Overview of Spain's Banking System
The banking system in Spain is fully integrated with international financial markets, offering a diverse range of banking options including private, state-owned, international, cooperative, and mobile banks.
Spain's banking industry, which experienced significant expansion in the early 2000s, has contracted since the 2008 housing crisis, with numerous regional savings banks either shutting down or consolidating with larger institutions.
Current statistics indicate that Spain has 141 banks (including approximately 80 foreign banks), 67 cooperative banks, and 19 savings banks. These institutions operate through more than 27,000 branches nationwide. Banco de España serves as both the central banking authority and national regulator for Spain's banking sector.
Currency Information
As a Eurozone member, Spain uses the euro (€). As of June 2025 the exchange rate is 1 EUR to 0.84 GBP or 1.14 USD. However, on June 2019, the exchange rate was 1 EUR to 1.12 GBP and 0.88 USD.
The euro comes in eight coin variants (1, 2, 5, 10, 20, and 50 cents, plus 1 and 2 euros) and seven banknote values (5, 10, 20, 50, 100, 200, and 500 euros). Many smaller establishments in Spain typically don't accept notes larger than €100.
Main Banks in Spain
Spain features several large national banks (bancos), including those operating internationally. Major banks in expat-populated areas typically offer English-speaking services designed for them. Standard operating hours for Spanish banks are 8:30 AM to 2:30 PM.
The principal Spanish banks include:
- Banco Santander
- BBVA
- Caixabank
- Banco de Sabadell
CaixaBank, Deutsche Bank, BBVA and Banco Santander are some of the most prominent international banks in Spain, recognised for their commitment to sustainability, innovation and open banking services.
For a free and convenient experience, consider opening an account with BBVA, N26, or Revolut. If you prefer a bank with physical branches and potential English support, Banco Sabadell or CaixaBank could be good choices. It's always advisable to research the specific offerings and requirements of each bank and compare them to your needs before making a decision.
Online Banks
In Spain, several alternatives to traditional banks offer competitive services, particularly for expats and those seeking digital banking solutions. Neobanks like N26, Revolut, and Bunq provide user-friendly online platforms and multi-currency accounts. For international money transfers, Wise is a popular and cost-effective option. Additionally, some traditional banks such as ING and Openbank have strong online offerings.
Online vs. In-Person:
Some banks, like BBVA, offer fully online account opening processes for non-residents, while others, like Sabadell, may require in-person visits for certain account types.
Fees:
While these banks offer free accounts, it's essential to review the specific terms and conditions, as some may have fees for specific services like ATM withdrawals or international transfers.
Regional Banks
Spain also has numerous smaller regional banks (cajas), primarily state-owned or cooperative institutions functioning mainly as savings banks. These banks generally offer a narrower range of services compared to bancos and are less likely to provide English-speaking assistance. Many smaller cajas have closed or merged with larger institutions since the 2008 financial crisis.
Spain has numerous local credit unions and cooperative savings banks (cajas) offering financial services at low costs, primarily catering to local populations, especially in rural communities. The EU banking website provides information on cooperative banks and specialized credit institutions currently operating in Spain.
Opening a Bank Account
Opening a bank account is one of the procedures that all foreigners must complete if they wish to have any kind of relationship in Spain, whether it be to buy or rent a home, for business reasons, studies, etc.
To do so, and before dealing with all the bureaucracy that this and many other procedures usually require, you must have an identification document, such as a passport, NIE or TIE. The method for opening a bank account will depend on the document you have and the conditions of each institution.
It is also possible to open a bank account in Spain without being a resident.
For non-residents in Spain:
If you are an EU citizen: you can open a bank account in Spain without being a resident, using your identity card from your country of origin or your passport (together with your CUE).
If you are not an EU citizen: you can open a bank account in Spain, but only if you have a passport (valid).
To facilitate the process, it is advisable to obtain a NIE (foreigner identification number).
If you are a resident in Spain:
If you are an EU citizen: you can open an account in Spain using your CUE (EU citizen registration certificate), together with your identity document from your country of origin or your passport.
If you are not an EU citizen: you can open a bank account in Spain using your TIE.
Banking Services
Services vary across different providers but generally include:
- Current accounts: Various options for day-to-day financial management, including credit and debit card facilities
- Loans and overdrafts: Lending options for vehicle purchases, home renovations, or payroll advances
- Mortgages: Variable and fixed-rate mortgage options for qualifying customers
- Savings and investments: Investment funds, pension plans, and stock exchange investments
- Insurance: Life insurance, home insurance, and health insurance options
- Digital and online banking: Remote finance management capabilities
- Mobile banking: Banking apps and mobile payment services
- Business banking: Accounting, borrowing, investment, and insurance options for businesses and self-employed individuals
- Expat services: English-speaking assistance and specialized packages for expats, including international money transfer options and non-resident accounts
ATMs in Spain
ATMs accepting major cards like Visa, Mastercard, and Maestro are readily available throughout Spanish cities and towns, though they're less common in rural areas. Most machines also accept American Express cards.
Financial institutions place limits on daily ATM withdrawals to protect customer accounts from fraudulent activity. Daily ATM withdrawal limits are usually somewhere between €300 to €1,000, but can vary depending on the institution. You can raise your daily withdrawal and purchase limits by contacting your bank.
For less common cards, it's advisable to verify availability with your provider before traveling to Spain. You can locate the nearest ATM using locators provided by Visa, Mastercard, Maestro, American Express, and Discover.