How to Open a US Bank Account as a Spanish Resident: Process and Alternatives

Spain runs on the euro, and for most day-to-day business that is all a company in Madrid or Valencia needs. But a large share of Spanish businesses earn dollars, not euros: software firms billing US clients, exporters shipping to American buyers, ecommerce sellers on US marketplaces, or tourism companies serving American visitors. For all of them, the dollar shows up constantly, even though the euro is what circulates at home. So what does a Spanish business do when it is time to bank those dollars?

Opening a US bank account from overseas is possible, but it is difficult for any non-resident, wherever they are. Spain sits inside the EU's single market, so moving euros around Europe is cheap and quick, but that framework does nothing for a company trying to receive and hold US dollars. The usual route to a US bank account from abroad is to form a US business entity, and the cost, the barriers, and the ongoing upkeep of that entity can be a lot for a small firm in Barcelona to take on.

There is a simpler option: the Slash Global USD Account.³ Using your Spanish business registration, you can get a US account and routing number, along with access to the ACH network, without forming a US LLC or any other US entity. With it, you can accept payments from major US payment processors, convert between USD and euros when it suits you, fund your account directly with euros, and send international payments to more than 180 countries. If your business wants to send, collect, and manage dollars more easily without setting up a US entity, read on to see how it works.

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Why Should You Open a US Bank Account in Spain?

The dollar is the currency a lot of Spanish businesses actually get paid in, even though the euro is what they spend at home. A Spanish supplier who can give an American client a US account number can be much easier to work with: the client can pay the way they would pay a company down the street, often avoiding the higher fees and longer wait of an international wire. Many US payment platforms and marketplaces also expect a US account and routing number before they will pay you directly, and without one you may be pushed onto a third-party service that takes a cut of every payment.

The euro is a strong, freely traded currency in its own right, so this is not about escaping a weak home currency the way it might be elsewhere. The problem is more practical. When dollars land in a euro account, they are usually converted on the way in, at the bank's own exchange rate with a margin built in. If you later need to spend or hold dollars, you convert back and pay the spread a second time. Every round trip costs something, and you do not control the timing.

A US bank account, or a USD account with US bank details, addresses both problems. It gives your US clients and partners a normal account to pay into and collect from, and it lets you keep your dollars as dollars instead of converting them the moment they arrive, so you decide when to move or exchange them. For a Spanish business that earns in dollars, that control over timing is the main reason to have one.

Types of Bank Accounts in Spain

Before looking at the US route, it helps to know what local banks offer and where they fall short for a business earning dollars. Spanish banks, supervised by the Banco de España and the European Central Bank, offer several account types:

Current Account (Cuenta Corriente, EUR)

The everyday euro account used to pay staff, suppliers, rent, and local bills, with online and mobile access at every major bank. It is the core account for any business operating in Spain, but it holds euros, so dollars earned abroad are converted before they reach it.

Foreign Currency Account (USD)

Some Spanish banks will open an account denominated in dollars or another foreign currency. It looks like the obvious answer, but these accounts tend to carry higher fees than a standard euro account, and you still convert to euros through the bank, at the bank's rate, whenever you want to use the money locally. Interest paid on foreign-currency balances is usually minimal.

Business Account (Cuenta de Empresa)

A dedicated account for a registered company. Spanish banks generally expect a business to run through one of these rather than a personal account, and for some company types it is required. Opening one usually means supplying the company's tax ID (CIF or NIF), the deed of incorporation (escritura), and details of the directors and beneficial owners. It is a euro account at heart, with the same conversion issue for dollars coming in.

Time Deposit (Depósito a Plazo)

A fixed deposit locks funds for a set term in exchange for interest, almost always in euros. It is a savings tool, not an operating account, and it does not provide the US account details this guide is about.

What these accounts have in common is that they are built for money used inside Spain and the wider euro area. None of them gives you the US account details that American companies and customers expect, which is why many businesses that earn in dollars set up a US account instead.

How to Open a US Bank Account in Spain: Step-by-Step

You cannot usually walk into a US bank branch from Spain and simply ask for a US business account. Most US banks expect a US presence and either a Social Security number or in-person verification. Instead, the path forward is most often setting up a US business entity, such as an LLC. Here is how to get started, with the caveat that the process can be long, difficult, and expensive. If you are interested in a simpler alternative, keep scrolling below.

Step 1: Form a US Business Entity

A common way to get started with a traditional US bank account is forming a US limited liability company, or LLC. It is a business structure that separates the company from its owners and can be formed by non-residents without US citizenship or residency. Wyoming and Delaware are popular choices for non-resident owners because of their straightforward formation processes and predictable annual costs. You file formation documents with the chosen state and pay a state filing fee. This step establishes the legal entity that the bank account will belong to.

Step 2: Apply for an EIN

An EIN, or Employer Identification Number, is the federal tax identification number the IRS assigns to a business. Banks require it to open a business account. Applicants who do not have a Social Security number generally apply by submitting Form SS-4 to the IRS by fax or mail, not through the online system. Build in lead time here, because the bank application in a later step depends on having the EIN in hand.

