Jean Galea

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šŸ¦ Best Commission-Free Banks in Spain (Updated 2021)

Last updated: January 08, 2021240 Comments

n26 bank in spain

Upon moving to Spain, one of the first things you need to do is open a bank account, together with purchasing private health insurance. If you haven’t learned any Spanish yet, I would also recommend that you get the basics nailed down.

You will need it for several things, most importantly for paying your monthly rent. A foreign bank account is not that useful in Spain as many institutions rely on direct debits to a local account. For example, if you make a gym subscription, or if you sign up for private health insurance, you will need to provide your bank details, and you need to give a Spanish IBAN number.

The same thing applies if you have an iPhone and want to use the Spanish app store; you need a Spanish debit or credit card.

When I arrived in Spain, I had a list of criteria that I used to search for the best bank here. Let me share them with you:

  • Commission-free.
    I’m giving money to the bank and they will use it to gain money, I shouldn’t be paying them. If anything, they should be compensating me for providing the capital.
  • Straightforward to open and operate.
    I didn’t want to jump through too many hoops to open a bank account, and I expect a modern web and mobile interface to operate on a daily basis.
  • English-speaking staff and multilingual website and contracts.
    Not so much of a deal-breaker as I’m fluent in Spanish, but it’s always a plus.
  • Stable and highly-regarded bank.
    I don’t want nasty surprises in the future, so let’s keep to the top banks and avoid going with the lesser-known ones.

Here are some of the typical bank fees charged by banks here that I was not prepared to pay:

  • Maintenance fees
    There is usually an average fee for having your bank account and this is anything from €40 year and upwards
  • Transferring money
    If you use your bank account to transfer money, even to another Spanish account, you may be charged. The transfer cost is usually around €2 or C3 for every transaction you make. Online transactions are usually free.
  • ATM
    If you use a cash machine that is not linked to the bank you use then you will be charged a fee. This varies but is likely to be at least €2.
  • Credit and debit cards
    Some banks may charge a small fee per year for maintaining your card and can be around €8 and €10 per year.

After spending many hours in online research, speaking to people and visiting bank branches, these were my shortlisted banks:

  • N26
  • Revolut
  • TransferWise Borderless
  • BBVA
  • Self Bank
  • Open Bank
  • Banc Sabadell
  • ING Direct
  • Bankia

Currency Conversions

Before we delve into details about each of these banks and my top pick, I’d like to make a special note for those who will be transferring money from other countries. The most common cases are GBP and USD but this applies to any other non-Euro currency.

I suggest that you use TransferWise for your conversions as you will save a ton of money versus any local bank. You can also set up a TransferWise Borderless account which gives you a debit card in multiple currencies that is perfect for travel.

Ok, now that you now know how to do currency exchanges the right way, let’s move on to Spanish banks. If you have any questions about currency exchange, leave a comment and I’ll try to help out.

Documents needed to open a bank account in Spain

Before you even attempt to open a bank account, make sure you have the following documents handy as you will need them.

If you’re opening your first bank account in Spain with one of the local banks:

  • A valid passport or national identityĀ card
  • Your Spanish Tax identification number (NIE)
  • A document to confirm your address such as a utility bill or Title Deed
  • A document to prove you have an income – this could be a payslip, tax return or an official form connected to your pension (optional)

The proof of income documentation is not always required. When I arrived in Spain I did not have any payslips to show, so instead, they asked me for statements from the bank account in my country, and that was enough to open the first bank account here in Spain.

If you already have another bank account in Spain and you’re opening another bank account in Spain with a local bank:

  • A valid passport or national identityĀ card
  • Your Spanish Tax identification number (NIE)
  • The IBAN number of your other bank account

If you’re opening an account with one of the digital banks:

  • A valid passport or national identityĀ card

The digital banks (Revolut, TransferWise and N26) only require basic identification to open a bank account with them.

Banks trust each other, so if one bank has done its checks and opened a bank account for you, you can then open another account at another bank by just providing basic identification and the IBAN number for your other bank account.

Note that many traditional Spanish banks do not provide sign up instructions on their website in English, but it’s pretty self-explanatory in most cases.

Keep in mind that banks do discriminate openly against citizens of certain countries that they deem to be on their “blacklist”. My wife (Russian) was straight up refused consideration from various banks, while even myself (Maltese) was refused in one bank due to the manager claiming that Malta was on some kind of blacklist, which is very weird since it is in the EU.

