Which are the best banks in Spain? Or more importantly, which are the best banks that do not charge you any unnecessary fees…
When my wife Laura and I moved to Spain it was straight forward for us to open a bank account with our NIE and passport. Our first bank we used was Bankia. However Bankia was merged with CaixaBank in March 2021. And after receiving a good service for many years from Bankia, the service from CaixaBank was terrible and I was charged high fees.
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Research criteria I did for the best banks in Spain
I read articles and reviews about N26, ING and Openbank. I wanted to make sure I could easily open an account from home. Living in Europe since 1995, I had never had to pay to have a bank account. So I wanted to make sure there were no monthly, quarterly fees or any hidden fees.
Next I wanted to have both a virtual and physical Mastercard or Visa debit card. So I could pay for our household bills and also any tax payments. I wanted to make sure the bank I decided to use had an easy to use mobile app and desktop website. I asked my contacts who they banked with and most recommended I look at N26, ING or Openbank from Santander bank.
If you are permanently living in Spain and have your resident TIE card and NIE number, then legally you must have a Spanish bank account. To open a Spanish bank account with a Spanish bank account number and IBAN number, you will need to provide your TIE or NIE card. You will also need to prove that you are working for a registered business in Spain. Otherwise most Spanish banks will charge you an ongoing maintenance fee.
- NIE – Número de Identidad de Extranjero – Foreigner’s Identity and Tax Reference Number
- TIE – Tarjeta de Identidad de Extranjero – Foreigner’s Identity Card (For non-Europeans)
Many Spanish banks will charge a “maintenance fee”
This bank fee is usually charged per quarter and the cost will vary from bank to bank. Expect to pay somewhere in the region of €30 to €60 per quarter. Meaning once you have opened a bank account in Spain, you will pay about €120 to €240 or more every single year, just to have a bank account. You will need to provide your home address in Spain, Spanish mobile number, passport and resident’s visa ID card with your NIE (tarjeta de residencia) number. Most best banks in Spain offer employed residents better services etc.
You will need a bank account in Spain to pay your bills
Such as utility companies and internet service providers. Long-term rental contracts may also require your Spanish bank account. If your income is outside of Spain, a second bank account with a provider such as Wise.com (formerly TransferWise) gives an excellent service for both banking and money transfers.
N26 – The Mobile Bank in Spain
Open a Spanish bank account in English with zero paperwork. Open your bank account in Spain with your smartphone and start enjoying the benefits of controlling all your finances in one mobile phone app.
✓ Free bank account
✓ Spanish IBAN
✓ 100% app-based banking: no paperwork required
✓ Your finances in English
I opened a free N26 bank account in 2020
N26 is a German bank operating in Spain with a full European license, giving you the best of both worlds. Get a Spanish IBAN for local and international bank transfers and use your N26 Mastercard debit card for your online and in-store shopping.
Not a fan of long waiting times for payments, hidden bank fees, or paperwork? Get a bank account in Spain with a physical and virtual Mastercard and 24/7 customer service in English, Spanish, German, French, and Italian. Manage your money on the go with the N26 app and log into your account on your laptop. Open a free N26 bank account to make life easier living and working in Spain.
Pay with Bizum, Apple Pay, Google Pay, CASH26, Wise and SEPA Instant
Autonomo Kiwis and Freelancers get your free business bank account!
No hidden fees, no paperwork, and 100% mobile. N26 Business Standard is your convenient business banking solution for managing your finances on-the-go. Open your free business bank account now, and start earning 0.1% cashback on all card purchases.
Your free virtual debit Mastercard. Pay online and in stores with your N26 Mastercard virtual card, linked to Apple Pay or Google Pay. Enjoy 3 fee-free withdrawals in Spain per month at any ATM with a contactless reader, and no extra foreign transaction fees if you pay in another currency. Prefer the plastic version instead? Simply order a physical debit Mastercard in your N26 app for a one-time €10 delivery fee.
Earn as you spend with 0.1% cashback. It pays to spend with N26 Business Standard. Earn 0.1% cashback on all purchases made with your N26 Mastercard. Best of all, N26 will automatically deposit your cashback to your free business bank account each month. There’s nothing you need to do. Investing in yourself has never been easier.
Stay up to date with your account. Surely you don’t want to miss anything from your business banking activity. As an Autonomo in Spain you need to stay on top of your finances at all times. With N26 Business you receive instant push notifications for each transaction, giving you complete control over your income and spending. You’ll no longer have to wait for any activity to be reflected on your bank balance.
Zero hidden fees. Because you and your business deserve it. There’s no account maintenance fees, no minimum deposit fees, and no minimum balance requirements.
Free instant bank transfers. Make free real-time bank transfers with Bizum and any N26 customers with MoneyBeam, and receive incoming payments in seconds with SEPA Instant Credit Transfers.
Mastercard 3D Secure. Add an extra layer of security to your online payments with Mastercard 3D Secure (3DS). This two-factor authentication helps to prevent fraud.
Transactions history. You can access the history of all the movements and transactions on your account at any time from the comfort of your smartphone. As well as download your balance statements for a more detailed overview of your account’s income and expenditure.
OK, so what do I need to open a free N26 bank account in Spain?
First of all use your smartphone with a Spanish phone SIM, and open a free N26 Standard bank account for your personal finances. To open your free N26 bank account in Spain with your smartphone click here.
Below is the list of requirements for Kiwis living in Spain to open a free N26 bank account.
- You are over 18 years old.
- You have a supported ID document.
- – New Zealand, UK or EU passport.
- You have a Residence Permit to live in Spain.
- – TIE ID card with NIE number or NIE ID card.
- Home address in Spain to receive your bank card.
- Smartphone and Spanish SIM phone number.
Once you have downloaded the N26 app on your phone and completed the first steps, you will be prompted to have a videocall with a N26 customer service agent. Who will need to verify your supported ID and Residence Permit documentation. Make sure you are ready to make the videocall on your phone via the N26 app. Also make sure you have a clear surface on a table or desk, so it is easy to present your Passport and Residence Permit to the N26 customer service agent. To download the list of accepted ID documents, to open a free N26 bank account in Spain, click here. (for customers living in Spain and for all nationalities).
If you have any further questions, you can message me Kent by email or via WhatsApp and we can talk on the phone.
