There is data about basic payment accounts within the European Union, a banking product launched in 2014 to ensure nearly universal access to essential financial services. These accounts are designed with vulnerable groups in mind, including migrants, refugees, and asylum seekers. Recent reporting from El Periódico de Catalunya, drawing on information from the Prensa Ibérica group, indicates that Spanish banks have opened a notable number of these accounts in recent years, totaling 47,728 between 2018 and 2021. The yearly progression shows 4,493 in 2018, 9,681 in 2019, 15,154 in 2020, and 18,400 in 2021. In mid-2022, authorities anticipated continued growth as more accounts were opened.
Across the first three years since their incorporation into Spanish law, banks accepted the overwhelming majority of applications for basic payment accounts. Approximately 92.59% of requests were approved, while 7.41% were rejected, according to a report provided to the European Commission. The observed rejection rate has risen in recent years: seven in 2018 (0.09% of total requests), 986 (6.65%) in 2019, and 2,227 (10.6%) in 2020. These rejection rates are relatively low in comparison with the broader EU average, which shows higher figures in some member states. Latvia stood out with a higher rejection rate in 2020, at 36.44%. The overall pattern suggests that Spain’s data diverges from broader expectations, while the EU average across 27 member states included 32,818 rejections, about 1% of total requests.
Recent EU reporting highlights a significant increase in basic payment accounts in several states between 2016 and 2021. In many cases, a larger share of the population did not hold an account before these measures, while adoption in other countries remained modest where many people already had standard accounts. In Spain, the share of adults owning a bank account was already high before these accounts were introduced and continued to rise. World Bank data cited in the Brussels document show that 98% of adults in Spain had a bank account by 2021, up from 94% in 2017, which compares with the EU average of 95%.
the failed reform
Industry sources describe the situation as a mismatch between the limited number of basic payment accounts and the broad range of products offered to different customer segments. This has led to restricted access, fewer included services, and higher or nil fees in many cases. The European Commission notes that the goal of these regulations is not simply high adoption but stronger financial inclusion, ensuring every consumer has access to at least one basic account. When viewed in that light, progress appears mixed but on track in several regions.
European authorities also acknowledge difficulties arising from differences between EU rules on basic payment accounts and the stricter obligations imposed by national anti-money laundering standards. A common challenge cited is the lack of certain identification documents, which can impede opening such accounts.
In response, the EU and national authorities initiated reforms aimed at clarifying when organizations are required to offer these accounts and what identity documentation is acceptable in more complex cases. Documentation processes are being standardized, with banks expected to present clear application materials to interested applicants. Political events have occasionally slowed progress in implementing these changes, as legislative bodies experience interruptions and elections.
Basic need
The European Union established these accounts in 2014 to guarantee a near-universal right to access essential financial services. This includes deposits and withdrawals, receiving income, transferring funds, and managing card payments. Spain formally included this framework in its regulations in November 2017, and by 2019 a cap on total monthly costs was set, with many basic accounts offered free of charge to vulnerable households meeting certain income criteria.
In Spain, multi-bank access is common and most residents can obtain a standard checking account. Basic payment accounts are targeted at individuals who do not engage in regular banking activity or who need an affordable gateway to financial services. Access to an account remains crucial for receiving salaries or social benefits, and for managing essential payments such as rent, utilities, and other basic services.
Since 2017, financial institutions have been required to notify applicants about eligibility and to verify that they meet the criteria. Non-residents typically cannot access these accounts, and there are provisions to prevent money laundering and terrorist financing. Those who already hold another account may face restrictions, and certain information may be required to maintain security and compliance with national standards.