Information about banking in Spain

A fair question, especially if you are from another EU country. All the banks work with IBAN numbers and work together, right? Well, forget it. Spanish banks provide some services only a Spanish bank can offer you. Like paying your taxes directly or providing an automatic power of attorney to your Gestor (accountant/lawyer). Another issue is the fact that most services (like Iberdrola) only accept automatic payments from a Spanish bankaccount number from a Spanish bank. No exceptions. 

The total costs of a standard bankaccount in Spain, with two account holders, two debit cards and two creditcards is between 160,- and 220,- euros a year. Transfers between EU countries are usually free, except for transfers of more than € 50.000.

To be honest, both stories are right. It all depends on the bank and the circumstances. If you picked a good bank and receive a regular (monthly) income on the main bankaccount, there is a big chance they reimburse* you the quarterly costs in full. Most bank accepts a minimum of around 700 euros monthly, to reimburse the costs. 

Reimbursing: most banks charge you first, and later they reimburse all or a part of the quarterly costs. Some banks do not charge you; they send a message with the costs they would have charged you with an explanation why they decided not to charge you for that specific service or quarter.

The differences between banks are huge. Especially the service (or the non-existing service) makes the difference.

Banco de Sabadell

In our opinion a very good bank. There might be exceptions: local branches with lousy service, but our experiences are excellent. Most offices have a multi-lingual staff and their internet-banking works in English also. They provide bankaccounts for residents and non-residents. They also work with Apple pay. Website: click

Caixa

Although it’s a big bank, stay away. Their idea of service is comparable with a non-interested tax-office in the eighties. They provide bankaccounts for residents and non-residents. Bankia bank is the same, since they are merged with Caixa. They also work with Apple pay.

Banco Santander

We never worked with them, but it seems to be a good bank. Most offices have a multi-lingual staff and their internet-banking works in English also. They provide bankaccounts for residents and non-residents. They also work with Apple pay. Website: click

BBVA bank Spain

We never worked with them, but it seems to be a good bank. Most offices have a multi-lingual staff and their internet-banking works in English also. They provide bankaccounts for residents and non-residents. They also work with Apple pay. Website: click

Wise

Formerly know as TransferWise. It’s an online bank giving you a multi-currency banking experience, with a nearly unlimited number of accounts for every currency you need; from the EU to USD or £ and many more. They offer probably the best and cheapest exchange rates. Available for residents from nearly every country. Just remember it’s not a Spanish bank. It’s more like an extra bank, giving you acces to all currencies also. They also provide digital and physical debit cards and work with Apple pay. Website: click

To open a bankaccount in Spain you need:

  • A valid ID, like a passport.
  • A NIE number (more information about getting your NIE).
  • A notary-deed or rental contract or temporary contract, with your address in Spain.
  • If you are opening a non-resident bank-account, they might ask you to bring a certificate of non-residency. You can get one at the local police-station or the same addresses as the normal residency (green card).
  • If you are opening a resident account, they are going to ask you to show the green card (Greencard (EU Registry Certificate or Tarjeta Verde).

Costablanca.network has no commercial ties to any bank or commercial institute mentioned on this page.

We are neutral, except for our personal experiences of course. 

DISCLAIMER
The information on this website is written with care and mostly from personal experience. We are not responsible for errors or actions based on this information.