Which Spanish Bank Is Best For Non Residents

After polling the wider Spain Expat community and doing detailed research, we created this guide to the best banks in Spain for Expats in 2024. We’ve lived in Spain since 2015 and have had our share of banking frustrations, as have our friends and clients.

In the last ten years, we have seen online/neo banks positively disrupt the industry. However, many people still need traditional Spanish bank accounts for mortgages and other services.

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Our 7 Best Banks in Spain for Expats

Here is our list of the seven best Spanish banks for Expats. Head to the next section for detailed reviews of each bank with pros, cons, and services.

1. N26
2. Wise
3. Revolut
4. Sabadell
5. ING
6. Banco Santander
7. BankInter

See our step-by-step guide to Opening a Bank Account in Spain.

Pros and Cons of Our Best Spanish Banks for Expats

N26 (Rank Number 1)

N26 is an online bank offering a very similar service to Revolut. You can get a Spanish IBAN, low fees, and a user-friendly app and use your Mastercard debit card for low-cost non-Euro purchases. There are also a range of account types (both free and paid) offering benefits offers. We believe N26 is now the best online bank in Spain for the following reasons

• You get a Spanish IBAN so that you can pay your bills and taxes in Spain.
• They provide BIZUM capability to make person-to-person transfers super easy.
• N26 uses Wise for international transfers, so international forex transfer costs and exchange rates are low.
• They offer excellent English language support.
• You can use the Cash26 process in some Spanish retail stores to deposit and withdraw cash (with some fees) from your N26 account.

Cons

• There are no branches or ATMs; everything is online.
• You can use any ATM in Spain to draw cash, but there are limits on the number and amount of your withdrawals. The limits vary by account type; if you exceed these limits, there are withdrawal fees.
• There is no mortgage facility.
• They do not have a credit card service (only a debit card).

Wise (Rank Number 2)

Wise was just the go-to for international money transfers, but now it offers more day-to-day banking services. We have a Wise multi-currency account with a linked Mastercard debit card.

• Paying for things in other countries is super simple, and the exchange rates on international money transfers are unbeatable.
• The app and website are super easy to use.

Cons

• You don’t get a Spanish IBAN, so you can’t have this as your sole account.
• There are no credit card accounts (only debit cards), overdraft or loan options, and
• You cannot use BIZUM.
• Wise doesn’t offer mortgages.
• Wise doesn´t offer Credit Cards.

Revolut (Rank Number 3)

Revolut now offers a Spanish IBAN (account number), which is needed for things like paying taxes and utilities. This online bank offers a range of accounts, from a simple Free account to a paid Ultra account. The paid accounts have benefits and freebies (including some good insurance options). We use Revolut in Spain. Our favorite bit? Our 15-year-old son has an under-18 Revolut card. His pocket money gets transferred weekly, and he uses the card to pay for everything. He can monitor and budget in a straightforward app, and we can see his spending. We also use the debit card for travel in non-Euro countries as exchange rates and fees are excellent.

• You open your Revolut account directly from the app by submitting documents online for verification.
• You can instantly access your account and card after opening the account.
• The website, app, and support are available in English.
• Apple Pay and Google Pay are also enabled.
• Many local Spanish people (and Expats) use Revolut for their day-to-day needs.

“I also like Revolut because of the UI, fast top-up by Apple Pay w/o fees, and instant free bank transfers with Euro Zone…” – Reddit User.

Cons

• No BIZUM
• There are no branches or ATMs; everything is online. You can use any ATM in Spain to draw cash, but there are limits on the number and amount of your withdrawals.
• The limits vary by account type; if you exceed these limits, there are withdrawal fees.
• There is no mortgage facility.
• You cannot deposit cash or cheques into your Revolut account.

