Written by Joe Smith on October 27, 2015

What is a bank account?

What should you consider before opening bank accounts?

To open bank accounts, the consumer must take into account two initial questions before going to a branch or to make the process online or by telephone:

1. To open bank accounts need to be of age: the bank will require the user stating that he is over 18 years to have a bank account. The only exception is children's bank accounts or for young people. In these cases, it is usual that the bank requires authorization and identification of a legal guardian. Normally it is the parents that perform this function and they are the ones responsible for what happens to the money deposited in the account will be made.

2. You just have to show your ID card to open bank accounts: the only documentation required to open a bank account is the identity card or residence card in the case of foreign customers. In the case of Spanish consumers residing in another country but who want to open an account in Spain, you will also be required to present a certificate of non-resident issued by the National or police, by the consulate of the country where you live.

What is the procedure to open bank accounts?

As regards the process of opening a bank account, there are small differences between doing it in person or online:

If you decide to open a bank account in person, you should pay attention to the choice of the branch. Although it may seem a minor issue, we must consider that some procedures may only be performed in the office where the product is engaged: for example, some banks only allow close bank accounts in the same branch where they were opened. It is therefore appropriate to consider whether it is more comfortable hiring the product in an office that is near your home or your workplace.

As for the procedure, you just have to worry about having all the proper documentation (basically, the DNI) and carefully read the contract that will provide the bank. While bank accounts are relatively simple products, you need to get fixated on all the conditions imposed by the entity and penalties that would have to face if you are not able to fulfill them.

If you prefer to hire your bank account online, you only have to follow a few simple steps that you will indicate the entity through its website. Typically, in addition to providing your personal details, you have to choose a security key with you operaras from that time. When you complete this process, you will have to wait until the bank sends you to your home documenting your account: Read it carefully, collects all the information required by the entity and resubmit. With this last step you'll open your bank account.

What to look out to choose the best bank accounts?

To choose the best deal on the wide range of bank accounts in the market, it is necessary to analyze a number of issues that will allow you to find the product that best suits your needs. You must also be aware that, depending on the type of account you go to open (payroll, current, paid, etc.), these elements can charge more or less importance. The main keys to be examined before hiring any bank accounts are commissions (ie, charges will apply for different operations or additional services), requirements (or conditions that must be met to enjoy the benefits of a certain product) and profitability (especially for how long it applies).

What fees may be charged for having bank accounts?

Bank accounts may charge fees for different concepts. The most common are:

a) The maintenance fee: this charge to compensate the bank for providing custody services such as money or maintain required records for the account to operate normally. Within this commission the service box, which is what enables the customer to make deposits or to withdraw cash is also included. It should also include the cost of issuance of certain documents, such as bank statements.

b) The management fee: is charged for additional services that are not included in the maintenance fee, as the notes into account transfers or direct debiting.

c) The annual fee for having a card: Normally, current accounts and payroll accounts allow the consumer has a debit card (and sometimes credit) to have your money or to pay for purchases time shift. These payment methods may have an annual fee that is usually eliminated if the consumer has a number of requirements (eg domiciliary wages). It is essential to analyze how much is the fee and try to negotiate with the bank the possibility of removing it.

d) The transfer fees: more and more accounts that offer free transfers, provided they are made in euro and within the European Union. However, you can still find with offers that either have not removed these charges, or who have done so but with certain limitations: for example, some accounts only allow the consumer to make a certain number of free transfers per month. To overcome it, he would have to start paying for this service.