Shortly after arriving in Spain, opening a bank account is definitely one of the top priorities. I visited several physical banks, but the experience was generally underwhelming—either the queues were incredibly long, or they required a ton of documents for us foreigners to open an account. Later, on a friend’s recommendation, I started looking into the popular online banks in Spain, and they’re a game-changer! Today, I’ll share my experiences with a few apps I’ve used, as a reference for others who are new here.
Mainstream Online Banks vs. Traditional Banking Apps
First, it’s important to understand that online banks and the apps from traditional banks are two different things. Neobanks like N26 and Revolut are purely digital; they have no physical branches, all operations are done on their mobile apps, opening an account is super fast, and they usually don’t have account maintenance fees. On the other hand, traditional banks like BBVA and Santander, while they also have powerful apps, still require you to visit a branch to open an account, which can be a more cumbersome process.
Personally, I prefer to avoid the hassle, so I’ve focused on online banks. Here’s my personal comparison of a few key banking apps for your reference:
User Experience Comparison: N26 vs. Revolut vs. BBVA
To make it clearer, I’ve created a simple table summarizing the points I care about most:
| Feature | N26 | Revolut | BBVA |
|---|
| Account Opening Speed | Very Fast, done same day | Very Fast, in minutes | Slow, requires branch appointment |
| Account Fees | Basic account is free | Basic account is free | Potential fees |
| IBAN Type | Local Spanish (starts with ES) | Used to be LT, now offers ES | Local Spanish (starts with ES) |
| Currency Exchange Rate | Good, uses Wise integration | Excellent, near-real-time rates | Average, includes fees and spread |
| App Interface | Clean, easy to use | Feature-rich, a bit complex | Comprehensive, but a bit bloated |
From my perspective, N26 has the cleanest app interface and the most straightforward navigation, making it very pleasant to use as a primary card for daily spending. I’ve had virtually no issues using its Spanish IBAN for setting up utilities or phone contracts. I mainly use Revolut for currency exchange and occasional international transfers, as its exchange rates are genuinely advantageous. As for BBVA, while its app is also well-made, the initial hurdle of opening an account in person can be a deterrent for many. However, if you need to handle more complex financial matters, a large traditional bank is still the more reliable option.
If you, like many others exploring virtual banks in Spain, are a student or professional new to the country and just need an account for receiving your salary and daily spending, I highly recommend starting with N26 or Revolut as your entry point, which can also serve as a base for using Spanish stock trading apps. The account opening process is simple and painless, there are no management fees, and they can cover over 95% of your daily needs. Once you’re more settled, you can always tackle a traditional bank if necessary. If anyone has other great banking apps to recommend, feel free to share them in the discussion below!
