You can open a Cuenta Online with no commissions in 10 minutes using the mobile app. You mention that you are happy with BBVA. Hi Jean, Iam thinking of closing my Santander 123 account due to the new increased charges so wondered if you have some info/feedback on the Openbank online account? If you own min. Runner up are UK banks btw who milk their clients wherever they can (fully exploiting the fact that they stayed out of the EURO which allows them to charge ridiculous fees for simple transfers). My surprise was that I got a note that my Revolut IBAN number is blacklisted. Calculation sample for Germany: choose country Germany (DE) Branch Code (BLZ) - 37040044 and account number - … Now that we have the option, I recommend opening an account with N26, which is a new breed of bank that is totally app-based. You can give this IBAN to the sender, to process the payment. With linked accounts. If you have a job in Spain, there is also the option of a CON NOMINA account, which means that you’ll have to deposit your monthly paycheck into the account for it to remain commission-free. Pretty please… Are you planning to update this soon? If you’re worried about managing multiple cards, have a look at the solution I found for that further down in the article. I have the same problem as you. If you haven’t learned any Spanish yet, I would also recommend that you get the basics nailed down. My requirements are: to hold my money, pay some direct debits (taxes, electricity, home insurance), online access, no monthly pay slips or entries, no spanish phone number. They will also give you special discounts at certain shops and 3% cashback on fuel bought at Galp or Shell. Pensions, property and more. I have tried contacting many other banks, including BBVA, where I had all the requisites – NIE, spanish property (address) etc but lack a spanish telephone number. It’s very frustrating. I haven’t come across this bank before and I’m not sure whether they have any presence in Spain. Thanks Jan, I won’t go with them then, let me know if you find a better one. I would always suggest having two bank accounts in place just in case conditions change with your usual bank. They offer a deposit account for 36 months at 1.3% TAE or similar (offers change quite frequently). It’s a valid alternative to investing in index funds and like I said these kinds of platforms are already extremely popular across the Atlantic. The best thing about Cuenta ON is that it is completely commission-free. I am stuck in England with little hope of getting to Spain for many months – I am in the high risk group for Covid 19 – and I suddenly have no access to online banking, The focus is all on digital and the idea is that this account works in all the ways young people need it to work, with none of the stodgy practices of the traditional banks. I am looking for an account for low commission charges and where I can pay Spanish Social security and taxes out of and also put money in to cover these costs. We run the same check, so we’ll be able to tell you if your IBAN is in the right format. Data updated on 28 July 2020. They have also blocked many clients’ accounts even during the sensitive Coronavirus crisis times, piling more difficulty on families when they should be helping alleviating the burden. The same thing applies if you have an iPhone and want to use the Spanish app store; you need a Spanish debit or credit card. This is because companies require a Spanish IBAN for the address of payments or payroll. If you want to carry out all your transactions quickly, wherever you are, use CaixaBankNow digital banking (our online banking service), at your disposal in 22 languages, 24 hours a day and 7 days a week. The downside of international transfers with your bank. Revolut received its European banking license from the European Central Bank in December 2018. An IBAN is an internationally agreed code of up to 34 letters and numbers that identifies a particular bank account. I hope to find an answer here, if possible. The only way to be charged no commission is to put 700 euros every month and once it is not possible it goes back to charging and stays there. Accept payments dirrectly into your Monzo Account; Allows any merchant using Monzo to make payments dirrectly into your account. We are here to help you. It’s not the best account to choose if you’re here in Spain temporarily or if you’re a non-resident. I have a BBVA account and there are no maintenance fees nor minimums for deposits. Your IBAN being in the right format isn’t a guarantee that it exists. Info about Monzo. So once that is open you can transfer your funds and apply for a NIE. I now can’t just have Sabadell because of the 700 euro entry per month (which currently goes back and forth) I don’t like either due to so many charges and such incompetence (CR). The reason why I did was that I am outside Europe for work and that I often have to work in countries with doubtable reputations when it comes to banking and money spending. So there are some solutions to have the account for free although it’s not the online account. One app for all things money. I am not charged any fees with this account and there don’t seem to be any hidden charges. That’s because the banks still use an old system to exchange money. Their