Bev B.Moving to Spain is exciting until you realize you need a Spanish bank account before you can do almost anything. Set up your phone contract, receive your nómina (salary), or even rent an apartment. Banking is one of the first adulting tasks you’ll tackle as a new expat, and getting it wrong can cost you in fees, frustration, and missed opportunities.
I’ve been living in Spain for a while now, and through trial, error, and a few unexpected charges, I’ve built what I call my “banking stack” – a combination of accounts that covers everything from day-to-day expenses to international transfers. In this post, I’m breaking it all down so you can skip the learning curve.
Digital Banking Essentials: Revolut and Wise
Before talking about Spanish banks, let’s start with the two digital tools I use every single time I travel or send money abroad.
Revolut (My Go-To for Travel)
Revolut is the card I pull out whenever I’m outside of Spain. While many expats look at N26 because it offers a Spanish IBAN and a 100% English interface, I’ve stuck with Revolut for its global versatility. N26 is great for staying within Europe, but Revolut wins when you’re further afield—like when I needed to withdraw cash in Japan with excellent rates that N26 couldn’t quite match.
Note: Watch out for the weekend fee (1% on the Standard plan) if you exchange currency between 5pm Friday and 6pm Sunday (ET).
Wise (For Sending Money to the Abroad)
Wise remains my choice for sending money home to the Philippines (or anywhere else). They use the mid-market exchange rate with no hidden markup the same rate you’d see if you Googled the conversion right now with no hidden markup. You just pay a small, transparent transfer fee that starts from around 0.33%, depending on the currency.
Banks, by comparison, typically inflate the exchange rate to earn a hidden cut. With Wise, you see exactly what you’re paying before you confirm the transfer. For someone sending money home regularly, that transparency adds up to real savings over time.
Traditional Spanish Banks: BBVA vs. Santander
Now, on to the Spanish banks. While digital banks are great, most expats, students and auxilares still need a traditional Spanish account for rent and official direct debits.
BBVA (Where I Keep My Savings)
BBVA’s Cuenta Online Sin Comisiones is exactly what it sounds like: a free current account with no maintenance fees and no conditions. You don’t need to direct deposit a salary to keep it free. It comes with a debit card (the Tarjeta Aqua Débito), free online transfers within the European Economic Area, and free ATM withdrawals at BBVA’s network of 4,500+ ATMs across Spain.
For travel, BBVA allows up to €300 in foreign currency payments per month without any commission. If you’re under 30, you get unlimited fee-free foreign payments and ATM withdrawals worldwide, which is a solid perk.
To open the account, you’ll need to be over 18, reside in Spain, and have a DNI or TIE with a photo. The whole process is done online via video call—no branch visit required.
I’ve heard stories about people getting unexpected fees from BBVA, but personally, I haven’t encountered any issues. My account has stayed completely free since I opened it.
Santander (My Expenses Account)
Santander was my first bank in Spain, back when I was an auxiliar in Madrid. Their Cuenta Online para Jóvenes is designed for people under a certain age and requires absolutely no conditions—no nómina, no direct debits, no minimum balance. It’s completely free to maintain.
One thing I’ve heard from other auxiliares is that some people got charged fees in summer when their salary stopped coming in. My understanding is that the student/youth account should remain free regardless of deposits, but it’s worth double-checking the specific account type you open with Santander and confirming the conditions at the time of opening. If you’re an auxiliar or student, ask specifically about the fee-free youth account.
Now I use Santander for my day-to-day expenses – groceries, bills, going out. It’s widely accepted everywhere and the app is clean and reliable.
ING (Cuenta Nómina + Cuenta NARANJA for my payroll account )
ING’s Cuenta Nómina is free as long as you direct deposit a salary, pension, or income of at least €700 per month. If you don’t meet that condition, a €3/month maintenance fee applies—so this one is best suited for people with a regular income in Spain.
The real draw? When you open the Cuenta Nómina, ING automatically opens a Cuenta NARANJA alongside it. This is a savings account that currently earns 1.00% TAE in interest – with no minimum balance and no lock-in period. Your money always stays accessible.
For context, the savings interest on offer in the Philippines is generally lower, so for someone like me who’s saving in euros, this is a meaningful bonus. It’s not a life-changing rate, but earning something on your savings balance beats earning nothing.
