Opening a bank account in Spain on a Chinese passport is not hard: once you have a foreigner identity number (NIE) or residence card (TIE), most banks can open an account on the spot, and people without residence yet can open a non-resident account with a passport. Where Chinese newcomers really get stuck is proof of source of funds, China’s foreign-exchange quota and anti-money-laundering checks.
This guide follows the order “before you leave, after you land, once you settle”. It covers what you need to open a Spanish bank account, the legally guaranteed basic payment account, deposit insurance, sending money from China to Spain and back home, and the account freezes Chinese residents run into most often. RMB amounts use the European Central Bank reference rate of 30 October 2026 (EUR 1 ≈ RMB 7.4326); rules are as of October 2026.
Resident or non-resident account: start with your status
Spanish banks classify customers by tax and residence status. People who already hold a TIE and live in Spain open an ordinary resident account; those with only a passport who have not settled in Spain yet (for example while house-hunting, on a short course or waiting for a visa) open a non-resident account (cuenta de no residente).
For a non-resident account, banks often ask for a non-resident certificate (certificado de no residente). According to Spain’s National Police, the foreigner applies in person with form EX-15 and pays fee form 790, code 012, at an immigration office or police station, or through a Spanish consulate when abroad; the certificate is valid for 3 months from issue. As of October 2026, annual and transaction fees on non-resident accounts are set by each bank and are usually higher than on resident accounts, so ask for the fee schedule first.
Documents and the opening process
Take BBVA’s website as an example: non-EU residents with a TIE can open online or in a branch; passport-only customers, resident or not, must open in a branch and get fewer products. Everyone must be 18 or over, have a Spanish mobile number and not be on a debtors’ list. Other banks have similar requirements, but details vary.
- Get your NIE/TIEAfter arriving on a work, study or residence visa; short-term visitors bring a passport and non-resident certificate
- Prepare documentsPassport, NIE/TIE, Spanish mobile number, proof of address (lease or registration certificate)
- Explain source of fundsPayslips, employment contract, admission letter, Chinese savings or property-sale records
- Sign in branch or onlineThe bank checks your identity and asks about purpose and expected activity
- Activate online banking and cardsLink your phone number and enable local payments such as Bizum
| Document | Resident account | Non-resident account |
|---|---|---|
| Passport | Required | Required |
| NIE/TIE | Required (TIE is the residence card) | NIE number usually required |
| Non-resident certificate | Not needed | Required by most banks (valid 3 months) |
| Proof of address | Spanish address | Address in China; some banks want a translation |
| Income / source of funds | Payslips, contract, etc. | Chinese income, savings or asset records |
If you have no address yet, see our guide to renting in Spain: a rental contract is the most common proof of address for banks. Work-visa holders can also read the guide to working in Spain, since your first salary will normally have to be paid into a local account.
The basic payment account: a legal safety net
Under Spain’s implementation of the EU Payment Accounts Directive, every credit institution must offer a basic payment account (cuenta de pago básica). According to the Banco de España customer portal, people legally resident in the EU (even without a fixed address) and asylum seekers, among others, are entitled to one.
- As of October 2026 the fee is capped at EUR 3 a month (≈ RMB 22), including 120 euro transfers and direct debits a year within the EU.
- People in financial difficulty or at risk of financial exclusion can get it free if they qualify; the bank must answer in writing within 30 days of receiving complete documents.
- The bank may refuse only if you already hold a current account in Spain, if national security or public order is at stake, or if you do not provide the information required for anti-money-laundering checks.
If several banks turn you down “because you are a foreigner”, ask explicitly for a basic payment account, keep the written reason for refusal, and complain to the bank’s customer service department and then to the Banco de España.
Choosing a bank as a Chinese resident in Spain
| Type | Examples | Good for | Note |
|---|---|---|---|
| Large Spanish banks | CaixaBank, Santander, BBVA, Sabadell, Bankinter | Salary, rent, mortgages | Large branch networks; some accounts are free only with a salary paid in |
| Digital banks | Openbank, N26, Revolut | Everyday spending, multiple currencies | N26 and Revolut operate as Spanish branches of banks from other EU countries |
| Chinese banks | ICBC (Europe) Spain branch, China Construction Bank (Europe) Spain branch | Business links with China | Mainly corporate clients; call first to ask about personal accounts |
All of these appear on the list of TARGET payment-system participants published by the Banco de España in October 2025. ICBC’s Spain branch website lists account opening, deposits, remittances and financing, but names companies and financial institutions as its main clients. The list is not a recommendation; before opening an account, check that the institution is authorised in the Banco de España register of entities.
Deposit safety: FGD cover of EUR 100,000
Spain’s Deposit Guarantee Fund (FGD) covers up to EUR 100,000 (≈ RMB 743,000) per depositor per bank; money received in the last three months from specific events such as a home sale, marriage, divorce, retirement or dismissal can get higher cover. The FGD says cash deposits must be paid out within 7 working days. Compared with China’s deposit insurance limit of RMB 500,000, Spain’s cover is somewhat higher.
Note that Spanish branches of banks from other EU countries (names ending in “S.E.” or “Sucursal en España”) are generally covered by the deposit scheme of the home country, not the FGD. Spread large sums across several banks.
Sending money from China to Spain and back home
Transfers within the euro area go via SEPA. Under EU Regulation 2024/886, instant transfers arrive within 10 seconds, work around the clock, may not cost more than standard transfers and come with a payee verification service. Transfers between China and Spain go via SWIFT international wire, usually with a sending fee, intermediary bank charges and an exchange-rate margin, and take several working days.
