers the same facility as banks in most other countries:

  • A debit / credit card with PIN number.
  • Access to internet banking so you can monitor money movements from the comfort of your own home.
  • Access to telephone banking, with most banks providing an English speaking line.

How do I start the process?

Contact us and we’ll start the process by calculating how much you will be able to borrow. We will then support you through the whole process from initial enquiry to getting the keys, advising on interest rates, banks, estate agents, making an offer, organising a valuation.

Please complete our initial enquiry form to get no-obligation advice about Spanish mortgages and opening a bank account in Spain.

Bozena Brunowska Senior Mortgage Adviser CeFa,CeMap,AAT

I started with Mortgage Direct in 2016 and permanently relocated to Spain in 2017. I previously worked in the UK for well over 20 years as a Financial Adviser, Mortgage Broker, and Accountant. Bozena is a fully qualified Financial Adviser (CeFa & CeMap) and AAT Accountant.

Complete my mortgage affordability-check form

Mortgages taken out in currencies other than the currency in which you earn are considered Foreign Currency Mortgages. Changes in the exchange rate may therefore increase the equivalent value of your debt. Under the Mortgage Law 5/2019 banks in Spain have introduced mechanisms to protect consumers from exchange-rate risk. For more information, please speak to your broker.

Mortgage Direct, S.L. is a company registered in the Registro de Intermediarios de Crédito Inmobiliario del BdE with the nº D108.

Instant quote