Are you planning to move to Spain and wondering which Spanish bank suits you best? If you're a non-resident looking to open a bank account, the process might seem daunting. However, it’s simpler than you might think.

Choosing the Best Spanish Bank: Key Considerations

Do You Really Need a Spanish Bank Account?

If you’re staying in Spain for an extended period, especially for work, having a Spanish bank account is essential. International students staying for a few months may not need one, but non-EU citizens can save on fees by opening a local account.

Avoid Unnecessary Bank Fees

To save money, be aware of potential fees when choosing a bank. Compare options carefully to avoid costs related to ATM withdrawals, transfers, and account maintenance.

Tip 1: Most banks provide free ATM withdrawals from their machines. However, fees apply when using other banks’ ATMs. Online banks like Wise, Revolut, and N26 offer free limited withdrawals and cheap international transfers.

Tip 2: Standard EU bank transfers are free, but international transfers can be costly. Use services like Wise and Revolut for cheaper options.

Opening a Bank Account in Spain as a Non-Resident

You can open a bank account after arriving in Spain. If you don’t have a NIE/TIE (foreigner’s ID), open a non-resident account and switch to a resident account later.

Documents Needed:

- Valid passport or ID card

- Reason for opening the account (e.g., work contract or university acceptance letter)

- Spanish address (can be provided later)

- NIE/TIE for resident accounts

Note: Requirements vary by bank. Some banks may need additional documentation based on your nationality.

Online Banking vs. Traditional Banking

While traditional banks require physical visits to open accounts, online banks like N26 and Revolut offer easy, low-cost options managed entirely online. You’ll still need to be in Spain to open these accounts.

Top Banks in Spain for Non-Residents and Expats (2024)

Banco Sabadell

- Free EU transfers and ATM withdrawals in Spain

- Free debit/credit card

- Services in English and Spanish

- Easy account opening without NIE/TIE

Wise

- Low exchange rates for worldwide transfers

- Free ATM withdrawals up to €200/month

- Service in over 10 languages

- International transfers at real exchange rates

N26

- Free EU transfers and low-rate global transfers

- Free ATM withdrawals (3/month)

- Virtual debit card

- Expense management tools

Revolut

- Free transfers in Europe, America, and Australia

- Free ATM withdrawals up to €200/month

- Cryptocurrency access and single-use cards

MoneyTrans

- Free SEPA transfers and debit Mastercard

- Discounts on international transfers

- 300 Smile Points of sale for personal assistance

Other Banking Options

Banco Santander

- Free EU transfers and worldwide ATM withdrawals

- Free debit card

- Personal expense manager

Bankia

- Services in English and Spanish

- Free debit/credit card and ATM withdrawals

- Free accounts for those under 25

Evo Bank

- Free EU transfers and global ATM withdrawals

- Free debit card

- Quick account opening process

Managing Bank Fees and ATM Withdrawals

Be aware of fees associated with maintaining accounts, card transactions, and international transfers. Each bank has different fee structures, so review them carefully before opening an account.

Using Foreign Bank Cards

Notify your bank before moving to Spain to avoid card blocks. Check if your bank has partners in Spain to reduce withdrawal fees, though currency conversion fees will still apply.

International Money Transfers: Save on Costs

For transfers outside the EU, traditional bank transfers can be expensive. Services like Wise and Revolut offer cheaper, faster alternatives. Within the EU, most transfers are free but check for any specific conditions.

Lost or Stolen Cards

If your card is lost or stolen, immediately contact your bank’s 24-hour hotline to cancel it and report the theft to the police.

By following this guide, you can navigate the Spanish banking system, avoid unnecessary fees, and choose the best bank for your needs.