17 Best Banks In Spain For Expats And Students In 2024

Are you moving to Spain for your degree or job? If so, one of the crucial aspects you need to address is choosing the best bank in Spain! The home to Real Madrid and Barcelona boasts a robust banking sector, offering a range of financial institutions that stand out for reliable services, competitive rates, and wide branch networks. Moreover, some of these, headquartered in Spain, are also the best banks for non-residents in Europe! To help you find out which one should manage your finances, here is a list of banks in Spain and their key features. This comprehensive guide will also help you with how to open a bank account and benefit from traditional banking to digital banking solutions.

How to Open a Bank Account in Spain as an Expat?

A non-resident always tends to look for an easy solution for debiting and crediting an amount to his friends or family for various purposes. Beforehand, you should make sure that your paperwork is translated into Spanish from proper resources. Below are the follow-ups you should consider when it comes to opening an account in the best bank in Spain:

1. A valid ID (as in the passport) of a non-resident
2. A letter that confirms your proof as a non-resident either from a nearby police station
3. Proof of employment status to where you work; this includes your tax return, Employment contract
4. A recent bank statement (minimum of 6 months) for address proof purposes

13 Best Banks in Spain: Key Features to Know 

Whether you are moving to the land of paella and tapas for your study or work, you should know about the best Spanish banks. Spain introduces a variety of banks that have earned enough reputation for their customer gratification, solutions, and services. These top banks in Spain have established themselves as leaders in the industry, providing a seamless banking experience for individuals and businesses alike. Here are a few of the major banks in Spain you should consider the most. 

1. Banco Santander

Situated in Madrid, Spain, Banco Santander has a strong presence in Spain and globally. This is one of the top banks in Spain, offering a wide range of financial products and services to both individuals and businesses. Through a user-friendly mobile app, Banco Santander provides aggressive interest rates through its online services, enabling you to manage your finances on the run. In 2017, Banco Santander acquired Banco Popular, which was one of the best Spanish banks. 

Key Features:

1. Competitive interest rates for resident students
2. Competitive exchange rates for international transfers
3. A user-friendly mobile banking

2. BBVA

Most of the banks have seen a prominent rise in international recognition for their innovative approach to banking. Banco Bilbao Vizcaya Argentaria, being one of them, strongly focuses on digital solutions, becoming a household name and is among the best banks in Spain for international students. They provide a rare online banking experience through their user-friendly mobile app that allows you to access your accounts, make payments, and track your expenses effortlessly. Being the most popular bank in Spain, it also offers a range of personalised financial products to meet your needs.

Key Features:

1. Deposit guarantee fund for credit institutions
2. An exclusive fast-track process for non-resident students
3. A fee-free salary account with a debit card 

3. CaixaBank

Nowadays, every renowned bank is known to adopt banking practices that CaixaBank has committed since 1905 and has a social responsibility that lets it grow. One of the top banks in Spain, formerly known as CaixaCorp, offers a comprehensive range of banking services, including mortgages, loans, and investment solutions. CaxiaBank is also one of the first banks in Spain to implement a universal banking model! Its online platform and mobile app have an extensive network that ensures easy accessibility for residents and non-residents, making it the first Spanish origin and the best bank in Spain for international students.

Key Features:

1. Tailored for each customer’s profile for better mobility
2. Digitalisation at any point in time without hassles
3. New options for a debit card that allows one to use all advance 

4. Banco Sabadell

Banco Sabadell, the fourth-largest bank in Spain, is a customer-oriented bank that focuses on providing tailored financial solutions. It is a top contender among the top Spanish banks for foreigners, eases the transition when moving to Spain. Banco Sabadell prides itself on its personalised customer service and innovative digital banking solutions, making it a popular choice among customers in the country and one of the best banks in Spain.

Key Features:

1. A variety of credit and debit cards with cashback options
2. An extensive network of ATMs across Spain
3. To leverage its new size and margin-generating capability.

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5. Bankia

Bankia is a leading Spanish bank emphasising transparency, trust, and customer satisfaction. With a strong focus on corporate social responsibility, Bankia has become a preferred banking option for individuals and businesses, adding it to the list of the top banks in Spain. The bank offers a range of products and services, including mortgages, credit cards, and investment opportunities. Bankia's user-friendly online platform and mobile app ensure a seamless banking experience for its customers. Its cross-platform efficiency has made Bankia one of the major banks in Spain today. 

