What Is The Best Bank In Spain For Expats - Here Are 3+ Options
“What is the best bank in Spain for expats?” We get this question weekly so I thought making a detailed blog post may be the best way to answer this. When you move to another country, it is hard to know where to start and not knowing the language can make life a little harder in the beginning.
When moving to Spain one of the first things you need to do is to open a bank account. This is needed to rent your home, set up utilities, get a phone plan, etc. We had to fly to Spain BEFORE we could even look at homes to rent to setup a bank account in person. This whole procedure took up an entire morning and we were able to get our account at Santander with only our passports.
After we successfully opened our bank account, we were able to start the house hunting process. The process from opening the bank account to finding a place and setting up utilities took about a week. Now maybe we got lucky on our process because this is not the case for everyone.
I know so many people that struggle with opening a bank account here in Spain because every branch is different and require different things. I know this sounds crazy, but once you start your process on moving here, you will see firsthand how a lot of things in Spain may seem a little backwards.
Once we arrived into Spain AFTER obtaining our visas, we needed to go into our branch to pick up our debit card and give them our NIE numbers on our visa inside our passports.
**TIP**Once you receive your residency card, it is advised to go back into the branch you applied to and change your account holder information from your PASSPORT number to your NIE number. We needed to do this weeks ago when renewing our VISAs online. We needed our bank account number to be cohesive with our citizen number in order to submit everything for our application online.
Can I Keep My Bank Account If I Move Abroad?
Yes, you can keep your bank account from bank your home country. We personally kept one account and closed our others. It is advised to NOT close down all of your bank and credit card accounts in the USA before moving abroad in the beginning.
Best Bank In Spain For Expats. Open An Online Bank Account In Spain
The first thing you are going to want to do BEFORE moving overseas is to open up a Wise bank account. This can be done 100% online with a form of ID (we used our drivers license to open ours).
We personally opened a business account because we have US based businesses and it allowed us to change currencies easily. Wise gives you a great currency exchange rate and almost every expat I have met, uses this online / digital bank provider.
Our Shopify stores pay directly into our Wise account and from there we transfer money into our US or Spanish bank account.
**SIDE NOTE – We make 100% of our money online which allows us to travel and work remote from anywhere in the world. My husband speaks a bit about it on our Youtube channel if anyone wants to learn more about it.
After you have set up your Wise online account, next is to open a Spanish bank account. Below I have listed a few ONLINE AND MOBILE BANKING ONLY accounts expats and non-residents use.
N26 - Many Expats In Spain Use This To Open An Account
This bank was highly recommended to us because of how easy it is to make a new account. They have made opening a bank account easy by being able to sign up in under 10 minutes!
You are able to withdraw money from any ATM with no fees (up to 3x a month), no hidden fees, and no branch visits. To be honest by not having to physically visit the bank, takes a lot of stress off of someone who has just arrived into a new country.
With this online bank, they also provide a Spanish IBAN number. This is important because you will need this IBAN number for any services and bills in Spain. All of the automatic payments are set up with the IBAN number.
**TIP**Sending money through Bizum (like the USA Venmo or Zelle), is something many Spanish residents do here especially if you have children. I cannot tell you how many times I had to Bizum parents in the classroom for events, gifts, or parties. That is something you will want to make sure ANY your current account offers if you want to save the headache on giving a parent 1.66 euros!
BBVA - Online Spanish Banking System Available In Spain
BBVA is another one of the best online banks among expats. This bank account is relatively simple to open when you live in Spain and there is NO FEES and NO CONDITIONS. I have read horror stories on how many Spanish bank have mysterious “fees and charges.”
I really like how this bank CLEARLY states on their website that there will be none of this taking place. It is hard enough to move to another country, but to add on the question: “Where is my money going and how do I get it back?” is a whole other level of headache no one wants to deal with!
Unlike N26, BBVA has multiple locations in Spain. Not only does it provide all of the online banking services, but you have branch locations if you need something done in person with no charge.
Safest Banks In Spain?
As an expat in Spain, choosing the safest bank is crucial for financial stability and ease of access. The Spanish banking system has undergone significant reforms, ensuring the safety of client funds.
Top banks like Banco Santander, BBVA, and CaixaBank are popular choices for expats due to their robust infrastructure and international presence.
