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Best Banks in Spain for Expats

30 Jan 2025


For expats, moving into a new country is filled with exciting opportunities, but these opportunities come with a fair share of problems. Choosing the right bank is one of the most challenging decisions after moving to a new country. Banking isn’t just about having a place to store money; it is much more. 

With the right bank, you can access the perfect tools to integrate into your daily life to manage your expenses, save money, create a good budget, and send money globally. However, the process of selecting the right bank is quite complex. Continue reading, as this blog will explore the best banks for expats in Spain.

Top Banks for Expats in Spain

In Spain, from digital banking innovations to personalized expat services, there is an option available for everyone. When choosing a bank, the right one should include services to meet your specific needs. The banks mentioned below include some of the best options for expats in Spain:

Banco Santander and its Features 

Banco Santander is one of the most trusted and largest asset banks in Spain. This bank has an account designed specifically for expats, named Cuenta Mundo. This account supports multiple currencies to support global money transfers. Apart from that, this bank also provides great online and mobile banking features to help you manage your finances easily. 

Pros and Cons

Banco Santander provides a wide network with multiple branches and ATMs. This service makes sure that you have easy access to cash and help everywhere in Spain. 


 

Also, this is one of the banks in Spain that has English support, which is a plus for non-Spanish speakers. However, some expats might find Banco Santander’s fees higher than other banks. 

BBVA Bank and its Characteristics

BBVA Bank is famous for being at the frontline of digital banking. BBVA bank’s mobile app is user-friendly, and has a very interactive interface, including features like real-life transaction tracking and English availability. 


 

As this bank is more famous for digital banking, they let you open your bank account through an online mobile app. This makes the process easy for newcomers as most of them are unfamiliar with Spanish banking procedures.

Fee Structures and Accessibility

BBVA Bank has a standout feature named Cuenta Online Sin Comisiones, which means you have to pay zero maintenance fees if you manage your bank online. BBVA Bank also has an extensive network thus there are multiple ATM machines of this Bank around Spain. However, if you need some extra help in-person then you might have to pay extra charges. 

CaixaBank and its Features 

CaixaBank is one of the best bank accounts in Spain for non-residents as they have a program tailored to non-residents' needs named HolaBank Program. 


 

This program provides services that cater to the needs of expats, including help with home-related financial services like insurance and mortgages. Also, this program includes English-speaking advisors and easy banking solutions to help expats in need. 

CaixaBank’s Mobile Banking App Features 

CaixaBank’s Mobile Banking App, CaixaBankNow, is a reliable app for managing your finances on the go. It has good features like easy navigation and multilingual support. Moreover, you can perform important banking tasks easily, such as online bill payments and money transfers. 

Banco Sabadell

Banco Sabadell is one of the best banking options for expats in Spain. This bank offers a program specifically for expats, the Expats Banking package. This program includes accounts for both residents and non-residents. This bank provides services in multiple languages and an easy process to open new bank accounts.   

Key Benefits for International Clients

It is one of the best Spanish banks for international transfers with its competitive rates and great partnerships with global remittance providers. 


 

They also have flexible credit offerings, which cater to newcomers' needs without asking for an extensive financial history. However, some expats may find its limited branch network frustrating as its branches and ATMs are not available everywhere. 

ING Spain Bank

If you are an expat who prefers digital banking over physical branch access, ING Spain Bank can be a good option for you. Their Cuenta Nómina and Cuenta Sin Nómina accounts are particularly popular. These accounts offer full online banking experience with zero maintenance fees and no minimum balance requirements.  

Competitive Fee Structures and Benefits

ING Spain Bank provides free ATM withdrawals across a large network of partner ATMs and competitive fees for global money transfers. This bank’s main focus is transparency, and there are no hidden costs for any service. However, its physical branches are limited; thus, it might be an issue for some people.

Deutsche Bank Spain

Deutsche Bank is another bank for expats that offer premium services to expats to cater to their needs. Their Cuenta Más DB program is made for expats, offering support for opening accounts, managing investments, and making international money transfers.   

Premium Services for High-Income Expats

Deutsche Bank offers premium money management services for expats with high incomes or who are aspiring to invest their money. These services include personalized financial planning, investment advice, and premium customer service. Even though these services are premium, they come at a higher price, which may not be good for everyone.  

Comparing the Best Banks for Expats

Before choosing a bank account in Spain, it is necessary to compare bank accounts. As an expat, you need a bank account that not only helps you manage day-to-day expenses but also makes international transactions easy and cheap. 

