Best banks in Spain for foreigners: Discover your options

Moving to a new place can be exciting, but it also comes with its fair share of stress. Beyond the thrill of discovering a new environment and embracing new experiences, there are plenty of practical matters to keep in mind. If your move involves relocating to another country, one of the first things to sort out is managing your personal finances. Whether you’re planning to settle in Madrid, Seville, or any other part of the country, keep reading—we’ll walk you through everything you need to know about the best banks in Spain for foreigners.

Understanding the different banking options and the benefits each one offers will help you manage your finances more wisely. You’ll be able to avoid unnecessary fees, smoothly integrate into Spain’s financial system, and make your transition to the new country much easier. We’ll also walk you through the step-by-step process of opening a bank account in Spain and the requirements you’ll need to meet. Ready to get started?

Why open a bank account in Spain?

If you’re moving to Spain or planning to stay for an extended period, opening a local bank account can make your life much easier. While it might seem convenient to keep using your current account, especially for shorter stays, it’s often not the most practical option. Choosing a local bank or one that operates actively in Spain can help you settle in faster, save time and money, and avoid unnecessary hassles.

First, you’ll avoid international transaction fees—those small charges that add up quickly every time you use your foreign card or withdraw cash. Second, it makes managing expenses like rent, taxes, and utility bills in Spain much simpler. And if you plan to stay long-term, having a local account is almost essential for things like applying for loans or building a financial history in the country.

The great thing about having a Spanish bank account is that you’ll have access to personal loans, savings options, and even discounts on health insurance in Spain. If you’re planning to stay for a while, setting up a local account is a smart way to simplify your finances and settle in more easily.

Requirements to open a bank account in Spain

As you can tell, having a Spanish bank account can be much more convenient than sticking with your foreign one. But how easy is it to open one? The process isn’t too difficult, but you’ll need to ensure you meet the necessary requirements. These vary from bank to bank and also depend on the type of account you choose. Luckily, most banks are quite clear about what they require. Here’s a general overview of what you’ll likely need.

1. Valid identity document: To open a bank account in Spain, the first thing you’ll need is a valid form of identification. If you’re from the EU, your passport or national ID card will be enough. However, if you’re from outside the EU, a passport is essential. Additionally, some banks may ask for a Foreigner Identification Number (NIE), particularly if you’re applying for a resident account.

2. Proof of address in Spain: Most banks will ask for proof of your address in the country. This could be a rental contract, a utility bill (like water or electricity), or even an official letter from your employer or educational institution if you’re living in student housing. If you’re a digital nomad and have chosen coliving, a coliving contract would also work.

3. Proof of income or economic activity: Although it’s not always required, some banks may ask for proof of your income or economic activity in Spain. For instance, if you’re employed, they may request your employment contract or a recent payslip. If you’re a student, an acceptance or enrollment letter is enough.

4. Minimum initial deposit: Often, banks require a minimum deposit to open an account. The amount can vary depending on the bank and the type of account, but it’s generally not a large sum. Before you begin the process, it’s a good idea to check this requirement to avoid any surprises. Below, we’ll share the usual deposit amounts set by some of the best banks in Spain for foreigners.

5. NIE or TIE (depending on the type of account): If you’re opening a resident account, you’ll need your NIE or Foreigner Identity Card (TIE). For non-resident accounts, this document is usually not required, but some banks may ask for a certificate of non-residency, which you can get at a police station or directly from the bank.

6. Online applications and processes: Many banks have made the process easier by allowing you to open an account through their apps, eliminating the need to visit a branch. All you’ll need to do is scan your ID and complete a few forms on your phone.

Types of banks with services for foreigners in Spain

Now that you understand how helpful having a bank account in Spain will be for your move and have a rough idea of what’s required to open one, you’re one step closer to handling your finances when you settle into your new home. But where should you open an account? What types of banks are there in Spain? Do they all offer the same services? Some are better than others. In Spain, you can choose between digital banks, local banks, international banks, and savings banks. Let’s explore the differences, how they operate, and what benefits they offer for expats or long-term travelers.

Neobanks or digital banks

Neobanks are digital-only financial platforms. They don’t have physical branches and do everything they can to make sure customers don’t miss them. Their approach focuses on technology, simplicity, and cutting through bureaucracy. This is exactly what makes these next-gen banks a great choice for foreigners looking for speed and convenience in managing their money. All you’ll need is their app and your Holafly eSIM or a secure Wi-Fi connection.

