If you are likely to earn pesetas, through letting or some other form of modest activity, you can pay pesetas into this account. On-going expenses can be paid using this type of account. All transactions are made in foreign currency. Transfers however, can be made directly into the other two types of account. The funds are therefore freely convertible into other foreign currency and are outside the Spanish Exchange Control regulations.
Interest rates vary from one currency to another.
It is recommended that an account in Spain should be opened at the earliest opportunity. If you are buying a property under construction, follow the payment schedule in the contract, according to the stage reached. When buying a new property in foreign currency, beware of foreign exchange risk, you must ensure that all payments are registered through your Spanish bank, in order that the funds can be repatriated upon the eventual resale. All European Community Citizens can stay in Spain for 6 months without Residence Card. A person, who during any one year resides more than 6 months in Spain, either continuously or sporadically, must obtain a Residence Card.