This information is for orientation only, not tax or legal advice. For Modelo 720 and tax residence consult AEAT or a qualified adviser.

Finance roadmap

Basic account → Bizum/SEPA → Rent (domiciliación) → Payslip → Annual Renta → Savings (optional)

Student checklist — finance

  • Week 1–2: compare banks, open cuenta corriente with ES IBAN.
  • Activate Bizum — Payments between students and small amounts.
  • Before rent: check transfer limits and domiciliación.
  • With work: align NIE, bank address and employer for correct withholding.
  • Year end: keep nóminas; assess Renta obligation.

Current account

Bank typeExamplesNote
TraditionalSantander, BBVA, CaixaBankBranches, joven packages
OnlineING, OpenbankOften lower fees
NeobankRevolut, N26Useful multi-currency; check ES IBAN for rent
  1. Documents: Passport, NIE/TIE, empadronamiento or university letter.
  2. Identity verification — Video or branch.
  3. Cuenta sin comisiones — Often requires card use or salary domiciliación.
  4. Security: 2FA, transfer limits, transaction alerts.

Everyday payments

  • Transferencia SEPA — Transfer to IBAN (rent, bills).
  • Bizum — Standard between individuals; bank limits (e.g. €1,000/day typical).
  • Domiciliación — Direct debit; dispute incorrect charges within deadlines.
  • Contactless — Card and mobile payment widespread in cities.

Rent and solvency

  • ASNEF / ficheros morosidad — Late payments can block new contracts.
  • Aval bancario — Paid guarantee for those without Spanish income.
  • First month: fianza (1–2 months) + possible agency + utilities.

Student tax basics

TopicNote
Tax residentUsually >183 days in Spain in the calendar year
IRPFRenta return if you exceed thresholds or it is beneficial
Modelo 720Foreign assets above thresholds — rules evolving, check AEAT
Double taxationItaly–Spain conventions if you have foreign income

Savings and investments (basics)

  • Cuenta remunerada — Short-term liquidity.
  • ETF / funds — Only with a long horizon; read fees and withholding.
  • CNMV — Warnings on high-risk products.
  • Seguro de hogar — Often required by lease.
  • Responsabilidad civil — Third-party damage; sometimes included in home policy.
Rent advance

They ask for 6 months in advance - negotiate or look for another flat.

Quick reference

Granada/Valencia €600–850/month; Madrid/BCN €900–1,200+. Bizum for expenses between roommates.

  • Low university fees
  • Daily menu €10–14
  • Bizum obligatory socially
  • Cash in markets

Realistic monthly budget

  • €/month
  • 2026 indicative
  • Madrid room: €400–650
  • South/medium: €250–400
  • Food: €180–250
  • Transport: €20–40 season ticket
  • Various: €60–100

Banking and payments

Bank/bank

Santander, BBVA, Caixa, N26. NIE to open. SEPA for rent.

  • Bizum linked to account

Taxes in daily life

Taxation

National rule

VAT included. Nominate if you work. Rent young people often zero if below the threshold.

Groceries and dining

Expense

Good for students

Mercadona, Lidl, markets. Tapas not every day if budget tight.

First-month checklist

First month

  • NIE + empadronamiento
  • Account and Bizum
  • Registered contract
  • Tarjeta transport
Deep dive (optional)

Go deeper

Operational detail and official links—amounts and deadlines change; always confirm on the competent portal before filing or paying.

Banking & Spanish IBAN

EUR accounts (ES IBAN)

A cuenta corriente handles SEPA salary credits, direct debits for rent/utilities, and card spend. Expect NIE/TIE, proof of address, and sometimes your empadronamiento.

Fees

Compare maintenance fees, ATM charges, and FX if you move money outside the euro area.

Income tax & filings

  • Employees: withholding + annual personal income tax return
  • Self-employed: quarterly prepayments plus annual settlement
  • Capital gains / crypto: follow AEAT guidance for the relevant year

Banking & insurance supervision

Banco de España

Customer-service complaints and transparency rules for payment services.

DGSFP

Insurance market supervision (motor, health, travel).

Markets & consumer finance

CNMV

Investor warnings and regulated products.

Consumer affairs

Unfair terms and regulated credit advertising.

Post-arrival checklist

EU/EEA

  1. Empadronamiento
  2. Local bank + phone
  3. Regional health card if you settle long-term

Non-EU

  1. Valid TIE/NIE paperwork
  2. Banking that matches visa conditions
  3. Cl@ve / certificate if you must file in Spain
Note

This block complements the guide with institutional entry points—not legal or tax advice.

Sources · Last verified: 2026-05

  • Tax Agency (official link being updated)
Trusted sources we used for this content

Spanish and EU public sources: Eurostat, sede.gob.es, INSS, SEPE, the Tax Agency, Ministry of Health, and MAEC. Confirm rules on the official portal.