Banking in Spain
Moving to Spain means setting up your finances, and understanding banking in Spain is one of the first things expats need to do. Whether you are relocating permanently or spending a few months in the country, opening a Spanish bank account can make everyday life much easier.
- Open a Spanish bank account
- Currency exchange & international money transfers
Money and Banking in Spain for Expats
In this guide to banking in Spain for expats, you’ll learn about the best banks for foreigners, how to open an account with or without an NIE, and the documents you’ll need.
Banking in Spain FAQ
Can foreigners open a bank account in Spain?
Yes, foreigners can open either a resident or non-resident bank account in Spain. Most banks require ID verification and proof of address.
Do you need an NIE to open a Spanish bank account?
Many banks require an NIE, but some allow non-resident accounts without one.
What is the best bank in Spain for expats?
Popular options include Banc Sabadell, CaixaBank, online banks – for example N26, as well as high street banks such as Banco Santander and BBVA.
How do I get a Spanish NIE?
Before opening a bank account, many foreigners need an NIE number in Spain. Here’s information on how to get an NIE in Barcelona.
How to open a Spanish bank account
Non-resident and resident bank accounts
To open a non-resident account all you need is your passport, or your non-resident NIE and photo ID. However, not all banks offer non-resident accounts.
If you have your resident NIE, legally you should open a resident’s bank account. To open this type of account you will be asked to show your resident NIE or TIE if you’re from a country not in the EU, photo ID, an address in Spain, a contact telephone number, email, and your employment or work details.
It can take time to get your NIE/TIE and in the meantime you need a bank account. By opening a non-resident account first and then changing it to a resident account once you have your NIE, allows you to get a bank account sooner rather than later. Some banks won’t let you open a non-resident account if they know that your intention is to become resident in Spain, and this is when it’s useful to be able to get an account with a bank such as Nickel or bunq (see reviews of those banks below).
You need a bank account with a Spanish IBAN to contract many services in Spain, such as utilities and internet. Long-term rental contracts usually require you to have a Spanish IBAN too.
Best banks in Spain for Expats, including online banks
Bank accounts that DO NOT require an NIE
HolaBank
HolaBank is part of CaixaBank and offers a bank account for non-residents in Spain which comes in five languages. As it’s a non-resident account you can open it with your passport or ID document from your own country (you do not need an NIE), and you have six months to go into one of their branches to show your identity document in person.
Register using your smartphone or online. There’s a good FAQ section on their website which explains what you need in order to open an account, as well as two videos to help you understand the process.
www.caixabank.es/particular/holabank
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Banc Sabadell
If you don’t speak Spanish, Banc Sabadell is another good option as they offer banking in Spain in English, as well as several other languages. That includes online and telephone banking in English. However, there is an annual charge for this account, at the time of writing is was €180 per year.
The Sabadell Key Account is for international non-resident customers in Spain, meaning you do not need an NIE. You get free international transfers from the account up to €20,000, as well as a translation service for up to 10 documents a year.
To open a Key Account you need to go into a Banc Sabadell branch in person, although you can start the process online. Before the account is activated you have to show your original ID and sign their paperwork. The required documents are a passport or national identity card from your home country, proof of address, and they say in some cases that a non-residence certificate is required.
Banco Sabadell offer various resident bank accounts as well, and a non-resident account can always be upgraded to a resident bank account at a later date. With Banc Sabadell, when this happens, the bank account number doesn’t change, which is very useful.
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Currencies Direct bank account
A recent development from Currencies Direct is an introduction of their EU local currency account which comes with a virtual IBAN (VIBAN). This provides clients with a bank account in their name in Spain (with an ES IBAN) without having to go through the cumbersome process of opening an account with a traditional bank in Spain. By simply registering, customers have the option to open a VIBAN, enabling them to make payments in euros as well as receiving euro transfers into their account. This is significant, because you don’t need a NIE or a TIE to open this account.
The local currency account is available in GBP, EUR and USD, and there are no monthly fees – in fact it is completely fee free.
