- Deposits with a credit institution are protected by the Fondo de Garantía de Depósitos up to €100,000 per depositor and institution. The Fund does not cover balances held with payment institutions and electronic money institutions [2][1].
- Online accounts with payment institutions have limits on transactions, top-ups and balance, and cash services are restricted [1].
- Only credit institutions are required to offer the cuenta de pago básica (Real Decreto-ley 19/2017, article 2.c). Payment institutions and electronic money institutions do not have to offer it [3].
- Remote account opening is allowed via an electronic signature, a first payment from an account in the same name in the EU, and other conditions (article 12 of Ley 10/2010) [4].
- Autónomo contributions require an account with an institution authorised to collect Seguridad Social payments. Check whether a particular online account qualifies before you open it [5].
What is the difference between an online bank and a traditional bank?
The word “online” describes how the service is delivered, not the legal status. The Banco de España distinguishes two groups: credit institutions (banks and savings banks), and payment institutions (entidades de pago) together with electronic money institutions (entidades de dinero electrónico). Online accounts in the form of a payment account are offered by the second group [1]. Some banks operate entirely online but are still licensed credit institutions. What you get as a customer is determined by the institution’s licence, not its website [1][2].
| Criterion | Credit institution (bank, including online banks) | Online account with a payment institution |
|---|---|---|
| Deposit guarantee | Fondo de Garantía de Depósitos, up to €100,000 per depositor and institution [2] | Not covered by the Fund. The institution must safeguard customers’ funds (segregated accounts or safe assets) [1] |
| Limits | Set by the bank’s contract | Limits on spending, top-ups and balance [1] |
| Cash | Depends on the bank: branches and ATMs, or online only | Restricted: no branches or ATM network of their own [1] |
| IBAN and direct debits | Yes | Many have an IBAN for direct debits and salary [1] |
| Chequebooks, passbooks | Depends on the bank | No [1] |
| Right to a cuenta de pago básica | Banks that offer accounts must provide it [3] | Not required [3] |
What protects your money in an online account?
Banks and payment institutions are protected in different ways. The Fondo de Garantía de Depósitos guarantees up to €100,000 per depositor in the institution the bank belongs to. For certain deposits received in the last three months (sale of a home, marriage, divorce, pension, dismissal, disability, death, insurance payouts), the Fund, by its own account, covers amounts above this limit [2]. Payment institutions and electronic money institutions are not members of the Fund: the Banco de España states plainly that balances in their accounts are not covered by the Fund, but the institutions must keep customers’ funds safe [1].
If the institution is licensed in another EU country, ask it which guarantee scheme protects your account.
How do you check that the institution is licensed?
- Find the institution’s full name and type of licence in the contract or on its website: credit institution, entidad de pago or entidad de dinero electrónico.
- Check the institution in the official registers of the Banco de España (in the sede electrónica, section “Registros oficiales”) [6].
- For a foreign institution in the EU, check its home country’s register.
The Banco de España itself advises checking the institution’s licence before opening an online account and comparing offers for your purpose: keeping savings or making everyday payments [1].
When an online account works and when it doesn't
The online format is convenient for everyday payments, transfers and a card. The Banco de España advises comparing offers for your purpose: keeping savings or making everyday payments [1]. Without a deposit guarantee, such an account is less suitable for holding large sums. You need a traditional bank if branch cash services, deposit protection by the Fund and the right to a basic account if you are refused matter to you [2][3].
There are two conditions that are easy to miss. First: RETA contributions for autónomos are paid only by direct debit from an account with a financial institution authorised to collect Seguridad Social payments (additional provision 8 of the Reglamento General de Recaudación as amended by Real Decreto 322/2024) [5]. We have not checked whether an online account with a payment institution qualifies: ask the institution before you open it. Second: some online accounts issue an IBAN from another EU country. Refusing such an IBAN is prohibited by article 9 of Reglamento (UE) 260/2012, but disputes can arise in practice: what IBAN and SEPA are.
Can a foreigner open an account online?
The law allows business relationships without physical presence: under article 12 of Ley 10/2010, identity is confirmed with a qualified electronic signature, or with a first payment from an account in the same name at a bank in Spain, the EU or an equivalent country, or under other conditions set by the regulations. The bank must receive copies of the documents within one month [4]. Whether a bank will open an account for a non-resident is up to its own policy. More detail: opening an account with a Spanish bank, an account without an NIE.
What depends on your case
We do not name banks or compare fees: conditions change, and the choice depends on what you need from the account. On when an account is needed for a residence permit: do you need a Spanish account for a residence permit. Freelancers on the DNV will find the DNV route card useful, and the general moving process is described in the section residence permit in Barcelona.
Frequently asked questions
Is money in an online account in Spain protected?
How is an online account different from a regular bank account?
Can you get a cuenta de pago básica from an online institution?
Can an online account be used to pay autónomo contributions?
How do you check the licence of a bank or payment institution?
Can you open a bank account entirely online?
Official sources
- Banco de España, Portal del Cliente Bancario · Quiero abrir una cuenta por internet, ¿cuáles son sus características? ↗
- Fondo de Garantía de Depósitos · Qué garantiza el Fondo (100 000 € por titular y entidad) ↗
- BOE · Real Decreto-ley 19/2017 de cuentas de pago básicas, artículos 2 y 3 ↗
- BOE · Ley 10/2010, artículo 12 (relaciones de negocio no presenciales) ↗
- BOE · Real Decreto 322/2024, disposición adicional octava del Reglamento General de Recaudación de la Seguridad Social ↗
- Banco de España · Sede electrónica: registros oficiales ↗
Sources reviewed on 02.10.2026. Consolidated texts and government reference pages are for information only: applying the law depends on official publications, amendments and the specific circumstances. Reviewed by lawyer Francisco Romero Jiménez (ICAB 33641) on 21.10.2026.
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ReloVictory · Sources reviewed 02.10.2026 · Not a substitute for individual legal advice.