Jake Miller
While there are some American banks with a presence in Spain, such as J.P. Morgan Chase, they typically deal with corporate banking and investment services. Therefore, it is recommended that Americans living in Spain open a local bank account. Spanish banks fall into three categories: international banks, national banks, and regional banks. International banks with a presence in Spain include Deutsche Bank and HSBC, while national banks include Santander, BBVA, and Caixabank. It is important to note that US expats in Spain have reporting obligations to the US government regarding their foreign bank accounts, such as the Report of Foreign Bank and Financial Accounts (FBAR).
| Characteristics | Values |
|---|---|
| American banks with a presence in Spain | J.P. Morgan Chase, Bank of New York Mellon, Wells Fargo Bank, JPMorgan Chase Bank National Association, Brickell Bank |
| Spanish banks with a presence in the US | Santander, BBVA, Citibank |
| Types of accounts | Resident, Non-resident |
| Resident accounts | More flexible, more perks |
| Non-resident accounts | Higher fees, fewer benefits |
| Reporting obligations to the US government | Report of Foreign Bank and Financial Accounts (FBAR), Foreign Account Tax Compliance Act (FATCA) |
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What You'll Learn
American banks with a presence in Spain
While there are a few American banks with a presence in Spain, they typically deal with corporate banking, investment services, and wealth management. These include big names like JPMorgan Chase Bank National Association, Wells Fargo Bank, and J.P. Morgan Chase. However, these banks do not offer retail banking services, so you cannot rely on walking into a US bank branch in Spain to handle your everyday banking needs. If you have an account with an American bank, you will likely be unable to find a branch in Spain where you can make deposits or withdrawals.
If you are facing a banking emergency in Spain, such as a lost or stolen card, your best option is to contact your US bank's international customer service number. These services are often available 24/7, but it depends on your particular bank. Additionally, most American expats in Spain choose to open a local bank account to easily manage their Spanish finances. This can be done by visiting a branch in person or, in some cases, opening an account online.
Some of the larger banks in Spain include Santander, BBVA, and Caixabank. Santander, in particular, is a global banking giant with a huge presence in Spain and Europe, as well as a foothold in other regions like Asia and the Americas. If you already bank with Santander in the US, you may be able to get a Spanish Santander account more easily. BBVA is also one of the largest multinational financial groups in the world, with a significant presence in Spain and South America.
For those seeking international support, including multilingual service online and in person, Bankia and Caixabank may be a good choice. The merged entity is Spain's largest domestic banking group, and its Hola Bank³ service is specifically designed for international clients. Additionally, large banks like Santander and BBVA offer the option of opening an account online, which can be convenient for non-residents.
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Opening a Spanish bank account as an American
While there are some American banks in Spain, they typically deal with corporate banking, investment services, and wealth management. Therefore, it is recommended to open a Spanish bank account as an American. Here is a guide on how to do that:
Types of Accounts
There are two types of accounts in Spain: resident and non-resident accounts. If you are a resident, you stay in the country for more than 183 days per year, and you will have access to more perks and services. Resident accounts also tend to have lower fees. Non-resident accounts, on the other hand, are for those who spend up to 183 days (6 months) in Spain and are well-suited for those who split their time between Spain and another country. These accounts often have higher fees and fewer benefits.
Choosing a Bank
There are dozens of banks in Spain, with the four largest being Bankia, BBVA, La Caixa, and Santander. It is important to research the different banks and account options to find one that suits your needs. Some banks offer specific services for international clients, such as Hola Bank³, which provides multilingual support. Additionally, consider factors such as the availability of English language services and mobile banking apps and international transfer fees.
Documentation
The documentation required to open a Spanish bank account varies depending on the type of account and the bank. For a resident account, you will typically need proof of your Spanish address, such as a utility bill or rental contract, your NIE number (Número de Identidad de Extranjero), and proof of your employment status, such as an employment contract or student card. For a non-resident account, you will need a "Certificado de No Residente," which can be obtained from a Spanish police station or the Spanish consulate if you are abroad, in addition to the documents required for a resident account. Foreign documents must be translated into Spanish and properly notarized.
Opening the Account
The process of opening a Spanish bank account can be started online or over the phone with some banks, but many banks require you to visit a branch in person to finalize the process. It is recommended to make an appointment during the core banking hours of 9 AM to 2 PM. During your appointment, you will need to complete the required paperwork, show your documentation, and provide identification. Your account should be verified and ready for transactions within a day or two.
