Skip to content
Main Menu
  • Living abroad
    • Belgium for foreigners
    • Spain for foreigners
    • France for foreigners
    • Italy for foreigners
  • Finances
  • Making People Smile
  • News
  • Moneytrans family
  • English
    • Français
    • Español
  • English
    • Français
    • Español
Facebook Twitter Youtube Linkedin Instagram
Main Menu
  • Living abroad
    • Belgium for foreigners
    • Spain for foreigners
    • France for foreigners
    • Italy for foreigners
  • Finances
  • Making People Smile
  • News
  • Moneytrans family

Can I open a bank account without a payslip?

  • June 21, 2023
  • Finances

Table of contents

One of the most common uses of a bank account is the receipt of the person’s payslip and all related operations (payment of bills, cash withdrawals for small expenses, etc.). But, is it possible to open a bank account without a payslip and without recurring income? It is possible and, in this post, we tell you how to do it.

What is a non-payslip account?

As its name suggests, a non-payslip account is one that does not require a stable regular income (whether salary, unemployment benefit or pension, for example) in order to open and operate it. These products are not very common in traditional banking, but are easier to find and use in more modern institutions or with online operations.

How to open a bank account without a payslip?

Once you have chosen the bank (a little further down we give you some clues about what to look for before choosing the most appropriate bank), it will almost certainly be an online account, so these are the steps you should follow to open your account:

  • Search on the bank’s website for the option Become a customer or similar and provide the identification data required (name, surname, email and telephone number are the most common).
  • Usually, you will be offered two options to verify your identity: make a video call with an agent of the bank or provide the IBAN of another bank account of which you are already the account holder.
  • Once you have verified that you are who you say you are, the bank will provide you with a contract with the terms and conditions of the product that you must sign.
  • You will enjoy a €1 off on your international money transfers forever.

Depending on the bank you have chosen, the steps may vary slightly.

 

Non Payslip account

 

Requirements

Unlike other banking products with more applications, accounts without a payslip do not usually have opening requirements, beyond being of legal age and residing in Spain (there are other accounts that do not require a salary, such as children’s or youth accounts, but these are different products with very different conditions for contracting and use).

In addition, if the account without a payslip is online, it is possible that the bank limits personal transactions in the branch and refers the client to the web for all operations that can be carried out online.

What should I look for before opening a payless account?

As before contracting any other product, you should pay attention that the account without salary allows you to carry out those operations that interest you, adapting it to your needs as a client. Some of the fundamental aspects that you should take into account are:

  • Fees: for not having stable income, for maintenance, for making transfers or withdrawing money… Check the costs associated with your new bank account to avoid unpleasant surprises.
  • Associated card: make sure there are no issuing or maintenance fees and bear in mind that, as it is a non-salary account, the card will probably be a debit card, i.e., you will only be able to use the money you have available at any given time.

Advantages and disadvantages of not linking the salary to the bank account

Like any other financial product, accounts without a salary have advantages and disadvantages that we detail below.

Among the main advantages are the following:

  • They usually do not require conditions such as direct debit of bills or use of the card.
  • They are usually digital, so you can perform all the operations you need through their website or app, easily, at any time and from anywhere.
  • Most of them include free debit cards.
  • They allow you to perform most of the operations of any normal account, such as withdrawing money from ATMs, and making and receiving transfers or bizum.

But this product also has certain drawbacks, such as:

  • They usually include higher commissions, except those that are 100% online or young accounts.
  • They can limit the use of face-to-face services in the branch, leading customers to online banking. Although this need not be a problem in the case of young customers, it can become an obstacle for older people, who use them as a second account, for example.
    They do not usually offer any kind of profitability.

What fees can I be charged for opening an account without a payslip?

 

Depending on the bank, the bank may charge you certain fees for your non-payslip account, which are essentially the same as those applied to any other type of account if specified in the product contract:

  • Maintenance fee: it can be monthly, quarterly and half-yearly, although most commonly it is annual. This is the amount the bank charges you for simply having an account.
  • Commission for transfers: the bank may charge you a certain amount (either a percentage or a fixed price) for sending money to other accounts. The amount may vary depending on whether it is an ordinary or fast transfer, whether it is to an account of the same bank or of another entity, whether it is a domestic or foreign account…
  • Commission for debit cards: both for issuance, at the moment you contract it, and for maintenance, every 6 or 12 months.
  • Overdraft fee: applied when the account becomes negative because, for example, you receive a bill and there is not enough money in your account to cover it.
  • Cash withdrawal fee: withdrawing money at ATMs of the same entity will not cost you, but doing so at ATMs of another bank or abroad can be very expensive.

When should I open a bank account without a salary?

Anyone can open an account without a payslip, but depending on your profile, there are other products that may be more interesting or profitable. A payless account is a particularly attractive product for:

  • People without recurring or stable income.
  • Clients with a high digital profile, for whom carrying out all procedures through the web or the app is more of an advantage than a disadvantage.
  • People who need a second account, such as flatmates who share expenses or couples who each have their own account and, in addition, have one account in common.

The Smile Account, an account without a payslip

 

Can I have my salary paid directly into an account without a payslip?