Currencies Direct are currently working on being able to offer customers direct debits from their local currency accounts. At the time of writing, this feature is not yet available, but once implemented it will be a huge help for those people needing to pay a Spanish mortgage or utility bills, for example.
Other services offered include a multi-currency debit card, which allows you to make payments abroad while benefiting from a preferential exchange rate and no fees. For example, a client traveling to Spain can have their own virtual IBAN and a debit card to make payments and transfers very conveniently while in Spain.
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Santander non-resident bank account
Santander offer a non-resident bank account which you can open with your passport, so it does not require an NIE. The account can be opened online making it a much easier process. It’s a fee free account and comes with a debit card – you get a physical debit card if you have an address in Spain that it can be posted to, otherwise you get a virtual debit card. You get certain international transfers for free too.
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Nickel
Nickel is an online bank where you can easily open an account, and which comes with a Spanish IBAN. The requirements are that you are a fiscal resident of an EU or EFTA country, photo ID (which can be either a passport, NIE or TIE), and have a mobile phone number. Nickel is a French entity which started operating in 2012 and has been in Spain since 2021.
Spanish nationals must show their DNI in order to open a bank account. Other nationals can use their passport – in which case you don’t need a NIE to open an account. ID documents must have a mechanical reading zone (MRZ).
The account includes a debit card, a Spanish IBAN, online banking, telephone banking and an app – so you don’t need a smartphone. There is a €25 annual fee. Cash can be withdrawn or paid in at Nickel points (Punto Nickel) or cashpoints. Other accounts are available, which have added benefits and come with a higher annual fee.
An account can be opened online or at any Punto Nickel – which are usually kiosks or lottery shops. Once your account is approved, you receive an SMS to collect your debit card and pay your annual subscription of €25 at your nearest Punto Nickel. You can also open an account directly at a Punto Nickel. Puntos Nickel can be found by going to the Nickel website.
The account does have some charges. There’s a fee to pay in or withdraw cash at a Punto Nickel, and a higher fee to withdraw at bank cashpoints. However, it’s a useful option if you don’t have an NIE.
nickel.eu/es-es
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Open Bank
Open Bank is an online bank from Santander and they offer an account called a Basic Payment Account. Their website can be switched to English and the account can be applied for over the telephone, or at one of their branches. Open Bank state that the account is for the following people: legal residents in the EU who don’t have a fixed address yet; asylum seekers; and/or individuals without a residence permit who cannot be extradited and do not have a payment account in Spain.
You do not need a NIE to open this account. You must not however, have any other bank account in Spain – this is an important requirement that Open Bank makes. It’s a non-interest bearing account, with no costs. You get all the basic banking features of a current account and you can apply for a debit card.
A possible solution if you’re having problems to open an account elsewhere.
Bank accounts that DO require an NIE
bunq
bunq is a Dutch online bank founded in 2012. The bank offers multiple international bank accounts with multiple currencies, for both personal and business banking. “Get your Spanish bank account in 5 minutes” is what they say.
A NIE is required, however, bunq gives you 90 days to supply that number. This is a great help when moving to Spain as it can take weeks to receive an NIE. bunq has also confirmed that Spanish accounts have a Spanish IBAN.
bunq offers free banking for their standard account, there are also subscription accounts with additional features. The free account includes Apple Pay, Google Pay, three accounts, a unique payment link, up to 22 currencies, a virtual credit or debit card, and several more features.
The bunq Pro and bunq Elite paid options include accounts with foreign IBANs (as well as a Spanish IBAN) – at the moment of writing Dutch, German, French, Spanish or Irish IBANs are available.
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N26 – The Mobile Bank
N26 is an online European bank. There are no branches; all operations and transactions are implemented from the N26 app (therefore you need a smartphone to open and use an account). A NIE is a requirement to open an account with N26 in Spain.
There are four types of personal accounts available. The N26 Standard account gives free banking, although you have to pay for your debit card and are allowed two free cash withdrawals per month, after that there is a charge. The other accounts come with a monthly fee and various benefits including travel insurance.
