Spain · Banking
Banking
in Spain
Opening a bank account in Spain is one of the first practical tasks after arriving. Traditional Spanish banks require more documentation than most newcomers expect, but there are now excellent alternatives — including fintech solutions that work from day one without a Spanish NIE.
✓ Updated 2026
Opening an account without a NIE
The most common question from new arrivals: can I open a bank account before I have my NIE? The answer is: it depends on the type of account.
| Option | NIE required? | How fast? | Best for |
|---|---|---|---|
| Wise (multi-currency account) | No — passport only | Instant (app) | First weeks in Spain — receive salary, pay bills |
| Revolut | No — passport only | 10 minutes (app) | Day-to-day spending, currency exchange |
| N26 | Usually yes — if you live in Spain, N26 asks for your NIE/NIF | Minutes (app) | EU citizens who want a free digital account |
| BBVA non-resident account | No — passport + proof of address | In branch — timing varies | Those who prefer a traditional bank from the start |
| Santander non-resident account | No — passport + proof of address | In branch — timing varies | Those with existing Santander relationship |
| Full Spanish bank account | Yes — NIE required | In branch, 1-5 days | Once you have your NIE — better terms and features |
✓ Recommended strategy
Week 1: Open a Wise account (passport only, takes 10 minutes online). Use it to receive your first salary and pay initial costs. Week 2-4: Get your NIE. Month 1-2: Open a full Spanish bank account (BBVA, CaixaBank, Santander) with your NIE. Use it for rent, utilities, direct debits. Keep Wise for international transfers — the exchange rates are far better.
Traditional Spanish banks
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BBVA
One of Spain's largest banks · Strong digital experience
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BBVA is the top choice for most expats thanks to its excellent mobile app (consistently rated one of the best in Europe), wide ATM network and good English-language customer service. The Cuenta Online (for new customers, opened online) has no maintenance fee and no payroll requirement — check current conditions.
Monthly fee
€0 (Cuenta Online)
ATMs
+7.000 in Spain
English app
Yes — full
Online opening
Yes (with NIE)
Best mobile banking app in Spain — intuitive, feature-rich
Good English-language app and phone support
Cuenta Online: no fee and no payroll requirement
Can open non-resident account in branch (no NIE needed initially)
Branch service in English inconsistent outside major cities
International transfer fees higher than Wise
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CaixaBank
Largest bank in the Spanish market · Widest branch network
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Spain's largest bank with the most extensive branch and ATM network. Good for those who value physical branches. Has a specific international service for expats (Expatriados Service). Solid but less digitally impressive than BBVA.
Branches
+4.000 in Spain
ATMs
~12.000
Expat service
Yes
Monthly fee
€0 (conditions)
Largest physical network — a branch near almost everywhere in Spain
Dedicated expatriados service in major cities
No-fee withdrawals at CaixaBank ATMs with a CaixaBank card (check your account conditions)
App less polished than BBVA
Branch staff English skills vary widely
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Santander
Global bank · Good for those with existing Santander relationship
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Particularly useful for British, American and Latin American expats who may already have a Santander account at home. The Santander One account is fee-free with salary domiciliation. Good English support. International transfers between Santander accounts can be faster and cheaper.
Countries
10 major markets
English app
Yes
Non-resident
Yes (branch)
Monthly fee
€0 (conditions)
Global bank — existing customers may benefit from smoother transition
Good English-language support
Santander One: no fees with salary domiciliation
App less innovative than BBVA
Fewer branches than CaixaBank
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ING España
Digital-first bank · Free with payroll or regular income
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ING's Cuenta NÓMINA has no maintenance fee if you pay in your salary, pension or unemployment benefit, or receive at least €700 a month; otherwise a small monthly fee may apply. You need to be tax resident in Spain to open it. Good mobile app, free ATM withdrawals at ING and partner ATMs (elsewhere in Spain, generally free from €200). Very few branches — service is mainly by phone and online. A great low-hassle option for expats.
Monthly fee
€0 with payroll or €700+/month income
ATM fee
Free at ING/partner ATMs; elsewhere from €200
Branches
Very few (mostly phone and app)
English
Partial
Free with payroll, pension or €700+/month income
Free withdrawals at many ATMs in Spain (conditions apply)
Simple, clean app
Very few branches — almost everything by phone or app
Limited English-language service
Fintech & neobanks — the expat advantage
For international transfers, currency exchange and day-to-day spending abroad, fintech solutions are dramatically better than traditional Spanish banks. Most expats use a combination of a traditional Spanish bank (for rent, utilities, Spanish direct debits) and a fintech (for international transfers and travel).
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Wise (formerly TransferWise)
Best for international transfers · Mid-market exchange rate
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The single most recommended tool for expats arriving in Spain. Wise gives you a multi-currency account with a EUR IBAN (Wise's own help pages show Belgian 'BE' details, so check the prefix in your app) and local details for other currencies, the mid-market exchange rate on currency conversion (no markup), and works from day one with just a passport. Essential for receiving foreign currency salary and paying Spanish expenses.