N26 – Best Low-Cost Bank in Spain for 2021

Unfortunately, I haven’t been very impressed by banking in Spain. It’s decent enough, don’t get me wrong, and most banks have very good online systems and apps, however, support and compliance can get very frustrating.

That is why I would recommend N26, a German bank with the very latest technology and an amazing mobile app through which you manage your account.

Since April 2019, N26 gives its Spanish users a Spanish IBAN account, so you will be able to use the bank for any direct debits as you would use other Spanish bank accounts.

Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. This is the future of banking, so they give you best in class digital facilities such as an app and website to go with it, while also helping you track your expenses.

Sign up with N26

Revolut

revolut spain

The famous online bank Revolut is also available to residents of Spain. Revolut is a digital banking app and card that focuses on technology, low fees and premium features. It’s designed for those who travel a lot and offers ways to spend abroad, including international money transfers with no hidden fees.

When you sign up, you will need to choose between three account tiers, starting at €0 per month for the Standard account.

For all account tiers, Revolut gives you a free IBAN account, a free UK current account and a bank card so you can spend your money. You can spend in over 150 currencies at the interbank exchange rate and exchange 29 fiat currencies. There are a number of features that come with each account tier, such as free ATM withdrawals plus exclusive features that come with the Premium and Metal accounts.

Revolut has three tiers: Standard, Premium and Metal. The Standard account is €0 per month, the Premium account is €7.99 per month and the Metal account is €13.99 per month.

One of Revolut’s most appealing features is that it lets you spend fee-free at the interbank rate in over 150 currencies.

Using it abroad is much like using it in Spain. However, don’t forget that while there’s no spending limit for card payments, free ATM withdrawals are limited to €200 per month with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee.

Revolut received its European banking license from the European Central Bank in December 2018. This means that if you open a current account with Revolut in the future your funds will be protected up to €100,000. However, at the time of writing, this was still being put into place. For now, Revolut still has obligations to safeguard your funds in a separate bank so you can get them back should anything happen to Revolut.

Revolut stands out from its competitors in cryptocurrencies. In 2017, it became the first challenger bank to let customers buy cryptos within the app.

What’s more, it’s incredibly easy for anyone to use cryptocurrencies such as Bitcoin with Revolut. Revolut’s aim is to make cryptocurrencies accessible. Customers have access to five different cryptocurrencies: Bitcoin, Litecoin, Ether, Bitcoin Cash and XRP. However, you have to hold a Premium account or higher to access the cryptocurrency feature automatically. Otherwise, you will need to invite three or more friends to use the app to unlock the feature.

Revolut shows you real-time cryptocurrency graphs which shows you current rates. You can also set up price alerts to hear when your cryptocurrency hits a certain value.

Revolut applies a markup of 0.5% on major currencies and 1% on other currencies over the weekend when markets are closed.

You are charged at least a 1% markup for currencies such as the Thai baht, Russian rouble, Ukrainian hryvnia and the Turkish lira. This rises to 2% on weekends.

You can make fee-free currency conversions up to €6,000 per month, after which a 0.5% fee applies.

The big disadvantage of using Revolut at the moment is that you don’t get a Spanish IBAN. Although according to EU rules, businesses here in Spain should accept European IBANs for direct debit purposes, in practice there are some big companies that still refuse to do so. You might want to check which companies you will need to work with and decide accordingly.

Having said that, since there is no cost to signing up to and maintaining a standard Revolut, I would still recommend having it, especially since you like to travel. Having more options is always better than less options. If you’re worried about managing multiple cards, have a look at the solution I found for that further down in the article.

Sign up to Revolut

TransferWise

transferwise bank account spain

Before you move abroad consider opening a TransferWise multi-currency account. You get your own free local bank account details in Europe, UK, US, Australia and New Zealand so you can have a local bank account before arriving. It comes with a debit card so you can pay and withdraw money at ATMs once you come to Spain with much lower fees than with your bank.

Read my full TransferWise Borderless review or go ahead and open an account using the link below.

Sign up to TransferWise Borderless

EVO

Evo Bank Spain

Evo Banco was one of the pioneers of the digital banking revolution in Spain, so it is a good option if you are used to conducting all your banking online, but not so good if you like being able to walk into your bank to conduct transactions. I haven’t been to a bank in years myself, so I much prefer these digital banks.