N26 offers four different types of business account, and the Standard Business account is also free.
It’s the ease of use, flexibility and security that make N26 so attractive. It’s an online bank offering services in the digital age to make your banking and saving easy. One particularly useful feature is that Wise is built into the N26 app, allowing you to make easy low-cost international transfers to 19 different countries.
The N26 customer service team speak several languages: English, Spanish, German, Italian and French. The bank was founded in 2013 and very importantly, every N26 bank account is guaranteed under the Compensation Scheme of German Banks up to €100,000.
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CaixaBank
CaixaBank has an account for expatriates who are resident in Spain which is free of annual charges. This account can be opened online and as it’s a resident account you do need an NIE to apply. To open the account you also need a mobile phone with a camera to be able to verify your identity. Of course, CaixaBank offer several other accounts as well – not designed for expats, but equally useful if you’re resident in Spain – including a standard online account and a current account.
CaixaBank has an account for non-residents called HolaBank (see above).
www.caixabank.es/particular/cuentas/cuenta-extranjeros.html
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Revolut
Revolut opened in Spain in August 2023, so Spanish residents can now do their banking in Spain and get a Spanish IBAN with a Revolut account. Revolut says that your country of residence needs to be Spain, so you need to have a resident NIE in order to open an account. If you have an NIE, this is the only account you will need, as you can even set up direct debits. There’s the added benefit of quick and easy international currency transfers and currency exchanges within the app, and any fees applied are very transparent.
There are three types of accounts available, with the most basic account free to open and maintain. The other accounts, which incur a monthly fee, give a variety of benefits. This account is great for people who travel a lot or need to transfer money regularly to Spain or other countries.
Revolut has several business accounts too.
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ING – Free Banking in Spain
I bank with ING and have done so for many years. If you speak Spanish, my recommendation is to open an account with ING. You can open an account online if you know some basic Spanish (there is no English language version of their website or their banking service).
They have various accounts. The Cuenta NoCuenta account is quick and easy to open online. Their Cuenta Nomina requires that your salary or a certain amount is paid into the account every month. You need an NIE to open an account.
ING has no bank charges, and you can manage your account online or via their app. They also have a 24 hour help line (Spanish only). They are a very good option for banking in Spain if you speak Spanish.
They have one branch in Barcelona, but ING partners with other banks to give customers access to other banks’ cash machines (some free of withdrawal charges and some with charges).
Using the ING app, you have access to cashback at certain shops and petrol stations. This gives customers additional ways to withdraw cash without charge, although you do have to make a purchase – there’s no minimum spend. ING also supports Bisum.
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Wise
Wise offers multi-currency accounts with free banking in Spain for both personal and business bank accounts. You don’t get a Spanish IBAN, however, there are still a lot of advantages to having an account with Wise.
With Wise it’s easy to exchange money into different currencies. Their system is very clear and easy to use online or with their app. Fees are low, currency exchange rates are good and transfers are fast.
One account can have several currencies attached to it. You’re then able to accept payments to this account in any of those currencies and exchange between currencies within your Wise account.
Accounts can be personal or business and linked to other bank accounts in your country of residence. Therefore, you can send money or withdraw money to and from the Wise account. It’s a very flexible system, with very low or zero fees depending on your balance and the type of transaction.
- A percentage fee is applied, but compared to zero fee currency transfer companies, the final total you have to transfer is less in most cases. Even with their fee, they beat other no fee transfer companies because of their good exchange rates.
- Excellent service for banking in different currencies.
- Works really well when travelling. You can withdraw cash in the local currency as long as you have a credit balance.
Bank accounts come with Mastercards – see my separate review of the Wise Mastercard below.
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Currency exchange & international bank transfers
Moving money directly from your foreign bank account to a Spanish bank account can incur large fees, particularly from outside the EU. You’ll lose out on the exchange rate between currencies, and will most probably be charged an international bank transfer fee by your bank. This fee can be hefty! However, with a little knowledge you can avoid or substantially reduce these fees.