Banco Sabadell (Rank Number 4)

Sabadell is our first “bricks and motor” traditional bank on the list. We’ve used Sabadell since 2015 as our primary Spanish bank, and it does the job for us. Our usage is simple, but we use our Sabadell credit cards for most of our purchases in Spain. We’ve had recommendations for Sabadell from several Expats – they do have some focus on this market segment, so they understand and support Expats. We also use Sabadell for our Via-T automatic toll payments via a linked card.

• Their support, website, and app all have good English-language capabilities.
• A big plus is their mortgage capability; we know several Expats with Sabadell mortgages. This lending capability is a differentiator from our top 3.
• They also offer resident and non-resident accounts.
• BIZUM

“We got our mortgage through Sabadell using a mortgage broker. The interest rates and fees were by far the best, and we’ve had no issue with unexpected expenses.” – RW, Catalunya.

Cons

• Several people mention excess and surprise fees from Sabadell. Only some people have experienced this (we have not), but it does crop up enough for us to monitor our monthly bank fees closely. As I mentioned – we are relatively simple users, so that may be a factor.
• International bank transfers carry significant charges.
• You may have to visit a branch to sign documents, pick up cards, or open an account.

ING (Rank Number 5)

As a major European bank, they have a significant market share in Spain and many happy customers that we know personally. Accounts are relatively simple to open, and the app is easy to use. Fees are low for most users, and you can open some accounts online. There is a Spanish IBAN, and BIZUM is available.

“I work with ING, and they are cheap (as in zero cost) and reliable. The downside is not many ATMs around.” – Reddit User.

Cons

• There are very few ING branches or ATMs compared to large Spanish banks.
• Support is only in Spanish for Spanish accounts.

Banco Santander (Rank Number 6)

Santander is the biggest bank in Spain by asset volume, so you’ll see them everywhere. They offer English language support and a full range of banking and financial services, including BIZUM, mortgages, and investments. Santander provides both resident and non-resident accounts. Banco Santander also has an international presence in many other countries, including the USA.

“Banco Santander for the day-to-day bills, debit/credit cards, etc. They are great (as banks go), have a good, easy app, excellent telephone service. Our “personalized” account manager in the branch does more complex stuff via direct email. Haven’t been in a branch for years and years.” – Reddit user.

Cons

• Once again, there is some mixed feedback on the service and support from Santander. Most people are positive, but a few are scathing.
• We have heard some reports of excess bank charges (as we did for all the “bricks and mortar” banks in Spain).

BankInter (Rank Number 7)

BankInter is a fast-growing Spanish bank that many Expats use. They offer similar services to Sabadell (#4) and Santander (#6) and offer strong digital/online functionality. Their branch and ATM network are growing.

Cons

• We’ve had feedback about a lack of branches in some areas of Spain, plus some similar issues to Banck Sabadell and Banco Santander above.

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“BankInter service is good, and the staff in my branch are super helpful and speak enough English to sort out everything I need.” – Reddit User.

Top 3 Banks in Spain for International Students

International students in Spain often need different services from their financial institutions. Usually, there are no salary deposits; international money transfers (to and from Spain) are more common, as are cash withdrawals.

For these reasons, we have three recommended banks for international students. All are easy to open, offer low fees, and have competitive international transfer fees and rates.

1. N26 (BIZUM plus Cash26 capabilities are the differentiators)
2. Revolut
3. ING

Top 3 Spanish Banks for Non-Residents

Non-resident bank accounts in Spain are helpful for property owners, business owners, and other people with a financial interest in Spain who don’t live here. Many Spanish banks offer these, and there is a simple process to open a non-resident account.

1. Banco Sabadell
2. Banco Santander
3. BankInter

What About the Rest of the Banks in Spain?

We surveyed Reddit, Facebook groups, and our network for feedback to pick the best banks in Spain for Expats. And people are passionate about the subject! Some people have had bad experiences with the banks in our top 7, and others are passionate about banks we don’t feature.

We’ve left off some of Spain’s most visible banks, including CaixaBank (Caixa had the worst feedback by some distance) and BBVA, because there was enough negative feedback to outweigh the positive. And some Expat favorites like Deutsche Bank España didn’t hit as many vital indicators as our top 7.

