After years of advocacy by groups defending vulnerable people, particularly immigrants, refugees, and asylum seekers, the Congress agreed to reform the regulation concerning basic payment accounts. The goal was to prevent banks from denying concessions to those who meet the eligibility criteria. To achieve this, parliamentary groups, in coordination with the Ministry of Economy, outlined when organizations must open these accounts, what identity documents are needed, and how escrow arrangements should work in the most complex cases. The Bank of Spain was tasked with providing a standard application form that banks would publish on their websites and at their offices.
The European Union introduced these accounts in 2014 to ensure almost universal access to essential financial services for residents, whether or not they are in a regular legal status. These services include deposits and withdrawals, income and receipt management, transfers, and the use of a bank card. The government under Rajoy approved this inclusion in Spanish regulations in November 2017, and by 2019 the administration set a cap on total monthly costs at three euros, with basic accounts remaining free for households meeting certain income criteria.
Spain has a highly competitive banking market, and most citizens have access to a checking account. Yet basic payment accounts are not profitable for banks, which can hinder broader access to financial services. In today’s world, having an account is essential for receiving salaries or benefits, paying rent, and covering basic utilities such as water, electricity, and gas. This reality makes the regulation a matter of social and economic importance.
Violations
Since 2017, financial institutions have been obliged to inform and process applications for these accounts, showing that the applicant meets the requirements. Some individuals remain difficult to reach if they lack a residence permit or fear deportation, especially in a country that may require information to combat money laundering and terrorism financing and to safeguard national security or social order. The rule also targets those who already hold another account and those who might be blocked simply due to administrative irregularities.
In practice, associations defending vulnerable groups have long argued that banks often refuse accounts to people who qualify, particularly those in irregular administrative situations who cannot be deported. Critics also point to insufficient staff training at offices on the product and the required documents, and the lack of written refusals, which are necessary to justify the decision. On the banks’ side, there is pressure to comply with anti-money-laundering regulations and other legal obligations that can complicate the process.
Valid documents
To address these concerns, lawmakers clarified that a basic payment account is an entitlement for all who apply, including not only refugees but anyone seeking international protection, whether asylum or subsidiary protection is granted. The previous rule that allowed refusals based on lack of a residence permit was softened, recognizing that proving the latter can be impractical in many cases. It now suffices for applicants to present themselves at a bank office with valid identity documents.
Parliamentary groups included in the legislation a list of acceptable documents to introduce oneself before banks, published by the Ministry of the Interior. The policy covers the stages of applying for international protection or status as stateless, including typical identifiers such as the white sheet, red card, and green card. The process is understood as ongoing, with review periods that can extend to six months or a year. A lack of declared income can be supported by a responsible statement, and the declaration period for assets has been clarified to three months for customer verification purposes.
Progress in the process
Driven by reform efforts from political groups, amendments were approved to strengthen the framework for basic payment accounts. The project received broad support in Congress and established a mechanism for compensation up to 2,000 euros for those who make claims lacking specific economic content, with particular attention to basic payment accounts. The implementation model set by the Bank of Spain is deemed crucial to ensuring consistent practice across the banking sector.
While progress was steady, some lawmakers argued for further advances. There was no consensus to extend reforms in other directions. A spokesperson from Unidas Podemos emphasized the need to align basic accounts with money-laundering controls, written notice, and motivation for application rejections, as well as monitoring the ongoing number of basic accounts opened and the reasons for refusals. Ministry sources clarified that work is underway in parallel with the Bank of Spain and the Office of the Executive Secretariat for the Anti-Money Laundering and Monetary Crime Commission (sepblac) to address these issues.