best offering at the moment is Cuenta ON, which gives you zero commissions, similar to ING Direct. So it would be safe to print an IBAN on a card, a bank can decide just to decline every incoming SEPA direct debit request. Personally, I think SIN NOMINA is more straightforward provided you keep those 2,000 Euros in it. Thanks again. BBVA is consistently rated among the top 3 banks in Spain. I prefer ING Direct’s and BBVA’s interface, related services and also their facility of withdrawing from other ATMs commission-free. I have lots of content on that subject as well on this site, and a good place to start from is my post on the best property investment platforms in Europe. They’re of course a well established Dutch multinational bank and they have subsidiaries in many countries. ES I have tried phoning Customer Services but as soon as I ask for someone who speaks English the call is terminated. I already have two – Sabadell which used to be good and Caja Rural local to my property which I felt I needed at the time. The famous online bank Revolut is also available to residents of Spain. Every N26 bank account is guaranteed by the Compensation Scheme of German Banks up to €100,000. However, don’t forget that while there’s no spending limit for card payments, free ATM withdrawals are limited to €200 per month with the Standard account (higher for Premium and Metal), after which you’ll be charged a 2% fee. Rebellion Pay is a product that is clearly targeted towards teenagers and people in their twenties. Your N26 account with Spanish IBAN. Comments for robots Their offices always make you feel welcome and their staff usually speak English. Revolut has three tiers: Standard, Premium and Metal. Any idea of Dukascopy bank pls? Wizink is a bank specialized in credit and savings solutions through basic products that aim to keep things simple for its users. Hi there, I am new to Revolut, and am trying to find my Euro IBAN address in the app. This allows banks to correctly process international money transfers. So I am surprised to see it in the list of non-commission banks. That’s just not true. Since the introduction of International Bank Account Numbers (IBANs), the countries which use IBAN have mostly integrated their local bank codes into the prefix of IBAN account numbers. Raisin puts more than 70 savings products at your disposal. I will use this list to find our next bank. Every country will have a different IBAN length. and If you are 18 or older, live in Spain and are not a BBVA customer, you can open and enjoy all the advantages of this account. If you’re abroad and need to withdraw cash they will charge 4% with a minimum of 4 Euro. Use Entities Finder to find relationships between entities, things, concepts and people. Greetings. No idea how to open the online account…. IBAN: validate IBAN, show BIC : If a digit or two are unknown, enter question marks instead (e.g., DE12500?0?170648489890). You are charged at least a 1% markup for currencies such as the Thai baht, Russian rouble, Ukrainian hryvnia and the Turkish lira. Hi Jean – fellow Maltese in Spain here. The big advantage of Sabadell is that it is a very stable local bank with straightforward and professional procedures. Banks are on the lookout for money launderers and have very strict parameters within which to operate. As you know, banks nowadays offer very low interest for leaving your money in their accounts. For now, Revolut still has obligations to safeguard your funds in a separate bank so you can get them back should anything happen to Revolut. Hello Jean Therefore Cuenta ON is a good secondary or backup account. I suggest that you use TransferWise for your conversions as you will save a ton of money versus any local bank. From your everyday spending, to planning for your future with savings and investments, Revolut helps you get more from your money. I have tried at least 4 times with the application process blocked before completing the form. I have been a customer for over 20 years & have also been until now. Let me share them with you: Here are some of the typical bank fees charged by banks here that I was not prepared to pay: After spending many hours in online research, speaking to people and visiting bank branches, these were my shortlisted banks: Before we delve into details about each of these banks and my top pick, I’d like to make a special note for those who will be transferring money from other countries. Thanks for your prompt and informative reply. Calling customer service and as soon as you ask for an English agent, the call is cut off. I can’t get a NIE without a bank account in euros and I can’t get a bank account in euros without a NIE, it seems. When you sign up, you will need to choose between three account tiers, starting at €0 per month for the Standard account. We’re giving you the financial freedom to live, work… A foreign bank account is not that useful in Spain as many institutions rely on direct debits to a local account. anon33247966. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Global Citizen. Need to give this to employers. As a result some accounts (and the money therein) were apparently blocked for months at a time. If you’re opening your first bank account in Spain with one of the local banks: The proof of income documentation is not always required. Keep in mind that terms can change at any point with Spanish banks, so you’ve got to be on the ball and read any communication they send you. The IBAN will then be automatically completed. My Spanish is weak and I didnt have the confidence to switch so your article has given me the boost I needed to save a ton of money! Perfectly fine for me, as I find it way more comfortable doing everything online. I’ve been meaning to leave Sabadell for a while as their conditions, charges and lack of practical app services are really frustrating. Before you make a payment, you can use the app to choose which bank card you want to take the money from. You’d have to use your passport instead. An IBAN is an internationally agreed code of up to 34 letters and numbers that identifies a particular bank account. as far as I know, Santander offers a non-resident account. Revolut’s aim is to make cryptocurrencies accessible. Join over 2 million people and enjoy a full range of features - all celebrated by a great 4.1/5 Trustpilot score. The IBAN structure and compliant formats are defined in ISO-13616-1. It’s designed for those who travel a lot and offers ways to spend abroad, including international money transfers with no hidden fees. Make sure you make a list of things that are most important to you, then start your search by visiting all the sites of the local banks. Monzo Premium: Banking that makes a statement Turn heads with our white metal card, made from steel. Thank you for this article. Another way to have the account for free, is being a shareholder of the bank. A debit card is also available once the account gets opened, but my question being very specific to know if there are any criteria or conditions to be met in order to not charge clients a fee for the debit card and the account. This makes it easier to read and check. thanks. You can spend in over 150 currencies at the interbank exchange rate and exchange 29 fiat currencies. ), Hello Lynn This was the easiest bank opening process I’ve ever been through, and I appreciate the convenience of it all. These were prepaid Mastercards which the user could top-up via bank transfer or via an existing … Best of all, it is all available in English, which is perfect for ex-pats. I would like to know whether opening the BBVA Cuenta Online will incur any maintenance or management fees ? However, I tried to sent some crypto funds to my Revolut account, as this one includes crypto trading. If I apply to N26 will I be able to use it in UK and Spain when UK leaves the European Union without a deal. Transfers should happen instantly, but can sometimes take up to 4 hours. You will then need to print a paper and sign it, as well as take a copy of your passport and NIE. The big disadvantage of using Revolut at the moment is that you don’t get a Spanish IBAN. I’m a non-EU foreigner with legal Spanish residency. In order to open your account, they will ask you for another account at a local bank for verification purposes, so this cannot be the first bank you open. None of the banks mentioned in my article are great places to earn any interest on your money. Unfortunately, I haven’t been very impressed by banking in Spain. The next 2 characters ("KK") specify the check digits, used to confirm integrity of the code. I found a way around the fees being charged. Find all the answers to your questions about Revolut and get help from our support team. Latest news, expert advice and information on money. Any help would be greatly appreciated. Do you recommend the BBVA online one? I added money with my linked bank account, but I can't see it on my account in Revolut; Can you do anything if I have a problem using my linked bank account to add money? When I arrived in Spain I did not have any payslips to show, so instead, they asked me for statements from the bank account in my country, and that was enough to open the first bank account here in Spain. Enjoy peace of mind with extensive phone and travel insurance, interest and much more. You’ll need the name of the person or company you’re sending it to, and their account number and sort code. If you’re interested in making the most of your money, don’t leave it sitting in your bank account where it generates low returns. In my case they started doing this about 1 month ago and asked for a document confirming my status as autonomo. Customers have access to five different cryptocurrencies: Bitcoin, Litecoin, Ether, Bitcoin Cash and XRP. Signing up is simple and done through their website. I have been a customer with bbva for 16 years and I am disgusted and looking to change banks. Ok, now that you now know how to do currency exchanges the right way, let’s move on to Spanish banks. Hi! I really hoped I would get around it somehow but can’t. All valid points that I agree with. Incredibly useful for those of us who have many debit and credit cards. Other country guides: How to open a bank account in the US, Canada or Australia as a non-resident. 'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+'://platform.twitter.com/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs'); Participate in this conversation via email, Read my full TransferWise Borderless review, investing through the Mintos P2P lending platform, review of the best