What characterizes digital banks?

• 100% digital account opening: The entire process is done through your phone. Some neobanks in Spain even allow you to open an account without an NIE, making them perfect for newcomers.
• Reduced or non-existent commissions: No maintenance fees or international transfers within Europe thanks to SEPA.
• Advanced management tools: Apps that offer you expense alerts, automatic budgets and total control of your finances in real time.

Examples of neobanks in Spain:

1. N26: Perfect for expats. It offers commission-free accounts, international transfers with integrated Wise and real-time notifications.
2. Revolut: Great for frequent travelers, with commission-free currency exchange and an intuitive app.
3. Vivid Money: Combines traditional banking with cashback on purchases and investment options from the same app.

Local banks

Local banks are well-established financial institutions with a strong presence across Spain. They have branches throughout the country and cater to the needs of residents, including foreigners. These banks are closely tied to the local economy and have a deep understanding of national financial practices. They’re perfect if you prefer face-to-face service and want easy access to ATMs nearby.

Advantages for foreigners:

• Face-to-face service: You can visit a branch to answer questions or carry out procedures.
• Extensive network of ATMs: Usually they have their own network of ATMs with reduced fees for cash withdrawals.
• Specific accounts for foreigners: Many local banks offer accounts with no residency requirements, designed for newcomers.

Examples of local banks in Spain:

1. CaixaBank: Offers the “HolaBank Account”, designed for expats with multilingual assistance and benefits on international transfers.
2. Banco Santander: Offers options such as the “Mundo Account”, perfect for those looking for flexibility and international services.
3. BBVA: Its commission free account is popular among foreigners for its ease of opening and management through the app.

International banks

If you’d rather go with a bank that operates in your home country, then international banks are a great option. They usually provide services designed for people who travel or have accounts in different countries, which is especially useful for making cross-border transfers and transactions.

Advantages of international banks:

• Ease of integration: If you already have a bank account in your home country, opening an account in Spain may be simpler.
• Global services: Credit cards and transfers that work in several countries without problems.
• Languages: They usually have personnel who speak several languages to assist foreigners.

Examples of international banks in Spain:

1. HSBC: Perfect for individuals with international businesses or expats who need global access.
2. Deutsche Bank: Known for its multicurrency accounts and premium services.
3. Citibank: Although its physical presence in Spain is limited, it offers excellent digital solutions and multi-currency accounts.

Savings banks and cooperatives

While they may not be as familiar to foreigners, savings banks and credit unions can be a good choice if you’re looking for a more personal touch and better conditions for certain products like loans or mortgages. These institutions typically have a more local and community-oriented approach.

Why choose them?

• Personalized service: As they operate at the local level, they usually offer a more direct service tailored to customers’ needs.
• Favorable terms: On products such as savings accounts or loans, rates are often more competitive than at traditional banks.
• Community involvement: Many cooperatives reinvest in local projects.

Outstanding examples in Spain:

1. Caja Rural: Present in several regions, it offers basic services at low costs.
2. Laboral Kutxa: Popular in the Basque Country, known for its ethical and cooperative approach.
3. Ibercaja: Suitable for those looking for savings and financing products with good conditions.

Top 5 banks in Spain for foreigners

Choosing a bank for your income and savings is an important decision. Fortunately, it’s easier than ever to find information about banks and read reviews from other customers who have already used their services.

To help you find the right bank for you, we’ve looked into the most popular options among foreigners in Spain. Taking into account factors like reputation, ease of account setup, fees for transfers or account maintenance, and other services, we’ve rounded up the top five banks for expats, students, temporary workers, and frequent travelers in the country.

N26: Perfect for expats and digital travelers

N26 is a completely digital bank that has become a popular choice among foreigners in Spain for its ease and speed in managing finances. Although it doesn’t have physical branches or ATMs, it’s perfect for those who want to handle everything from home. You can set up an account in just a few minutes with just your passport and a local address, even if you’re new to the country and haven’t received your NIE yet. Additionally, N26 offers a basic account with no maintenance fees, making it a great option for students and frequent travelers.

