Banks in Spain: Top 8 Banks for Internationals in Spain

Banks in Spain are highly digital and well-connected, with major traditional banks and fast-growing mobile-only banks. Non-residents can open an account quickly with the required documents or opt for an online non-resident account.  An NIE is required for residents and provides access to additional account options, such as fee-free services and instant payments via Bizum.

Spain has banks for everyone and their specific needs. New residents can start their banking journey with digital banks like N26 or Revolut, which have Spanish IBANs and English support without visiting a branch. Long-term residents prefer more traditional banks like BBVA or CaixaBank for mortgages and their large branch networks.

This article explains how the banking system in Spain works, highlights some of the best banks for long-term residents and newcomers, and provides a guide to opening a bank account in the country.

Banks in Spain: Key Takeaways

• Spanish banks serve residents and non-residents. Foreigners can open accounts easily with the required documents.
• The system is made up of large traditional banks and fast-growing mobile-only banks, which are all fully digital and integrated with Bizum instant payments.
• Non-residents can open accounts online in minutes, and residents with a NIE get more options, such as fee-free services and full banking functionality.
• Top banks include Santander, BBVA, CaixaBank, Banco Sabadell, Bankinter, ING, and digital options like N26, Revolut, and Openbank.

The Spanish banking system is made up of its large traditional banks and a growing number of mobile-only banks. It is highly digital, and most banks are connected to a shared system called Redsys, which allows quick, reliable local payments. Almost everyone uses Bizum, a built-in mobile payment tool that lets people send money instantly with just a phone number. Spain also has clear differences between resident and non-resident bank accounts, especially for foreigners.

This means foreign nationals on well-known Spanish Visas, such as the Digital Nomad Visa, Spanish Non-Lucrative, or other work visas like the Spin Highly Qualified Professional Visa or the Spain Self-Employed Visa, have the option to choose from banks that best suit their needs and goals. Banks are also required to report Bizum and digital wallet transactions to the Tax Agency (Agencia Tributaria) only when they are linked to business or professional activity, while personal payments between friends are not taxed or monitored.

This is a list of some of the best banks in Spain, including the big traditional banks that are mostly known for mortgages and branches that are accessible all over the country and beyond. There are also banks that are digital and expat-friendly, catering to English support, a wide range of online services, and more.

1. Banco Santander

• Best for: Global travelers and those buying property, financing 70% of the property value 
• Known for: The trusted and safe options, 30,000 ATMs globally,
• Interest:  1.00%–2.00%

Banco Santander is one of the big four banks, based on several aspects. The most obvious being its big global presence and accessibility. Anyone who banks with Santander can use its ATM worldwide for free. Interest on standard accounts is low, but savings rates can reach about 1.00%–2.00% when you bundle extras like insurance. The bank is best for families and people looking to buy a property. It’s one of the most well-known banks, flexible with non-resident mortgages, and finances up to 70% of the property value.

2. CaixaBank

• Best for: High-net-worth individuals or retirees
• Known for: For its HolaBank, a concierge service for high-net-worth individuals 
• Interest: Starts at  0.25%,

The CaixaBank is best for high-net-worth individuals and retirees who want luxury services, as the bank offers a service called HolaBank for expats that includes a 24/7 concierge. This service can help you find a plumber, translate documents, or help set up your utilities.

The bank has one of the largest branch networks in Spain, meaning it is very likely that there is a branch available for anyone living in more remote areas or in bigger cities like Madrid. Their interest-bearing deposit begins at 0.25%, but the rate can increase to up to 1.25% nominal interest rate (NIR) if you also take out a home loan or health insurance with them.

3. BBVA

• Best for: Tech-savvy residents
• Known for: The #1-ranked mobile app in Spain.
• Interest: New customers can pay 3% interest in the first year. 

The BBVA is a great bank for tech lovers or anyone looking for a bank that prioritizes high security, something that all banks value. However. BBVA’s banking app is consistently ranked as the best in Europe for its AI-driven “financial coach,” which tracks your spending and preempts future bills. Another highlight is the bank’s Aqua Card, which has no numbers printed on it. The CVV is only visible in the app, so no one can access it. New customers can also open an online account that pays 3% interest in the first year, up to a set balance limit.

4. Banco Sabadell

• Best for: New residents 
• Known for: Being an English-speaking bank that offers free translations 
• Interest: You earn 2.53% interest on savings up to €50,000 for the first year

Banco Sabadell is a good option for new residents looking for a reliable, English-speaking bank. It’s a smart option if you are buying property or moving to Spain without knowing the language. The institution is best known for its Key Account, which includes free telephone translation services. For example, if a person is at a doctor and cannot explain their symptoms, you can call the bank’s translator help line for help. In terms of interest rates, the bank offers a 2.53% annual percentage rate (APR) on balances up to €50,000 for the first year, plus a €400 bonus if you move your salary.

