Banking & Finances
The best banks in Spain for expats: traditional and online
Compare Spain’s main high-street banks and online banks for expats: fees, Spanish IBANs, deposit protection and how to pick the right one.
Updated: October 2026
You will need a Spanish bank account sooner or later: for your salary, rent, utility direct debits and paying taxes. This guide is for newcomers choosing a bank in Spain. It compares the big traditional banks with the main online options, explains what really matters for expats, and shows how your money is protected.
Why the type of bank matters
Spanish landlords, utility companies and employers usually want an account with a Spanish IBAN (starting with ES). Most online banks now offer one, but traditional banks still have advantages: branches, mortgages, and staff who can help with paperwork. Many expats end up with two accounts: a traditional bank for the mortgage or bills, and an online account for everyday spending and transfers abroad.
Traditional banks with branches
- CaixaBank: the largest branch network in Spain since it absorbed Bankia in 2021. Strong app (CaixaBank Now) and widespread ATMs, useful in smaller towns.
- Banco Santander: large international bank with branches everywhere and a wide range of mortgages and investment products. Often has English-speaking staff in expat areas.
- BBVA: known for a well-rated mobile app and digital account opening, with a solid branch network.
- Banco Sabadell: traditionally popular with foreign residents on the coasts, with experience in non-resident accounts and expat mortgages.
- Unicaja: a Málaga-based bank with a strong presence in Andalusia, practical if you live in the region.
Traditional banks often charge a monthly maintenance fee unless you meet conditions, such as paying in your salary, having direct debits or using their cards. Always ask for the fee waiver conditions in writing.
Online banks and fintech accounts
- ING: one of the longest-established online banks in Spain, with free basic accounts and a well-known app. It also offers mortgages.
- Openbank: the online bank of the Santander group, offering accounts, cards, mortgages and investments fully online.
- Revolut: now registered as a branch in Spain with the Banco de España. New residents get a Spanish IBAN, and older customers can switch from a Lithuanian one. Deposits are covered by Lithuania’s guarantee scheme up to €100,000. Strong for multi-currency payments and travel.
- N26: a German mobile bank popular for its simple app and quick sign-up.
Online banks are usually cheaper, but they may not accept every type of residence document, and you cannot walk into a branch when something goes wrong. Check whether the account has a Spanish IBAN before you give it to your landlord or employer.
Quick comparison
| Type | Best for | Watch out for |
|---|---|---|
| Traditional bank | Mortgages, branch help, cash deposits, non-resident accounts | Monthly fees unless you meet conditions, bundled products |
| Spanish online bank | Low-cost everyday banking with a Spanish IBAN | Fewer options for non-residents, no branch support |
| Foreign fintech with Spanish branch | Multi-currency, travel, transfers abroad | Deposit guarantee from another EU country, check IBAN country |
Your rights: low-cost accounts and deposit protection
The basic payment account
Spanish banks must offer a basic payment account (cuenta de pago básica). According to the Banco de España, the fee is capped at €3 a month, and it is free for people in a vulnerable situation. The fee covers up to 120 euro payment operations a year within the EU, such as transfers and direct debits. This is a useful fallback if a bank tries to sell you an expensive package.
How much of your money is protected
Deposits at Spanish banks are covered by the Deposit Guarantee Fund (FGD) up to €100,000 per account holder and per bank. Branches of banks from other EU countries are covered by their home country’s scheme, usually with the same €100,000 limit. If you keep larger savings, spread them across different banks.
How to choose the right bank
- Check what documents you have. Residents with an NIE or TIE can open most accounts. Non-residents may need a non-resident certificate and usually pay more.
- Compare fees. Look at maintenance, card, ATM and transfer fees, and the conditions to avoid them.
- Think about the future. If you plan to buy a home, a bank with good mortgage terms may be worth more than a free account.
- Test the app and support. Is the app available in English? Is there phone or chat support in a language you understand?
- Keep a backup. A second account, for example online, helps if a card is blocked or a bank asks for extra documents.
For the step-by-step process and the documents you need, read our guide to opening a bank account in Spain. If you are thinking about savings and investments, see our article on investment strategies for expats in Spain, and remember to declare interest and foreign accounts as explained in our guide to the Spanish tax system.
Useful links
- Banco de España: the basic payment account
- Banco de España: how much the FGD covers
- Banco de España guide: accounts, cards and payments (PDF)
- How to open a bank account in Spain
FAQ: banks in Spain
Which bank is best for expats in Spain?
There is no single best bank. Many expats combine a traditional bank such as CaixaBank, Santander, BBVA or Sabadell for bills and mortgages with an online account for everyday spending.
Can I use Revolut or N26 instead of a Spanish bank?
Often yes for daily use. Revolut now gives Spanish residents an ES IBAN. Check that the IBAN is accepted by your landlord, employer and the tax office before relying on it alone.
How much does a basic bank account cost in Spain?
The legal basic payment account costs at most €3 a month and is free for people in a vulnerable situation. Many online accounts are free without conditions.
Is my money safe in a Spanish bank?
Deposits are protected up to €100,000 per person and per bank by the Spanish FGD, or by the home-country scheme for branches of other EU banks.
Disclaimer: This article is general information only and is not financial advice. Bank fees, conditions and products change. Always check the bank’s current terms and the official source before you open an account.