Evo Banco offers another free online account, and although I haven’t tried it myself I have heard good things about it. The website is only available in Spanish though so it’s mostly targeted towards Spanish people. It’s not the best account to choose if you’re here in Spain temporarily or if you’re a non-resident.

Open a bank account with Evo Banco

 

Wizink

Wizink

Wizink is a bank specialized in credit and savings solutions through basic products that aim to keep things simple for its users.

They offer a deposit account for 36 months at 1.3% TAE or similar (offers change quite frequently). Their savings account offers 0.5% interest. They also offer a credit card facility and of course, Apple Pay can be used with this bank as well.

Open an account at Wizink

BBVA Cuenta Online – Best Spanish Bank

bbva cuenta online

BBVA is a Spanish bank with an excellent reputation, and their mobile app has won numerous awards.

You can open a Cuenta Online with no commissions in 10 minutes using the mobile app. Their website is available in multiple languages including English.

You can’t really go wrong with BBVA if you want the extra peace of mind of having your money in a Spanish bank. BBVA is consistently rated among the top 3 banks in Spain.

This is now my favorite local bank in Spain. I am very happy with the service they provide and the application is excellent, even allowing you to aggregate other banks’ accounts into the BBVA app for your convenience.

Sign up with BBVA

Rebellion Pay

Rebellion Pay is a product that is clearly targeted towards teenagers and people in their twenties. The focus is all on digital and the idea is that this account works in all the ways young people need it to work, with none of the stodgy practices of the traditional banks.

The language used is easily understandable by the younger generation, who will most definitely find this account to be one of the most straightforward and easy-to-use among all the options available in Spain.

Sign up with Rebellion Pay

Bankia

bankia bank spain

Let’s move on to Bankia now. Bankia is a Spanish bank that was formed in December 2010, consolidating the operations of seven regional savings banks. It is now one of the top 5 largest Spanish banks. It has a somewhat rocky past and is currently recovering, but that shouldn’t put you off.

Their best offering at the moment is Cuenta ON, which gives you zero commissions, similar to ING Direct. In Bankia’s case, there is no minimum balance requirement. There are no commissions on outgoing or incoming Euro transfers either.

The most important requirement in order to keep this account commission free is that you conduct all operations online without visiting the branches. For example, if you want to make a transfer, you would do it online rather than visiting the branch and asking them to do it for you. Perfectly fine for me, as I find it way more comfortable doing everything online.

Bankia doesn’t have an online chat system, but you can ask for a callback for free, or use the contact form on their site to send in queries. ING Direct is better in this respect.

On the other hand, Bankia offers its website in English and Spanish (apart from Catalan and Valencian), so you can find all the information easily.

With Bankia, you can send or receive money from friends using the Bizum system, and you can also use Bankia Wallet to pay directly with your mobile phone, in a similar way to ING Direct’s Twyp Cash.

You can withdraw money from Bankia ATMs (up to 600 Euro daily) and no commissions will be charged. If you’re abroad and need to withdraw cash they will charge 4% with a minimum of 4 Euro.

You can use your card to spend up to 1,500 Euro daily.

The best thing about Cuenta ON is that it is completely commission-free. I prefer ING Direct’s and BBVA’s interface, related services and also their facility of withdrawing from other ATMs commission-free. Therefore Cuenta ON is a good secondary or backup account. I would always suggest having two bank accounts in place just in case conditions change with your usual bank. Keep in mind that terms can change at any point with Spanish banks, so you’ve got to be on the ball and read any communication they send you.

Sign up to Bankia

Self Bank

Self Bank is an online bank with no offices. Signing up is simple and done through their website. You will then need to print a paper and sign it, as well as take a copy of your passport and NIE. With these papers in hand, you can then ask for a UPS courier to collect the documents at your convenience and at no charge. You will then have to wait a few days until the papers arrive at the Self Bank offices in Madrid. If everything is in order, they will open your bank account and send you the cards. That’s it.

Self Bank has a modern website and account management interface and is one of the best-regarded online banks. In order to open your account, they will ask you for another account at a local bank for verification purposes, so this cannot be the first bank you open. It’s another great option for a backup account, and you can also use the brokerage facilities which are quite decent if you operate regularly on the stock market.

This bank is also commission-free and 100% digital. If you want to open a 3-month deposit account they offer 2% interest for the first 3 months, up to a maximum of 15,000 Euro. Their savings account offers 0.15% returns.

