The government has decided to resume reforming the framework for basic payment accounts, a banking product created by the European Union in 2014 to ensure near-universal access to financial services. This product is designed mainly for vulnerable groups. In addition, the Ministry of Economy has chosen not to halt at the reform steps that stalled last year due to the general election, but to push forward. Accordingly, people who meet the vulnerability criteria established by law will be able to apply for a free basic payment account even if they already hold another account, something that was not possible until now, as confirmed by a major Spanish newspaper group.
The change is included in the draft law establishing the Financial Customer Defense Authority, which the government revived and now heads toward the Congress. The project had not taken effect in 2023 because of the electoral pause. It already included several measures to prevent banks from continuing to reject basic payment accounts for those who qualify, a long-standing demand from associations defending vulnerable groups, particularly immigrants, refugees, and asylum seekers. After resubmitting the text to public consultation, the Ministry of Economy has decided to add further steps to improve financial inclusion for these communities.
Thus, those who meet the vulnerability criteria set by a 2019 law—family gross income ranges, in some cases, between two and three times the IPREM (14,400 to 21,600 euros) and not owning a business or a property other than the primary residence—will be able to request a free basic payment account even if they already have another account. Previously, the rules allowed banks to deny these accounts to people who already held a standard one. The ministry also established that those who already have an account and have told the bank of their intention to close it will be allowed to request a basic account, something not contemplated before.
Updates
As had been planned last year, the draft law also clarifies the circumstances under which entities must open basic payment accounts and which identification documents will be accepted in more complex cases. It also tasks the Bank of Spain with developing a standard application form that banks must offer on their websites and in their offices. Moreover, the proposal enables social services in municipalities to authorize third-sector entities properly registered to certify the social and financial exclusion risks of applicants to speed up processes.
In line with last year’s parliamentary agreement, the draft law states that the right to a basic payment account applies not only to asylum seekers but to all who request international protection (including asylum and subsidiary protection, which, once granted, prevents return or expulsion). It also removes the clause allowing opening accounts for those who do not have a residence permit but whose expulsion is legally or practically impossible to enforce, since such a situation is hard to prove in many cases. Applicants will simply need to visit a office in person and present documentation proving their identity.
Documents
The regulatory proposal also sets as valid identification documents the four forms issued by the Ministry of the Interior that verify the different stages of the international protection request or stateless status (including the well-known white sheet, red card, and green card). This is important because the process can take between six months and a year. It also allows a declaration of income absence to be certified via a sworn statement. It extends the notification period for banks to close an account from two months to three.
Advocacy groups representing vulnerable populations and consumer groups, such as Asufin, have long argued that banks deny these accounts to people who remain in irregular administrative status but cannot be expelled. They have also criticized staff training gaps, misalignment with valid documentation, and failures to provide written reasons for denials, which are necessary to file complaints.
From the financial sector’s perspective, concerns are raised that the new rules clash with stringent anti-money laundering obligations. Spanish banks opened 47,728 of these accounts between 2018 and 2021, with a rising yearly pace: 4,493 in 2018, 9,681 in 2019, 15,154 in 2020, and 18,400 in 2021. In the first three years after the account class was incorporated into Spanish law, entities granted 92.59 percent of basic payment account requests and rejected 3,220 applications, representing 7.41 percent of the total received.
These developments come as a broader effort to bridge gaps in financial inclusion while balancing risk controls in a modern regulatory environment. The debate continues as lawmakers, banks, and advocacy groups weigh the impact on vulnerable citizens and the stability of the financial system.