Choosing the right bank is important when you move to Madrid. This guide compares the best bank accounts in Spain for foreigners, comparing traditional banks and digital alternatives.
Key banking criteria for foreigners
Expats should look at specific factors when choosing a bank. You must check if the bank offers an app in English.
Many traditional Spanish banks only provide services in Spanish. Compare the monthly maintenance fees and cash withdrawal rules.
Check if the account includes a free debit card. You should also verify if the bank supports Bizum payments.
Traditional Spanish banks
Traditional banks have large branch networks and many cajeros automáticos (ATMs) across the city. The three largest traditional banks are BBVA, Santander, and CaixaBank.
These banks usually charge high fees for standard accounts. However, they now offer fee-free online accounts for new customers.
The BBVA Online Account is a popular choice for expats. It has no maintenance fees and includes a free debit card.
CaixaBank and Santander also offer similar digital accounts. You must apply online to get these fee-free conditions.
Expat-friendly accounts at traditional banks
CaixaBank offers a dedicated service for expats called HolaBank (expat banking service). This service includes English-language documents and telephone support.
Santander offers a similar package called Cuenta Mundo (world account service) for non-residents. Sabadell offers the Cuenta Sabadell Key (key account service) which includes translation help.
These specialized accounts have high annual maintenance fees compared to online accounts. You should only choose them if you need dedicated English branch support.
Online and digital banks
Digital banks are very popular among expats in Spain. They offer English apps, fast setup, and zero monthly fees.
Revolut is a top choice for newcomers. They provide a Spanish IBAN and a fully English app.
You can open a Revolut account in minutes using your phone. N26 is another excellent digital bank.
They offer a free basic account with a Spanish IBAN and Bizum. Openbank is the digital brand of Santander.
It offers a free account and allows free withdrawals at Santander ATMs.
Budgeting and investing digital alternatives
You should check MyInvestor if you want to save or invest money. They offer a high-yield cuenta de ahorro (savings account) with zero maintenance fees.
They also offer a low-cost platform to buy mutual funds. If you need to deposit cash frequently, Openbank is a strong choice.
You can use all Santander ATMs to deposit physical cash for free. This is a massive benefit compared to other neobanks.
Comparison of top expat banks
You can use the table below to compare the best banking options.
| Bank name | Monthly fee | Spanish IBAN | English app | Bizum support | Cash deposit |
|---|---|---|---|---|---|
| BBVA Online | Free | Yes | Yes | Yes | Yes (at ATMs) |
| Revolut | Free | Yes | Yes | Yes | No |
| N26 | Free | Yes | Yes | Yes | No |
| Openbank | Free | Yes | Spanish only | Yes | Yes (at Santander ATMs) |
| HolaBank | €10 - €20 | Yes | Yes | Yes | Yes (at CaixaBank ATMs) |
Checklist: Comparing bank accounts
Use this list of criteria to compare banks before you open your account:
- English interface : The mobile app and web portal must be fully in English.
- No maintenance fees : Verify the conditions required to get free banking services.
- Spanish IBAN : Ensure the bank issues a Spanish account number starting with ES.
- Bizum integration : Confirm the bank supports instant mobile transfers.
- ATM access : Check the number of free cash withdrawals allowed each month.
- Document requirements : Check if the bank allows registration with just a passport.
Our recommendations
We recommend digital banks for your first months in Spain. Revolut and N26 are the easiest to open when you arrive.
They do not require complex paperwork or in-person visits. For a long-term traditional option, choose the BBVA Online Account.
It gives you branch access without the high maintenance fees.
What to check before signing a lease in Spain
Questions and answers
Do I need a NIE to open an account?
For free accounts, yes. Digital banks require a NIE. Traditional banks can open non-resident accounts with just a passport.
Do Spanish banks charge for ATM withdrawals?
Only at other banks. Withdrawals are free at your own bank’s ATMs. Other ATMs charge 1 to 3 euros.
Are my deposits safe in digital banks?
Yes. N26, Revolut, and Openbank hold full European banking licenses. Your deposits are guaranteed up to 100,000 euros.
Can I pay my utility bills with Revolut?
Yes. Revolut provides Spanish IBANs. You can easily set up direct debits for electricity, water, and internet.
Does Openbank have English support?
No. The Openbank app and website are only available in Spanish. Customer support is also primarily in Spanish.
Can I deposit cash into digital accounts?
Openbank allows cash at Santander ATMs. N26 and Revolut do not support cash deposits in Spain.
What is the fee for a non-resident account at Sabadell?
Usually 160 euros per year. This fee is charged in quarterly installments and is mandatory for non-residents.
Can I change my non-resident account to a resident account?
Yes. You must visit a branch with your residency card to update your status. The bank will stop charging the non-resident fees.