You can use your Self Bank debit card to withdraw money at no cost from more than 9,500 CaixaBank ATMs around the country.

You can send money to friends with their Self Money app, all you need is your friend’s mobile phone number or email address.

There are no fees charged for national or Eurozone transfers.

Self Bank does not have any online chat facilities, you can get in touch via phone or email. Their website and documentation are only available in Spanish, so I wouldn’t recommend this account if you’re not very fluent, especially since everything is done online. If you get stuck, you won’t be able to visit a local branch and hope that someone there speaks English.

Banc Sabadell

Update June 2018: I no longer recommend this bank due to the various reports of multiple charges that are now associated to having accounts with them (see comments section).

Banc Sabadell is one of my favorites, if it weren’t for the requirement to make a monthly inbound transfer of at least 700 Euro to keep the account commission-free, I would probably have opened an account with them instead of ING Direct.

The big advantage of Sabadell is that it is a very stable local bank with straightforward and professional procedures. Their offices always make you feel welcome and their staff usually speak English. The website and contracts are also available in English, making this the best bank to look at if you don’t know any Spanish or prefer dealing in English.

Their Cuenta Expansion, as I mentioned, requires a 700 Euro movement every month, else you will get charged 4 Euro commission per month. Everything else is commission-free and you can withdraw money from ATMs of Sabadell for free, provided you withdraw more than 60 Euro. You can also withdraw for free with the same condition from the following banks: Bankia, Abanca, BMN, Ibercaja, Kutxabank, Unicaja, Liberbank, EspaƱaDuero, Cajasur, Caixa Ontinyent y Colonya Caixa PollenƧa.

Banc Sabadell is the best mix of a traditional bank with offices all around, and a good online service. Best of all, it is all available in English, which is perfect for ex-pats.

Ing Direct

Ing direct

ING Direct used to be my favorite local bank, but as of April 2019, I would recommend N26 above ING Direct. They have a weird policy of letting all incoming transfers in, then suddenly asking for documentation about all incoming international transfers months later. It’s quite maddening because they typically don’t even know what they need, they just ask you for documentation for everything, which of course can be incredibly time-consuming to retrieve given that some transfers might have been done years ago.

They have also blocked many clients’ accounts even during the sensitive Coronavirus crisis times, piling more difficulty on families when they should be helping alleviating the burden. I find these practices extremely insensitive and unprofessional and cannot recommend this bank any longer.

Their customer support is only available via phone (long waits) and usually turns out to be quite incompetent, barely able to answer basic questions.Ā 

In short: Stay away from this bank.

The ING Direct website is in Spanish but they have nearly identical websites in other markets such as Ireland, where you’ll find all the information in English if you need it. They have the most straightforward process for opening an account. You basically apply for an account online and immediately get an account open with an IBAN number.

Next, a courier will come to your house within a few days to give you your debit card, and you will need to give him a copy of your identification documents (passport and NIE usually). Then you will need to make a transfer to your new account, and within 5 days the account will be active and ready for us.

This was the easiest bank opening process I’ve ever been through, and I appreciate the convenience of it all. The ING Direct web and mobile interface is great, and they have a good portfolio of related services such as Broker Naranja for investing in the stock market internationally.

They’re of course a well established Dutch multinational bank and they have subsidiaries in many countries. You can use the ING Direct mobile app to make payments without your debit/credit card in shops, and you can also send and receive money to/from friends with the Twyp Cash app, up to 1,000 Euro per year. Whenever you have any queries, you can access their chat support online, and someone will attend you within seconds. Of course, they also have the traditional methods available (phone, email, post).

The current account SIN NOMINA is commission-free provided you keep a minimum balance of 2,000 Euro in the account. If you have a job in Spain, there is also the option of a CON NOMINA account, which means that you’ll have to deposit your monthly paycheck into the account for it to remain commission-free. Personally, I think SIN NOMINA is more straightforward provided you keep those 2,000 Euros in it. I don’t link restrictions like domiciling my paycheck.

You can withdraw cash commission-free from more than 44,000 ATMs around the country:

  • BANCO POPULAR, BANCO PASTOR, BANCA MARCH and ING DIRECT: Any amount.
  • BANKIA y BANKINTER: From 90€.
  • RestĀ of banks outside Madrid: From 200€.

