For foreign buyers there are two basic types of bank accounts available:
A) Account in Euro for non residents.
B) Account time deposits in foreign currency.
The latter are used for foreign currency deposits in its existing state without conversion to euros. The funds are freely convertible into other foreign currencies and are outside Spanish control regulations of trade. Interest rates vary by currency deposited.
This number enables you to reside in Spain, but it is necessary for all kinds of paperwork records, official actions or economic or professional interest.
The NIE is essential for any economic transaction such as opening a bank account, establish a business, to buy a house or a car, to make the tax or any administrative application form inherent in the foreign office.
Documentation to be submitted when applying for the NIE:
- Printed-official application.
- Identity card or passport in original and photocopy.
- Photo size color white flesh.
- Documentary evidence of the reasons for your request.
Usually it is a simple process that will take between 1 and 5 weeks. It is obligatory to remove it personally.