Opening a bank account in Spain: simplifying the process and Lucas Fox’s recommended mortgage brokers

Opening a bank account in Spain

There are over 170 banking entities in Spain where you can lodge your savings, get a mortgage or open a current account. The banks can be classified in two main categories, the bancos and the cajas. At the moment there are about 50 bancos and about 120 cajas.. The cajas are state-owned banks while bancos are privately-funded institutions and co-owned by shareholders with several people forming the board of directors.

The cajas tend to adopt a ‘part of the town or village’ mentality and support residents by investing in local social, educational, scientific and cultural projects. Most cajas bear the name of Spanish regions while bancos are named after the founders of the banks or where they lived.

Lucas Fox has good relations with many banks in their regions so please speak to your agent for advice.

For foreigners in Spain, there are two types of bank accounts: resident and non-resident accounts.

According to Spanish law, to be considered a resident, a person must live in Spain for more than half the year, be based in Spain for professional reasons or have a spouse or child under 18 who are permanent residents. However the new Spanish Residency law cuts red tape for non-EU nationals. For more information go to www.residencyinspain.com

To open the account the following is required:

  • photographic proof of identity (passport or ID card)
  • proof of occupation or status (employment contract/payslip, letter from accountant/lawyer, pension or disability payment confirmation, student card).
  • NIE number
  • confirmation of address  (utility bill, driving licence or council tax bill; issued within the last 3 months)

If you have all the above, you should be able to open an account immediately although it make take a few days for cards & check books to come through.

What do the numbers mean on my account?

Your account will always have 20 numbers

XXXX XXXX XX XXXXXXXXXX

  • The first four numbers are the Entity (entidad) = The bank with whom the account is held. Always four digits
  • The second two numbers are the Branch (sucursal or oficina) = The number of the branch where the account is held. Always four digits
  • The next two numbers are the Control Digit (Dígito Control, or D.C.) = An internal bank code. Always two digits
  • The final 10 numbers are the account Number (número de cuenta) = The personal account number. Always ten digits

Mortgage Brokers

Lucas Fox currently collaborates with two reputable Mortgage brokers and Financial advisors:


Mortgage Direct Logo

Mortgages Direct

Mortgage Direct is an independent mortgage broker based in Spain who work with all banks that lend to those buying properties here. They offer our services to all nationalities and advise on a range of products including those tailored to high-net-worth individuals.

They offer prompt and informative responses to all enquiries – initial mortgage quotes are provided within 48 hours of first contact and advice is free-of-charge prior to making a formal application. Uniquely for Spanish brokers, Mortgage Direct has UK-qualified staff who understand financial products inside-out and have many years experience advising on Spanish mortgages.

Mortgage Direct has strong relationships with banks lending in Spain and are considered by most of them to be the leading independent broker.

Mortgage Direct has been providing mortgage advice to Lucas Fox clients for several years and this has included a wide variety of client circumstances. They handle all enquiries with the same degree of professionalism and one of our aims is to make what often seems a daunting process run as smoothly as possible.

Katherine Walkerdine BA (Hons) Cert PFS Cert CII (MP)
Mortgage Direct S.L.
C/ Caballeros 37 2
46001 Valencia
+34 963 156 011
+34 695 706 749

Please contact Katherine via email on kw@mortgagedirectsl.com and mention that you found the company via Lucas Fox.

Spectrum Logo

Spectrum Group

The Spectrum Group have extensive experience in giving financial advice including the most up-to-date offers available from a range of mortgage sources as well as looking after all of the necessary legal procedures. They also offer a range of additional services to ensure the property purchase is completed satisfactorily and legal and protection requirements are taken care of. Along with mortgage provision as an Independent Financial Advisor their role is to create and provide solutions for expatriates and foreign residents by way of a broad range of products and services. These include currency exchange, bank accounts, tax efficient investments, QROPS, pensions, medical insurance and more. They also offer wealth management, where appropriate.

Richard Rose FAIQ (CII)
The Spectrum Group
Paseo de Gracia 63, Principal 2a
08008 Barcelona

Please contact Richard directly via email richard.rose@spectrum-ifa.com and mention that you found the company via Lucas Fox.