Banking in Spain works largely the same way it does in other countries, as the Spanish banking system is fully integrated with international financial markets. Spain is part of the eurozone and uses euros as currency. If you're looking into expat banking in Spain, you should first know that there will be certain requirements for opening an account, which may include your NIE or passport, a work contract, monthly income, or other. After weighing the pros, cons, and requirements of the bank and accounts you're considering, you can make the best decision for your unique situation. Discover our tips and recommendations below:
Having a local bank account can help with a number of things: storing and transferring money, depositing your salary, investing your earnings, applying for a mortgage, and much more. Read below to see the most common examples:
Many Spanish companies refuse to pay into foreign accounts and will require you to open one in Spain to deposit your monthly nominas. Landlords often ask tenants to pay their rent via direct deposit. Online services and subscriptions ask for payment via credit or debit card.
Although in some instances, Spain can be a cash-based society and you can get by without a bank account if you really have to, having a bank account in Spain will certainly make your life in the country much easier.
Although there are a lot of options for expat banking, so we went to straight to the source and asked the expats themselves their opinions on the various banking options in Spain. Here's what they had to say:
Sabadell
"I like Sabadell because they are expat-friendly and seem to have branches everywhere. However, they have high fees for withdrawing cash at their ATMs. I would advise going with a bank that has a good online app because it's super useful for doing bank transfers and other operations without having to go into your physical branch. - Louise, South Africa
More on Sabadell.
EVO
"I have EVO-it's mostly an online bank, but you can use any ATM in the Euro 6000 network without fees (this includes Caja España, Ibercaja, and Kutxabank, among others.) The app is great, it feels secure, and there's the assumption that a mainly online bank has better customer service online/via phone. I was able to open a free account (although I was required to give my US Social Security number). - Elyssa, United States
Openbank by Santander
"Openbank is an online banking platform with high security and zero charges. As long as you use your debit card once per month or receive regular deposits of 900 euros per month, your account will be free with zero charges. They also have 24/7 customer service and you don't have to go into their office to open an account. Openbank is owned by Santander, which means you can use any Santander cash dispenser." - Michel, France
BBVA
"I decided to go with one of the bigger banks, BBVA, for a greater sense of security. Although I've heard great things about online banks, I thought BBVA might have more offerings than smaller, non-traditional banks. At BBVA, I was able to open my account with just a passport and work contract, and their online platform/app lets me easily manage my account, do transfers, and request a telephone consultation or appointments with my gestor." - Mary, United States
Cuenta ON by Bankia
"This is Bankia's online account and it has no fees. They have a good app that you can use to manage everything you need, and in English too". - Mohammed, UAE
As you can see, the banks in Spain that are most popular among expats tend to be online or mobile-based accounts, but don't rule out the "big banks" if you're looking for something with more traditional offerings and services.