29 May 2025
Spain has seen a steady rise in the number of Bangladeshi expats, who come for better job opportunities, education, and quality of life. Managing finances in a new country, however, can be overwhelming. One of the first financial decisions these expats face is choosing the right type of bank account—local or international. This choice can significantly affect how they handle daily expenses, save money, and send remittances back home. For Bangladeshi expats, understanding the advantages and limitations of both banking options is essential.
Whether you need to pay rent, receive a salary, or send money to Bangladesh from Spain, your bank account must support your financial lifestyle. Fortunately, reliable services like ACE Money Transfer make it easy to send money, regardless of the account type you use. Let's dive into the differences and find out which option suits you best.
Choosing a local bank account can make everyday life in Spain much smoother, especially if you plan to live or work there for an extended period. Local bank accounts are offered by Spanish banks and come in various types to suit different needs.
Spanish banks typically offer two kinds of accounts for foreigners: resident and non-resident accounts. If you're a Bangladeshi expat with legal residency in Spain, you can open a resident account, which comes with more banking privileges.
Non-resident accounts are available for those who are temporarily staying in Spain or are still in the process of getting residency. Within these categories, you’ll find checking (cuenta corriente) and savings (cuenta de ahorro) accounts, both of which are commonly used by expats for managing day-to-day and long-term finances.
Having a local bank account in Spain brings convenience for managing daily expenses like groceries, rent, and utility bills. It also allows direct salary deposits if you’re employed in the country.
Domestic transfer fees are generally lower when you use a local bank, especially for transactions within the Eurozone. Moreover, if you qualify for Spanish government benefits or subsidies, a local account is often required to receive them directly.
Despite the advantages, there are some challenges associated with local banking. Language can be a barrier when dealing with Spanish banking staff or reading documents. Additionally, many local banks require a minimum balance to avoid maintenance fees, which can be inconvenient. These accounts also offer limited access when you're outside Spain, making it harder to manage finances internationally or when you plan to travel frequently.
International bank accounts are designed to provide financial flexibility across borders. For Bangladeshi expats who maintain financial ties with multiple countries, this banking option could be a better fit.
International bank accounts include offshore accounts, multicurrency accounts, and accounts with global banking giants like HSBC, Barclays, or Deutsche Bank. These accounts are usually based in financial hubs and are designed for individuals who need access to banking services beyond their country of residence.
An international bank account offers great global accessibility, allowing expats to monitor and manage their finances from anywhere in the world. These accounts are ideal for those who frequently send money home or receive income from other countries.
Additionally, international banks often provide competitive currency exchange rates, making it easier to send money online to Bangladesh from Spain without losing too much in conversion fees.
While flexible, international bank accounts usually come with higher maintenance charges compared to local options. Another downside is that many local vendors in Spain may not accept international cards or transfers, which limits their usefulness for everyday purchases.
Also, setting up an international account often involves more complex KYC (Know Your Customer) requirements and documentation, making the initial process time-consuming.
It’s important to weigh both options based on key banking factors that affect daily life and long-term planning. Here's how they stack up.
Local bank accounts are generally easier to open and use for daily activities in Spain. You can walk into a local branch, communicate in person (if language allows), and handle bills, rent, and salary deposits with ease. International accounts, while globally accessible, may not offer the same simplicity for local needs.
Local accounts often have lower transaction fees for domestic transfers and may waive charges if you maintain a certain balance. In contrast, international accounts can come with monthly fees, higher withdrawal costs, and more stringent fee structures, especially for currency conversions and international transfers.
International accounts may provide better exchange rates, which can be helpful when you make a frequent money transfer from Spain to Bangladesh. However, with ACE Money Transfer, even local bank users can enjoy competitive exchange rates and low remittance fees, making it a cost-effective solution to send money to Bangladesh from Spain.
Local Spanish banks are regulated under EU laws and offer deposit protection up to €100,000 per person. International banks also offer strong security measures, but they may vary based on the country where the account is held. Both options provide a reasonable level of safety for your money.
Both local and international accounts are compatible with ACE Money Transfer, as long as the account permits outbound international transactions. ACE ensures fast, secure, and affordable money transfer from Spain to Bangladesh, making it a convenient partner regardless of your banking choice.
ACE Money Transfer is rated 4.7 out of 5 on Trustpilot with over 129,000 reviews — a testament to their commitment to excellent service.
A local account is typically best for those settling into life in Spain and earning in euros. Here’s when it makes the most sense.
If you’re a long-term resident or planning to stay permanently, a local bank account will help you manage your finances efficiently. It’s especially useful when your employer requires a Spanish account for payroll or if you regularly pay bills in euros.
Some of the most reliable Spanish banks for expats include CaixaBank, BBVA, and Banco Santander. These banks offer non-resident accounts and sometimes provide English-speaking staff or online services, which can be helpful for Bangladeshi expats.
International accounts shine when your financial life isn’t confined to one country. If flexibility and global access are your priorities, this may be a better choice.
Expats who travel frequently, have income sources from different countries, or plan a short-term stay in Spain may prefer the global accessibility that comes with an international bank account. It’s also beneficial for those focusing more on savings and remittance rather than daily Spanish transactions.
HSBC, Barclays, and Deutsche Bank are among the top choices for international banking. These institutions offer user-friendly digital platforms, multicurrency features, and global customer support tailored for internationally mobile clients.
Choosing between a local and international bank account depends on your lifestyle, length of stay, and financial goals. Local accounts are great for daily life in Spain, while international accounts provide better global flexibility. Regardless of your choice, ACE Money Transfer stands out as a reliable partner for making an online money transfer from Spain to Bangladesh. Whether you're sending money to support your family or saving for the future, ACE ensures fast, secure, and affordable service.
Yes, ACE supports transfers from both account types as long as they allow outbound international payments.
No, it’s not mandatory, but it is recommended if you’re staying long-term or earning locally.
International accounts may offer better currency flexibility, but local accounts paired with ACE Money Transfer can still be cost-effective.
Yes, you may need to declare overseas accounts under Spanish tax regulations (Modelo 720).
Generally, a passport, NIE (Foreigner Identification Number), proof of address, and employment or income details are required.