Finally, another great plus is that they charge no commissions for Euro transfers. They will also give you special discounts at certain shops and 3% cashback on fuel bought at Galp or Shell. All in all a great experience with this bank so far, apart from the ridiculous questioning of incoming transfers.

Wrapping up

You will no doubt have your own requirements for bank accounts. Perhaps you are already thinking of a loan or mortgage, or you’re interested in finding a bank with great stock brokerage facilities, or even other products such as life insurance or deposit accounts.

Make sure you make a list of things that are most important to you, then start your search by visiting all the sites of the local banks. You will usually get a gut feeling about certain banks that will allow you to narrow things down. You can then proceed to visit the local offices of the shortlisted banks and get a feel for the kind of people that work there and get more information about their products.

Finally, you can make an educated decision on which account to use. Remember that you can always close an account without any hassle or cost if further down the line you understand that the bank is not well aligned with your needs.

When you open a bank account at any entity, be aware that they will usually ask for your passport and your NIE at the very minimum. They might also ask for things like your rental contract, statement from your foreign bank, tax statements from your previous country of residence etc. Banks are on the lookout for money launderers and have very strict parameters within which to operate. All the banks I mentioned above are very reasonable in what they require and will not make things difficult for you. Others may have stricter policies, and they might reject your application without providing any specific reasons.

Over the years, I’ve come to prefer the online banks, so here would be my favorite options:

  • Online digital bank: N26
  • Spanish traditional bank: BBVA

Accounts for traveling outside the Euro zone:

  1. Revolut (Personal or Business)
  2. TransferWise Borderless

Good luck with opening a bank account in Spain, and if you have any questions feel free to ask in the comments section.

Savings and Investment accounts

None of the banks mentioned in my article are great places to earn any interest on your money. As you know, banks nowadays offer very low interest for leaving your money in their accounts. However, there are some good online options if you’re seeking some return on your money.

Raisin – Best Investment accounts

Raisin

Raisin puts more than 70 savings products at your disposal. The platform collaborates with many European collaborator banks, all of which count on the European deposit guarantee scheme (up to €100,000). It is basically an aggregator of all the savings account offerings across Europe.

I find it extremely convenient to be able to access all these investment products in one place. The traditional way would be to actually sign up to a bank in order to be able to access its savings products, which is incredibly more laborious and harder for the customer to compare offers between banks. Check it out, I think you will like the idea behind Raisin.

Open an account at Raisin

Finizens – Best Roboadvisor

Finizens roboadvisorFinizens is the Spanish version of Betterment or Wealthfront, two extremely popular roboadvisor platforms in the United States. With a roboadvisor, you put your money in their account and then let algorithms pick out the best long-term passive investment strategy for you.

It’s a valid alternative to investing in index funds and like I said these kinds of platforms are already extremely popular across the Atlantic. In Europe, they are just starting out but I’m betting Finizens will be a strong player in the space.

Invest with Finizens

P2P Lending – Mintos and Iban

mintos

If you’re interested in making the most of your money, don’t leave it sitting in your bank account where it generates low returns.

Take a look at my results (above 10% returns) investing through the Mintos P2P lending platform, it’s been excellent so far. If you’re not familiar with P2P lending, read my review of the best P2P lending sites in Europe, which includes a thorough guide on how this sector works.

Another option is to invest in property via online platforms. I have lots of content on that subject as well on this site, and a good place to start from is my post on the best property investment platforms in Europe.

Join Mintos

Bonus tips

Spanish Banking Glossary

Let’s talk about some of the most common words used in Spanish banking.

  • Cuenta = account
  • Cuenta Corriente = current account
  • Tarjeta = card
  • Seguros = insurance
  • Saldo Contable = account balance
  • Saldo Disponible = balance available
  • Traspasos = transfers
  • Inicio = Start
  • Extracto = statement
  • Cuenta para residentes = resident account
  • Cuenta para no residentes = non-resident account
  • Caja = savings banks
  • Account number – usually a ten digit number
  • Sort codeĀ  – four digits for your bank reference and four digits for your branch
  • Control number – a two-digit number
  • BIC – Bank Identifier Code. It begins with letters that refer to the bank you are using. It is used in conjunction with the IBAN
  • IBAN –  ā€˜International Bank Account Number’ and is a standard way of identifying banks across different countries.

Curve – Managing multiple cards

Curve multiple cards in one

It’s a hassle having many cards in your wallet. You might lose one without even noticing, not to mention the inconvenience of a fat wallet in your pocket.