Money leaving China is managed by the State Administration of Foreign Exchange (SAFE): each domestic individual has an annual FX purchase quota of USD 50,000 (≈ EUR 44,800 or RMB 333,000 at the ECB rate of 30 October). You must state the purpose truthfully, and the money may not be used for buying property abroad, securities investment, life insurance or other capital-account items that are not yet open; the purchase declaration also requires a pledge not to take part in money laundering, gambling or underground banking. Full details are in our guide to China’s forex rules and the USD 50,000 quota.
When you send money from Spain to China, the recipient’s conversion into RMB also uses the annual USD 50,000 FX sale quota, and anything above it requires proof of a genuine transaction. Never use “mirror” swaps or underground banks: both countries can pursue you and your account may be frozen.
Transfer services such as Wise and bank wires each have pros and cons; compare delivery time, exchange rate and total cost, and check limits on the receiving side.
Cash rules: carrying cash or similar means of payment of EUR 10,000 or more into or out of Spain must be declared in advance (form E1 for non-EU countries, S1 within the EU). In Spain, payments of EUR 1,000 (≈ RMB 7,433) or more may not be made in cash when either party acts as a business or professional (Law 11/2021); the limit is EUR 10,000 where the payer is an individual without tax domicile in Spain who is not acting as a business or professional. Leaving China with more than USD 5,000 in foreign-currency cash requires a bank-issued permit to carry foreign exchange out of the country, and in principle the limit is USD 10,000; RMB cash is also subject to a limit.
Anti-money-laundering checks and account freezes
Spanish banks are bound by Law 10/2010 on the prevention of money laundering and update customer files regularly. Common triggers for Chinese customers are large cash deposits, frequent transfers from many strangers, and large inflows from China whose source is unclear. The bank can ask for more documents and restrict or even close the account if they are missing.
- Keep payslips, property-sale contracts, Chinese tax and savings records, ideally with a Spanish or English translation.
- Never lend your account to receive money for others or for “daigou” sales; this is a common reason for freezes.
- Long-term residents should know about Form 720 (Modelo 720): Spanish tax residents whose foreign accounts, securities or property (including in China) exceed EUR 50,000 per category must declare them between 1 January and 31 March; a later increase of more than EUR 20,000 in a category means filing again. Ask a tax adviser about your own obligations and see our guide to taxes in Spain.
Gambling money and banks: what Spanish law says
In Spain, online gambling is only legal with operators licensed by the gambling regulator (DGOJ), and only for adults 18 and over. Banks tend to watch frequent gambling deposits and withdrawals; Law 13/2011 on gambling allows the regulator to require payment service providers to hand over information on unlicensed operators or to stop serving them. Prizes from the state lottery (Loterías) and ONCE above EUR 40,000 (≈ RMB 297,000) are subject to a 20% special levy on the excess. Also note that Article 303 of China’s Criminal Law targets organising gambling and recruiting Chinese citizens to gamble abroad, and the USD 50,000 quota may not be used for gambling abroad. See our guide to gambling laws in Spain.
For more on settling in Spain, go back to the Spain overview.
FAQ
Can I open a bank account in Spain without an NIE?
Some banks will open a non-resident account in a branch with a passport, but choice is limited, fees are higher, and most banks still ask for an NIE number or a non-resident certificate.
What is the fastest way to send money from Spain to China?
A SWIFT wire usually takes a few working days; some transfer services are faster. Either way, the recipient’s conversion into RMB counts against the USD 50,000 annual quota.
What should I do if my bank freezes my account?
Ask the bank in writing what it needs and provide proof of source of funds; if you disagree with the answer, complain to the bank’s customer service department and then to the Banco de España.
Sources
- Banco de España – Cuenta de pago básica (EUR 3/month cap, 120 operations) (accessed October 2026)
- Banco de España – Basic payment account: who can request them (accessed October 2026)
- BOE – Royal Decree 164/2019 (free basic payment accounts) (accessed October 2026)
- Banco de España – How much does the FGD cover? (accessed October 2026)
- Fondo de Garantía de Depósitos – Payment of guaranteed amounts (accessed October 2026)
- Policía Nacional – Non-resident certificate (accessed October 2026)
- BBVA – How a foreigner can open a bank account in Spain (bank website) (accessed October 2026)
- BOE – Banco de España resolution of 2 Oct 2025: list of TARGET-Banco de España participants (accessed October 2026)
- ICBC (Europe) S.A. Sucursal en España – Business Overview (accessed October 2026)
- SEPA España (Banco de España) – Features of instant transfers (accessed October 2026)
- SAFE – Implementing Rules of the Measures on Individual Foreign Exchange (accessed October 2026)
- SAFE Xiamen Branch – Individual FX service tips (incl. FX purchase declaration) (accessed October 2026)
- SAFE – Operating rules on carrying foreign-currency cash across the border (accessed October 2026)
- Agencia Tributaria – Means of payment (cash declaration) (accessed October 2026)
- Banco de España – Cash payment limit (Law 11/2021) (accessed October 2026)
- Agencia Tributaria – Form 720 filing period (accessed October 2026)
- Agencia Tributaria – Form 720 FAQ: when to file again (accessed October 2026)
- BOE – Law 13/2011 on the regulation of gambling (accessed October 2026)
- SELAE – How are prizes taxed? (accessed October 2026)
- European Central Bank – euro reference exchange rate, Chinese yuan renminbi (accessed October 2026)
