3 Easy steps to change Spanish bank account

Several Spanish banks are quietly charging their customers up to €200 a year – 3 Easy steps to avoid it. 

Bank switch made easy: How to change your Spanish account without losing your mind – or your money.

Thinking of switching banks in Spain but dreading the paperwork? Don’t sweat it – changing your Spanish bank account is not the admin nightmare you might think. In fact, under current rules, it’s free, fast and simpler than ever – and with some high-street banks now demanding more hoops to keep your account “free”, switching might just save you over €200 a year in fees.

So if your current bank is draining your wallet and your will to live, read on – because it turns out that they have to do the hard work for you.

Spanish banks are now legally obliged to do the legwork

Following a regulatory shake-up in February 2019, Spanish law now makes it crystal clear: it’s the banks themselves who must handle most of the hassle when you move from one account to another.

As the Bank of Spain puts it, banks must ensure that the process is carried out “de manera ágil y eficaz” – that’s smoothly and efficiently.

So while many of us assume we’ll have to ring up energy companies, re-set direct debits, and juggle spreadsheets until our eyes bleed, the reality is far less stressful.

Here’s how changing bank accounts in Spain works

STEP 1: Tell your new bank you want to transfer your account.

STEP 2: Fill in a simple form, stating your details and the date you want the transfer to happen. Important: This date must be at least six business days after the form is submitted.

STEP 3: Sit back and relax while the old and new banks contact each other directly to:

Transfer direct debits (bills, subscriptions, etc.)

Move standing orders and incoming transfers.

Shift over your remaining balance – as long as there are no outstanding debts.

It really is that straightforward.

Why are so many people in Spain changing banks?

Many major banks are now slapping customers with hefty requirements just to maintain a free account. Fail to meet them, and you could be hit with annual charges of €100 to €200 or more, depending on the bank.

So, it’s no wonder that consumers are ditching their old accounts with banks like Sabadell in favour of cheaper, no-fuss alternatives. But while frustration might fuel the urge to switch, fear of bureaucratic chaos often holds people back. It’s weaponised bureaucracy used by certain banks to keep us in our place, paying them fees. But that chaos no longer exists – at least not for this process.

One form. One week. Zero charges.

Whether you’re looking to escape hidden fees, outdated apps, or just a bank that doesn’t make you feel like a valued customer anymore – the law is on your side. Switching banks in Spain is now as easy as choosing a new one and filling in a single form.

No stampedes. No secret clauses. And best of all? It won’t cost you a cent.

As always, make sure your old account has no debts hanging over it before the switch – or you might be left with some unfinished business.

For full details, visit the Bank of Spain’s official site or speak directly with your chosen new bank.

If your current bank is taking more than it’s giving, maybe it’s time to give it the boot. Because these days, changing banks in Spain isn’t brave. It’s just smart.

Get more European news in English.

Stay tuned to the Euro Weekly News for the latest Spanish news in English.