Expats and students looking to move to Spain may be wondering how to go about opening up a new bank in a foreign country. This is an important part of preparations, and the prospect of opening a foreign bank account across language barriers can be pretty daunting.
Luckily, Spain makes it easy. The country houses a variety of banking options for expats and students alike, with foreigners being able to open a bank account online both quickly and easily and with English language support.
This article will compare and contrast the top 6 best banks in Spain for foreigners in 2024.
List of the best banks in Spain for expats and students:
Banco Santander — One of the largest banks in Spain
BBVA — Tailored services for expats and students
CaixaBank — Spain's largest domestic bank
Sabadell — Remote banking options for expats
Bankinter — Great customer service reviews from expats
N26 — An online-only bank popular among younger expats and students
What are the key things to consider for foreigners looking for banking options in Spain?
Expats typically want to know whether there are multi-currency capabilities if they are opening a local bank. This helps them to save foreign exchange costs if they frequently travel. For the same reason, flexible mobile banking options are typically sought out as well.
It’s important to do your own research when choosing a new bank, as each one provides unique perks to its account holders that may or may not be best elsewhere. Truth is, it’s largely a matter of opinion.
That said, some of the major factors to consider before choosing a bank are as follows:
Multilingual banking support
Multi-currency capabilities
Affordable fees
The 6 best banks in Spain for expats
This section will discuss the standout features of the 6 best banks in Spain for foreigners
1. Banco Santander — One of the largest banks in Spain
Banco Santander is one of the largest banks in Spain and one of the best banks in the world, offering specific services that are tailored towards expats and students. The bank’s stock market performance speaks for itself, as the SAN stock gained more than 50% in the past 12 months alone.
For expats, Banco Santander offers a non-resident account that enables banking services pre-arrival. All an expat needs to do is share identification and proof of Spanish address, and multi-currency banking options will be made available.
Santander’s student offering in Spain provides free online banking and no account fees for students under 30, as well as an interest-free overdraft allowance up to a predetermined limit. Students can also get discounts on loans and credit cards, and the Santander University Life app provides budgeting tools to help students manage their cash flows.
Key takeaways
Multi-lingual support
Multi-currency banking options
Tailored services for both expats and students
2. BBVA — Tailored services for expats and students
Banco Bilbao Vizcaya Argentaria, (trading under the stock ticker BBVA) is another major Spanish bank that offers several key services for expats and students in Spain. Its expat offering includes a checking account designed for non-residents, with multi-currency capabilities and online banking available by default. Likewise, expats can open a bank account remotely before they arrive in the country.
The BBVA Online Student Account offers free online banking, a debit card, and no fees for students under 30. This account offers preferential interest rates for its overdraft, in addition to discounts on various credit services, including loans and insurance.
On balance, BBVA offers a popular banking solution for expats and students in Spain owing to its tailored offerings and broad branch network within the country.
Key takeaways
Expats can open an account remotely
Favorable student overdraft facilities
Extensive physical branch network and online banking tools
3. CaixaBank — Spain's largest domestic bank
CaixaBank is Spain’s largest domestic bank, and it offers several key offerings that are tailored for expats and students.
The CaixaBank Expatriate Account is a multi-currency account that allows transfers in Euros and other major currencies. The account can be opened before an expat arrives in Spain, and Caixa offers an English language website to break any language barriers during the application process.
For students, CaixaBank’s Student Account is a free account with no fees for students under 26. This includes a debit card and an overdraft allowance with preferential interest rates, and CaixaBank has formed agreements with various universities to provide special offers for account holders from within the mobile banking application.
Key takeaways
Expats can open an account remotely
Affordable student accounts
Extra perks for students including special offers in-app
4. Sabadell — Remote banking options for expats
Banco Sabadell’s Expatriate Account offers multi-currency support by default, and like other expat accounts on this list, it can be opened remotely before someone arrives in the country. The Expatriate Account supports international banking services including money transfers, remittances, and foreign exchange.
The Sabadell Student Account, meanwhile, offers various perks for students. It has an online mobile banking app that comes with budgeting tools and provides tailored student loans in collaboration with Spanish universities. The account is completely free for students, comes with its own debit card, and offers reduced interest rates on its overdraft allowance.
Key takeaways
Multi-lingual support
Investment products available to expats
Credit products available to students
5. Bankinter — Great customer service reviews from expats
Bankinter is a smaller bank in Spain, but it is well renowned for providing beneficial services to expats and students alike. For expats, BankInter’s Non-Resident Account can be opened remotely with just a passport and proof of address, offering multi-currency capabilities and investment products to all non-residents once the application is approved.
Despite BankInter having a reduced branch network in Spain compared to the major banks on this list, it has around 300 branches spread across the country’s biggest cities. Since many of these cities house large universities, this makes it a popular choice for students in Spain.
BankInter’s Student Account is completely free, and offers no fees whatsoever. The overdraft allowance also comes with reduced interest fees and the bank has formed some agreements with universities around the country to provide tailored financial services.
Key takeaways
Expats can open an account remotely
Favorable student overdraft facilities
Student-focused offerings in major cities around Spain
6. N26 — An online-only bank popular among younger expats and students
N26 is an online-only bank based in Germany, but it operates across Europe, including in Spain. As a digital bank, N26 offers some key features that appeal to expats and students.
Expats can open a multi-currency account online for a greater level of convenience, and this account is fully operational across Europe with low-cost money transfers between countries. It supports a mobile app that allows banking from anywhere as long as the user has an internet connection, and it offers virtual debit cards that are available instantly after an account is opened.
While the student-specific offering from N26 is limited compared to alternatives on this list, it still offers a free standard bank account with a debit card and no maintenance fees. The mobile app has in-built budgeting and analytics tools and students can temporarily or permanently freeze their debit card from within the mobile app if they ever lose it on a night out.
Key takeaways
Convenient multi-currency accounts
Budgeting features available
No-fee cash withdrawals worldwide
The bottom line
Choosing the right bank for you comes down to personal choice, but there are certainly a variety of great options for expats and students in Spain. Almost every bank on this list offers tailored products to expats and tailored products to students, with each kind of account coming with its own unique set of perks.
If you’re a student or expat looking to travel abroad, you can also check out our article on the best banks in Germany.