Key Features:

1. Universal banking business model based on multi-channel management
2. Salary accounts with potential bonuses
3. Free checking accounts and premium accounts with added benefits

6. ING

ING, a renowned Dutch bank, has established a significant presence in Spain with its digital banking services. ING's online banking platform offers a range of financial products, including current accounts, savings accounts, and mortgages. With competitive interest rates, low fees, and a user-friendly interface, ING provides a hassle-free banking experience for its customers, making it one of the best banks in Spain.

Key Features:

1. Easy to use good online banking website
2. No delay or waiting using Osko pay
3. Easy to access statements

7. Bankinter

Bankinter is probably one of the best banks in Spain, owing to their reputation of focusing on reputation. With a strong digital presence, this is the best Spanish bank, offering innovative banking solutions and personalised customer service. Banco Popular, as the name suggests, is popular and comes under the top 10 banks in Spain! The bank provides various products and services, including accounts, mortgages, and investment options. Bankinter's user-friendly digital platform and mobile app make banking easy and accessible for its customers.  

Key Features:

1. Availability in commercial banking, corporate and SME banking sectors
2. Accessibility for persons with reduced mobility
3. Free checking accounts for students or young professionals

8. Kutxabank

Kutxabank is a leading bank in the Basque Country that offers a comprehensive range of financial services. The bank focuses on providing personalised attention to its customers, offering tailored solutions to meet their individual needs. Kutxabank's online banking platform and mobile app provide convenient access to your accounts, allowing you to manage your finances efficiently, making it one of the best banks in Spain.

Key Features:

1. Committed to personal data privacy and the confidentiality of our customers' information
2. With a full-fledged mobile app platform with high-graded features
3. Contactless payments and easy-to-use investment platforms 

9. Bank of Spain

The Bank of Spain, also known as Banco de España, is the country's central bank and is known as one of the best banks in Spain. While it does not offer retail banking services to individuals, it plays a crucial role in maintaining financial stability and regulating the banking sector here. The Bank of Spain oversees monetary policy, issues banknotes and coins, and supervises banks to ensure their compliance with regulations.

Key Features:

1. Key takeaway in maintaining price stability across the euro area
2. Prominent security measures to maintain the reputation
3. A watchdog overseeing the Spanish banking system 

10. Deutsche Bank Spain

Deutsche Bank Spain is the Spanish subsidiary of Deutsche Bank, one of the largest banks in Spain and overall Europe. It provides a wide range of financial services, including personal banking, business banking, wealth management, and investment solutions. Deutsche Bank Spain offers competitive products, personalised customer service, and innovative digital banking platforms to cater to the diverse needs of its customers, making it one of the best banks in Spain

Key Features:

1. Leading European corporate bank based in Europe's largest economy
2. To assist businesses with cash collection and disbursement
3. International trade finance solutions for businesses 

11. Banco Cooperativo Español

Banco Cooperativo Español is a cooperative and the best bank in Spain that operates as a federation of regional savings banks (Cajas Rurales). It focuses on serving the agricultural and rural sectors, providing specialised financial solutions tailored to the specific needs of farmers, cooperatives, and rural communities, making it one of the best banks in Spain. Banco Cooperativo Español offers a range of banking products and services, including loans, savings accounts, insurance, and rural development programs

Key Features:

1. Financial services to private individuals and businesses
2. With robust risk, it provides a modest but stable profitability
3. Cash management solutions for cooperative 

12. Banco Mediolanum

Banco Mediolanum is a private bank specialising in wealth management and personalised financial advisory services. This is one of the best Spanish banks, offering a holistic approach to banking, combining traditional banking services with investment advice and financial planning. Banco Mediolanum aims to build long-term relationships with its clients by providing tailored solutions, access to a wide range of investment products, and a team of experienced financial advisors.

Key Features: 

1. Tailored investment advice and wealth management solutions
2. Portfolio management services
3. Private banking experience with exclusive benefits 

13. Bankoa

Whoever wants to earn competitive interest rates, then Basque banks are of your type, including Bankoa. It offers every individual, business, and institution a basic money management desk and a range of banking services, including current accounts, loans, mortgages, investment products, and insurance, making it one of the best banks in Spain. Bankoa differentiates itself through its commitment to personalised customer service, ethical banking practices, and strong ties to the local community.

