Opening a Spanish Bank Account

Most newcomers can start with an online bank — N26, Revolut, Wise — and only open a Spanish account when something specifically needs one. Knowing which is which saves time. ## When an online bank is fine (for now) - You’re paid by a non-Spanish employer in foreign currency - Your landlord accepts a foreign IBAN - You haven’t sorted your NIE yet - You’re under 90 days into the move N26, Revolut and Wise all give you a usable European IBAN with no Spanish residency proof needed. **Bizum doesn’t work with them**, but everything else does. ## When you actually need a Spanish account - A Spanish employer is paying you — some payroll departments push back on foreign IBANs for tax reasons - You’re buying property - You’re applying for a Spanish mortgage - You’re registering as autónomo and paying the social security quota - You want **Bizum** — Spain’s peer-to-peer payment app, used for splitting dinners, paying landlords, tipping babysitters. Only works with Spanish IBANs. You’ll want it once you’ve been here three months. ## Which Spanish bank For everyday banking with minimal friction: - **Openbank** — Santander’s online bank. No monthly fees, NIE-only onboarding, decent app. Most expats start here. - **EVO Banco** — similar, slightly nicer card design - **N26** — German online bank that issues Spanish IBANs. Bizum works. For mortgages or complex business: - **Caixabank**, **Sabadell**, **BBVA**, **Bankinter** — traditional, branches, longer onboarding, higher fees, but better for complex needs ## What you’ll be asked for - Passport - NIE (most banks now insist before completing onboarding) - Proof of address (a padrón is gold; a recent utility bill works) - Sometimes a recent payslip or contract showing income source Online onboarding via the bank’s app takes 15-30 minutes plus 1-3 days for them to verify. Branch onboarding can be same-day but expect 45-90 minutes sat at a desk. ## Fees and small print Many Spanish banks charge a *cuota de mantenimiento* (maintenance fee) of €5-15/month unless you have direct debits set up for either a payslip or several recurring bills. Ask specifically before opening. Some banks waive fees for under-30s, others for over-60s, rarely for in-between. Online banks (Openbank, EVO) usually waive fees for everyone. Get an *extracto* (statement) emailed monthly. You’ll need them for everything from rental applications to tax filings. ## How transfers actually work - **SEPA transfers** within the EU are free and arrive within 1 working day - **Bizum** — free, instant, linked to your phone number. €0.50 to €1,000 per transaction, €5,000/day. Set it up in your bank’s app once you have the IBAN. - **International transfers** outside SEPA: use Wise rather than the bank. Banks charge 2-4% plus a flat fee. Wise charges 0.5-1%. ## A small honesty Spanish banking apps are okay but not at the level of N26 or Revolut. The web interfaces are sometimes only in Spanish/Valenciano and look like they’re from 2008. Allow more time than you’d expect for any task that needs the branch — they keep banking hours (08:30-14:00 Mon-Fri).