5. N26

• Best For: Digital nomads
• Known for: Speed. You can open an account in 8 minutes
• Interest: 0.25% to 1.30%,

N26 is a well-known bank suitable for international individuals. It is particularly known for its speed. Customers can open an account in under 8 minutes using their phone and a passport. It is loved for having the simplest onboarding in Spain. The bank also stands out because it has a Spanish IBAN, even though it is a German bank. This can be a good option for those on the Spain Digital Nomad Visa.

This gives you the reliability of German banking regulations with the local convenience of a Spanish account. Interest rates range from 0.25% to 1.30%, while Metal members earn up to 2.00% per year on savings. Metal members have more benefits, such as travel insurance, purchase protection, phone insurance, lounge access at airports, and more.

6. Revolut

• Best for: Frequent travelers and investors.
• Known for: Currency, and you can buy stocks, gold, and crypto directly in the app.
• Interest: 3.50%–4.50%. 

Revolut is another bank that is a good option for people who are earning internationally, such as frequent travelers and investors. The bank is especially known for its accessible currency exchange. For instance, if a person is getting paid in USD or GBP and spending in EUR, this will save them a lot in fees. Another attractive aspect is that customers can buy stocks, gold, and crypto directly in the app. Interest rates can also be very high, depending on the person’s subscription tier, and can reach 3.50%–4.50%. 

7. ING

• Best for: Long-term residents
• Known for: its “zero fees” for life offer
• Interest: 1.00% to 1.50% on savings

The ING bank is a great choice for long-term residents who don’t like fees. The bank is best known for its Cuenta Nómina, also known as a Salary Account, which made it the first bank in Spain to offer “zero fees for life,” and this has remained its main attraction. Their interest rates also range between  1.00% to 1.50% on savings, with a 3-month “Welcome Deposit” that can go up to 3.00%.

8. Openbank

• Best for: People who want high interest on savings without monthly fees.
• Known for:  The digital arm of Santander. 
• Interest: Welcome Savings Account offers 2.27% APR for the first 6 months.

Openbank is for people are are looking for the best of both worlds. The financial institution is also known as the digital arm of Santander, which creates a sense of trust and safety as it is connected to one of the big four traditional banks in Spain.

This also means the bank is easily accessible, so you can use all Santander ATMs for free and even deposit physical cash at Santander branches, which is a rare perk for a digital-only bank. Openbank also maintains its reputation as one of the highest-rated banks for customer service in Spain, as you can talk to a human on the phone 24/7 without being a premium member. Their Welcome Savings Account pays 2.27% interest for the first six months.

Read a our Spain Non-Lucrative Visa guide and get in touch with our team to help you start your relocation journey

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Requirements for all applicants 

• Proof of ID: A valid passport for non-EU citizens or a national ID card for EU citizens.
• Spain NIE number: A foreign ID number in Spain, which is needed for most legal and banking matters, especially if you stay longer than 3 months.
• Proof of address: This can be a recent utility bill, rental agreement, or bank statement issued within the last 3 months.
• Proof of work or status: A document showing what you do, such as a payslip, work contract, student card, or unemployment certificate.

Specific requirements for non-residents

• Non-resident certificate (Certificado de No Residente): A document proving you are not a tax resident in Spain. You can get this from a police station or, sometimes, directly from the bank. Some of the bigger traditional banks can do this for you for a fee of around €15–€25.
• Foreign tax number: Your tax ID from your home country.

• Step 1: Choose your account: You can either open a resident account, which is for people living in Spain with a NIE and a Spanish address. These usually have lower fees and more benefits. Or a non-resident account, for people who do not live in Spain yet but need a bank account. These can cost more and will require a non-resident certificate.
• Step 2: Prepare your documents: Most banks will ask for a passport, NIE (Foreign ID number)  or TIE (residence card for non-EU nationals living in Spain), proof of address, proof of income, and a non-resident certificate, which is only needed for non-residents
• Step 3: Open the account: Some banks allow you to apply in the app and verify your ID via video. The account is usually ready the same day. When applying in person, you need to book an appointment, and the account will be ready in 1–3 days.
• Step 4: Activate the account: Sign the agreement either digitally or in the branch. Some banks may require an initial deposit, but digital banks usually don’t. A virtual card is available right away, and the physical card arrives in a few days.