Top 5 Banks in Spain Tips for Expatriates

Choosing between the many banks in Spain without the most common service fees (such as administration fee, maintenance, national transfers or annual fees for credit cards) can achieve up to 900 euros of savings per year in some cases.

Bank accounts are indispensable tools for our domestic economy. Thanks to them, you can manage payments and collections. We all have accounts, but not all our bank accounts are the same: some accounts remunerate their users and others, however, can cost a lot of money at the end of the year. Find out which are the best banks in Spain: Identify your user profile and select the best account. You can save over 150 euros per year.

All you need to know about the banks in Spain

1. They are completely regulated

The banks in Spain’s framework are entrenched and current. There are numerous banks and all managing an account action that is controlled by the Bank of Spain (Banco de España), which has its main office in Madrid and branches in every single commonplace capital. Banks are partitioned into clearing banks and investment funds banks, and a few outside banks work in Spain too. There are a few banks in Spain that are straightforwardly connected to European and international banks.

2. Online banks: a good choice

Online banks tend to offer free record arrangements to draw individuals far from their trusted block and-mortar banks. What’s more, they are a promising and contrasting change from the customary banks that normally aren’t reliable in their strategies, starting from two branches of the same bank. One branch may let you know there’s an charge to open an account, while another will say it’s free. Some will let you know a Spanish residency card is required, while others will say a visa is fine (for a temporary record at any rate). You can see where this is going!

3. The enemies are the commissions

Check out the following list of commissions ordered by bank (according to FACUA):

4. All you need to open a Bank Account

The favorable position of setting a account up as a non-occupant of Spain is that you don’t need to pay any duty. Non-occupants are those burning through 183 days (six months) or less in Spain every year and without their principle proficient movement in Spain, nor a friend or any dependents living in Spain.

Luckily there are some methods for abstaining from being charged every step of the way, depends on how much you need done for you. On the off chance that you have any issues, it may be vital to pick a bank that makes an interpretation of all their writing into your language.

Non-inhabitants need to demonstrate their status by securing a ‘certificado de no residencia’ from their nearby police station and take that to their chosen bank alongside their travel permit. On the other hand your bank can get your will for you for a €15 expense.

There are a number of records on offer, with a few banks offering lower charges for non-inhabitants.

5. Here we go: Top-5 Banks in Spain for Expatriates

REVOLUT

Let your money make more money with up to 5.4% APY¹ on savings. Paid every. Single. Day. For those who want more from their money — there’s Revolut. Sign up for free and get a local IBAN.

Revolut is a fully-licensed bank in 30 EEA countries. We’re authorised by the European Central Bank and regulated by the Bank of Lithuania. All of our European customers’ funds are protected by the Lithuanian state company, Deposit and Investment Insurance.

Over 45 million customers in 38 countries use Revolut.

• Standard card

  Get a free card with your Revolut Standard account (delivery fees apply).

• ATM withdrawals

  Withdraw up to €200 or 5 withdrawals per rolling month (whichever is reached first) with no withdrawal fees charged by us.

• International transfers

  Send money in 29+ currencies.

• Revolut <18 account

  Link up 1 account, for everyone aged 6-17.

• Revolut Pro account

  An account for freelancers, with 0.4% cashback on Pro card payments. Fees apply for acquiring features.

• RevPoints

  Earn 1 point per €10 spent. Then use your points with Stays and Airline Miles to turn travel dreams into a reality.

ING DIRECT

ING Direct is the online bank of Dutch bank ING, and is also popular among young expats in Spain. Besides, it is the only bank in Spain that does not charge maintenance and administration fess regardless of whether the users have their payroll paid directly into the bank or not.

• 0 € account maintenance.
• 0 € card maintenance.
• 0 € domestic transfers.
• 0 € international transfers up to € 50,000.
• 0 € cheque deposits.
• Domestic transfers that you do before 13:00 will reach their destination on the same day.
• No fixed term.
• Without the obligation to household bills.
• No minimum spending on your cards.

BANKINTER

Bankinter, S.A.,  is a Spanish bank with its headquarters is in Madrid. The Bank is listed on the Madrid Stock Exchange (BKT) and is part of the Ibex35 Index. Bankinter is a bank for the world of today and a leader in technology that offers its clients the possibility of carrying out transactions and making queries in any of the following ways: through its network of branches, its Telephone Banking Service and its Internet Banking Service: ebankinter.com

Bankinter’s current account (Cuenta Corriente) costs a modest amount of €45 per year to maintain. International transfers to EU countries in euros cost just 26 cents if done online (for amounts of up to €50,000). If the cash is transferred by phone, charges are 0.05% plus 26 cents (minimum charge €2, maximum charge €250). For those wanting to transfer money at their branch the fee is somewhat higher, at 0.25% plus 26 cents. However, it costs nothing to receive euros from a foreign account.

• Mortgages with a personalized price,
• Best funds from best managers
• Best cards to suit your payment needs,
• Benefits when depositing your payroll,
• Customized deposits,
• Safety…

SABADELL

Sabadell puts at your disposal a wide range of financial products and services of  Banco Sabadell with lower commissions, reduced interest rates and with interesting discounts, only for belonging to this group of clients. See their exclusive conditions for the following products:

• Advance on salary: advance of one month of your salary, return period up to 6 months
• Salary Credit: if you directly deposit your salary in the bank, get a personal loan up to a maximum of 60.000€, at a preferential interest rate, without charging you origination fees or early cancellation fees. Plus, they offer a payback term of up to eight years
• Consult their prices for mortgages and loans.

And some exclusive offers.

OPEN BANK

Easy to open: although you need to have a residence in Spain.

Prerequisites to get a free account: “Cuenta Sin Nomina”  OpenBank has essentially no necessities. There is no base required parity and no store prerequisite. They have a second record sort, called the “Cuenta Nomina,” which requires direct store or exchanges of no less than 900 euros for each month.

Caveats: There don’t seem to be any financial penalties for anything with OpenBank.

ATM network: It is only free to withdraw money from Santander ATMs. There are quite a few in Spain. If you use other 4B ATMs you would be charged 75 cents (September 28th, 2016).

The main advantage of OpenBank in comparison with alternate banks, is that you have an entrance to Santander branches (there are around 3,000 all over Spain). You can store cash through those branches twice every month for nothing. After that it’s 1 euro for every store. At ATMs there is no restriction on free stores, and there are a lot of Santander ATMs. I’ve seen blended audits about this bank in various gatherings.

DECIDED?
HOW TO OPEN A BANK ACCOUNT IN SPAIN

You will normally need to provide the following:

• Proof of identity (eg. passport)
• Foreigner identification number and certificate (número de identificación de extranjeros)
• Proof of address
• Proof of employment status (eg. student card, employment contract, unemployment documentation)

CONCLUSION

Even though this review is totally independent, Expat Agency has chosen ING Direct as the best choice between the rest of banks in Spain for several reasons.