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US reporting rules for foreign bank accounts
While there are a few American banks with a presence in Spain, they typically deal with corporate banking, investment services, and wealth management. Therefore, Americans in Spain cannot rely on walking into a US bank branch in Spanish cities like Madrid or Barcelona to handle their everyday banking needs.
Now, as an American citizen with foreign bank accounts, you may be required to report yearly to the IRS foreign bank and financial accounts (FBAR) exceeding certain thresholds. The FBAR is due on April 15, with October 15 being the extended due date. Those who don't file an FBAR when required may be subject to significant civil and criminal penalties. Criminal violations can result in a fine and/or five years in prison.
The Report of Foreign Bank and Financial Accounts (FBAR) requires you to report foreign bank accounts with an aggregate value of over $10,000 at any time during the calendar year. This includes financial interests in bank accounts, brokerage accounts, and mutual funds. You must keep records for five years from the FBAR due date, including the maximum value of each account during the reporting period.
You can authorize someone to represent you for FBAR matters using Form 2848, Power of Attorney and Declaration of Representative, or a general power of attorney form. If you want someone to file your FBAR on your behalf, use FinCEN Report 114a, Record of Authorization to Electronically File FBARs, to authorize that person to do so.
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US banks in Seville, Spain
While there are a few American banks with a presence in Spain, they typically deal with corporate banking, investment services, and wealth management. Therefore, you are unlikely to find US banks in Seville, or elsewhere in Spain, that offer personal banking services. However, there are a few alternatives available to Americans looking to bank in Seville.
One option is to open an account with a Spanish bank. Both residents and non-residents can open bank accounts in Spain, although the process varies slightly depending on your residency status. Many Spanish banks require you to visit a branch in person to open an account, but some, such as Santander and BBVA, offer the option to open an account online. It is worth noting that traditional Spanish banks often charge monthly fees and do not offer interest on deposits, especially for non-residents.
Another alternative is to use a digital banking service like Wise, N26, Revolut, or bunq. These providers are increasingly popular among newcomers to Spain, as they offer easy international transfers, IBAN availability, and the ability to pay Spanish bills. Wise, for example, allows you to send high-speed, low-fee transfers between the US and Spain with no exchange rate markups.
If you are looking for a US bank with a physical presence in Seville, Citibank may be an option, as they have three branches in the city. However, it is important to note that they primarily serve businesses and investors rather than offering personal banking services.
Additionally, you could consider using your existing US debit card in Seville, although this may incur some fees. Alternatively, you could explore obtaining a debit card loaded with Euros before your trip, which could be used without additional fees in Europe.
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International banks in Spain
While there are a few American banks with a presence in Spain, such as J.P. Morgan Chase, they typically deal with corporate banking, investment services, and wealth management. Therefore, Americans living or travelling in Spain may find it more convenient to open an account with a Spanish bank.
Some Spanish banks, such as Santander and BBVA (Banco Bilbao Vizcaya Argentaria), allow customers to open an account online, although many banks require customers to visit a branch in person. Non-resident accounts often have higher fees and fewer benefits than resident accounts, but it is usually possible to switch to a resident account once you have the proper documentation.
Some of the largest banks in Spain include Santander, BBVA (Banco Bilbao Vizcaya Argentaria), CaixaBank, and Bankia. These banks offer a range of services, including retail banking, corporate and investment banking, asset management, and insurance options. They also have a strong presence in the mobile banking industry and offer extensive branch networks.
International banks also operate in Spain, such as HSBC, which offers expat bank accounts with global, round-the-clock support.
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Frequently asked questions
There are a few American banks with a presence in Spain, such as J.P. Morgan Chase, but they typically deal with corporate banking and investment services. Therefore, it is recommended that Americans in Spain open a local bank account.
Yes, Americans can open resident or non-resident bank accounts in Spain. Resident accounts typically have more features and lower fees, but non-resident accounts can be easier to open and can be switched to resident accounts once proper documentation is obtained.
Santander and BBVA are two global banking giants with a significant presence in both Spain and the United States. Additionally, Bankia and CaixaBank, which recently merged, offer multilingual services that may be attractive to international clients.
Yes, US expats in Spain have reporting obligations to the US government related to their foreign bank accounts. For example, Americans with over $10,000 in total in foreign financial accounts during a year must report all their foreign accounts by filing an FBAR form.
