How to Open a Bank Account in Spain as an International Student

As an international student in Spain, opening a bank account is a crucial step to manage your finances during your academic stay.

This article will guide you through the process, highlighting the best banking options, necessary requirements, and some useful recommendations.

Banks Offering Fee-Free Accounts for Students

Several banks in Spain offer accounts specifically designed for students, with favorable conditions and no fees. Some of the best options include:

• Banco Santander - Smart Account:

  • No maintenance fees

  • Free debit card

  • Free transfers in euros

  • Age limit: 31 years

  • Ideal for student exchange programs due to its partnership with the university network Universia

• Banco Sabadell - Expansión Primera Account:

  • For users aged 14 to 25

  • No fees

  • Free transfers in euros

  • 0% APR profitability for average balances of 1000€ for one year

• BBVA - Joven Account:

  • No fees

  • Free debit card

  • Cashback on purchases (up to 150€ on specific promotions)

• CaixaBank - CaixaBank Now:

  • Digital account with no fees

  • Free virtual debit card

  • Ideal for students who prefer online banking

• N26:

  • 100% digital bank

  • Spanish IBAN account

  • Free virtual debit card

  • Allows payments in any currency

  • Ideal for international students due to the ease of opening

Required Documentation and Steps to Open an Account

• Valid passport or EU identification document

• NIE (Foreign Identification Number) - if you are from outside the EU

• Admission letter from your university or academic institution in Spain

• Proof of residence in Spain (rental contract or utility bill)

• Enrollment certificate or student ID

Steps to Open the Account:

1. Choose the Bank: Research and compare the options mentioned above.

2. Gather Documentation: Ensure you have all the necessary documents.

3. Schedule an Appointment: Many banks require an appointment to open accounts.

4. Visit the Branch: Bring all your documents to the appointment.

5. Complete the Forms: Fill out the account opening forms.

6. Sign the Contract: Carefully read and sign the account contract.

7. Receive Your Credentials: You will get your account number and later your card.

Recommendations for Online Bank Accounts

Online bank accounts offer a convenient and often simpler alternative for international students. Some recommendations include:

• N26:

  • Completely online opening process

  • Only requires your passport and a shipping address in Spain

  • Ideal for students who don’t yet have an NIE

• Revolut:

  • Quick and easy account opening through the app

  • Offers multi-currency accounts

  • Great for travel and international transfers

• Wise (formerly TransferWise):

  • Multi-currency account

  • Ideal for receiving international transfers with low fees

  • Easy online opening process

• EVO Banco:

  • 100% online account with no fees

  • Offers a specific account for young people up to 30 years old

Advantages of Online Accounts for International Students:

• Faster and simpler opening process

• Less documentation required in some cases

• Full management through mobile apps

• Often offer better conditions for international transfers

Additional Tips:

• Compare Options: Don’t settle for the first offer; compare multiple options to find the one that best suits your needs.

• Check ATM Coverage: Make sure the bank you choose has a good network of ATMs near your university or residence.

• Consider International Transfers: If you will be receiving money from abroad frequently, look for accounts with good conditions for international transfers.

• Customer Support: Opt for banks that offer customer support in English if your Spanish is not fluent yet.

• Read the Terms: Pay attention to the account conditions, especially the age limits and the requirements to maintain the benefits.

• Take Advantage of Promotions: Some banks offer welcome bonuses or special promotions for students.

Conclusion

Opening a bank account in Spain as an international student may seem like a complicated process, but with the right information and by choosing the option that best suits your needs, it can be a straightforward procedure. Online accounts and those specifically designed for young people offer excellent conditions and conveniences for international students. Remember that having a local bank account will not only make managing your daily expenses easier but will also help you integrate better into the Spanish economic life during your academic stay.