Obtain a debit card for your purchases. Depending on the amount of the mortgage we would suggest you try an online bank account like N26 or Revolut. These are a few banks in Spain that provide online bank accounts: 1. Whether you’re moving to Spain or already living here, Spotahome is an online platform that lets you book from hundreds of personally-checked rooms, apartments, and studios in 16 cities in Europe. English services: The log-in page for OpenBank does not have an English option. Secure, simple online banking from Santander Bank provides 24/7 account access. Bankia Spain financial group is a relatively new bank created in the country in 2010, fusing 10 other smaller entities into one that was founded as an Institutional Protection Scheme or ISP. NB: Transfer Wise is now called Wise. Interest rate has gone down but lucky to still get some seeing the state Spain is in!”. 2. TransferWise is a multi-currency service and online digital account, designed for those users that work abroad and are in the need of a financial platform, always available and with access to a debit card for withdrawing money directly from ATMs. to EU regulations. ["A great bank that does Fresh Banking. For awhile I had zero euros in my account and they never charged me anything for that.”. The following six months the rate plummets to 0.1%. Several current accounts offered by Spanish banks are compared in details below using these factors, namely: Cuenta Online (Banco Bilbao Vizcaya Argentaria, S.A.) Resident and Non-Resident Bank Accounts. Both let you open your account while your residency card is in process, and both have pretty good service in English. When it comes to opening a bank account in Spain and particularly for non-residents, the BBVA Bank Spain is definitely a choice to have in mind. They also have an account for youths which is the Cuenta Joven … Discover 100% mobile banking with N26 Standard, the free bank account with a Spanish IBAN for local payments. ING Direct is the online bank of Dutch bank ING, and is also popular among young expats in Spain. https://www.bankia.com/en/communication/news/caixabank-bankia-merger-plan-spains-leading-bank.html, Albacete, Spain: What to do and Visit in Albacete, Guide on getting a Mortgage in Spain in 2021, CONTACT OUR LAWYERS TODAY! If you use other 4B ATMs you would be charged 75 cents. HolaBank appears to offer only a digital service. Online banks. TransferWise works as an online account that allows you to send money, receive payments and spend internationally. Welcome to the Spotahome Blog, the go-to resource for current and potential tenants living or moving to one of the cities where Spotahome is present. The only difference I see between these two accounts is that with the “Cuenta Nomina” account you receive 1% cash back for any bills you pay from your account. Banco Popular Bank Spain is a financial institutions that offers up to 1800 local branches in the entire country, based in Madrid and with a business and monetary model that offers banking respecting two different approaches: asset management banking, insurance banking, real estate banking and commercial banking. Here are some of the best banks in Spain for non-residents. The N26 is completely an app-based digital bank founded in Germany, but offering services in Spain and even the IBAN number that is required for formal financial operations in the country and the possibility to have a bank account and make payments. And they are a promising alternative to traditional banks that often aren’t consistent in their policies from one branch to the next. Say hello to convenient money management from one beautifully simple app, and wave goodbye to hidden fees, branch visits, and pesky paperwork. I’m told that ING has a 6 month grace period, so if you don’t meet these income requirements, you will not be charged any penalty, as long as your income resumes within 6 months. Online banks tend to offer free account deals to lure people away from their trusted brick-and-mortar banks. Benefits of getting an online bank account in Spain Online banks tend to offer free account deals to lure people away from their trusted brick-and-mortar banks. I found out that acc. Manage your finances and pay bills with seamless internet banking solutions. After contacting their headquarters via Whatsup I received an information that it was possible to open the basic payment account for 3 EUR/month in the branch and that it was the only one non residents bank account their offer. Currencies are not a problem since exchange rates are taken directly and fees are of the smallest users can find. I would like to share with you informations gathered while trying to open a cuenta de pago basica: Some banks has accounts that is almost free if you send over 650€ to them /month and use cards a few time a month. However, not clear if that is for residents and/or non-residents. This is one of Spain’s biggest banks, popular due to its fee-free current … You get a personal representative, online banking, and if you want to do physical things like paying cash in, you can go to any BBVA.”. These non-residents in the Spanish country are in the need to have a bank account, immediately and in order to start paying for services, such as rent and different subscriptions where local accounts or debit card use is required. [Mediolanum logo](https://db82kmzzne7f2.cloudfront.net/ghost-blog/2014/10/Mediolanum-logo.png)](http://www.bancomediolanum.es/es-ES/)Banco Mediolanum says its a “better bank.”, [! The bottom line. Caixia – said that this account is only for people with few income (what is not true – I checked EU and Spanish National regulations about it) and offered us an account for 60 EUR/quarter saying they reserve a right of admission, so they are no obliged to grant the account for 3 EUR/month if they do not want to. Based on reviews I’ve seen in various expat forums, I’ve decided to evaluate 4 online bank account options for expats in Spain: EVO Banco, ING Direct, OpenBank, and Banco Mediolanum. Interest: Both the Cuenta Inteligente and Cuenta Joven offer a small amount of interest. You can deposit money via those branches twice per month for free. to the regulations of Spanish National Bank all Spanish banks are obliged to offer basic payment account for, among others, residents of EU countries for a monthly fee of no more than 3 EUR incl. Cajas are nonprofit banks. Of course, bank accounts for residents tend to be more flexible and more profitable. And a British expat who banks with EVO: “I can confirm that in my experience of Spanish banks (Santander, Unicaja, and Evo Bank), Evo bank has been by far the easiest to use, and free ATM withdrawals anywhere is great. But it’s great for people who have a small quantity of Euros that they need to put somewhere without being charged fees, and who want to be able to access that money at any ATM while traveling. It is perfectly legal in Spain but some banks, especially the big ones, will ask you to show a “ Certificado de no residente “. Requirements for free account: For a free “Cuenta Intelligente” account, if you are over age 28, you need to set up monthly direct deposit or automatically pay at least 5 bills from this account. Opening an online bank account in Spain is a service that a few banks in the country offer, allowing the user to carry out the procedure completely by themselves, resulting quite useful for expats and non-residents that want to have a debit card and online bank accounts to manage money and perform transactions. I write it to encourage you to insist on banks to open for you, if you are non resident in Spain, these basic bank account which is our right acc. Regards Susan. i have a small private pension that is sent to spain every month. Online banks Spanish residents can also choose to open an account with an online or mobile provider that gives them greater access to their account and access to services at a low cost. Nevertheless, for our experience, the best entity to transfer funds to Spain from a non European Country is to use Transfer Wise. Mon-Thurs 8.00 -20.00 Friday 9.00-15.00 and Saturday 9.00-14.00. Banco Popular Online Banking Spain platform is available to perform and carry out different financial procedures, from a smart phone computer. The two primary considerations when selecting a bank will be the availability of an English-speaking staff and the network of ATMs. The Fee-Free Online Account is only for new customers who live in Spain. However, once you’ve had the account for one year, your interest rate would stabilize at 0.95%. Bancos & Cajas in Spain There are two types of banks in Spain: Cajas de Ahorros and Bancos. To be fair, I should give honorable mentions to BBVA and Banco Sabadell. I’d love to hear your feedback on your own experience with any of these banks in order to provide the most useful and accurate information! 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