When you first arrive in Spain, besides house hunting and getting your residency permit, one of the biggest headaches is opening a bank account. Traditional banks like Santander and BBVA have many branches, but their fees and various conditions can be really confusing. I was chatting with friends recently and found that many are using so-called ‘imported banks,’ or rather, digital banks like ING, Openbank, and N26. I’ve researched and used a few of them myself, so today I’m sharing my experience to hopefully help those of you who are trying to decide.
Bank Showdown
Each of these banks has its own focus, so you can’t simply say one is better than another. It all depends on your needs. I’ve made a simple comparison table for your reference:
| Feature | ING Direct | Openbank | N26 |
|---|
| Background | Dutch ING Group | Subsidiary of Santander | German Digital Bank |
| Physical Branches | A few offices | None, relies on Santander | None at all |
| Main Account | Cuenta NoCuenta | Cuenta Corriente Open | N26 Standard |
| ATM Withdrawals | Free under certain conditions | Free at Santander ATMs | 3 free per month |
| International Transfers | Relatively expensive | Reasonably priced | Cheap |
My Personal Experience
ING Direct
ING is a well-established digital bank in Spain with a solid reputation. It was the first one I used. Its advantages are a stable system and a user-friendly app. Their ‘Cuenta NoCuenta’ has no maintenance fees and doesn’t require you to deposit your salary, making it very friendly for newcomers. The downside is that if you need to deposit cash frequently, it can be inconvenient as they have very few branches. Also, their free ATM withdrawals come with conditions: you either have to make a purchase at specific merchants or withdraw over a certain amount from designated ATMs.
Openbank
You can think of Openbank as the online version of Santander. Opening an account is done completely online and is very convenient. Its biggest advantage is that you can use any Santander ATM across Spain for free deposits and withdrawals, which solves a major pain point of purely digital banks. Their 24/7 customer service is also a huge plus. However, some friends have mentioned that for more complex services like loans or investments, the process can be slower than going directly through Santander. Also, its app interface feels a bit outdated.
N26
N26 is a purely digital bank from Germany, especially popular among young people and those who frequently travel within the Eurozone. The account opening process is extremely fast, taking just a few minutes. Its app has a very modern design, with spending records and categorized stats that are easy to understand at a glance. The standout feature is international transfers. Because it’s integrated with Wise, the exchange rates and fees are very low—much better than any traditional Spanish bank. But its drawbacks are also clear: no physical branches, making cash deposits nearly impossible, and you only get 3 free ATM withdrawals per month within Spain; after that, there’s a fee. Also, because it has a German IBAN, you might occasionally run into odd situations where some establishments don’t accept it, which can be an issue compared to local Spanish banks. While this is legally not supposed to happen, it’s a real-world annoyance.
If you need to deposit or withdraw cash occasionally and want to avoid maintenance fees, Openbank is probably the most balanced choice. If you’re looking for a purely online experience, have modern spending habits, and frequently make international transfers, then N26 is definitely for you. ING falls somewhere in between, offering a stable and reliable option. Which bank are you all using? Feel free to leave a comment below and discuss!
