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Traditional banks
Major Banks: Spain is home to several prominent banks that offer comprehensive services. These include Banco Santander, BBVA, CaixaBank, and Banco Sabadell.
Local Banks: Besides major banks, there are local banks focusing on specific regions or communities, which might be appealing to those looking for a more localized banking experience. Examples include Kutxabank in the Basque Country, ABANCA in Galicia or Unicaja in Southern Spain.
Online banks
Spain's banking scene includes several online banks, appealing for their convenience, low fees, and easy access. Key players include:
N26: straightforward banking services with a focus on transparency
Revolut: known for its budgeting tools, currency exchange, and low-cost international spending
Wise: multi-currency account and debit card, perfect for frequent travelers or those working with multiple currencies
These digital banks are ideal for expats and residents looking for flexible and efficient banking solutions.
Types of bank accounts
It is important to understand the types of bank accounts available, especially distinguishing between resident and non-resident accounts, and the significance of having a Spanish IBAN.
Resident accounts: these are designed for individuals who have official residency in the country. These accounts offer a full range of banking services, but opening a resident account typically requires a Spanish NIE (Número de Identificación de Extranjero), proof of income or employment, and sometimes a proof of address in Spain.
Non-resident accounts: Non-resident accounts cater to individuals living abroad or those who have not yet obtained residency in Spain. While these accounts can offer similar services to resident accounts, there may be differences in fees and available features. To open a non-resident account, one usually needs to provide a passport and proof of address, which can be outside Spain.
Importance of a Spanish IBAN: For both residents and non-residents, having a bank account with a Spanish IBAN (International Bank Account Number) is crucial for many local transactions. This includes everything from setting up utility payments to receiving salaries if working in Spain. A Spanish IBAN ensures smoother financial transactions within the country and can be a requirement for certain services and administrative processes.