How to Choose a Bank When You Move to Spain

You should consider several factors when choosing your best bank in Spain.

• Do you need a traditional high street bank, or could an online bank work better for you?
• What services will you require from the bank?
• How important is the bank’s English-speaking customer service facility and account manager?
• Which bank will be most convenient to visit from your home?
• Which banks have the lowest fees?
• Will you travel outside the Euro Zone often and need to use your debit or credit card in another currency?

Neobanks/Online Banks Versus Traditional Banks

You must first decide whether to go for a digital or traditional Spanish bank. The new online banks offer multi-currency accounts. These are useful if you are earning in another currency and if you will be transferring sums of money to Spain frequently. You can withdraw cash in any currency, and it will use the live exchange rate. There are low fees for doing so. Another benefit is that you can set these up from your home country before you set foot on Spanish soil and have access as soon as you arrive.

However, they do have disadvantages. Some cannot provide you with a Spanish IBAN. This can make it challenging to pay taxes or utility bills. It also prevents you from using mobile apps like BIZUM. This app is very popular in Spain for paying small sums of money using your mobile phone, often between friends.

ATMs

All ATMs in Spain charge a fee to withdraw cash unless you are a customer of that specific bank. It may be an idea to discover the most convenient ATM near your home. Supermarkets and petrol stations in Spain often have ATMs – they are usually still attached to the physical bank. Most online banks offer access to some fee-free withdrawals, but you need to assess what is available.

English Speaking

Unless you are fluent in Spanish, it is a good idea to check if the staff in your local branch speak any English. And find out if it is easy to get through to an English-speaking customer service representative on the phone. Is the online banking app available in English?

See our guide to opening a bank account in Spain for assistance.

Services

Will you need an overdraft, loans, credit cards, and a mortgage in the future? If so, it is worth comparing these aspects before making a choice. Might you want to open investment accounts for selling shares, etc.? In which case does the bank offer these types of accounts? Services are essential when selecting the best banks in Spain for Expats.

For more information, see our guide to Spanish mortgages for Expats.

Bank Fees in Spain

Compare the monthly bank charges of a few banks. These may vary depending on how much you intend to use the account and how you use it. If you are not very active (or don’t have a regular salary deposit into the account), choose one of the digital banks. They don’t charge low usage fees. Look out for these bank fees and others.

• Maintenance fee
• Credit/debit card fee
• Cash withdrawal fee
• International transfer fees
• Low Transaction fees.

Deposit Guarantee / Deposit Insurance

Some governments will certify selected banks and financial services companies with a deposit guarantee. So, if the company is bankrupted, the government will guarantee to pay a portion of the deposits held. These programs do not cover all banks (the bank must show that it is low-risk and responsibly managed), and countries offer different levels of protection. The European Union (EU) EU Deposit Guarantee Scheme Directive has standardized cover at €100,000; in the USA, FDIC covers up to $250,000 in covered institutions.

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Note: Registered financial service companies that are not covered by government bank deposit insurance must still “ringfence” customer deposits, meaning these must be held in a separate account and cannot be used for business expenses or dividends, so this money is still protected by law, just not guaranteed by external government insurance.

Online System and Banking App

It can be challenging to try these before you are signed up. In general, the digital and larger traditional banks all have high-functioning online banking and easy-to-use apps. Nowadays, the online system is one of the most critical factors in selecting the best banks in Spain for Expats.

Expat-Friendly Services

Some banks offer services specifically tailored for Expats, such as international account opening before arrival in Spain and assistance setting up direct debits for bills.

International Transfer Facilities

If you transfer money to and from your home country or travel outside the Eurozone, check the bank’s facilities for international transfers. Look at fees, exchange rates, and transfer speed.

See our Guide to International Money Transfers In Spain.