Key Features:

1. To emerge with its VR rating intact due to the relative strength of management and strategy
2. Easy to transfer funds, deposits, cards, and investment funds
3. Robust pension plans, insurance, and online banking

Top 4 Online-only Banks in Spain for Expats and Students 

Spain has seen the emergence of several online-only banks that are gaining popularity among both residents and non-residents. These digital banks offer a range of banking services and features that cater to the needs of modern, tech-savvy consumers. Here's a brief overview of some of the best online-only banks in Spain and their key features. 

14. Openbank

Openbank has become one of the top banks in Spain; it is a fully digital bank that offers a range of banking services that can be accessed entirely online. The bank's user-friendly interface, advanced security measures, and innovative features make it an attractive option for tech-savvy individuals. Openbank provides a seamless digital banking experience, allowing customers to perform transactions, track their expenses, and access a wide range of financial products.

Key Features:

1. No fees, no maintenance, administration or closing fees
2. Standard transfers are complimentary
3. Fee-free euro transfers within Spain and the EU 

15. Evo 

WhEvo is a leading online-only bank in Spain that has gained popularity for its user-friendly digital banking platform and innovative financial services. Designed with the modern consumer in mind, Evo offers a fully digital banking experience, providing free standard accounts, debit cards, and international money transfers. With a focus on simplicity and transparency, this may be the best bank in Spain, empowering its customers to manage their finances effortlessly.   

Key Features: 

1. Instant spending categorisation to help you manage spending habits
2. Standard bank accounts with no monthly fees
3. Emphasis on data privacy and security 

16. N26 

N26 is a leading digital bank with a growing presence and the aim of becoming the best bank in Spain. Offering a fully mobile banking experience, N26 provides free standard accounts, debit cards, and international money transfers. Known for being the most popular bank in Spain and its user-friendly app and innovative features, N26 empowers customers to manage their finances on the go. With a focus on simplicity, security, and transparency, N26 has become a popular choice among tech-savvy individuals and modern banking consumers in Spain.

Key Features: 

1. Multi-currency accounts to help you manage across countries 

2. Two-factor authentication and real-time spending notifications 

3. A free debit card and make fee-free international money transfers 

17. Revolut 

Revolut is a rapidly growing digital platform and one of the top banks in Spain. Offering a comprehensive suite of financial services, Revolut provides personal and business accounts, investment options, and even cryptocurrency trading. Known for its competitive exchange rates, fee-free currency conversions, and user-friendly mobile app, Revolut has become the best bank in Spain among tech-savvy consumers and businesses seeking a modern, all-in-one financial solution.

Key Features: 

1. To buy and sell a range of cryptocurrencies

2. Advanced budgeting tools and spending-tracking features 

3. Fee-free currency conversions and competitive exchange rates

Things to Keep in Mind When Choosing a Bank in Spain

Usually for a foreign resident, Spain offers the best option to open a bank account that offers better flexibility based on your current scenarios, finances and requirements. For non-resident students, you should look out for the best Spanish banks, such as Banco Santander and BBVA; it is such a breeze to open a bank account in Spain! Even though you have a Forex card for students or young professionals, it’s great to find Spanish banks with no fees. Here are some things that you need to know before opening the best bank account in Spain: 

1. Better Interest rates that are offered for savings and current accounts for students
2. Gather necessary documentation & identification
3. Consider the branch network and accessibility
4. Make sure language support is available
5. Look into the fees, interest rates, and overall cost-effectiveness 

Now you know all about the top banks in Spain, you have figured out the range of options you can rely on. The top Spanish banks offer exceptional services, convenient features, and secure financial solutions to meet your individual needs. The charges and application process for each of these banks differs based on the services you are picking. By choosing one of the best banks in Spain, you can enjoy a seamless banking experience and easily manage your finances when you move into the land of Sangrias. In case you are moving here or looking for the perfect student accommodation in Spain, amber is here for you. You can also go through the tips for finding student accommodation in Spain and ace your move to the Basque Country. If you want a quick recap on these banks, you can check out our webstory on the best banks in Spain!