Banking in Spain: What You Need to Know
Moving to Spain as an expat? Opening a local bank account is one of your first priorities. This comprehensive guide covers everything you need to know about banking in Spain, from account opening requirements to the best banks for international clients.
Quick Overview: Banking in Spain
- Banking system: Well-regulated and modern
- Account opening: Typically requires residence proof
- English support: Available at major banks
- Digital banking: Advanced online and mobile services
- International transfers: Available but expensive through traditional banks
Best Banks in Spain for Expats
Based on our research and user reviews, here are the top banks for international clients in Spain:
1. Major International Banks
These banks typically offer the best English-language support and are experienced with expat customers.
2. Digital Banks
Modern digital banks often provide better user experience and lower fees for international services.
Account Opening Requirements
To open a bank account in Spain, you'll typically need:
- Valid passport or ID
- Proof of address in Spain
- Employment contract or proof of income
- Residence permit (if required)
- Initial deposit
Banking Fees to Watch Out For
Common banking fees in Spain include:
- Monthly account maintenance: €5-25/month
- International transfers: €15-50 per transfer
- Currency exchange markup: 2-4% above mid-market rate
- ATM fees: €2-5 for foreign cards
Sending Money From Spain: Banks vs Wise
If you need to send money internationally from Spain, traditional banks are expensive. Here's how much you could save with Wise:
Example: Sending €1,000 abroad
- Traditional bank: €45-65 in fees + 2-4% exchange rate markup = Total cost: €65-105
- Wise: €4-8 in fees + mid-market exchange rate = Total cost: €4-8
- Your savings: €57-97 per transfer
Try our transfer calculator to see exact savings for your transfer amount.
Tips for Banking as an Expat in Spain
- Research before arrival: Some banks allow online applications
- Bring translated documents: Official translations may be required
- Ask about expat packages: Some banks offer special deals for international clients
- Set up online banking immediately: It makes day-to-day banking much easier
- Use Wise for international transfers: Save significantly on fees and exchange rates
Conclusion
Banking in Spain is straightforward once you understand the requirements and choose the right bank for your needs. While traditional banks work well for local banking, consider using Wise for international transfers to save money and get better exchange rates.
Ready to send money to or from Spain? Compare transfer options and see how much you can save with Wise →