The solution to that is to use the Curve app and card. Basically Curve allows you to load all your cards into its app, then use just one card (the Curve card) to make your payments. Before you make a payment, you can use the app to choose which bank card you want to take the money from. Incredibly useful for those of us who have many debit and credit cards.

Get your Curve Card today

Filed under: Life in Spain

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About Jean Galea

Jean Galea is a dad, amateur padel player, host of the Mastermind.fm podcast, investor and entrepreneur.

Comments

  1. Darren says

    January 12, 2021 at 6:08 pm

    Hi Jean, Iam thinking of closing my Santander 123 account due to the new increased charges so wondered if you have some info/feedback on the Openbank online account?

    Reply
  2. Nico Remi Olievier says

    January 8, 2021 at 5:50 pm

    Hello,

    Thank you for all this bank related information.
    I recently got a Revolut account, including card and benefits. The reason why I did was that I am outside Europe for work and that I often have to work in countries with doubtable reputations when it comes to banking and money spending. However, I tried to sent some crypto funds to my Revolut account, as this one includes crypto trading. My surprise was that I got a note that my Revolut IBAN number is blacklisted. I contacted some people within Revolut, but beside a very friendly conversation, I don’t have any solution regarding this issue, as keeping this account on the background instead of using it as a primary account. I have been searching online about this “blacklist” problem, but I can’t find the right answers or links to solve it.
    I hope to find an answer here, if possible.
    Greetings,

    Reply
  3. VCheung says

    January 6, 2021 at 10:35 am

    Hi! Any idea of Dukascopy bank pls? Or it’s not good enough in Spain?

    Reply
    • Jean Galea says

      January 6, 2021 at 6:09 pm

      I haven’t come across this bank before and I’m not sure whether they have any presence in Spain.

      Reply
  4. Linda says

    December 20, 2020 at 10:10 am

    Thanks for this fantastic information. As a non-resident, I have been with Bankinter for 14 years and they have been okay as a local bank but fees have been creaping up over the years and I have just been too busy to notice. My Spanish is weak and I didnt have the confidence to switch so your article has given me the boost I needed to save a ton of money! Thanks again.

    Reply
  5. Lyn says

    December 15, 2020 at 3:49 pm

    Hello Jean
    I wonder if you could help? I live in uk and am english but want a non resident bank account in Spain. I already have two – Sabadell which used to be good and Caja Rural local to my property which I felt I needed at the time. I now can’t just have Sabadell because of the 700 euro entry per month (which currently goes back and forth) I don’t like either due to so many charges and such incompetence (CR). I have tried contacting many other banks, including BBVA, where I had all the requisites – NIE, spanish property (address) etc but lack a spanish telephone number. They will not accept a uk mobile

    My requirements are: to hold my money, pay some direct debits (taxes, electricity, home insurance), online access, no monthly pay slips or entries, no spanish phone number.

    I speak fluent Spanish, so that’s not a problem. I am also concerned about any changes due to brexit, but guess no one knows the implications currently (though please tell me if you do!)

    Thank you

    Reply
    • jan says

      December 21, 2020 at 4:08 pm

      Hello Lynn
      Do not open a bbva account, their maintenance fees have gone through the roof.
      Unless you put minimum of 800 euros a month into the account and accept the obligatory credit card you will be charged for every debit and transaction. I have been a customer with bbva for 16 years and I am disgusted and looking to change banks

      Reply
      • Jean Galea says

        December 22, 2020 at 9:37 am

        That’s just not true. I have a BBVA account and there are no maintenance fees nor minimums for deposits.

      • Lyn says

        December 22, 2020 at 9:53 am

        Thanks Jan, I won’t go with them then, let me know if you find a better one.

  6. Stef says

    November 20, 2020 at 8:32 pm

    Great information here. Thanks for that.
    I’m trying to open the BVVA online account, but my employer isn’t a Spanish company and I’m stuck and can’t complete the online application.
    Calling customer service and as soon as you ask for an English agent, the call is cut off. I tried 5 times and always the same issue and problem. They mailed me as they saw I had applied and didn’t finalize the process, I answered then 2x on that, but no reply. Very disappointing and stuck without solution.
    I really hoped I would get around it somehow but can’t. No idea how to open the online account….
    Visiting a branch doesn’t help also, as they don’t help opening online accounts (I guess they don’t get their commission…).