Step 3: Contract a Registered Agent Service

Every US LLC must maintain a registered agent: a person or company with a physical address in the state of formation who can receive government mail and other paperwork on the company's behalf. Non-resident owners almost always contract a commercial registered agent service to satisfy this requirement. Keep in mind that this is an ongoing annual cost, not a one-time step, and lapsing on it can put the business entity in poor standing with the state.

Step 4: Apply for a Bank Account

Once the company is formed and the EIN is issued, you can apply for a business bank account. Not all US banks have the same policies: some are happy to work with a foreign-owned company from abroad, while others may expect an in-person visit or a US-based signer. Approval is never guaranteed and depends on each provider's own review, so it is worth checking a bank or provider's requirements before you rely on it.

Step 5: Handle Ongoing Tax and Compliance Obligations

Maintaining a US business entity comes with ongoing work. Depending on the state you register in, you will have an annual report, a franchise tax or equivalent fee, plus the registered agent renewal. At the federal level, a foreign-owned US LLC generally has information-reporting requirements, including an annual tax return.

Separately, you may have Spanish tax obligations on your worldwide income depending on your residency status, reported to the Agencia Tributaria. Under FATCA and the Common Reporting Standard, account information can also be shared between the US and Spanish tax authorities. The interaction of US and Spanish tax rules is complex and changes over time; speak to a qualified cross-border tax professional rather than relying on a general guide.

Required Documentation to Open a Bank Account

Exact requirements vary by provider, but a non-resident applying to open a US business account through the business entity route should generally expect to supply the following:

Identity verification: A valid passport for each owner and any authorized signer.
Proof of address: A recent document confirming your Spanish business or residential address, such as a utility bill or bank statement.
Entity formation documents: The articles of organization or certificate of formation issued by the US state where the LLC was registered.
EIN confirmation: The IRS notice confirming your Employer Identification Number (the CP575 letter).
Operating agreement: The document setting out ownership and how the LLC is run, which many providers ask to see.
Registered agent details: Confirmation of your registered agent and the entity's official address.
Proof of business activity: Some providers ask for evidence of what the business actually does, such as a website, contracts, or invoices, as part of their checks.

Financial technology providers run their own identity and business checks, so the exact list and the formats they accept can differ from a traditional bank. Confirm the current requirements with your chosen provider before you apply.

Open a US Bank Account with the Slash Global USD Account

The route above works, but it is a lot to manage: a US company to set up and maintain, an EIN to get, a registered agent to pay every year, and US tax filings to keep up with. For many Spanish businesses, the aim is simply to get paid in dollars by US customers, and forming a whole US company is more work than that needs.

The Slash Global USD Account is built for exactly this. Using your existing Spanish business registration, it gives you a US bank account and routing number without a US LLC, an EIN, or a Social Security number, so you can start receiving and sending dollars and replace most of the five steps above with a single application. It is open only to businesses based outside the United States, which fits a Spanish business selling to US customers.

Here’s what you get when you sign up:

Global payment capabilities: Send USD payments via ACH, international wires to 180+ countries, or stablecoin transfers in USDC and USDT.⁴
Invoicing: Create and send professional invoices with line items, taxes, and discounts, and let clients pay you by transfer, card, or stablecoin through a built-in payment link.
Slash Visa Global Card: Earn up to 2%+ unlimited cashback on eligible purchases. Issue cards to team members in 100+ countries and spend anywhere Visa is accepted.
Spend controls and approvals: Manage cards, spending limits, approvals, transactions, and team permissions from a single platform, helping finance teams keep visibility and control over company spending.

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Frequently Asked Questions

Can a US citizen open a bank account in Spain?

Yes. Foreigners, including US citizens, can open accounts at many Spanish banks, usually with a passport, an NIE (the foreigner identification number), and in some cases a certificate of non-resident status. Requirements differ from bank to bank. US citizens should be aware that Spanish banks report accounts held by US persons to the IRS under FATCA, which makes some banks more cautious about opening them. Keep in mind that this is a local Spanish account, separate from the US bank account this guide is about.

Can a Spanish business receive and hold US dollars?

Yes. A Spanish business can receive dollars through a foreign-currency account at a local bank, or through a US account and routing number that US payers can send to directly. The difference is cost and control: a euro account usually converts incoming dollars at the bank's rate, while holding a USD balance lets you decide when to convert. Compare the fees and the exchange rate margin, since the headline fee is not always the full cost.

How do you transfer dollars between the US and Spain?

Dollars can move by international wire over the SWIFT network, through a licensed money-transfer service, or with stablecoins, which usually settle quickly and often cost less. Note that SEPA, the cheap and fast European transfer system, covers euro payments within the SEPA zone and does not handle dollar transfers to or from the US. Compare both the transfer fee and the exchange rate across your options, because the stated fee is not always the full cost.

Do I need to form a US LLC to get a US bank account from Spain?

Not necessarily. The traditional route runs through a US entity, which means an LLC, an EIN, and a registered agent, plus ongoing US filings. Providers built for non-US businesses, such as the Slash Global USD Account, can give you US account details using your existing Spanish business registration, without forming a US entity. Approval and requirements still depend on the provider, so confirm the current terms before you rely on it.