BANK ACCOUNTS

One of the first things you need to do when you have decided to buy in Spain is to open a Spanish bank account. Developers will usually require stage payments to be made through a Spanish bank account and, on completion, the utility companies will require payment of their bills by direct debit.

You should be aware that Spanish banks charge a commission to receive funds from overseas, sometimes up to 0.5% of the money being transferred.

Your conveyancer can arrange for an account to be opened for you, and can negotiate some competitive rates with a local bank, in some cases eliminating commission charges altogether.