Why do I need a Spanish bank account?
If you plan to buy a property in Spain, you will need a Spanish bank account to handle utilities, local taxes, and mortgage payments. At Mortgage Direct, we help you open an account as part of the pre-approval process.
First, we assess your mortgage eligibility. Then, when we are confident that we can secure the borrowing, we submit your case to the chosen bank for formal pre-approval. Once the mortgage is approved, the bank will open your account without the need for you to travel to Spain. This process saves you valuable time and money.
Benefits of opening a Spanish bank account before making an offer
Save on exchange rates
One of the key benefits of opening a Spanish bank account early is the potential savings on exchange rates. Exchange rates fluctuate, and having an account in advance allows you to transfer your deposit funds when rates are most favorable. This approach can potentially save you thousands of euros.
£100,000 transferred at 1.14 would give you €114,000
£100.000 transferred at 1.18 would give you €118,000
That’s a €4,000 savings! Be smart and be prepared. Once your deposit is in your Spanish account, it’s just a click away from being transferred. This prevents delays in the purchase process.
Convenient access to funds
Having your Spanish bank account ready in advance means you can use it while on holiday or during property viewing trips. We’ve all experienced running out of cash during a holiday and incurring high bank charges and poor exchange rates. You can easily avoid these issues by accessing your funds directly from your Spanish account.
What facilities will my Spanish account have?
Spanish banks offer the same facilities as banks in most other countries:
- Debit/Credit Card: You will receive a card with a PIN number.
- Internet Banking: Monitor money movements from the comfort of your own home.
- Telephone Banking: Access English-speaking support lines.
How do I start the process?
Contact us to begin the process. We start by calculating how much you can borrow. From initial inquiry to getting the keys, we guide you through every step. This includes advising on interest rates, bank selection, estate agents, making offers, and organizing valuations.
Complete my mortgage affordability-check form