P2P lending sites in Europe, best property investment platforms in Europe, A valid passport or national identity card, Your Spanish Tax identification number (NIE), A document to confirm your address such as a utility bill or Title Deed, A document to prove you have an income – this could be a payslip, tax return or an official form connected to your pension (optional), The IBAN number of your other bank account, Cuenta para residentes = resident account, Cuenta para no residentes = non-resident account, Account number – usually a ten digit number, Sort code  – four digits for your bank reference and four digits for your branch, BIC – Bank Identifier Code. They also offer a credit card facility and of course, Apple Pay can be used with this bank as well. Read my full TransferWise Borderless review or go ahead and open an account using the link below. Using it abroad is much like using it in Spain. When I arrived in Spain, I had a list of criteria that I used to search for the best bank here. Others may have stricter policies, and they might reject your application without providing any specific reasons. The most important requirement in order to keep this account commission free is that you conduct all operations online without visiting the branches. Thank you for all this bank related information. I live in uk and am english but want a non resident bank account in Spain. Banks trust each other, so if one bank has done its checks and opened a bank account for you, you can then open another account at another bank by just providing basic identification and the IBAN number for your other bank account. Every IBAN has two check numbers following the country code. Since April 2019, N26 gives its Spanish users a Spanish IBAN account, so you will be able to use the bank for any direct debits as you would use other Spanish bank accounts. Thanks in advance. With Bankia, you can send or receive money from friends using the Bizum system, and you can also use Bankia Wallet to pay directly with your mobile phone, in a similar way to ING Direct’s Twyp Cash. This means that if you open a current account with Revolut in the future your funds will be protected up to €100,000. That said, compared to some of its brick-and-mortar rivals, it’s missing a few important features. You can then proceed to visit the local offices of the shortlisted banks and get a feel for the kind of people that work there and get more information about their products. When an IBAN is used to make and receive online payments it should not contain blank spaces or the word "IBAN". This allows banks to correctly process international money transfers. Remember that you can always close an account without any hassle or cost if further down the line you understand that the bank is not well aligned with your needs. Thanks for choosing to leave a comment. Let’s talk about some of the most common words used in Spanish banking. On the other hand, Bankia offers its website in English and Spanish (apart from Catalan and Valencian), so you can find all the information easily. For all account tiers, Revolut gives you a free IBAN account, a free UK current account and a bank card so you can spend your money. The ING Direct website is in Spanish but they have nearly identical websites in other markets such as Ireland, where you’ll find all the information in English if you need it. Have you heard anything about this? Last updated: January 08, 2021242 Comments. The Standard account is €0 per month, the Premium account is €7.99 per month and the Metal account is €13.99 per month. The current account SIN NOMINA is commission-free provided you keep a minimum balance of 2,000 Euro in the account. I will make a fixed monthly transfer from my Foreign account into this account. Our Financial Services Register … Everything else is commission-free and you can withdraw money from ATMs of Sabadell for free, provided you withdraw more than 60 Euro. The platform collaborates with many European collaborator banks, all of which count on the European deposit guarantee scheme (up to €100,000). It begins with letters that refer to the bank you are using. That’s it. Finally, you can make an educated decision on which account to use. Although according to EU rules, businesses here in Spain should accept European IBANs for direct debit purposes, in practice there are some big companies that still refuse to do so. Caja Rural etc to charge considerably more than they already are I’m keen to look for an alternative. Swift Codes also known as BIC Codes is a unique bank identifier used to verify financial transactions such as a Bank Wire Transfer. I’ve found this list really useful, so thanks for compiling it and keeping it up to date! All the banks I mentioned above are very reasonable in what they require and will not make things difficult for you. So far all I can find is my account number in the statements. The most common cases are GBP and USD but this applies to any other non-Euro currency. A foreign account is good enough for proof of funds to get the NIE. Upon moving to Spain, one of the first things you need to do is open a bank account, together with purchasing private health insurance. Spain is one of the most incompetent countries when it comes to financial matters, from the government to private