Steps for opening a bank account

Deciding what type of bank account you want, meeting all the general requirements, and completing

an online form are some of the steps that must be followed

As soon as we get a job and begin to receive a monthly salary, it's time to open to open a bank account. Opening an account is a simple process, but it's important to know the general information that all banks will ask for. Although it is just a procedure, there are some steps that we should all know.
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Types of bank accounts

There are many types of bank accounts. So, before you open an account, you should know the type of accounts that are available. This way, you can decide on the most suitable account for you and your needs.

  • Checking account: this is the most common bank account and all banks offer at least one type of checking account. They do not give yield, but they allow you to deposit your money and withdraw it at any time. As well as the "wallet” function, with a checking account you can also direct debit payments, make transfers, associate credit and debit cards to it, etc.
  • Remunerated account: this type of account gives yield on the money deposited. As well as acting as a savings account by generating interest, it is different from a checking account in that it does not permit direct debit payments or other usual operations such as withdrawing money at cash machines.
  • Salary account: this product works as a savings instrument although it generally offers less return than a remunerated account. The main advantage is that it permits direct debit billing such as with a checking account.
  • Vivienda Account: this account also works as a savings instrument, like the remunerated or salary account, but it has tax relief. In order to be eligible for tax relief, you must spend the entire amount on the purchase of a home or renovations to your current home. You must also withdraw the money within a term of four years.

Now that we've seen the different types of accounts, let's have a look at how to open a checking account, as this is the most popular and widely used type of account.

Requirements and documents needed for opening a bank account

The first step (or the second if you count choosing the account type) when opening a bank account is to find out the minimum requirements of all banks, as well as which documents you will need to provide. You will need to fulfil certain personal requirements and provide the documents requested in order to open the account.

The common requirements for all banks are the following:

  • You must be of legal age (some accounts are designed specially for children or young people, but generally customers must be over 18 years old).
  • You must have a good credit score with some financial solvency and a regular income
  • You must not appear in any defaulter's list, such as Asnef, Equifax or Badexcug.

To prove that you fulfill these basic requirements for opening a bank account, you will be asked for your ID, your work contract, your latest payslip and your latest income tax return or quarterly VAT payment. If you satisfy the requirements and you have compiled these documents, the next step is to find out the bank's procedure for opening an account. You may have to go in person to the bank branch to hand in your documents in order for them to assess your situation and allow you to open an account. However, in the case of banks with digital services, such as BBVA, you can follow the procedure and open an account online in just a few minutes.

Steps for opening the BBVA Online Account Without Fees

  • Go to the tab “Accounts and cards” in bbva.es. 
  • Select the Account you would like and click on the "Apply" button.
  • State whether you are a BBVA customer or not.
  • If you are a customer, go to the bbva.es private area and open your bank account right away.
  • If you are not a BBVA customer, have your mobile phone handy to confirm the operation and fill out the website form containing five sections: access, personal details, economic activity, identification, contract and signature. When you have completed these simple steps online, you can now start to enjoy your new BBVA account and all its advantages.

BBVA Immediate Registration Service

BBVA has gone one step further in making it easy to open a bank account with the design of its new Instant Registration tool. This name is not pretentious, since opening a bank account is now very easy and in less than 5 minutes, you can become a customer and have your account up and running with no paperwork or having to go to a branch. The steps to follow to open the account this way are the following:

  • Go to m.bbva.es or open the BBVA App in your smartphone.
  • Identify yourself by filling in your personal details.
  • Send a photo of your ID together with your selfie so the system can corroborate your identity by means of an innovative biometric authentication process.
  • Reply to the video call from a BBVA agent.
  • Once the BBVA agent confirms the identity of the person through the videoconference, the account will be opened and the new account holder will be able to deposit money, direct debit bills, deposit salaries and associate a credit or debit card, etc.

If you would like to open a bank account, visit bbva.es to find out what types of accounts we offer and all their features and advantages. Remember that to open a bank account, all you need is your smartphone with a front-facing camera.

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And if have your account in another bank?

If already have open an account in another company and wish bring it to BBVA of easy way and fast, put at your disposal our Removals service that sees to carry out all the process. A service that you allows, also, change your income (for example, your salary or pension) or your bills (water, gas, telephone, internet, schools, etc.) in a comfortable way, fast and with no cost type. Enters bbva.es or in your app and learn more.
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