The fact that you are not obliged to have your salary deposited by direct debit is different from not being able to do so, so there will not usually be any problem and, on the other hand, you will have the advantage that if you lose your job you will not have to pay commissions for not receiving your salary. If you have any doubts, check the conditions of the contract before making the direct debit.

Can a non-payslip account have more than one account holder?

 

Most accounts without payslip allow more than one account holder and several participants, although this is something you should check in the account conditions, specified in the account contract.

Can I open an account without a payslip if I am a foreigner not residing in Spain?

 

Yes, it is possible, although most banks will not allow you to do it online, but you will have to go to a branch and apply for the account in person, providing the required documentation.

What is the best payless account on the market?

If you are looking for a payless account and are not sure where to open it, let us tell you about the advantages of the Moneytrans Smile account:

  • You can open your account online and in 5 minutes with your ID (ID card, passport or TIE), although if you prefer you can go to one of our Smile points so we can help you.
  • You will have a Mastercard in your name, as well as an app to manage your account from your phone anywhere.
  • You will be able to have your salary paid directly into your account, as well as recharge your cell phone and easily deposit and withdraw cash.
  • You will enjoy a €1 off on your international money transfers forever.

In addition, thanks to your Moneytrans Smile account, sending and receiving money is easier than ever, both online and in person at any of the hundreds of Smile points we have throughout Europe.

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Picture of Mary Martin

Mary Martin

Mary Martin is an economist specialising in financial education, Fintech and remittances. She has been bringing finance to migrants for over a decade.
All posts

Leave a Comment Cancel Reply

Your email address will not be published. Required fields are marked *

Recent posts

What is financial freedom?

Moneytrans is proud to announce it has partnered with IFAD to boost the economic growth of Moroccan migrants (MRE) and their families in Morocco.

Are you an agency customer? Access Moneytrans step by step

How to open an online account abroad

How to send money abroad?

How long do international transfers take?

Categories

  • Living abroad
  • Belgium for foreigners
  • Spain for foreigners
  • Making People Smile
  • Finances
  • Fintech world
  • News
  • Moneytrans World
  • Living abroad
  • Belgium for foreigners
  • Spain for foreigners
  • Making People Smile
  • Finances
  • Fintech world
  • News
  • Moneytrans World

Related posts

Belgium for foreigners

How to open an online account abroad

Do you want to open an account abroad because you are going on a long trip, a study trip or simply to diversify your...

Diferencias entre visa y mastercard
Finances

What are the differences between Visa and Mastercard?

These days, it’s increasingly common to go cashless and use a credit or debit card to make everyday payments, but are all cards the...

Current account VS savings account
Finances

What is the difference between a checking account and a savings account?

When choosing financial products, we are often guided by what the bank offers us, without stopping to evaluate the characteristics of the product and...