    So I’m still searching to find my bank at the moment.

    Reply
    • Min says

      November 27, 2020 at 9:53 am

      Hi!
      I have the same problem as you. I’m a non-EU foreigner with legal Spanish residency. Similar to you, my employer is not based in Spain.
      Nonetheless, it’s impossible to complete the BBVA online banking application. I have tried at least 4 times with the application process blocked before completing the form. It’s very frustrating. I was asked to contact a branch to open an account but I am trying to avoid those crazy fees the banks are asking for doing nothing.. Calling the helpline number doesn’t help because the operator will literally hangup as soon as she hears me speaking English.

      Reply
      • Stef says

        December 9, 2020 at 9:57 pm

        Min: it’s very frustrating indeed.
        I went to the branch and they don’t give you the free online account.
        I found a way around the fees being charged. If you have 800 or 850 EUR a month coming in ur BBVA account, the account is free also.
        I will make a fixed monthly transfer from my Foreign account into this account. The transfer is free anyway, so then I wont have any fees charged. If too much money in the account, I will just withdraw and take it back to put on my other account.
        Another way to have the account for free, is being a shareholder of the bank. If you own min. 1000 shares (around 4EUR/each), the account is also free and no maintenance fees charged.

        So there are some solutions to have the account for free although it’s not the online account.

  7. Steven S. says

    November 20, 2020 at 12:58 pm

    Hi Jean – fellow Maltese in Spain here. I’ve found this list really useful, so thanks for compiling it and keeping it up to date! I work in Spain as an autonomo and I currently have a Banco Sabadell autonomo account together with a secondary N26 account. I’ve been meaning to leave Sabadell for a while as their conditions, charges and lack of practical app services are really frustrating. For this reason I’ve been considering the possibility of using N26 as a principal account, but their account comes with a big catch – even if N26 are now offering Spanish IBANs (although for some reason it’s taking ages to issue them to existing customers), the bank is not recognized by Spain’s TGSS (Social Security). This means that if you use the N26 account for your taxes and SS, it will be impossible to collect benefits such as paro, ERTE, parental leave, possibly even pension. I think it is something really worth mentioning as it really renders the possibility of using it as a primary account practically useless. Also, minus points for N26 for not even making any mention of this anywhere. Just thought I’d flag this up.

    I think that with Spain being Spain, if your finances are based in the country (which is something you will need to do if you’re here for the long haul) I would still opt for a Spanish bank, even if the service and system is not always ideal. They seem to have the best understanding of how to operate in the country, for obvious reasons.

    Reply
    • Jean Galea says

      November 20, 2020 at 3:47 pm

      Hi Steven and thanks. All valid points that I agree with.

      Reply
  8. Hannah says

    November 17, 2020 at 11:04 pm

    Thank you for this article. I have been with sabadell for 1 year now and they have added yet more fees – not enough to charge us €35/month, now they’re charging a card maintenance fee of €30 as well. Absolute joke. I will use this list to find our next bank.

    Reply
  9. Nikki Parker says

    November 15, 2020 at 5:48 pm

    Pretty please… Are you planning to update this soon? In light of the recent announcements by Spanish banks ie. Caja Rural etc to charge considerably more than they already are I’m keen to look for an alternative. I’ve loved this article of yours and appreciate that it’s free advice but will hold off if there may be any updates on the above.
    And yes, I appreciate that the above may not have changed much as it’s mostly other banks – not the above – that are making changes.

    Reply
    • Jean Galea says

      November 15, 2020 at 6:50 pm

      Hey Nikki, I’ll update it if I come across new information, but it’s not something I keep on top on a daily basis. I’m happiest with the online banks like N26, Revolut, TransferWise as well as BBVA at the moment.

      Reply
      • Terry Salter says

        November 16, 2020 at 11:17 am

        You mention that you are happy with BBVA. I have been a customer for over 20 years & have also been until now. I am stuck in England with little hope of getting to Spain for many months – I am in the high risk group for Covid 19 – and I suddenly have no access to online banking,
        I have tried phoning Customer Services but as soon as I ask for someone who speaks English the call is terminated. When a friend went to my a branch in Chiclana she was told that I would have to put up with no access until I could visit a branch.
        Is this the way to treat customers & is it reasonable that the only way to contact them requires fluent spanish.

