When I first arrived in Spain, opening an account with a traditional bank was a huge headache. Not only did they require a pile of documents and a pre-booked appointment (Cita), but the language barrier often made things even more complicated. Then, a friend introduced me to new fintech banks like N26 and Revolut, and it was a game-changer! The entire process is done on your phone in just a few minutes—perfect for people like us.
I’ve tried both of the leading options, N26 and Revolut, and I’ve put together a simple comparison to help anyone who’s on the fence. Both are very popular digital banks in Europe and hold official banking licenses, so you don’t have to worry about security. Their biggest advantages are fast account opening, no physical branches, and an excellent app experience.
Onboarding Experience and Requirements
- N26: A German-based bank with a large user base in Spain. The opening process requires a video verification call where they ask you to show your passport and answer a few simple questions in English or Spanish, like your name and date of birth. The whole thing takes about 5-10 minutes. They are quite flexible regarding the type of residence permit; as long as you have an NIE number, you can usually apply.
- Revolut: A Lithuanian-based bank with more diverse features. To open an account, you just need to upload a photo of your residence permit and take a selfie. There’s no video call, making it much faster—your account is opened almost instantly. It’s especially friendly for newcomers who haven’t received their physical residence card yet.
Feature and Fee Comparison
The basic accounts for both banks are free, but they focus on different services. I’ve created a simple table to make it clearer:
| Feature | N26 Standard Account | Revolut Standard Account |
|---|
| IBAN Type | Spanish (ES) IBAN | Lithuanian (LT) IBAN |
| Free Withdrawals | 3 per month within the EU | Up to €200 or 5 times per month |
| Currency Exchange | Good rates, no hidden fees | Offers highly competitive real-time exchange rates with their fintech bank cards |
| Special Features | Spending categorization, savings spaces | Stock/Crypto trading, disposable virtual cards |
If you need a local Spanish IBAN to handle your salary, utility bills, or other local transactions, N26 is the top choice, as its account functions just like one from a traditional Spanish bank. If your main needs are multi-currency exchange, international spending, or occasional investing, then Revolut’s features are more powerful. Of course, doing what I did and opening both is also a great option. Since they’re free, they can complement each other. For example, using N26 as your main fintech bank account for savings and local payments, while using Revolut for international online shopping or traveling to other countries, is the perfect setup!