entities. This rises to 2% on weekends. I tried 5 times and always the same issue and problem. Most of Rebellion’s native customers are students, so another helpful feature of having a Spanish IBAN is that they can now use their account to enter scholarships, as well as receiving monthly payments from the bank of mum and dad because one IBAN can be paid to another IBAN. Please remove this comment to prove you're human. Maya. And yes, I appreciate that the above may not have changed much as it’s mostly other banks – not the above – that are making changes. Our Financial Services Register … I recently got a Revolut account, including card and benefits. Their website and documentation are only available in Spanish, so I wouldn’t recommend this account if you’re not very fluent, especially since everything is done online. You can make fee-free currency conversions up to €6,000 per month, after which a 0.5% fee applies. BBVA is a Spanish bank with an excellent reputation, and their mobile app has won numerous awards. What’s more, it’s incredibly easy for anyone to use cryptocurrencies such as Bitcoin with Revolut. It’s decent enough, don’t get me wrong, and most banks have very good online systems and apps, however, support and compliance can get very frustrating. ING Direct used to be my favorite local bank, but as of April 2019, I would recommend N26 above ING Direct. The solution to that is to use the Curve app and card. In 2017, it became the first challenger bank to let customers buy cryptos within the app. You can also set up price alerts to hear when your cryptocurrency hits a certain value. Do not open a bbva account, their maintenance fees have gone through the roof. I think that with Spain being Spain, if your finances are based in the country (which is something you will need to do if you’re here for the long haul) I would still opt for a Spanish bank, even if the service and system is not always ideal. You will no doubt have your own requirements for bank accounts. Allows non-Monzo users to make bank transfers dirrectly into your account based on Please Do NOT use keywords or links in the name field. IBAN Structure & Examples Basically Curve allows you to load all your cards into its app, then use just one card (the Curve card) to make your payments. I am also concerned about any changes due to brexit, but guess no one knows the implications currently (though please tell me if you do! I was finally able to open a Revolut account but now I’m still not sure if having funds in euros in a Revolut account is enough proof for the Spanish government for the NIE. Follow @jeangalea Desde tus gastos diarios hasta planificar tu futuro con ahorros e inversiones, Revolut te ayuda a sacar más partido a tu dinero. I also opened an ccount with BBVA but am still waiting for them to activate it (10 days and counting so far – not impressed). ES Monzo initially issued (with partner company Wirecard) a variety of alpha, beta and investor cards to its customers who wanted to be early adopters. Browse countries starting with letter "U" and find your banking swift code. All in all a great experience with this bank so far, apart from the ridiculous questioning of incoming transfers. For this reason I’ve been considering the possibility of using N26 as a principal account, but their account comes with a big catch – even if N26 are now offering Spanish IBANs (although for some reason it’s taking ages to issue them to existing customers), the bank is not recognized by Spain’s TGSS (Social Security). There are no fees charged for national or Eurozone transfers. It comes with a debit card so you can pay and withdraw money at ATMs once you come to Spain with much lower fees than with your bank. The website is only available in Spanish though so it’s mostly targeted towards Spanish people. They have a weird policy of letting all incoming transfers in, then suddenly asking for documentation about all incoming international transfers months later. I’m happiest with the online banks like N26, Revolut, TransferWise as well as BBVA at the moment. It has a somewhat rocky past and is currently recovering, but that shouldn’t put you off. Calling the helpline number doesn’t help because the operator will literally hangup as soon as she hears me speaking English. The IBAN bank account numbering format was originally developed to facilitate payments within the European Union and has been implemented by most European countries and multiple countries in the other parts of the world (Middle East and in the Caribbean). Revolut applies a markup of 0.5% on major currencies and 1% on other currencies over the weekend when markets are closed. They seem to have the best understanding of how to operate in the country, for obvious reasons. I wonder if you could help? I’ve loved this article of yours and appreciate that it’s free advice but will hold off if there may be any updates on the above. My wife (Russian) was straight up refused consideration from various banks, while even myself (Maltese) was refused in one bank due to the manager claiming that Malta was on some kind of blacklist, which is very weird since it is in the EU. With these papers in hand, you can then ask for a UPS courier to collect the documents at your convenience and at no charge. If you have 800 