Entrepreneurs Can Also Hire A Payroll Account For Their Income. A payroll account is a checking account in which you can deposit your payroll and offer you many benefits as an entrepreneur.
A payroll account is a checking account in which you can direct your payroll and offer you many benefits as an entrepreneur. However, to enjoy its benefits, you must meet certain requirements. Let’s see how to take advantage of this account if you have a recurring source of income. Entrepreneurs
What Advantages Can Be Obtained By Opening A Payroll Account As An Entrepreneur?
Beyond its functionalities, a commission-free payroll account ¹ allows you to access your money anytime but usually does not require a minimum balance to open or maintain. In addition, the fees associated with transactions and account management are usually free or less than other types of accounts. Entrepreneurs
No Maintenance Fees
Before opening a payroll account, it is convenient to know what expenses you will have to assume for the opening and management of the account. However, more and more banks do not apply commissions for maintenance and administration.
Free Transfers
In addition to the regular income, a payroll account offers the possibility of carrying out transactions with the debit card associated with the said account: such as making purchases in physical or digital establishments. In addition, it allows you to receive and issue transfers.
Easy To Open
Anytime and anywhere. Opening a new payroll account is quick and easy, especially in online banking, where you only need to access the mobile application or the website and follow the instructions. You will obtain an account with a Spanish IBAN in just a few minutes. Entrepreneurs
Online
Some banks offer to open a payroll account from your computer or mobile phone. Often, doing this process is free. In addition, banks make all the information before contracting available to customers so that you can review it calmly before opening the account.
Exclusive Benefits
Lastly, some banks offer exclusive promotions for customers who choose their bank as an option, including discounts on major leisure, mobility, home, food, travel, fashion, wellness, or reading brands. Entrepreneurs
In addition, depending on the bank you choose, you can recover a small percentage of some bills, such as mobile phone, internet, electricity or gas. Specifically, at Openbank, if you deposit your payroll into the payroll account², you will recover 0.5% of your electricity, gas, mobile, and internet bills.
Requirements To Open A Payroll Account
Like a traditional bank account, a payroll account also has its opening requirements. Most banks agree on the following conditions: Entrepreneurs
- Be a natural person over 18 years of age.
- Have tax residence in Spain and demonstrate a Spanish address to receive bank communications.
- Possess proof of income, such as a salary or pension,
- Have a valid DNI, NIE, or passport.
- Obtain a minimum income equal to or greater than a certain established amount. Or, failing that, direct deposit of the pension or unemployment benefit based on an amount.
- If you do not meet the above requirements, in some entities, it may be a requirement to receive periodic transfers from another bank for a certain amount.
However, these conditions may vary depending on the bank.
In addition, some banks may require the deposit of a minimum balance when opening the account or hire an additional product to avoid possible commissions.
How To Open A Payroll Account?
Most Spanish banks offer the possibility of opening a payroll account through their website or app without going to a branch. And although the process may vary in each bank, there is no loss. Entrepreneurs
First, you must access the bank’s website or app and complete the registration process. In this application, you must provide your data, such as name and surname, DNI or NIE, and date of birth. The telephone number, email, and postal address where you will receive the card associated with the account and the rest of the notifications will also be requested.
Later, you must justify your work situation with the corresponding reports. In addition, it will be necessary for you to identify yourself through a personal photo taken at the moment or a video call with an operator that verifies who you are.
Finally, it will be time to sign the contract electronically. Once your account is operational, you can make payments and deposits.
Also Read: Can Businesses Require Customers To Pay Cash Only Or Card Only?
