Spanish bank account when buying a property – necessary or unnecessary?
Again and again one hears that a Spanish bank account is mandatory for the purchase of a property in Spain. But this statement is no longer entirely correct. In the past, a Spanish bank account was required (almost obligatory), as almost all property purchases were made by Spanish bank cheque. To be able to issue such a cheque, one had to have a Spanish bank account. This had to be opened in good time, as the money first had to be transferred from the home country to Spain and then the cheque had to be applied for at the Spanish bank.
These complicated processes can be avoided nowadays. On the one hand, transfers within the EU can be made without any problems, so that you can transfer money directly from your home country to Spain. Since 2014 and the introduction of SEPA, this has even been free of charge at some banks. On the other hand, there are no fees for issuing Spanish bank cheques, which can usually amount to up to 0.4% of the cheque amount (for €1 million, this would be €4,000 in fees).
The possible procedure for a purchase by bank transfer is as follows: The buyer transfers the amount from his home country (EU) to the notary in time, the notary confirms the receipt and transfers the amount to the seller on the date of the notary.
Whether you need a Spanish bank account after buying a property should also be considered. It is not necessary, but it is an advantage. After the purchase, various contracts with utility companies such as electricity, water and internet still need to be concluded. As a rule, these now also accept EU accounts with IBAN numbers. Only for taxes, which are debited annually, for example, is a Spanish bank account usually still required. In this case, however, you can turn to a Gestoria, which will take care of this and you yourself transfer the amounts due to the Gestoria.
In principle, there is nothing to be said against a Spanish bank account, but it is no longer mandatory in order to purchase or own a property.