These banks adhere to stringent regulatory guidelines, provide comprehensive services, and offer English-speaking support. Other reliable banks include Bankinter and Sabadell, which also cater to expat clientele.
As a precaution, always assess a bank’s solvency and credit ratings from agencies like Moody’s, S&P, and Fitch as I am in no way or in any shape a financial advisor!
Keep in mind we highly recommend the first two options but we have heard nothing but headaches for expats at CaixaBank; so something to keep in mind!
OpenBank - Spanish Online Bank Account Very Straightforward
OpenBank is an online bank that operates exclusively in Spain. It was founded in 1995 as a banking platform of Banco Santander.
OpenBank offers a wide range of financial products and services, including current accounts, savings accounts, loans, and credit cards, with low fees and competitive interest rates.
The bank also provides access to an extensive network of ATMs and a user-friendly mobile app that allows customers to manage their accounts conveniently from anywhere.
OpenBank has no physical branches, which means that customers can only access its services through its online platform.
This limitation, however, can be seen as a pro for some customers who prefer the convenience and flexibility of online banking. On the other hand, some customers might miss the personal attention and financial advice that traditional banks offer.
Overall, OpenBank is a reliable and cost-effective option for customers who value online banking services and are comfortable managing their finances digitally.
There Are Many Banks In Spain : Our Top Traditional Banks To Open After You Arrive In Spain
Santander : One Of The Best Banks For Expats In Spain
Santander is one of the larger Spanish banks and offers a variety of services for individuals and businesses. As a foreigner, opening an account with Santander can be convenient, especially if you plan on living in Spain for an extended period.
With branches all over the country, accessing your money is relatively easy. Additionally, Santander has a useful online banking system that allows you to manage your account and make transfers from the comfort of your home.
However, some potential downsides to consider are the language barrier and the requirements to opening an account. Spanish is the primary language used in Santander, and some branches may not have English-speaking staff.
Additionally, some fees can seem high compared to other banks in the country.
Nevertheless, Santander bank is an excellent option for foreigners living in Spain, given its easy accessibility and reliable services.
We chose to bank with Santander and we have not had a single issue with this bank. We go into the branch multiple times and we are able to communicate with our Spanglish.
**TIP**Make sure you choose the branch where you open the account is somewhat close to your home. If you need to change anything on your account, pick up your bank cards, make any bank transfer in person, or get official documents signed, you need to do it at the branch you opened your account from!
We didn’t know this before we moved here and now our “home bank” is 20 minutes away (walking). We have a Santander one minute from our home, but we can only get money orders and do basic transactions from there.
Sabadell : This Spanish Banking System Is Familiar With Expats
Majority of our friends use Sabadell as it is one of the bigger banks in Valencia. They have no problems so far but they have expressed that Sabadell does charge a maintenance fee per quarter. You can avoid this fee if you have a large payment that gets deposited monthly (from a government source or similar). This account can be opened online without any fees.
Choosing The Best Bank (From Several Banks) Can Be Challenging : Which Bank To Stay Away From?
Opening up a bank account as a non-resident anywhere is going to have its challenges. Even going into the local bank without fluently knowing the language will be tough for anyone.
CaixaBank :
After reading TONS of reviews and advice, this is one bank in particular people advise to stay away from. If you are thinking of moving to Spain, you will be doing lots of research on the many different bank accounts you can open.
Now I am sure there are people at this bank who are happy and never had a single problem. But I cannot tell you how many people warned us to not open an account with them.
Maybe in time, they will fix their issues. However, I am not one to take a chance on possibly losing money in Spain due to mysterious charges and fees!
What Is The Best Bank In Spain For Foreigners?
Adapting to a new place can be a tad overwhelming, especially when it comes to banking. For us foreigners, the best bank should not only be secure, but also English-friendly.
In my experience, BBVA stands out as the top choice for expats like us. They offer excellent online and mobile banking in English, which made setting up and managing our accounts a breeze! Plus, their customer service has been truly helpful, catering to my limited Spanish skills.
With BBVA, I always hear good things from other expats and the biggest thing is that there is none of these “random mystery fees” that some of these other Spanish banks seem to spring onto expats!
