To advance financial inclusion across the European Union, basic payment accounts offer essential banking services to every citizen, regardless of income or residence status.
What are basic payment accounts?
Basic payment accounts are no-fee current accounts held in euros designed to ensure universal access to fundamental financial services. They carry a modest monthly cap and include a range of essential capabilities:
- Opening, using, and closing the account at no extra cost.
- Deposits and cash withdrawals.
- Up to 120 payment transactions per year within the EU, including direct debits, debit or prepaid card payments, online transfers, and standing orders.
Requirements for opening
Accounts are available to all natural persons legally resident in the European Union, including asylum seekers and those without a valid residence permit who cannot be deported. Applicants must not already hold another current account in the country to qualify.
However, a bank may refuse to open an account in certain cases, such as having another local bank account or lacking the required documents.
Free for vulnerable people
As a gesture of support for people in vulnerable situations, basic payment accounts are free for those whose annual family income falls below thresholds set by the public revenue indicator IPREM. The measure aims to ease financial hardship intensified by recent crises, including military conflict in the region, by expanding eligibility for free services.
In addition to income criteria, owners must not hold other real estate beyond their habitual residence or shares in business entities. The commission exemption is granted initially for two years and may be renewed for equal periods if the holder’s circumstances remain unchanged.
A more inclusive future
Implementing basic payment accounts represents meaningful progress toward financial inclusion across the European Union. It helps ensure that all residents, particularly those in vulnerable situations, have access to essential banking services. The initiative supports financial equality and strengthens social cohesion by providing a dependable financial safety net for those in need.
For further information about basic payment accounts and how to request them, contact the Bank of Spain Banking Customer Portal, which details the conditions, requirements, and updates for these financial tools. [citation attribution: Bank of Spain, Banking Customer Portal]