When you first arrive in Spain, besides finding a place to live and applying for your residence permit, one of the biggest headaches is opening a bank account. With so many options, which bank is the best? Which one is more friendly to foreigners? I ran into my fair share of issues when I first got here. Recently, I’ve compiled information on major banks in Spain, combined with real experiences from friends, to create an unofficial top 10 ranking. I hope this helps newcomers!
Tiers of Mainstream Spanish Banks
In Spain, banks can be categorized into different levels. Generally, we can divide them into three main tiers:
Tier 1: Santander, BBVA, CaixaBank. These three are top-tier banks not just in Spain but globally. Their branches are all over the country, ATMs are everywhere, their services are comprehensive, and their apps are user-friendly. The downside is that their requirements for opening an account can sometimes be stricter, and the maintenance fees aren’t cheap.
Tier 2: Banco Sabadell, Bankinter. While not as large as the top three, these are also very solid national banks. Sabadell used to be very friendly towards student accounts, but its policies have changed recently. Bankinter focuses more on investment and high-end clients, offering a great service experience.
Tier 3: Unicaja, Abanca, Kutxabank, ING, Openbank, etc. The first three are strong regional banks with high coverage in specific autonomous communities. ING and Openbank, on the other hand, are classic online banks with few or no physical branches. They focus on digital operations, are usually commission-free, and are very popular among young people.
Quick Comparison of Key Banks
For a more direct comparison, I’ve created a simple table focusing on the aspects people care about most. Note that account maintenance fee policies change frequently, so always refer to the contract you sign when opening the account! Fees can often be waived if you have your salary directly deposited or meet certain deposit requirements.
| Bank Name | Pros | Cons | Recommended For |
|---|
| Santander | Most branches worldwide, wide range of products | Higher maintenance fees, sometimes strict screening for foreigners | Business professionals, people with international transfer needs |
| BBVA | App is widely considered the best, very tech-focused | Opening an account at the bank may require an appointment and waiting | Young people looking for a digital experience |
| CaixaBank | Most ATMs, widest coverage | Many fees for certain services | People living in small cities or towns who need frequent ATM access |
| ING | Generally no account maintenance fees | Very few physical branches, inconvenient for cash deposits/withdrawals | Those comfortable with online banking and no need for in-person services |
| Sabadell | The former “friend of international students” | Account policies have tightened in recent years, stricter risk control | Long-time students, depends on the latest policies |
There is no single “best” bank, only the one that is best for you. If you’re a newly arrived student looking for convenience and savings, consider an online account with BBVA or ING. If you have a stable income or need to visit a branch for services frequently, then the big three—Santander, BBVA, and CaixaBank—are still your top choices. Before opening an account, it’s a good idea to check the latest account information on a few different bank websites, or simply visit a local branch to ask. This will help you find the perfect fit! Feel free to share your own account-opening stories and banking experiences in the comments below!