Features of the Account

One of the first things to consider when choosing a bank is the ease of opening an account. Banks like Banco Santander and CaixaBank offer accounts that are easy to open. You only need to provide proof of identity, address, and sometimes a non-residency certificate or NIE (Numero de Identificación de Extranjero). 

Cost Effectiveness

Cost is always one of the major options to consider when choosing a bank, especially for expats dealing with multiple currencies. Banco Sabadell and ING Spain are famous for their fee-free or low-fee accounts. Also, make sure to check the fee structures of the banks, as some banks have hidden fees, such as ATM withdrawal fees. 

Ease of International Remittances 

As an expat, sending money home is a priority, and that shouldn’t come with problems. The right banks for expats should offer international money transfers, and they should be cheap and secure. Banks like Banco Sabadell, BBVA, and CaixaBank are Spanish banks for international transfers that offer competitive exchange rates for global money transfers. 


 

Moreover, digital-first banks like ING Spain and BBVA save you money and time by offering online platforms and mobile apps that allow you to track your money transfers in real-time. 

How do you open a bank account in Spain as an expat? 

After comparing multiple banks and choosing one, you need to open a bank account in Spain. Most banks have an easy process, but it is still helpful to know what you are expecting and how to prepare for it to make the process smoother. 

Required Documents

Multiple banks offer Spanish banking services for expats, so choose one that fully caters to your needs. Before heading to the bank, you should gather all the necessary documents.

One of the most important documents is the NIE (Número de Identificación de Extranjero), which is your foreigner’s identification number in Spain. Along with the NIE, you must provide proof of address (a utility bill or rental contract usually works) and proof of identification (your passport). 


 

Some banks may ask for additional documents like a Spanish phone number or proof of employment, depending on the type of account.  

Step-by-Step Process

Once you have gathered all the documents, the next step is opening the bank account. Once you are ready, head to the bank to open the account, or some banks even offer online bank opening services. 


 

Fill out a form detailing your personal information and select the type of account you want (such as a checking or savings account).


 

ACE Money Transfer is a reliable money transfer service that empowers people to send money internationally without any hassle. ACE Money Transfer provides a fast, secure, and cheap solution, whether you are sending money abroad or making international transactions. With its user-friendly interface, competitive exchange rates, and minimal transfer fees, ACE Money Transfer is a preferred choice for multiple people. But what truly sets ACE Money Transfer apart is its premium customer service, supporting you in each step.   

Tips for Managing Your Finances in Spain

First, you need to find the top bank in Spain for foreigners and manage your finances through it. Managing your finances becomes a breeze when you adopt practical strategies and make thoughtful decisions. Online banking services are convenient, giving expats the ability to track their money, pay bills, and make international money transfers. With these apps, you stay sure that you are staying at the top of your money.   


 

Additionally, be wary of hidden fees, as they take much of your money. Choose an account type that caters to your needs without asking for hefty fees. Apart from that, setting up a good financial plan is equally important. Try opting for a savings or investment account, as they provide a safety net for your future, helping you achieve your goals. By opting for these tips in your life, you can enjoy your life in Spain and live it to the fullest.

FAQs

Are there banks in Spain that offer fee-free accounts for expats?

Yes. Some expats offer fee-free accounts for expats in Spain. AsING Spain and BBVA banks prioritize digital banking. Thus, they provide fee-free online accounts. These accounts do not charge maintenance fees and offer low-cost options for international transactions.

Can expats open a bank account in Spain without a NIE?

Yes. There are some bank accounts in Spain that let you open an account without a NIE. Banco Sabadell and CaixaBank banks allow expats to open an account without a NIE (Número de Identificación de Extranjero). However, these accounts usually require additional documents, such as proof of identity and a non-residency certificate.

What are the typical fees for expat accounts in Spain?

Non-resident accounts often have maintenance fees, withdrawal fees, and charges for international money transfers. However, some banks, such as ING Spain, also offer free digital banking, making them a good choice for some expats.  

What factors should expats consider when choosing a bank in Spain?

The first thing to consider when choosing a bank is its accessibility. Expats should evaluate accessibility options, such as branch and ATM availability in their area and online banking features. Also, factors like fee structures, English-speaking customer support, and specialized services should be considered. Look for specialized services like expat-friendly accounts and international money transfer options.

How can expats send money internationally from Spain at the lowest costs?

If you want to send money internationally at the lowest costs, then choose a bank with competitive exchange rates or a bank that has a partnership with a remittance service. Digital banks like BBVA Bank offer cheaper fees for online money transfers


 


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