Spain's banking scene is a mix of old and new: high-street giants with branches on every corner, and digital banks that undercut them on price. For expats, the two questions that matter are: which accounts are genuinely free? and do I need an NIE (foreigner identity number)?
We compare four of the most popular options among expats — BBVA, Openbank, N26 and Revolut — as honest options with trade-offs, not a fake "#1, #2, #3" ranking. Fees and features change regularly, so always verify on the provider's official site before applying.
Quick comparison: bank accounts for expats in Spain
| Account | Monthly fee | NIE needed? | Card | Branches / ATMs | Best for |
|---|---|---|---|---|---|
| BBVA (Cuenta Online) | €0 | Yes, resident | Debit card included, no fee | Branches + BBVA ATMs | All-round Spanish banking |
| Openbank (Open Current Account) | €0, no conditions | Yes, resident | Free Open Debit Card | 5,000+ Santander ATMs | Free digital banking |
| N26 (Standard) | €0 | Usually not | Virtual Mastercard free | No branches | New arrivals |
| Revolut (Standard) | €0 | No | Card included | No branches | Multi-currency & travel |
1. BBVA — the big Spanish bank with a genuinely free online account
BBVA Cuenta Online
BBVA is one of Spain's biggest banks, and its Cuenta Online is a fee-free online account with no monthly fee, no fee for the debit card, and no charge for cash withdrawals at BBVA-network ATMs. EUR SEPA transfers made online or in the BBVA app are free. It's the rare case of a high-street giant offering a digital account that actually costs nothing for everyday use.
You also get one of Spain's best banking apps, with mobile payments compatible with Apple Pay, Google Pay and Samsung Pay, plus the option to walk into a branch if something goes wrong — the best of both worlds. Non-euro payments are where fees appear: sending a non-EUR transfer costs around 0.6%, from €6 up to a maximum of €100 for high-value transfers.
The main hurdle is eligibility: the free online account is aimed at Spanish residents, so you'll typically need your NIE sorted. It's the "second step" account for many expats — open it once you're resident.
2. Openbank — Santander's free digital bank
Openbank Open Current Account
Openbank is the 100% digital bank of the Santander Group, and its Open Current Account is fee-free with no conditions: no maintenance fees, no administration fees, no closing fees and no day-to-day banking charges. Transfers in euros within the EU are free, and you get the Open Debit Card free as the main account holder, with free cash withdrawals at more than 5,000 Banco Santander ATMs across Spain.
Because it's backed by Santander — one of the world's largest banks — you get the reassurance of an established group behind a modern app. It's a straightforward, honest product: an everyday current account with genuinely zero fees and no "keep €X salary" conditions to unlock them.
Like BBVA, Openbank requires you to be of legal age, a resident in Spain and to hold a valid ID document. If you've just arrived without an NIE, start with N26 or Revolut below, then switch to Openbank.
3. N26 — the no-hassle account for new arrivals
N26 Standard
N26, the Berlin-based digital bank, is recommended by expat organisations such as ESN Spain precisely because it removes the arrival friction: a 100% online free account with no conditions, opened from your phone in minutes with a passport. Unlike the Spanish banks above, it doesn't make you wait for an NIE.
The free Standard plan includes free payments in any currency with no fees and free cash withdrawals in the eurozone — practical if you travel between Spain and your home country. The fully English app is a relief when your Spanish is still at "hola" level.
Watch the limits: free ATM withdrawals are capped per month (then €2 each), foreign-currency ATM use carries a 1.7% fee on the free plan, and the physical card costs a one-time delivery fee. There are no branches and no cash-deposit network of its own. For many expats N26 is the arrival account, kept long-term or paired with BBVA/Openbank once resident.
4. Revolut — the multi-currency travel companion
Revolut Standard
Revolut needs no NIE, no Spanish address and no waiting: ten minutes on your phone and you have a multi-currency account with an instant IBAN. Currency exchange is free up to €1,000 per month on the Standard plan (1% beyond that in the euro area), with roughly 1% markup outside FX market hours on weekends.
For expats in Spain it shines in three roles: converting salary or savings between currencies cheaply, spending fee-free on weekend trips around Europe, and sending money abroad — instant and free between Revolut users. The feature set goes far beyond banking: stock and crypto trading, travel insurance on paid tiers, even e-SIMs for travel data.
The caveat: Revolut issues a Lithuanian (LT) IBAN rather than a Spanish one, and some Spanish landlords, employers and administrations still prefer a local ES IBAN for direct debits. The classic expat setup: Revolut for FX and travel, BBVA or Openbank for salary, rent and Spanish direct debits.
Do expats need an NIE to open a bank account in Spain?
The NIE (Número de Identidad de Extranjero) is the foreigner's identity number, and most Spanish banks ask for it — BBVA and Openbank require Spanish residency, which in practice means having your NIE. However, you do have options without one:
- Non-resident accounts: some Spanish banks offer non-resident accounts (cuentas para no residentes) aimed at foreigners, though they're mostly euro-based and can carry fees.
- N26 and Revolut: open without an NIE — the practical bridge account while your paperwork processes.
Get your NIE as early as possible anyway: you'll need it for work contracts, rental agreements, taxes and utilities, not just banking.
Practical tips for expats opening a Spanish account
- Bizum: Spain's instant mobile payment system (like a national Venmo) is essential for splitting bills and paying small businesses — make sure your account supports it.
- Direct debits (domiciliación): Spanish bills — electricity, water, internet, gym — are normally paid by direct debit, so get your IBAN to providers promptly.
- Non-euro transfers: Spanish banks charge for these (BBVA ~0.6%). For sending money abroad, compare with specialists in our money transfer guide.
- Deposit protection: Spanish banks protect deposits up to €100,000 per depositor under the EU deposit guarantee scheme.