Best Banking Options for Expats in Spain – A Complete Guide

If you’re moving to Spain, opening a bank account is one of the first things you’ll need to do. Whether you need an account for daily expenses, receiving a salary, or transferring money internationally, choosing the right bank is crucial for avoiding fees and getting the best service.

At 247 Expat Insurance, we help expats navigate life in Spain with health, home, travel, and car insurance. In this guide, we’ll cover the best banks for expats, how to open an account, and tips for managing your finances in Spain.

Do You Need a Spanish Bank Account as an Expat?

• If you’re living in Spain long-term – A Spanish bank account makes it easier to pay bills, receive a salary, and manage finances.
• If you’re buying property in Spain – Many banks require a Spanish account for mortgage payments.
• If you’re applying for residency – Some visas (such as the Non-Lucrative Visa) may require proof of sufficient funds in a Spanish bank.
• If you visit frequently – You can keep a foreign account, but some transactions (e.g., utilities, taxes) require a Spanish IBAN.

You can use a foreign account for many transactions, but having a Spanish account reduces fees and makes payments easier.

Types of Bank Accounts in Spain

1. Resident Bank Account

• Best for long-term expats, homeowners, and salaried employees.
• Requires a NIE (Foreigner ID), proof of address, and proof of income.
• Offers lower fees and full banking services.

If you live in Spain, a resident account is the best option for managing your money.

2. Non-Resident Bank Account

• Best for holiday home owners, frequent visitors, or those without Spanish residency.
• Requires only a passport and proof of address (from abroad).
• Some banks charge higher fees for non-resident accounts.

If you don’t have a Spanish NIE, a non-resident account allows you to pay bills and manage expenses.

3. Online & Digital Bank Accounts

• Best for expats who travel frequently or prefer online banking.
• No physical branches—everything is managed via an app.
• Popular options include Revolut, N26, and Wise.

Online banks are great for managing money across multiple countries with low fees.

Best Banks in Spain for Expats (Compared to UK & USA)

Santander, BBVA, and CaixaBank are the biggest banks in Spain, offering expat-friendly services.

How to Open a Bank Account in Spain

✔ For a resident account, you need:

• NIE (Foreigner Identification Number)
• Passport
• Proof of address in Spain
• Proof of income (work contract, pension, or savings statement)

✔ For a non-resident account, you need:

• Passport
• Proof of address (from your home country)
• Non-Resident Certificate (Certificado de No Residente, obtained from a police station)
• Proof of income (work contract, pension, or savings statement)
  
  

Most banks require an in-person appointment to open an account, though some digital banks allow online sign-ups.

Bank Fees & Costs in Spain

Some banks waive monthly fees if you set up direct deposits for your salary or pension.

Best International Banks & Money Transfer Services

If you need to transfer money between Spain and your home country, consider using:

• Wise (formerly TransferWise) – Low fees, real exchange rate.
• Revolut – Multi-currency accounts, free international transfers.
• N26 – Free international withdrawals.
• PayPal – Convenient but higher fees.

Avoid using traditional banks for international transfers—they charge high fees and poor exchange rates.

Can You Use a Foreign Bank Account in Spain?

• Yes, you can use a UK or U.S. account in Spain for purchases, but it may come with higher transaction fees.
• Most Spanish businesses require a Spanish IBAN for direct debits (e.g., rent, utilities).
• Some digital banks like Revolut & Wise offer Spanish IBANs for easy banking.

If you plan to live in Spain long-term, opening a Spanish account will save you money on fees.

How 247 Expat Insurance Helps Expats in Spain

Managing finances is just one part of moving to Spain—protecting yourself with the right insurance is just as important. 247 Expat Insurance provides:

• Health insurance – Private coverage meeting visa & residency requirements.
• Home insurance – Protection for your Spanish property & belongings.
• Car insurance – Spanish auto insurance for expat drivers.
• Travel insurance – Coverage for frequent U.S.-Spain or UK-Spain travelers.

📩 Get a free quote today!

Disclaimer

Banking terms, fees, and policies change frequently. This article is for informational purposes only and does not constitute financial or legal advice. Always check with your chosen bank for up-to-date information.