Spain is known for its vibrant culture, beautiful landscapes, and dynamic cities. It’s also one of the top destinations for expats, remote workers, and retirees who are looking to settle in a new, sunny corner of the world. If you’re a non-resident in Spain, opening a bank account might be one of the first steps you take to make your life easier. From managing day-to-day expenses to sending or receiving money internationally, having a bank account is essential.
This blog will guide you through the four best banks for non-residents in Spain, highlighting their unique features, benefits, and why each might suit your needs. Plus, we’ll touch on how international money transfers (important for expats!) tie into your banking decisions.
Why Choose a Bank Tailored for Non-Residents?
Not every Spanish bank offers services explicitly designed for non-residents. A few key reasons to prioritize a non-resident-friendly bank include:
- Multilingual Service: Assurance of communication in English or other widely spoken languages.
- Simpler Documentation: Reduced bureaucracy for foreigners.
- Flexibility in Fees: Some banks waive certain fees for non-residents.
- International Transfer Options: Options to seamlessly manage funds across countries.
If you’re still deciding whether you need a dedicated bank in Spain, check out our guide to renting a property in Spain for an overview of how financial accessibility plays a role in everyday life.
1. Banco Santander
Banco Santander is one of Spain’s largest and most internationally recognized banks. It’s a favorite among non-residents for good reason.
Key Features
- Multicurrency Accounts for expats dealing with multiple currencies.
- A friendly “Cuenta Mundo” (World Account) option that simplifies services for foreigners.
- Low Fees for daily transactions and transfers.
Banco Santander is an excellent choice if you plan to frequently send or receive money internationally. Their network and flagship reputation make them a reliable option. For seamless international money transfers, you can pair this with services like Remitly’s platform that simplifies sending funds abroad.
2. CaixaBank
If flexibility in digital banking is important to you, CaixaBank stands out as an exceptional option. Catering to millions of customers, CaixaBank provides robust online services and highly rated mobile banking apps.
Key Features
- Fully Digital Account Access to make handling finances effortless, wherever you are in the world.
- Comprehensive Language Support including English, catering to non-residents.
- Specialized Student Accounts perfect for international students studying in Spain.
CaixaBank boasts a wide ATM network, making cash access convenient. And for travelers needing fast transfers overseas, explore how Remitly connects customers to global financial systems.
3. BBVA
BBVA is a trusted name in Spanish banking, offering customized banking services tailored to expats. Known for its innovation, BBVA’s products make it a leading bank for tech-savvy customers.
Key Features
- Mobile-First Approach with their top-rated app to manage finances remotely.
- Fee-Free Options for maintaining an account, particularly when paired with digital-only accounts.
- BBVA Compass (international adaptability) ensures support for those juggling multiple country bases.
For those who regularly transfer money from Spain to loved ones abroad, BBVA connects perfectly with platforms like Remitly to manage better exchange rates.
4. Abanca
Abanca is widely regarded as a smaller but mighty player among Spanish banks. Its emphasis on simple solutions for non-residents sets it apart.
Key Features
- Simplified Procedures for Accounts designed with fewer requirements for foreigners.
- Focus on clear lower transaction fees for international activities.
- Customer Support Availability in English and Portuguese.
For expats unsure about the best ways to move funds efficiently, this article on transferring money home without stress is a great complement to the services Abanca offers.
Things to Consider Before Opening a Bank Account
While each of the banks above has plenty to offer non-residents, here are a few considerations to keep in mind when choosing the right one:
- Account Setup Fees: Some banks charge account opening or maintenance fees. Check promotions for zero-fee offers for expats.
- Required Documentation: Usually includes your passport, NIE (foreign ID), and sometimes proof of earnings or residency.
- International Transfer Costs: If you frequently send or receive money abroad, verify exchange rates and transfer fees.
How Does a Money Transfer Service Fit into This?
Even with a trusted Spanish bank account, many expats rely on dedicated money transfer services for better rates and reliability. Services like Remitly complement standard banking by offering:
- Lower transfer fees.
- Transparent exchange rates.
- Faster delivery times.
Imagine having a bank account like BBVA or Santander for everyday life while seamlessly connecting to a reliable service like Remitly when transferring money to family or friends outside of Spain.
Make Life Easier in Spain with the Right Bank
Choosing the right bank can make your transition to Spain more manageable and stress-free. Whether you go with Banco Santander for its reputation, CaixaBank for its digital excellence, BBVA for its expat-oriented innovations, or Abanca for its simplicity, you’ll find that Spanish banks are well-equipped to meet your needs as a non-resident.
FAQs
1. Can I open a Spanish bank account as a non-resident?
Yes. Many Spanish banks offer services designed for non-residents, requiring only a passport, temporary address, and sometimes a NIE (Número de Identidad de Extranjero).
2. Are there any hidden fees with Spanish banks?
It depends on the bank and type of account. Some may charge fees for account maintenance or provide limited fee-free transactions. Always verify terms and conditions.
3. Which is the easiest bank for non-residents to open an account with in Spain?
Abanca and Banco Santander are often regarded as the most straightforward in terms of fewer requirements and faster, streamlined procedures for expats.
4. Can I transfer money internationally with my Spanish bank account?
Yes, but fees may apply, and exchange rates might not always be favorable. For faster and more cost-effective transfers, try using dedicated platforms like Remitly.