Revolut is one of the most popular digital banking services for expats. This review explains how Revolut works in Spain, its features, and its fees.
Revolut in Spain: Spanish IBANs
Revolut operates as a fully licensed European bank in Spain. In the past, Spanish customers received a Lithuanian IBAN.
Now, all Spanish resident accounts come with a Spanish IBAN. This IBAN starts with the letters ES.
Having a Spanish IBAN is useful for daily life. You can use it to receive your nómina (payroll deposit) from your employer.
You can also set up direct debits for utilities like water and electricity.
Key features and Bizum support
Revolut has integrated Bizum (instant mobile payment service) for its Spanish users. This allows you to send and receive money instantly using just a phone number.
The app also offers excellent currency exchange rates. This makes it cheap to send money to countries outside the eurozone.
You can also use vaults to save money automatically. Revolut calls these savings spaces vaults.
How to dial Spanish phone numbers
Account plans and pricing
Revolut offers a free plan and several premium tiers. The basic account is called the tarjeta estándar (standard card plan).
This standard plan has no monthly maintenance fee. You can withdraw up to 200 euros per month for free.
Paid plans cost between 3.99 and 55 euros per month. These premium tiers offer travel insurance, airport lounge access, and higher withdrawal limits.
You must pay a delivery fee for your first physical debit card.
Revolut plans and comparison
The standard plan is free but you can upgrade to paid plans. The table below compares the main features of the plans.
| Plan name | Monthly cost | ATM withdrawal limit | Key benefit |
|---|---|---|---|
| Standard | Free | €200 or 5 withdrawals | No monthly fees |
| Plus | €3.99 | €200 | Purchase protection |
| Premium | €8.99 | €400 | Medical travel insurance |
| Metal | €15.99 | €800 | Cashback on spending |
The Plus plan offers purchase protection for damaged or stolen items. Premium increases your fee-free ATM limit and adds global travel insurance. Metal offers the highest ATM limit and card cashback outside Europe.
Freelancer and business accounts: Revolut Pro
Revolut Pro is a free sub-account designed for self-employed workers. The Spanish term for freelancer is autónomo (self-employed).
It offers up to 0.8 percent cashback on professional card purchases. You can generate professional invoices directly in the app.
The account also allows you to accept card payments from clients. You need a full Revolut Business account if you operate a registered company.
Flexible savings and Spanish taxes
Revolut offers a savings option called a cuenta flexible (flexible account). This account pays interest daily based on money market funds.
The Spanish branch of Revolut automatically deducts withholding tax on interest earned. This withholding is reported to the Spanish tax office.
The Spanish term for withholding tax is retención de IRPF (income tax withholding). This makes tax filing simple for residents.
Pros of using Revolut in Spain
- Quick setup : You can open the account in five minutes using the mobile app.
- Spanish IBAN : Fully accepted by employers and utility providers for direct debits.
- Bizum integration : Send money instantly to friends and local businesses.
- English interface : The app and customer support are fully available in English.
Cons of using Revolut in Spain
- No physical branches : You cannot visit a physical branch for help.
- No cash deposits : You cannot deposit physical cash into your account.
- ATM operator fees : Some Spanish ATMs charge fees even if Revolut does not.
Our verdict
Revolut is an excellent banking option for expats in Madrid. It is easy to open and covers all your daily financial needs.
However, you should keep another account if you need to deposit cash.
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Questions and answers
Is my money safe with Revolut in Spain?
Yes. Revolut holds a licensed banking charter. Your deposits are guaranteed up to 100,000 euros by the European deposit guarantee scheme.
Can I use Revolut to pay taxes in Spain?
Usually yes. The Spanish tax agency accepts payments from banks with Spanish IBANs, including Revolut.
How can I add cash to my Revolut account?
You must use transfers. You cannot deposit cash directly. You must transfer money from another bank account or card.
What documents do I need to open the account?
Your passport and NIE. You must upload photos of these documents in the app to verify your identity.
Are international transfers free on Revolut?
Many are free. Transfers in euros within the European Union are free. Transfers in other currencies have low, transparent fees.
Does Revolut charge a fee for Bizum?
No. Using Bizum on Revolut is completely free of charge for all transfers.
Can I open a Revolut account with a passport only?
Yes, for a limited time. You can open the account with a passport, but you must submit your NIE later.
