How to open a business account and separate your finances as an autónomo

If you're an autónomo in Spain, mixing personal and business money in one account can make it harder to track expenses, file your taxes correctly and know how your business is actually doing. Separating your personal and business finances can sound like a lot of admin, but the whole process can genuinely be done in under a day.

This guide walks you through 5 concrete steps: comparing your options, opening your account, starting to use it for business spending, monitoring your personal account for anything that slips through, and setting up a regular salary transfer so you always know what you're paying yourself.

Step 1: Find the right business account for you

Before you open anything, it's worth taking 20 minutes to compare what's out there. Here's some things to look out for when comparing business accounts for autónomos in Spain:

• Does it have a Spanish IBAN? A business account with a Spanish IBAN can make things run a lot smoother. Some European neobanks offer non-Spanish IBANs, which can create friction with certain payers and with Seguridad Social direct debits. If you work mainly with Spanish clients and suppliers, a Spanish IBAN saves you time and may avoid unnecessary questions from your bank.

• What are the real fees? Is there a monthly charge? Are there fees per transfer or for depositing cash? Some accounts charge nothing for basic use, while others charge €10 to €20 a month. Look out for hidden charges too, like fees for receiving international payments or for paper statements. Make sure you understand the full picture before you commit.

• Can you open it online? As an autónomo, you probably want the least friction possible. You should be able to find some that allow you to complete the application process from your phone in minutes, with no physical paperwork and no branch visits needed.

• Does it have the features that matter for autónomos? Does it have an easy way to automatically set aside money for tax, like Monzo Business Pots? Can it export movements for your gestor? Does it support Bizum? Does it send instant payment notifications so you always know what's coming in and going out? Think about the day to day operations you need to do and make sure the bank account you select has them covered.

Monzo Business can help with all of the above. You can apply entirely from your phone, no branch visit and no paperwork. It is also filled with handy features such as Pots that allow you to automatically set money aside for things like tax, expense tracking and a Spanish IBAN. As always, compare it against other options to find what works best for you. You can see the different plans available that best suit your needs here.

Step 2: Open your business account

Once you've chosen an account, the opening process itself should be straightforward. The exact information you’ll need for digital account will vary slightly depending on your nationality, the bank and whether you're a sole trader or autonomo, but in general you’ll need:

• identification (usually DNI or NIE or sometimes a passport)

• your RETA registration number (your Social Security certificate as a self-employed worker)

• your tax identification number (NIF)

With Monzo Business, you can apply for an account in minutes directly on your phone. You'll complete an identity check via video or document upload, add your details and wait for your card to arrive, usually within a few business days.

Practical tip: Open your new account before you start moving payments across. That way you can complete the setup, card activated and app configured, before anything time-sensitive lands in the new account.

Step 3: Start using your new account for business spending

You don't need to move all your payments and operations over at once. The simplest way to start:

1. Use your business account card for all professional expenses as soon as the bank account is ready to do. Software, tools, travel, client meals- any relevant business activities can go directly onto the new card.

2. Update your bank details with clients so future invoices are paid into the new account. Send a quick message to any clients with your new IBAN and update your invoice template.

3. Update your bank details with suppliers so business direct debits come out of the right place. To help figure out which suppliers you might need to update, go through your last few months of transactions.

4. Direct-debit your RETA contributions from the business account. This is your monthly Social Security contribution as a self-employed worker, and it should come from your business account, not your personal one.*

You don't need to do this in one sitting. Work through it over a week and you'll get there. Within 4 to 6 weeks, all your business activity should be flowing through the new account, and you'll have a clean separation between personal and business money.

Step 4: Monitor your personal account for any remaining business transactions

In the first few weeks, some professional payments or receipts will still land in your personal account. Clients who still have your old details, recurring payments you haven't updated yet, the odd refund that goes to the wrong place.

This can happen, so here's how to handle it:

• Check your personal account once a week for the first month. Look for anything business-related that slipped through.

• Move any business transactions to the right account. If a client paid into your personal account by mistake, make a note and transfer the equivalent amount to your business account.

• Update any remaining contacts. Each time you spot a stray payment, update that contact's details so it doesn't happen again.

This is temporary. In 4 to 6 weeks, the process is usually complete and your personal account will only have personal transactions.

Step 5: Set up a regular transfer to pay yourself any profits

Once your business account is running, the final step is setting up an automatic monthly transfer from your business account to your personal account.

When it comes to thinking about how much should you transfer to your personal account, you might find this starting formula helpful:

Approximate regular income (excluding VAT) − fixed business costs − tax reserve (30–35% recommended) = starting payment

A fixed monthly transfer means you always know what you're paying yourself. No more guessing if it's okay to move some money across. Your personal account receives a consistent amount, and your business account holds what it needs to cover costs and tax.

The key is to adjust every quarter based on how the business is actually performing. Don't chase the perfect figure from day one. Start with a reasonable estimate and refine it as you go. If you have a good quarter, you can pay yourself a bit more the next month.

If things are quieter, you can scale back. The point is that you're making deliberate decisions about your own funds, rather than just dipping into the business account whenever you need cash. You can use our take home salary calculator to help figure out the right amount for you.

This habit also makes tax time much simpler. When your business and personal money are clearly separated, your gestor can see exactly what's business income, what's personal spending, and what's been set aside for tax. No more sorting through months of mixed transactions to figure out what's deductible.

If your income varies month to month, you might do this transfer manually each time rather

than as a standing order, but the principle is the same. Monzo Business lets you set up scheduled transfers directly from the app, so you can automate the whole thing in a few taps.

The short version: how does a self-employed person open a business account and separate their finances?

Here are the 5 steps:

1. Compare the options available: look at real fees, Spanish IBAN, features (savings jars, accountant export) and ease of opening.

2. Open your business account online.

3. Start using it for all professional expenses and update your details with clients and suppliers.

4. Monitor your personal account for 4–6 weeks to catch any business transactions still coming through, and redirect them.

5. Set up a monthly scheduled transfer from your business account to your personal account.

Sources

* Seguridad Social: RETA registration and contribution requirements: seg-social.es

** Banco de España: recommendation on account separation for self-employed workers: bde.es