How to open a foreign bank account from Spain

The world has changed significantly over the last 50 years. Today, moving abroad for work or study is a common milestone. Many people in Spain travel frequently, while others work with international clients or manage online businesses.

Because of this, a specific question is popping up more than ever: can I open a multi-currency account abroad without actually leaving Spain? And better yet, can I do it entirely online?

In this article, we’ll walk you through the process, explain how opening a foreign account from Spain works, and cover the legal and safety aspects you need to know.

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Is it legal to open a foreign bank account from Spain?

Yes, it is perfectly legal. However, depending on how much money you hold abroad, you may need to notify the Spanish tax authorities. Here is a simple breakdown of your obligations:

• Less than €50,000 abroad? You don’t need to do anything special.
• More than €50,000 in foreign accounts? You must report this to the Spanish Tax Agency (Hacienda) using Modelo 720. This informative return is submitted between January and March each year¹.
• More than €1,000,000 in assets abroad? You are also required to complete the Survey on Foreign Transactions (ETE) and submit it to the Bank of Spain via their online portal¹.

Note: This article does not constitute tax advice. If you are unsure about your specific financial situation, it is always best to consult with a financial advisor or tax lawyer in Spain.

The challenges of opening a foreign account with traditional banks

Traditional banks often make this process difficult. Most require you to be a legal resident of the country where you want to open the account. They usually insist on an in-person visit and documents that can be hard to provide if you aren't living there yet. Common requirements include:

• Proof of local residency: Such as a rental contract or utility bill. This creates a "catch-22": you often need an account to rent an apartment, but you need a rental contract to open the account.
• An in-branch interview: Where you’ll be asked about your income, spending habits, and employment status.
• Strict documentation: Banks may request additional paperwork at their discretion, followed by a lengthy review period.

With Wise, the experience is different. You can sign up online, verify your identity, and get started immediately. No branch visits, no waiting in line.

Comparison against select Spanish banks

Benefits of opening a multi-currency account while in Spain

• Get paid like a local: International clients can pay you via local account details, making it cheaper and easier for them.
• Currency stability: You can keep your savings in more stable foreign currencies.
• Travel like a local: Wise uses the mid-market exchange rate with a small transparent fee shown upfront.
• ATM access: Withdraw money abroad. You can withdraw up to €200 per month for free at ATMs; please note that while Wise does not charge a fee for these withdrawals, third-party ATM operators may apply their own charges.
• Diversification: Spread your money across different currencies to reduce financial risk.
• Online shopping: Save money on purchases made in foreign currencies on international websites.
• Future-proofing: If you plan to move abroad, your finances will already be set up to receive your salary or make payments.

How to open a foreign bank account in Spain with Wise

If you’re based in Spain and need an international account solution, Wise is one of the most straightforward options available.

There’s no need to visit a physical branch or manage piles of paperwork. You simply sign up online in a few minutes. Once registered, you can send, receive, and manage money in more than 40 currencies.

With a Wise account, you also get local account details for over 8 currencies (including USD, GBP, and EUR). This means anyone can pay you as if you had a local account in their country, bypassing expensive international transfer fees.

Key features include:

• Free to open: There are no hidden monthly maintenance fees.
• Transparent exchange rates: When converting money, Wise uses the mid-market exchange rate (the real rate you see on Google) and charges a small, upfront fee.
• The Wise card: You can order a physical Wise card to spend your balances directly in the local currency.

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Important Disclosure: Wise is an authorized Payment Institution, not a bank. In the EEA, Wise offers services through Wise Europe SA, which is regulated by the National Bank of Belgium. Unlike a bank, Wise "safeguards" your money rather than participating in a traditional deposit guarantee scheme.

Is it safe to open a foreign bank account from Spain?

Safety largely depends on the country and the institution you choose.

If you open an account in a country with a stable economy and a robust financial system, your money can be secure. While traditional banks often rely on deposit guarantee schemes, payment institutions like Wise use "safeguarding," which means your funds are kept in separate accounts at high-quality financial institutions or invested in low-risk assets.

Countries where foreigners can typically open an account

While rules vary, foreigners can often open accounts in the following countries. Keep in mind that many traditional banks still require residency for accounts opened from Spain:

• United Kingdom
• United States
• Germany
• Portugal
• Italy
• Denmark
• Andorra
• Gibraltar

Always check local requirements before applying. Some institutions demand a local address or a tax identification number, and regulations can change frequently.

Last checked on April 23, 2026.