A Guide to Opening a Bank Account in Tenerife
Opening a bank account in Tenerife is relatively
straightforward nowadays and shouldn't take more than
10 minutes.
You may want to consider what your account
is for before heading off into the first bank you see.
The mortgage rate and hence the savings rates are quite
low on the island and so you may need to consider alternative
options if you are looking for high interest accounts.
Another obvious consideration may be the
fact that you may need to open an account in a branch
where you know they can speak English if you haven't yet
mastered the Spanish language - so shop around until you
can find the right branch. Other considerations may include
internet banking if you want to manage your account via
the internet perhaps if you return to the UK/Europe regularly.
The actual opening process is very quick.
You will need to take with you your passport and NIE number
if you have one. You can still open an account without
your NIE but you won't be able to apply for a mortgage
without one or at least without having put the application
in process. Thats it!
If you intend to open a business account
- you will also need to take with you the CIF number,
the actual original document and a copy of the Company
Simple (company formation contract) if you have a limited
company.
