“I’m moving to Spain soon and I need to open a bank account. I’ve heard there are many options, but I’m not sure which bank is best for expats. Which banks offer good services in English, low fees, and easy access for international transfers? Any recommendations?”
Choosing the right bank when moving to Spain as an expat is an important decision. You’ll want a bank that offers easy access to services, competitive fees, and support in English for smoother communication. In Spain, there are plenty of options, both traditional banks and online banks, each offering different features and benefits. Here’s a look at some of the best banks for expats in Spain and their key offerings.
1. Banco Santander
Why Banco Santander?
- Banco Santander is one of the largest and most internationally recognized banks in Spain, with a significant presence in many countries. It is highly recommended for expats due to its global reach, wide range of services, and accessibility.
- Pros:
- Available in English at most branches.
- Strong online banking platform, allowing you to manage your account easily.
- Offers no-fee options for basic accounts for EU residents.
- Ability to manage international transfers with low fees.
- Excellent customer support and a wide network of ATMs across Spain.
- Cons:
- Monthly account maintenance fees for some types of accounts, although there are fee-free options.
- The online banking platform can be a bit overwhelming for new users.
- Best For: Expats who want a trusted, large bank with international services and English support.
2. BBVA
Why BBVA?
- BBVA is another large bank in Spain that is friendly to expats, offering great customer service and an excellent online banking system. BBVA has made efforts to make its services more expat-friendly with support in several languages, including English.
- Pros:
- Free basic accounts for residents in Spain, with the possibility of waiving monthly fees if you meet specific conditions (e.g., direct deposit of salary).
- Comprehensive mobile banking app that makes managing your money easy.
- Good for international transfers and competitive rates for sending money abroad.
- Support in English at branches and through their customer service line.
- Cons:
- Some services come with fees, especially for more specialized accounts (e.g., premium accounts, credit cards).
- Certain branches might have longer wait times for assistance.
- Best For: Expats looking for a well-established bank with digital services, competitive international transfer rates, and English-speaking support.
3. CaixaBank
Why CaixaBank?
- CaixaBank is one of Spain’s most popular banks, known for its extensive network of branches and ATMs. It has a strong presence in Spain and offers good services for expats, including English-speaking staff.
- Pros:
- Many branches with English-speaking staff.
- Fee-free accounts are available, especially for those who are working or students.
- Comprehensive online banking and mobile apps for easy management of your finances.
- Excellent for local payments and easy access to ATMs throughout Spain.
- Cons:
- Some fees apply for non-EU residents or if you don’t meet certain conditions.
- Branch access might be limited outside major cities.
- Best For: Expats who want a traditional bank with a large presence in Spain and strong local service.
4. ING Direct
Why ING Direct?
- ING Direct is an online bank that has gained popularity in Spain for offering simple, no-frills banking services. It’s an excellent choice for those looking to avoid branch visits and prefer digital banking.
- Pros:
- Free online banking with no maintenance fees on accounts.
- Great mobile banking app that allows you to manage your account on the go.
- Easy international transfers with competitive exchange rates.
- English-language services are available through the customer service line.
- Cons:
- Limited number of physical branches (most services are handled online).
- Some services, like overdrafts or credit cards, may come with higher fees.
- Best For: Expats who prefer online banking, low fees, and don’t mind using a digital-only bank.
5. Banco Sabadell
Why Banco Sabadell?
- Banco Sabadell is a strong option for expats, especially for those who want more personalized banking with the option for English-speaking support. They offer various types of accounts, some of which are tailored for expats or newcomers to Spain.
- Pros:
- Good option for expats, with a wide range of account types (including accounts designed specifically for expats).
- English-speaking staff and international services for those transferring money abroad.
- Digital services with a strong mobile banking app.
- No monthly fees for some accounts if you make regular deposits.
- Cons:
- Some accounts require minimum monthly deposits to waive fees.
- Limited ATMs in rural areas compared to larger banks.
- Best For: Expats looking for a personalized experience with access to digital services and English-language support.
Comparison Table: Best Banks for Expats in Spain
| Bank | Key Features | Pros | Cons | Best For |
|---|---|---|---|---|
| Banco Santander | Large bank, international presence, English support | Trusted, international services, wide ATM network | Monthly fees for some accounts | Expats who want a global bank with English support |
| BBVA | Strong online banking, competitive transfer rates | Free accounts for residents, good app | Some services have fees, longer waits | Expats looking for digital banking and international transfers |
| CaixaBank | Large network, good for local payments, English support | Many branches, fee-free options for residents | Some fees for non-EU residents, limited outside major cities | Expats who want a traditional bank with local presence |
| ING Direct | Online banking, low fees, good mobile app | Free accounts, easy international transfers | Limited physical branches, some services with higher fees | Expats who prefer online-only banking with low fees |
| Banco Sabadell | Strong for expats, personalized banking, English support | English-speaking staff, tailored accounts | Minimum deposits for fee-free accounts, fewer ATMs in rural areas | Expats looking for personalized service and English support |
Conclusion
Choosing the right bank as an expat in Spain depends on your needs, lifestyle, and how you prefer to manage your finances. For those who prefer traditional banking with physical branches, CaixaBank and Banco Sabadell are great options, offering strong customer support and a wide network of ATMs. If you’re more into digital banking, ING Direct and BBVA offer easy-to-use online services with competitive fees and good international transfer options. Banco Santander, as one of the largest banks in Spain, is also an excellent option for those who want an established institution with international services.
Ultimately, consider the type of services you need (e.g., international transfers, ATM access, digital banking), the fees associated with each bank, and the availability of English support when making your choice.