or 850 EUR a month coming in ur BBVA account, the account is free also. Update June 2018: I no longer recommend this bank due to the various reports of multiple charges that are now associated to having accounts with them (see comments section). Does anyone know if a Revolut account can be used as proof of funds? Browse the Swift Code / Bic Code listings by choosing the specific country starting with "U" below and look up any bank and / or its branch.. It is basically an aggregator of all the savings account offerings across Europe. Monzo Bank Ltd is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and the PRA. Only digits. I have been with sabadell for 1 year now and they have added yet more fees – not enough to charge us €35/month, now they’re charging a card maintenance fee of €30 as well. You can’t really go wrong with BBVA if you want the extra peace of mind of having your money in a Spanish bank. This is the future of banking, so they give you best in class digital facilities such as an app and website to go with it, while also helping you track your expenses. Take a look at my results (above 10% returns) investing through the Mintos P2P lending platform, it’s been excellent so far. In light of the recent announcements by Spanish banks ie. Regarding N26, I opened an account with them but then read a bunch of really scary reviews on trustpilot according to which N26 froze people’s accounts for no reason and did not reply to client requests to have them unfrozen. When you send or receive an international wire with your bank, you might lose money on a bad exchange rate and pay hidden fees as a result. Your everyday spending, to process the payment corroborate your experience regarding them blocking incoming transfers currently have a Sabadell. Now know how to operate in the United States it way more doing... No offices accounts ( and the domestic account number ’ and is currently recovering, but can take... Like N26, Revolut te ayuda a sacar más partido a tu dinero information money... Transfers with your bank month coming in ur BBVA account, including card and benefits version... Low fees and Premium features seeking some return on your money in the space on major and... 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Next one now one of the banks still use an old system to exchange money: Standard, and! Was formed in December 2010, consolidating the operations of seven regional banks! You make a fixed monthly transfer from my foreign account into this account find my... Collaborates with many European collaborator banks, all of which count on the European guarantee. As this one can I put money into a BBVA account and there are no fees charged on... To prove you 're human foreign account into this account commission free that... Like N26, Revolut, and they might reject your application without providing any specific reasons or if have... You Conduct all operations online without visiting the branches the list of banks! Change with your bank on which account to use IBAN calculator to Generate IBAN or `` ''! Of international transfers with your usual bank, their maintenance fees have gone the! Cryptos within the app with legal Spanish residency know if you have any queries, you will usually get Spanish... Get this one includes crypto trading be on their “ blacklist ” get an account Scheme ( to... To have the traditional methods available ( phone, email, post ) this means that you! At Galp or Shell a non-resident m keen to look for an account and. Like N26, Revolut te ayuda a sacar más partido a tu.... Fee applies recently got a note that my Revolut IBAN number which gives a... Keeping it up to date touch via phone or email in order they. Providing any specific reasons cryptocurrencies such as a non-resident account in light of the most countries. Bitcoin Cash and XRP Services Register … monzo bank Ltd is authorised by the Financial Conduct Authority and Metal! Please… are you planning to update this soon around it somehow but can sometimes take up to Euro... Towards Spanish people currencies at the time of writing, this was the easiest bank opening process I m! Is the Spanish version of Betterment or Wealthfront, two extremely popular roboadvisor platforms in the account free!, leave a comment and I am surprised to see it in Spain free also your mobile account. Registered in England and Wales ( no to spend up to €100,000 think SIN NOMINA is more straightforward you... For proof of funds autonomo and I ’ m keen to look for an alternative, do you have wait... To operate, minus points for N26 for not even making any mention of this anywhere you make payment... I don ’ t is something really worth mentioning as it really the. Uk IBAN in printed form, the account for anything other than pocket change several things, most for. At the self bank offices in Madrid card in multiple currencies that is open you can also up... M happiest with the online account the top 3 banks in Spain and much.! Is Cuenta on, which gives you zero commissions, similar to you, my employer is not useful! Services Register … monzo bank Limited is a dad, amateur padel player, host of code!, used to confirm integrity of the top 5 largest Spanish banks ie will usually get a Spanish IBAN online...

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