Banking in Spain

Howdy I am an American Expat - currently living in Spain.  I am hoping you can help me.

I have been living here for 3 months and I am applying for a student visa currently.  I am trying to find a way open a bank account in Spain because my american bank account doesn't have locations here.  I can pay for stuff with my current bank account but I pay a small fee every time I do. 

My question is this, 

Does anyone know of a way to open bank account here that is free or low cost? 

I don't have my residency permit yet, I am taking it one step at a time.
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@Colby G try N26. It's accessible online. Costs around 40 euros a year.

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@Colby G 

I am in a similar situation however be aware that if you don't absolutely require it you are better off getting a paypal visa credit card or something. I needed it for my rent. It took 3 appointments at government offices to get the paperwork for the application of the bank account that took another 5 appointments. Over all i started trying to get one in February, i got the account in early July. I use imagin bank- via Caxiabank. Its online only but its really your only option. I can give you step by step instructions if you really want to go through with it but again, it is a giant pain in the butt and I wouldn't have if i didn't need it to apply for my rental contract. If you want more info here is my twitter. [link moderated]

Your best alternative is to get a credit card- i got capital one venture to avoid fees before i left the states. While i was still working things out i would paypal my local friend and he would give me cash.

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@Colby G / @Jen Gerry

I would recommend you open a wise.com or a revolut.com account.

Hope that helps

SimCityAT
Expat Team
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@Colby G
No banks are free, it depends what you call low cost banks as well.   BBVA is a good bank, but you pay yearly fees €65/year approximately…it is what  it is…
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I would follow the suggestion of SimCityAT (Wise or Revolt) if you are just trying to minimize the cost of foreign exchange fees and crappy exchange rates.

For other uses, It  depends on if you are often getting cash out or just paying with the card.  Wise can get  expensive on cash withdrawals after a rather small limit. (I haven't checked Revolt.) Both of these aren't really designed for day-to-day banking—especially Wise.

People like N26 for regular banking needs, but I believe N26 needs an address and an NIE number to open. There are new online banks popping up all the time, so check them out. Some established banks will open up an account with just a passport, but it seems to depend more on individual bank managers than company policy. 

A little off topic, but if you have hit that 90 day limit on your stay, you may be heading for some trouble, especially if you will be trying to get residency later. At least officially. I would do some searching on this site to see what the government's tolerance for overstaying your tourist visa.
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@Ahmed Ismail75

Thank you very much for the tip! :)
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@optimist55116 Thanks so much! Your response has been extremely helpful!

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@Colby G

I got my account at Caixa before residency.

I also use Revolut.

They have US and Euro account and card.

I transfer funds free from US account to Revolut via US debit card . Then convert to Euro in Revolut before transferring to Caixa account.

Works for me.

Caixa is bilingual and ubiquitous locations in Tenerife. Hope this helps. Good luck

George

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@Colby G if you are looking to open an account in Spain with a bank that understands the needs of expats, we would without a doubt recommend HolaBank.

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I obtained an account with Santander by personally visiting a branch in Madrid. I pay no fees, but I keep a reasonable balance (don't remember what the lowest balance for no-fee might be). I occasionally transfer funds from US financial firms and my US bank, and naturally pay for the wire transfer and whatever the current dollar-to-euro conversion rate might be. Santander is, of course, ubiquitous in Spain. I'm not sure if there is any relationship of value between US Santander Bank and the Spanish Santander Bank. I used the account to purchase over €500.000 of real estate (in Madrid and Navalmoral de la Mata) to obtain the "golden visa." I also pay my Internet, electric, insurance, and community fees automatically from the account. I can manage the account on the web and using the Santander app on the cell phone.

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Hello,


Not getting favourable replies from the main banks: Caixa, Santander and BBVA, I walked into a local Bankinter agency...and ten minutes later I had an account for non residents. (I needed one to purchase my future place of residence.) I manage things online via their app.

Didn't ask for a bank card as it was not necessary (yet) but once I get a resident account I will of course get one.


All the best to you and enjoy your stay in Spain!

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@Tempowiz thanks to take tine to give the information, i have a question concerning the fee for the transfer, how much does it cost?

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I was able to transfer my funds to buy a property using Magna Financial they didn't charge any fee though.

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Howdy I am an American Expat - currently living in Spain. I am hoping you can help me.

I have been living here for 3 months and I am applying for a student visa currently. I am trying to find a way open a bank account in Spain because my american bank account doesn't have locations here. I can pay for stuff with my current bank account but I pay a small fee every time I do.

My question is this,

Does anyone know of a way to open bank account here that is free or low cost?

I don't have my residency permit yet, I am taking it one step at a time.

-@Colby CaixaBank have just publish info in this website you can consult it in menu : Open an account - CaixaBank - HolaBank

But in any case as an American Citizen you can go any of the 4.000 branches that CaixaBank have in Spain, if you have me your address I can advice the branch to schedule and appointment.

my name is Hitomi - email: ***

Moderated by Bhavna 8 months ago
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