      • Nikki Parker says

        November 16, 2020 at 5:15 pm

        Thanks for your prompt and informative reply. That’s helpful and I’ve now narrowed it down.

  10. Maya says

    November 12, 2020 at 3:23 pm

    hello,

    It seems impossible to open an online acct at BBvA with a european NIE, since those have no photo attached. Was that your predicament? or what might be a way to be able to sign up? thanks. Maya

    Reply
    • Jean Galea says

      November 12, 2020 at 5:41 pm

      You’d have to use your passport instead. Failing that, visit a branch.

      Reply
  11. stephen says

    November 6, 2020 at 5:41 pm

    Hi Jean,trying to open BBVA online account but having trouble,do you have to be a Spanish resident to open one. Thank you

    Reply
  12. Yvonne says

    October 29, 2020 at 12:17 am

    If I apply to N26 will I be able to use it in UK and Spain when UK leaves the European Union without a deal. Which unfortunately seems likely.

    Reply
  13. Arthur Polaski says

    October 27, 2020 at 6:30 pm

    Hi Jean,
    I would like to know whether opening the BBVA Cuenta Online will incur any maintenance or management fees ? A debit card is also available once the account gets opened, but my question being very specific to know if there are any criteria or conditions to be met in order to not charge clients a fee for the debit card and the account.
    The purpose is to have an extra bank account and use it for online/offline shopping.

    Thank you.

    Reply
    • Jean Galea says

      October 28, 2020 at 11:01 pm

      I am not charged any fees with this account and there don’t seem to be any hidden charges.

      Reply
      • Cas says

        October 29, 2020 at 3:55 pm

        Hi Jean,
        I am looking for an account for low commission charges and where I can pay Spanish Social security and taxes out of and also put money in to cover these costs. Do you recommend the BBVA online one? If I get this one can I put money into a BBVA branch? I tried to look at the above link to Sign up for BBVA online but the link doesnt seem to work?

        Thank-you,
        Cas

  14. Pete says

    October 22, 2020 at 12:38 am

    I have been with ING for 5 years and can fully corroborate your experience regarding them blocking incoming transfers for no reason. In my case they started doing this about 1 month ago and asked for a document confirming my status as autonomo. When I sent the document they credited the blocked transfer only to block again the next one. They are truly incompetent. I filed an official complaint with them (to no avail) and 2 weeks later with the Bank of Spain but well, this being Spain it will take months of waiting until nothing happens in the end so …

    Regarding N26, I opened an account with them but then read a bunch of really scary reviews on trustpilot according to which N26 froze people’s accounts for no reason and did not reply to client requests to have them unfrozen. As a result some accounts (and the money therein) were apparently blocked for months at a time. Have you heard anything about this? Because of these reviews I am rather reluctant to use the account for anything other than pocket change.

    I also opened an ccount with BBVA but am still waiting for them to activate it (10 days and counting so far – not impressed).

    I have lived in 6 other European countries and I have to say that Spain has the worst banks I have seen (in terms of hidden fees, lacking customer service, and doing simply dumb things like blocking a transfer or an entire account for no reason whatsoever). Runner up are UK banks btw who milk their clients wherever they can (fully exploiting the fact that they stayed out of the EURO which allows them to charge ridiculous fees for simple transfers).

    Reply
    • Jean Galea says

      October 22, 2020 at 10:36 am

      Agreed with all your comments. Spain is one of the most incompetent countries when it comes to financial matters, from the government to private entities.

      BBVA and N26 have worked well for me so far, I have had no issues whatsoever and both accounts are free.

      Reply
  15. Kamila Varas says

    October 18, 2020 at 7:41 pm

    I’m a dual Polish/Canadian citizen (resident of Canada) in Spain for a year or more (or forever) and I’m having a difficult time opening a bank account here. I can’t get a NIE without a bank account in euros and I can’t get a bank account in euros without a NIE, it seems. I was finally able to open a Revolut account but now I’m still not sure if having funds in euros in a Revolut account is enough proof for the Spanish government for the NIE. Does anyone know if a Revolut account can be used as proof of funds? Thanks in advance

    Reply
    • Jean Galea says

      October 19, 2020 at 5:46 pm

      A foreign account is good enough for proof of funds to get the NIE.

      Reply
    • Pete says

      October 22, 2020 at 12:40 am

      as far as I know, Santander offers a non-resident account. So once that is open you can transfer your funds and apply for a NIE.

      Reply
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