One of N26’s key strengths is its app, available in several languages. With it, you can track your transactions in real-time, set budgets, and easily make international transfers. Customer support is available online from Monday to Friday, usually between 9:00 AM and 6:00 PM (CET).

N26 accounts for foreigners

Standard Account

• Features: Basic account with no fees for most daily transactions.
• Fees: Free for SEPA transfers and payments in euros.
• Opening requirements: All you need is a passport and an address in Spain.

Smart Account

• Features: Adds advanced features such as savings subaccounts and customizable spending categories.
• Rates: 4.90 euros ($,515) per month.
• Opening requirements: Same as Standard Account.

CaixaBank: Tailored for expats looking for face-to-face support

CaixaBank is one of Spain’s largest traditional banks, with a vast network of over 4,000 branches and 9,000 ATMs. They provide personalized support in several languages, which helps newcomers settle in, whether they’re here for work, studies, or retirement.

Along with its in-person services, CaixaBank has a user-friendly app that allows you to manage your account and make transfers easily. Their customer service hours are convenient, with branches open Monday to Friday from 8:30 AM to 2:30 PM, and some locations offering afternoon service by appointment.

CaixaBank accounts for foreigners

HolaBank Account

• Features: Tailored specifically for expats, includes free international transfers in euros.
• Fees: 14 euros ($15) per month, but includes additional services such as basic insurance.
• Opening requirements: Passport or NIE, plus proof of address in Spain.

Day to Day Account

• Features: Intended for everyday use, with the possibility of customizing services according to your needs.
• Fees: Free if you direct debit income over 600 euros ($630) per month.
• Opening requirements: Similar to the HolaBank account.

Imagin Account

• Features: Commission-free option for young people, with digital benefits.
• Fees: Free of charge.
• Opening requirements: Valid ID document.

Banco Santander: Perfect for international operations

Banco Santander is one of the most recognized banks worldwide. With more than 4,000 branches and an extensive ATM network across the country, it combines traditional banking with a modern digital approach to meet the needs of both local and international clients.

Their app is user-friendly, allowing you to make payments, transfers, and check your balance in real-time. They also offer customer service in both English and Spanish, from Monday to Friday, 8:30 AM to 6:00 PM, and extended hours at certain locations.

Banco Santander accounts for foreigners

Mundo Account

• Features: Intended for foreigners who need to manage multiple currencies.
• Fees: 12 euros ($13) per month if minimum income requirements are not met.
• Opening requirements: Passport, NIE or declaration of non-residence.

Smart Account for Youth

• Features: For students and young people under 31 years of age, with no basic commissions.
• Fees: Free with regular deposits.
• Opening requirements: Valid ID and registration or proof of studies.

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BBVA: Versatile option for expats and students

BBVA is one of Spain’s top banks, making it a strong choice for foreigners. It stands out for its digital services and a vast network of branches and ATMs (over 3,000 branches and 6,000 ATMs nationwide). The bank provides the convenience of physical locations while also offering one of the most user-friendly mobile apps, known for its helpful features and financial management tools.

This bank is a great choice for expats seeking fee-free accounts and international students in need of convenient financial solutions. Plus, their customer service is available in both Spanish and other languages, which is a big help for those who aren’t yet fluent in Spanish.

BBVA accounts for foreigners

Online Account Without Fees

• Features: A checking account with no maintenance fees or minimum income requirements, perfect for those who value simplicity.
• Fees: No fees for SEPA transfers and basic transactions.
• Opening requirements: Valid passport or identity card; residence in Spain is not required.

Payroll Account

• Features: For workers who deposit their paycheck directly, with advantages such as salary advances and access to preferential financing.
• Fees: Free if you direct debit recurring income of at least 800 euros ($840) per month.
• Opening requirements: NIE or TIE and proof of income.

Revolut: Perfect for digital nomads and frequent travelers

Revolut makes it incredibly easy to manage your finances from anywhere in the world. It’s become one of the most popular options for expats in Spain, thanks to its flexibility and fast digital services. You can set up and manage your account within minutes, all without needing to fill out paperwork or visit a bank branch. It’s a great solution for people who need to handle multiple currencies, make international transfers, or simply monitor their expenses through a user-friendly app.