ING also includes a free travel plan: commission refunds on foreign currency purchases (up to €1,000) and up to 2 free ATM withdrawals abroad per month.
The Plan Amigo Promo
One more reason I switched to ING—the Plan Amigo (referral program). When I signed up using a referral code, both the person who referred me and I received a cash bonus(. If you’re setting up your account, it’s worth finding someone who can refer you.
Pro Tip: Spanish banks are currently in a “cashback war” to win over expats. Before signing up, always check the BBVA, ING or Santander for terms like “Plan Amigo” or “Promoción Nómina.” They often offer significant cash bonuses for new users, but these offers change monthly, so check the “Promociones” tab first. I got €400 euros when I opened a BBVA and around €250 (gross) for ING when I signed up under a friend’s link.
What to Watch Out For
If you’re arriving in Spain as an auxiliar de conversation or international student, a couple of things are worth keeping in mind:
- Santander’s youth account is the easiest starting point. No conditions, no required deposits, no permanence clause. Just make sure you’re opening the correct account type.
- BBVA’s Cuenta Online is also condition-free, making it another solid option even without a steady income yet.
- The summer gap – when auxiliar contracts end and salary payments stop – is where some people have reported surprise fees. If you open a condition-based account (like ING Cuenta Nómina), a fee may kick in if your deposits drop below the threshold. Avoid this by starting with a truly fee-free account like BBVA or Santander until you have a consistent income.
MyInvestor for Investing
MyInvestor is not a traditional bank. I use it purely for investing, not for day-to-day banking. But it deserves a mention because it’s genuinely one of the best investment platforms available in Spain.
They offer a free debit card, a current account with 0.75% TAE interest on balances up to €70,000 (no salary direct deposit required), and access to index funds, ETFs, stocks, automated portfolios (roboadvisor), and even deposits offering up to 2.25% TAE.
What makes MyInvestor stand out is the breadth of investment options at low fees. You can invest from as little as €1, and they offer Vanguard index funds with no minimum investment—something rare in Spain.
I won’t go into detail here about how I invest through MyInvestor, but if you’re curious, I’ve written a full breakdown in my investing guide. [Read: How I invest in Spain]
Building Your Perfect Banking Stack in Spain
Building Your 2026 Banking Stack
| Bank | Best For | Referral Link / Code | Actual Bonus (April 2026) |
| Revolut | Travel & Global Spending | Open account | 3 Months Premium + Variable Welcome Perk |
| MyInvestor | Long-term Investing | Open account Code SRRZZ | €25 Cash (with €1k deposit or €100 investment) |
| BBVA | Savings & Free Account | Code: 14D6002108F9BF | €250 Gross for domiciling a nómina (>€800) |
| Santander | Daily Expenses | Code: 000271-CF-53403548 | €300–€400 Gross (Offer ends April 9, 2026) |
| Wise | Int’l Transfers | Open account Code: beverlyb320 | First transfer fee-free (up to €500) |
Expert Tips for Using These Codes
- BBVA & Santander: These are “Plan Amigo” codes. When you’re filling out the online application, look for the “Código Promocional” field near the end. For Santander, make sure you do this before April 9, as their current €400 spring promotion is set to expire then.
- MyInvestor: To trigger the €25 bonus, you have three options: deposit €1,000 in cash, invest €100 in an index fund (like Vanguard), or open a fixed-term deposit. I recommend the index fund—it’s the best way to start your Spanish investment journey.
- Revolut: Their campaigns move fast. This link currently unlocks a 3-month trial of the Premium plan, which gets you higher fee-free withdrawal limits and travel insurance – perfect for your first few months of exploring Spain.
- Transparency Note: Using these codes helps me keep this blog running and updated with the latest 2026 data. If you use them – gracias! It’s a win-win for both of us.
You don’t need all six. Most newcomers will be fine starting with Revolut, Wise, and one Spanish bank account (Santander is the easiest first step). As your situation stabilizes—especially once you have a steady nómina – adding account for the savings interest and MyInvestor for investing starts to make a lot of financial sense.
Banking in Spain doesn’t have to be complicated. With the right setup, you can avoid fees entirely, earn a little on your savings, and send money home without getting eaten alive by exchange rate markups. Start simple, build as you go, and you’ll be fine.
I love reading your articles.
More power to you Injin.