When you first move to Spain, dealing with all the paperwork is overwhelming enough, and surprisingly, opening a bank account to receive money comes with its own set of challenges. To make things easier for receiving my salary and making transfers, I researched several major banks and asked around. Today, I’m sharing my experience to help anyone feeling stuck!
How to Choose a Mainstream Brick-and-Mortar Bank?
When you think of Spanish banks, the ‘big players’ like Santander, BBVA, and CaixaBank immediately come to mind. With branches and ATMs all over the country, they are certainly convenient for handling your banking needs.
Santander : As Spain’s largest bank, it has a strong international reputation. It offers comprehensive services, but account maintenance fees can be higher. If you have a stable income, you can apply for their “Cuenta Santander,” which may waive most fees if you meet certain conditions. It’s a good choice for those who prioritize stable service and aren’t on a tight budget.
BBVA : Their app is fantastic—one of the best among traditional banks in terms of user experience. You can perform most operations directly from your phone without visiting a branch. Their “Cuenta Online Sin Comisiones” (Online No-Fee Account) is very popular as it has no maintenance fees, but be sure to check if you meet the eligibility requirements before opening. I personally love the BBVA app; its interface is clean and transfers are easy.
CaixaBank : In terms of the number of branches and ATMs, CaixaBank is undoubtedly number one in Spain, especially in the Catalonia region where they are practically everywhere. If you live in a smaller city or town, CaixaBank might be your only local option. However, their account fee policies can be a bit complicated, so be sure to ask about the conditions for waiving maintenance fees before opening an account.
Are Emerging Online Banks Worth Considering?
In addition to traditional banks, which have their own set of rules regarding things like receiving limits, online banks such as ING, N26, and Revolut are becoming increasingly popular in Spain. Their biggest advantage is virtually no maintenance fees, and the account opening process is incredibly simple—you can get it done on your phone in minutes.
I personally have an N26 account as a backup, which is very convenient for small transfers and online shopping. However, it’s important to note that some online banks provide a German or Lithuanian IBAN. While these are universally accepted for receiving payments within the EU, you might occasionally encounter institutions that only accept a local Spanish IBAN. Therefore, instead of recommending only using an online bank, my advice is to open an online bank account for daily spending, but it’s best to also have an account with a traditional bank as your primary one, especially for receiving your salary and setting up direct debits for utilities. This is a safer approach.
Here is a simple comparison table I’ve put together for your reference:
| Bank Type | Pros | Cons | Best For |
|---|
| Traditional Banks | Many branches, comprehensive services, widely accepted | May have maintenance fees, slower account opening | Receiving salary, applying for loans, complex services |
| Online Banks | No maintenance fees, fast account opening, great app experience | No physical branches, some IBANs are not Spanish | Daily spending, small transfers, young people |
There’s no single ‘best’ bank, only the one that’s best for you. I recommend choosing based on your needs, where you live, and your tolerance for maintenance fees. Before opening an account, it never hurts to ask, “¿Tiene comisiones de mantenimiento?” (Does it have maintenance fees?). I hope everyone finds the right bank without any hassle!