Revolut’s tech-driven approach and competitive fees make it an ideal choice for digital nomads and frequent travelers looking to avoid traditional banking charges. Its award-winning app offers advanced features like real-time currency conversion and custom budgeting tools. Additionally, with the option to get both virtual and physical cards, Revolut becomes an essential tool for those who live or work on the go.

Revolut accounts for foreigners

Standard account

• Features: No maintenance fees, allows you to manage multiple currencies and make international payments at competitive exchange rates.
• Fees: Free of charge; some specific operations may incur additional costs.
• Opening requirements: 100% online process via Revolut app; valid ID and proof of residency required.

Premium Account

• Features: Additional benefits such as travel insurance, priority customer service and higher limits on cash withdrawals without commissions.
• Fees: 7.99 euros ($8.40) per month.
• Opening requirements: Similar to the Standard Account, with the possibility of upgrading from the app.

Which is the best bank for foreigners in Spain?

Each bank has its own way of meeting the needs of expats in Spain. Some focus on simplifying online processes, others work to minimize fees, and some offer accounts with special benefits for foreigners. To help you decide which one fits your needs best, we’ve provided a comparison table outlining the key features of each bank. This will help you compare them more easily.

The truth is, there’s no one-size-fits-all answer; the best option for you will depend on your specific needs and preferences. However, generally speaking, and after comparing the options, there’s one bank that stands out for foreigners in Spain: N26. It stands out for how easy it is to open an account, the lack of fees on its standard account, and its excellent digital management. That said, if you prefer the reassurance of being able to visit a branch for assistance whenever you need, CaixaBank might be the better choice for you.

Steps to open a bank account in Spain

Now that you have a better idea of which bank might suit your needs, it’s time to take the next step: opening your account. We understand that these processes can feel a bit intimidating, especially when you’re in a new country, but don’t worry—it’s much simpler than it seems. While the exact details may vary from bank to bank, the overall process in Spain is straightforward if you follow a few key steps. Ready to begin? Here’s what you need to know to open an account at one of the top banks for foreigners in Spain: 

1. Determine the type of account you need

First, decide whether you need a resident or non-resident account. This will depend on your legal status in Spain:

• Resident account: Perfect if you plan to stay long term and have a NIE (Foreigner’s Identification Number).
• Non-resident account: If you’re just visiting or haven’t settled in yet, this option offers the most flexibility. Keep in mind that some banks may ask for a non-residency certificate, which you can obtain either at a police station or directly from the bank.

2. Choose the right bank

Take the time to explore your options and pick the bank that suits your needs. If you value face-to-face service, CaixaBank or Santander are excellent choices thanks to their large branch networks. However, if you prefer the convenience of managing everything digitally, neobanks like N26 or Revolut let you open accounts entirely online without needing to visit a branch.

3. Gather the necessary documents

Each bank has specific requirements, but generally, you’ll need:

• Valid identity document: Passport or European identity card.
• NIE or TIE (Foreigner’s Identity Card): Required for resident accounts.
• Proof of address: Such as a utility bill or rental agreement.
• Proof of income: i.e. payslips, employment contract or tax return.

4. Apply for your account

Depending on the bank you select, you may be able to complete this step either in person or fully online. For traditional banks, you’ll need to visit a branch during their working hours (usually Monday to Friday, from 8:30 AM to 2:30 PM). On the other hand, with a neobank, you can finish the process straight from your phone, in just a few minutes, and at your convenience.

5. Make the initial deposit

Some banks may ask for a small deposit to open the account. For example, traditional banks like BBVA or Santander typically request between 20 and 50 euros ($21-52). Make sure to confirm whether this amount is refundable or counts towards a minimum balance requirement.

6. Set up your services

Now that your account is active, it’s time to configure it according to your needs:

• Cards: Request a debit or credit card to make payments and cash withdrawals.
• International transfers: Set up your account to send money abroad easily.
• Direct debits: If you plan to pay bills or rent from your account, activate automatic direct debits.

7. Familiarize yourself with the ATM network and commissions

Spain has an extensive network of ATMs, but using machines from other banks may incur extra fees. It’s a good idea to choose banks that have agreements for fee-free withdrawals or go with banks that have a wide network, like CaixaBank or BBVA.

If you follow these steps, opening a bank account in Spain should be straightforward. Just remember that each bank has its own specific requirements, so feel free to ask an advisor for help if needed.

Frequently asked questions about banks in Spain for foreigners

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