3.5.4. Banking in Spain

Setting up a bank account in Spain is fairly easy. All you will need a valid ID and proof of address, which can be either the property you are buying or a rental property you are staying at in the interim.

You do not need to be a resident to open a bank account in Spain. Worth noting, most banks and saving accounts will charge a monthly fee and any banking transaction of more than €3,000 requires both the payer and the payee to be identified. 

The Banking market in Spain is highly competitive, so shop around and find a bank that suits your particular needs. Most banks in Mallorca will employ English speaking staff but if in doubt, take a Spanish speaker with you.

Consider online international banking. This will make it considerably easier for you to manage your funds and transfer money between countries.

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