MONEYTRANS

Contact us

Phone

SERVICES

Money transfer

Register

Find your nearest shop

Payout locations

ABOUT US

About us

Find your Smile Point of Sales

Be an agent

Be a partner

Work with us

COMMUNITY

Blog

Living abroad

Finances

Smile community

Press

SECURITY

Fraud warning

Security

Api developer portal

Made with ❤️️ by Moneytrans Team © 2023

COOKIES

*All Illustrations by Freepik Storyset

We use our first and third-party cookies to analyse and measure our services; to compile statistics and a profile based on your browsing habits, and to show you advertising related to your preferences. Information is shared with the third parties that provide us with cookies. You can get more information and configure your preferences here
CONFIGUREACCEPTREJECT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
CookieDurationDescription
__cfduid1 monthThe cookie is used by cdn services like CloudFare to identify individual clients behind a shared IP address and apply security settings on a per-client basis. It does not correspond to any user ID in the web application and does not store any personally identifiable information.
_icl_visitor_lang_js3 daysWordPress. Identification of the user's language.
catAccCookies1 monthFirst Party. To see if the user has accepted the cookies policy.
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-advertisement1 yearFirst Party. Remember the user's consent for cookies categorised as "Advertising".
cookielawinfo-checkbox-analytics1 yearFirst Party. Store the user's analytics cookie consent status.
cookielawinfo-checkbox-functional1 yearFirst Party. Remember user consent for cookies categorised as "Functional".
cookielawinfo-checkbox-necessary1 yearFirst Party. Cookie that keeps a record of the cookies you approved.
cookielawinfo-checkbox-non-necessary30 minutesFirst Party. Technical and strictly necessary cookie that contains the value of whether you have accepted the cookies and privacy policy.
cookielawinfo-checkbox-opcionales1 yearFirst Party. Allows you to remember your preference regarding the choice of optional web cookies.
cookielawinfo-checkbox-performance1 yearFirst Party. Remember the user's consent for cookies categorised as "Performance".
CookieLawInfoConsent1 yearFirst Party. Acceptance of the cookies policy.
partner-sec-context3 hoursOwn. Stores the identifier of the security context of use of the application.
partner-sec-token3 hoursOwn. Saves the identifier token of the security session.
Session StoragePersistentFirst Party. Local storage of data from web applications used by the user.
Stockage localPersistentFirst Party. Local storage of data from web applications used by the user.
viewed_cookie_policy1 yearFirst Party. Cookie for internal use necessary for the functioning of the display of the cookies policy of the website.
wp-site2 monthsOwn. Indicate the country (operational) of the client.
wp-wpml_current_languageSessionWordPress. Saves the language selected by the client.
wpml_browser_redirect_testPersistentWordPress. Identifies the user's language.
Analytics
CookieDurationDescription
_gaEnd of sessionGoogle. Used to distinguish users.
_ga_TL96VCEX2K2 yearsGoogle. Unknown.
_gat10 minutesGoogle. Differentiates between the different tracking objects created in the session.
_gat_UA-*SessionGoogle. Analyse user experience on the web.
_gid1 yearGoogle. Distinguishes users.
_hjAbsoluteSessionInProgress1 dayHotjar. Counting the number of times a website has been visited by different visitors.
_hjFirstSeen1 hourHotjar. Detect if it is the first time that the user arrives at the domain.
_hjid1 yearHotjar. Conserve user identification randomly and uniquely when the user first arrives at a page with the Hotjar script.
_hjIncludedInPageviewSample1 dayHotjar. Determine if the user's navigation should be recorded in a certain statistical place.
_hjIncludedInSessionSampleSessionHotjar. Know if that visitor is included in the data sampling.
_hjTLDTestSessionHotjar. Determine the most generic cookie path to use.
cli_user_preference1 yearFirst Party. Storing the user's cookie consent status.
intercom-id-*9 monthsWordPress. Anonymous visitor identification.
intercom-session-*7 daysWordPress. Session tracking and remembering session and conversation clues.
NID6 monthsGoogle. Registers an ID.
Session StorageEnd of sessionYoutube. Collect information necessary to provide the service.
Session storagePersistentGoogle. Local storage of data from the web applications used by the user.
Others
CookieDurationDescription
intercom-id-djgo8krc10 monthsWordPress. To improve the user experience.
Functional
CookieDurationDescription
G_ENABLED_IDPSpersistentGoogle. Used for Google single sign-on.
Session StoragePersistentYoutube. Storage of user information for web applications.
test_cookieSessionDoubleclick . Checks if the browser accepts cookies.
Performance
Adverstisement
CookieDurationDescription
GOOGLE ADS13 monthsGoogle Ads. 

"Google Ads is an online advertising platform developed by Google, where advertisers bid to display short ads, service offers, product listings or videos to web users. You can place ads on search engine results, websites, mobile apps and non-search videos."

https://business.safety.google/adscookies/
IDE1 yearDoubleclick. Advertising optimization.
META ADS3 months_fbp. Provides advertising products such as bids.

"Meta, through Facebook Ads, collects data that helps us to show you relevant ads, track conversions from Facebook ads, optimise ads, create specific audiences for future ads and re-target users who have already taken an action on our websites. In particular, the pixel itself is used to distinguish and track unique customers."

https://www.facebook.com/legal/controller_addendum
META ADS (II)3 monthsfr. Facebook's main advertising cookie.

"Meta, through Facebook Ads, collects data that helps us to show you relevant ads, track conversions from Facebook ads, optimise ads, create specific audiences for future ads and re-target users who have already taken an action on our websites. In particular, the pixel itself is used to distinguish and track unique customers."

https://www.facebook.com/legal/controller_addendum
OUTBRAIN5 minutesoutbrain_cid_fetch. To compile statistical reports.

"Outbrain is a content marketing service. It provides targeted native advertising services, helping Moneytrans to retarget unconverted users."

https://www.outbrain.com/help/advertisers/outbrain-tracking/#:~:text=We%20collect%20the%20IP%20address,profile%20and%20recommend%20personalized%20content.
TABOOLA1 yearTaboola

"Taboola is a content marketing service. It provides targeted native advertising services, which helps Moneytrans to retarget unconverted users and understand the actions customers take on our site after clicking on a Moneytrans ad."

https://www.taboola.com/policies/cookie-policy
YOUTUBE179 daysVISITOR_INFO1_LIVE. Attempts to calculate user bandwidth.

"YouTube is a Google-owned platform for hosting and sharing videos. YouTube collects user data through videos embedded on websites, which is aggregated with profile data from other Google services to display targeted advertising to web visitors on a wide range of its own and other websites."

https://www.youtube.com/t/terms
YOUTUBE (II)persistentCONSENT. It improves advertising, often used to target the user.

"YouTube is a Google-owned platform for hosting and sharing videos. YouTube collects user data through videos embedded on websites, which is aggregated with profile data from other Google services to display targeted advertising to web visitors on a wide range of its own and other websites."

https://www.youtube.com/t/terms
YOUTUBE (III)sessionYSC. Logs a unique ID to know which videos the user has watched.

"YouTube is a Google-owned platform for hosting and sharing videos. YouTube collects user data through videos embedded on websites, which is aggregated with profile data from other Google services to display targeted advertising to web visitors on a wide range of its own and other websites."

https://www.youtube.com/t/terms
Save & Accept