Revolut
Revolut is my preferred way to transfer money into euros. I summarised Revolut above for their multi-currency bank account, but of course they are a money transfer company too. I use Revolut regularly; I find their app easy to use and the transfers almost instant.
By using Revolut as the intermediary between my bank in the UK and my bank in Spain I avoid international bank transfer fees, and I get a good currency exchange rate.
When travelling I always use my Revolut debit card as I can add various currencies and then spend without charges as long as I have a credit in that currency. My account also comes with a virtual card and a disposable card which are both more secure to use when buying online.
There are limits on withdrawing cash, but basically if you stay within those limits it’s free to withdraw cash (as long as you are in credit for the currency you’re accessing). For example, the Standard account gives five free cash withdrawals per month.
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Wise
I mentioned Wise above for their multi-currency bank account. They also offer good currency transfer services, as well as multi-currency debit cards. Once you’ve added credit to your Wise account you can exchange it into another currency or currencies within your account. For example, after adding US dollars to your Wise account, you can exchange the balance or part of the balance into euros, and then send a euro currency transfer to your Spanish bank – thereby avoiding international bank transfer charges in the US and very possible at the receiving end in your Spanish bank too.
Wise debit card
These cards are a great asset when travelling. You avoid credit or debit card charges, poor currency exchange rates and commissions. Wise gives a physical debit card and a virtual debit card, and as long as you have credit in the currency you’re using, you can spend without hidden charges. Wise charge very low or zero fees for withdrawing cash when abroad. You can add multiple currencies in advance of your travels.
The Wise account is linked external bank accounts or debit or credit cards, making it easy to feed money into the Wise account when needed.
To summarise:
- Free to pay with currencies in your account
- Free ATM withdrawals up to £200 a month
- Only pay a small conversion fee when you convert your money
- Automatically convert your money at the real exchange rate
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More money transfer companies
Currencies Direct
Currencies Direct offers competitive exchange rates to transfer money abroad. Importantly they don’t charge a transfer or administration fee.
Firstly, you need to register and open an account. When you transfer money abroad, your money is transferred from your bank account to a Currencies Direct bank account within the same country. Then Currencies Direct transfer an equivalent amount from their overseas account in the country of your destination to your destination account.
The Currencies Direct website includes various tools to help you save the most on transfers, including a currency converter and rate watch/alert tool. They have several offices in Spain, where they’ve been operating since 1999.
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Key Currency
Key Currency is a British company that also offers money transfer services and accounts to Spanish and US residents. In fact, they have a Regional Sales Manager for Catalonia – as well as the Costa del Sol, Alicante, Murcia and other areas in Spain. Key Currency takes time to know their customers and they will monitor a currency for you to give you the best exchange rate.
Open an account to get started, this only takes a few minutes – Key Currency offers personal and business accounts. Each new account has an account manager assigned to it, so you’ll have the same person to contact going forward. You’re given a quote for the currency exchange for every transfer, and following acceptance of that quote, you transfer funds to a Key Currency safeguarded client account. Key Currency then makes the currency exchange and sends the money on to your destination account.
You can set up recurring transfers if you need to send money on a regular basis, rather than having to contact your account manager every time.
Key Currency is authorised and regulated by the Financial Conduct Authority, and all client funds are held in safeguarded bank accounts with top tier banks.
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Grey
Grey is a multiple currency and foreign account. Apply online to be able to send and receive money in many different currencies and exchange currencies within the app. I’ve opened an account and it was a simple, easy to follow process. You have full control of your money at your fingertips just by using the app.
Grey has both personal and business accounts which include a virtual debit card so you can spend online or in person in various currencies. There are fees for deposits, withdrawals and for currency exchanges which are based on a percentage, but with a minimum and maximum charge. However, the fees charged are transparent, and there are no account or card maintenance fees and no minimum deposit required.
Before exchanging currencies within the app, you’ll be shown the current currency exchange rate with real time conversion.
Grey is regulated by FinCEN and FINTRAC and by the FCA in the United Kingdom.
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