IBAN
EUR (SEPA) + other currencies
Exchange rate
Mid-market (best)
Transfer fee
0.3–2% typically
Setup time
10 minutes online
Best exchange rates available — typically 5-8x cheaper than bank transfers
EUR SEPA IBAN — can be used for most Spanish payments
No NIE required — passport only
Multi-currency account — hold USD, GBP, EUR simultaneously
Debit card works worldwide at mid-market rate
Not ideal as a primary bank account for all Spanish needs
Some Spanish landlords or companies don't accept non-traditional IBAN
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Revolut
All-in-one financial app · Free and premium plans
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Feature-rich financial super-app. Free plan is limited but functional. Paid plans (Plus €3.99, Premium €9.99, Metal €15.99, Ultra €55 per month) offer higher or unlimited fee-free exchange, travel insurance and more. Good for daily spending and travel. Spanish IBAN available. Less focused on international transfers than Wise — on the Standard and Plus plans a surcharge applies at weekends.
Free plan
€0/mo (limited)
Premium
€9.99/mo
Metal
€15.99/mo
Setup time
10 minutes
Feature-rich app — budgeting, savings vaults, investments, crypto
Good for travel — free ATM withdrawals up to monthly limit
No NIE needed to open
Weekend exchange surcharge on Standard (1%) and Plus (0.5%) plans
Free plan: fee-free exchange only up to €1,000/month, then 1%
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N26
European neobank · Full German banking licence
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N26 is a proper European bank (German licence, EU deposit protection up to €100.000). Spanish IBAN available. Good for EU citizens who want a free digital account with proper banking protection. Less suitable for non-EU nationals in some cases.
Deposit protection
€100.000 (EU)
Spanish IBAN
Yes
Available to
EU residents
ATM free
3/month (free plan)
Real bank with EU deposit protection
Clean, simple app
Spanish IBAN for all local payments
Not available to all non-EU nationalities
Less feature-rich than Revolut
International transfers — cost comparison
If you receive a salary in a foreign currency or need to send money home regularly, the difference in costs between providers is enormous. Here is a comparison for sending €5.000 equivalent from Spain to the US (USD).
| Provider | Exchange rate | Fee | Total cost on €5.000 | Speed |
|---|---|---|---|---|
| Wise | Mid-market (best) | 0.3–0.5% | ~€15-25 | 1-2 business days |
| Revolut (weekday) | Near mid-market | No exchange fee within plan allowance (Standard: €1,000/month, then 1%) | ~€0 (Premium/Metal) to ~€40 (Standard) | 1-2 days |
| BBVA international transfer | Marked up 1-3% | €3-15 fixed fee | ~€53-165 | 2-3 days |
| CaixaBank international transfer | Marked up 1-3% | €5-20 fixed fee | ~€55-170 | 2-4 days |
| Santander international | Marked up 1-3% | €5-15 fixed fee | ~€55-165 | 2-4 days |
| Western Union / MoneyGram | Poor — 3-5% markup | €5-20 fixed fee | ~€155-270 | Minutes to 2 days |
✦ The maths — if you send €2.000/month home
Using a traditional bank (around €50 per transfer: a 2% markup plus a ~€10 fee) vs. Wise (around €10) saves roughly €480/year. Over a 3-year assignment that is about €1.440 saved by switching to a fintech for international transfers. Always use Wise or Revolut for any cross-border money movement.
Mortgages for expats in Spain
Buying property in Spain as a foreigner is possible and relatively common, but the mortgage conditions differ from those available to Spanish residents.
| Aspect | Spanish resident | Non-resident / expat |
|---|---|---|
| Maximum loan-to-value | Up to 80% of property value | Typically up to 60-70% — you need a larger deposit |
| Minimum deposit | 20% + taxes (~10% of purchase price) | 30-40% + taxes (~10%) |
| NIE required | Yes | Yes — without NIE no mortgage possible |
| Spanish income required | Yes | Foreign income accepted by some banks |
| Documents | Standard Spanish documents | Apostilled foreign documents + translations |
| Interest rate premium | Standard Euribor-based rates | Often higher than resident rates — the premium varies by bank and profile, so compare offers |
| Best banks for expat mortgages | — | Sabadell, CaixaBank, Bankinter — most expat-friendly |
ℹ Additional costs when buying property in Spain
Budget approximately 10-12% of the purchase price in additional costs: ITP (transfer tax) 4-13% depending on region (Madrid: 6%) · Notary fees approx. €600-1.500 · Land registry fees approx. €300-1.000 · Lawyer fees ~€1.500-3.000 (recommended) · Mortgage arrangement fee often 0-1% of loan (negotiable).
Banca checklist
Completed0 of 8
Open a Wise account (day 1 — no NIE needed)
Get a EUR IBAN immediately for salary and initial payments
Get your NIE
Required to open a full Spanish bank account
Open a full Spanish bank account (BBVA or CaixaBank recommended)
For rent, utilities, Spanish direct debits and credit history
Set up direct debit for rent
Most landlords require a Spanish bank account for rental payments
Set up direct debits for utilities (electricity, water, gas, internet)
Easiest way to manage recurring payments
Use Wise for international transfers (not your Spanish bank)
Saves hundreds of euros per year on currency exchange
Notify your home country bank of your new address in Spain
To avoid account suspension and receive important correspondence
Consider opening a Revolut account for travel and daily spending
Excellent rates abroad and useful budgeting features