- →
-
Contact Form
-
Spanish banks are supervised by Banco de España, which is responsible for their solvency, conduct and compliance with banking rules; since 4 November 2014 that supervision has run within the euro area’s Single Supervisory Mechanism together with the European Central Bank. Deposits are protected by the Fondo de Garantía de Depósitos de Entidades de Crédito (FGD) up to 100,000 euros per depositor and per bank. The FGD applies that limit to natural and legal persons alike, so an SL is covered, and balances in other currencies count at their euro equivalent. The exclusions concern banks, investment firms, insurers, funds and public authorities, and deposits whose holder has not been identified under the anti-money laundering law.
Two providers on this page sit outside the FGD. Revolut serves Spanish businesses through the Spanish branch of a Lithuanian bank and says eligible deposits are covered by the Lithuanian scheme. Qonto is a payment institution supervised by Banco de España and the French ACPR, and under Spanish law the money a payment institution holds for its clients is not a deposit (Real Decreto-ley 19/2018, Article 10).
The SL, or sociedad de responsabilidad limitada, is Spain’s private limited company. Its share capital must be at least one euro. While it stays below 3,000 euros, at least 20 per cent of profit goes to the legal reserve, and if the company is wound up without enough assets the partners are jointly liable for the gap up to 3,000 euros (Ley de Sociedades de Capital, Article 4). The capital is paid in full when the deed of incorporation is signed (Article 78).
Article 62 asks for the cash contributions to be proven to the notary with a bank certificate of deposit in the company’s name, valid for two months, or by handing the money to the notary. For an SL the founders may instead declare in the deed that they are jointly liable to the company and its creditors for the contributions, and then no certificate is needed.
| Provider | Type | How you apply | What it publishes |
|---|---|---|---|
| BBVA | Bank | Online company onboarding | Only for companies whose tax code starts with A or B, with a sole or joint-and-several administrator who lives in Spain and signs in with an FNMT or Izenpe digital certificate or existing BBVA personal credentials; asks for the deeds, powers, the administrator’s DNI and a VAT or corporate tax return |
| Santander | Bank | Remote: a form, then a call with a business specialist | Asks for the deeds and powers, the company’s tax code, the latest tax paid (or the modelo 036 of a new company) and the representative’s DNI |
| CaixaBank | Bank | Online only, for its SME account | New SL and SA customers within a turnover limit; the sign-up first asks whether the company’s tax domicile is in Spain |
| Revolut Business | Spanish branch of a Lithuanian bank | Online | The company proves a physical presence in the EEA and the applicant lives in the EEA, Switzerland or the UK; accounts carry a Spanish IBAN |
| Qonto | Payment institution | Online | Accepts SLs and SAs whose tax code starts with an eligible letter; publishes a list of excluded activities |
The banks’ published lists assume Spanish identity documents: both BBVA and Santander name the DNI, the Spanish identity card. The anti-money laundering regulation itself accepts a passport for a foreign national (Royal Decree 304/2014, Article 6), so ask the bank what it takes in place of the DNI.
Royal Decree 304/2014 sets the legal floor. A company is identified by public documents showing its name, legal form, domicile, administrators, articles and tax number, and for a Spanish company a certificate from the Registro Mercantil is enough (Article 6). Beneficial owners can generally be declared by the company’s representative, with more evidence where the risk is higher (Article 9). On top of that, banks ask for:
Each foreign shareholder and administrator needs a NIE, the foreigner identification number, before the deed of incorporation can be signed before a notary. It can be requested from abroad through a Spanish consulate, and Royal Decree 1155/2024 gives the police five days to decide once the application is registered (Article 205).
Spanish law allows an account to be opened without the client being present if identity is shown by electronic signature, by a copy of the identity document certified by a notary, by a first payment from an account in the client’s name at a bank in Spain, the EU or an equivalent country, or by another secure procedure authorised by Sepblac, the executive service of Spain’s anti-money laundering commission. The bank must then collect copies of the due diligence documents within a month (Royal Decree 304/2014, Article 21). Whether a bank offers this to a company run from abroad is its own policy: BBVA’s online route is for administrators resident in Spain, Santander works through a remote call, and Revolut and Qonto onboard online within their criteria.
A Spanish account is a euro account whose IBAN starts with ES and has 24 characters. Spain and the Canary Islands sit inside the SEPA schemes, so euro transfers and direct debits run on SEPA. Revolut says its Spanish business customers receive a Spanish IBAN and can pay taxes through the Agencia Tributaria’s website.
Beyond published rules, general bank practice is to probe any mismatch between the business description, the expected payments and the source of funds.
The Agencia Tributaria’s census rules recognise companies formed to be sold. The promoter declares that purpose on the census form, and after the sale the buyer files a modelo 036 within one month to record the new domicile, representatives and partners and the company’s tax obligations. If the SL already holds an account, the account belongs to the company and stays with it. A change of owners is a change in the client’s circumstances, which under Ley 10/2010 requires the bank to apply its due diligence again (Article 7), so it may keep the account, ask for more documents or close it.
Compare the routes on our pages for a ready-made shelf company in Spain and company formation in Spain, and see the guide to shelf companies with bank accounts on how banks treat a change of owner. We can supply a ready-made SL or form a new one and help prepare the bank application; the bank makes its own decision and nobody can promise that an account will be opened. The Spain hub covers tax, the beneficial ownership register and residency, and our page on business bank accounts in Portugal covers the neighbouring market.
Yes, through a Spanish company. Neither the partners nor the administrator of an SL have to live in Spain, though each foreign principal needs a NIE. The route matters more than residence: BBVA’s online onboarding is limited to administrators resident in Spain, Santander opens business accounts through a remote specialist call, and Revolut accepts applicants living in the EEA, Switzerland or the UK.
You will normally have one already, because each foreign shareholder and administrator needs a NIE before the deed of incorporation is signed, and it can be requested through a Spanish consulate. For the bank, the anti-money laundering regulation accepts a passport, but BBVA and Santander name the Spanish DNI, so ask what they accept instead.
Usually, but not always. The notary needs the cash contributions proven, normally by a bank certificate of deposit in the company’s name that is valid for two months. For an SL the founders can instead declare in the deed that they are jointly liable for the contributions, and the capital can be as little as one euro.
The law allows it: Royal Decree 304/2014 accepts onboarding at a distance where identity is shown by electronic signature, a notarised copy of the identity document, a first payment from the client’s own account at a bank in Spain or the EU, or a procedure authorised by Sepblac. Each bank decides whether to offer it to a company run from abroad.
Yes. The Fondo de Garantía de Depósitos de Entidades de Crédito covers up to 100,000 euros per depositor and per bank, for companies as well as individuals, including balances in other currencies at their euro equivalent. Revolut’s Spanish branch is covered by the Lithuanian scheme instead, and money held with a payment institution such as Qonto is not a deposit at all.
If a ready-made SL already holds an account, the account stays with the company when the participations change hands. A change of owners triggers fresh due diligence under Ley 10/2010, and the bank may keep the account, ask for more documents or close it. The buyer of a company formed for sale also files a modelo 036 with the Agencia Tributaria within one month.