Spain Banking Red Tape

Spanish banks must comply with EU and international banking laws. All banks must comply, so don’t be angry when your bank comes calling. You’ll be asked to provide identification and sometimes proof of residence in Spain. Anti-Money Laundering (AML) and Know Your Customer (KYC) policies mean there’ll be more of this, not less, in the future.

There may also be country-specific requirements like the U.S. Foreign Account Tax Compliance Act (FATCA) if you are an American citizen.

Some Things to Know About Banks in Spain

IBAN (International Bank Account Number)

An IBAN, or International Bank Account Number, is a standard international numbering system developed to identify bank accounts across countries. In Spain, as in many other European countries, an IBAN is crucial for two main reasons:

1. Bank Transactions: For any bank transfer within Europe, you’ll need an IBAN. This includes receiving your salary if you’re working, transferring rent to your landlord, paying taxes or fines, or sending money back home.
2. Setting Up Utilities: Often, when setting up utility services like electricity, water, or internet in Spain, companies require your IBAN for direct debit payment.

Example: An example IBAN in Spain would look like: ES12 1212 1212 1212 1212 1212

SWIFT / BIC

A SWIFT (Society for Worldwide Interbank Financial Telecommunications) or BIC (Bank Identifier Code) code is an 8-11 character long, standard format code that only identifies the banks and financial institutions, not the client or customer.

For example, a SWIFT/BIC in Spain would be REVOESM2.

BIZUM

If you live in Spain, you’ll want access to BIZUM. It is a simple way to transfer money between people in Spain (P2P) using the phone number of your contacts. Most major banking apps have BIZUM integrated with your bank account in Spain, or you can use the BIZUM app. The catch: the sender and receiver need a Spanish bank account with a Spanish IBAN. We use it constantly, and you’ll hear the word used as a verb: “I’ll BIZUM you my share now.” Here is a list of banks in Spain with BIZUM.

Types of Banks in Spain

There are three main types of banks in Spain.

1. Bancos (Private Banks) – These privately owned for-profit companies include all the central high street banks. If you are after a traditional “bricks and motor institution” with branches you can visit, this is where you’ll end up. Examples are Sabadell, Banco Sanatander, BVVA and CaixaBank.
2. Online Banks /Neobanks /Digital Only Banks / Neobanks / Challenger Banks / Fintech Banks – These new disruptors are online and compete without branch infrastructure. Examples include Revolute, Wise, and N26.
3. Cajas de Ahorros (Savings Banks) – You’ll see far fewer of these not-for-profit depositor-owned institutions since the 2008 financial crisis. However, they are still popular with some Spanish locals but seldom used by Expats.

Local Banks Vs. International Banks in Spain

There are three main areas where international banks differ from local banks in Spain.

1. Regulatory Environment: Spanish and European Union authorities regulate local banks in Spain. International banks must comply with these and the regulations of their home countries. This can affect their operations and services.
2. Service Offerings: Spanish local banks offer services tailored to the local market, like personal banking and mortgages. International banks provide a broader range, including services for expatriates and international transactions, often in multiple currencies.
3. Language and Cultural Familiarity: Local banks operate primarily in Spanish and are well-versed in local customs and practices. International banks may offer services in multiple languages, which benefits non-Spanish speakers and international clients.

American Banks in Spain

Some American banks have a presence in Spain but generally focus on commercial, investment, and wealth management capabilities. Using an American bank as your primary financial institution as an Expat in Spain will be challenging. For example, Citibank, JP Morgan Chase, and Bank of America have Spanish operations. For Americans moving to Spain for the USA, we still recommend using one of our recommended banks.

UK / British Banks in Spain

HSBC has a dedicated Expat Global Money account but is still a UK-based bank account. Lloyds operated in Spain but sold its Spanish retail division to Banco Sabadell. The other major UK banks in Spain are commercial and investment service providers, not retail banking options for Expats in Spain.

FAQ – Best Spanish Banks for Expats

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