How to Open a Spanish Bank Account (2025): Wise vs Local Banks
How to Open a Spanish Bank Account as a Digital Nomad (2025): Wise vs Local Banks
A Spanish bank account isn't optional—it's essential. Without one, you can't pay rent, buy utilities, pay taxes, or receive your salary. You could theoretically survive on cash transfers, but you'd be hamstrung for any legal transaction.
The confusion: should you use Wise (multi-currency fintech) or a traditional Spanish bank (Santander, ING, BBVA)? Each has different advantages. This guide breaks down the real tradeoffs so you can choose based on your situation.
Why You Need a Spanish Bank Account
- Rent payments: Landlords require bank transfers
- Utility bills: Electricity, water, internet must be registered to you
- Tax payments: Spanish tax authorities require Spanish IBAN
- Salary deposits: If working for a Spanish company or client
- BIZUM transfers: Spain's peer-to-peer payment system (essential for daily life)
- Direct debits: Setting up recurring payments (insurance, subscriptions)
- Digital nomad visa: Some visa processes require proof of Spanish bank account
Without a Spanish bank account, you're not legally integrated into Spanish society.
Two Banking Pathways
Option A: Traditional Spanish Bank (Santander, ING, BBVA)
Best for: Long-term residents, those who want complete integration, people earning Spanish income
Option B: Fintech/Digital Bank (Wise, N26, Revolut)
Best for: Short-term digital nomads, international freelancers, those who want simplicity
Head-to-Head: Wise vs Spanish Banks
Wise Account
What it is: Multi-currency account (Belgian IBAN) + debit card, no branches
| Feature | Details |
|---|---|
| Spanish IBAN | ❌ No (Belgian IBAN instead) |
| BIZUM | ❌ Not supported |
| Credit cards | ❌ Debit only |
| Overdraft/loans | ❌ No |
| Cost | €0 account, ~€7/month for card; free virtual card option |
| Transfer fees | Low fees (0.5-1.5%) for international transfers |
| Exchange rates | Excellent; mid-market rates |
| Opening process | Online, 5 minutes, minimal documents required |
| Speed | Immediate account setup |
Pros:
- Easiest to open; fully online
- Excellent for international transfers
- No monthly fees (unless you want a physical card)
- Multi-currency management
- No deposit requirements
- Perfect for freelancers earning in multiple currencies
Cons:
- No Spanish IBAN (problematic for utilities, rent contracts)
- No BIZUM (can't receive payments from Spanish friends)
- Can't be primary bank account for legal obligations
- Limited for local banking needs
Best for: Freelancers earning internationally who also have a secondary Spanish account; supplementary banking
Traditional Spanish Banks (Santander, ING, BBVA)
What they are: Full-service banks with branches, Spanish IBANs, local integration
| Feature | Santander | ING | BBVA |
|---|---|---|---|
| Spanish IBAN | ✅ Yes | ✅ Yes | ✅ Yes |
| BIZUM | ✅ Yes | ✅ Yes | ✅ Yes |
| Credit cards | ✅ Yes | ✅ Yes | ✅ Yes |
| Monthly fee | €0-10 | €0-5 | €0-8 |
| Transfer fees | €0.50-3 | €0-2 | €0-2.50 |
| Opening process | In-person or online | Online | Online |
| Documentation | NIE, passport, proof of residency | NIE, passport, proof of residency | NIE, passport, proof of residency |
| Overdraft/loans | ✅ Available | ✅ Available | ✅ Available |
Pros:
- Spanish IBAN (essential for legality, taxes, utilities)
- BIZUM support (peer-to-peer transfers)
- Full banking features (credit cards, overdrafts, mortgages)
- Physical branches for in-person support
- Integration with Spanish systems
Cons:
- Must open in-person or online with complex documentation
- Monthly fees (€0-10 depending on plan)
- Higher transfer fees for international payments
- More bureaucratic
- Takes 1-2 weeks to fully set up
Best for: Long-term residents, people with Spanish income, those building permanent lives in Spain
How to Choose: Decision Matrix
Choose Wise If:
- You're staying 6 months or less
- You earn income in multiple currencies
- You don't need Spanish legal integration
- You want simplicity and speed
- You're supplementing with a secondary account
Choose Traditional Bank If:
- You're staying 12+ months
- You're paying Spanish taxes
- You need to sign rental contracts or utilities
- You want full banking features
- You're building a long-term Spanish life
Step-by-Step: Opening Wise Account
Timeline: 5 minutes Cost: €0 (free account; optional €7/month for physical card)
- Download Wise app or visit wise.com
- Create account: Email, password, basic info
- Verify identity: Upload passport photo, take selfie
- Add payment method: Link your home country bank account
- Create multi-currency account: Instant Belgian IBAN
- Optional: Order physical card (€7/month or free virtual card)
You're done. You have a functioning account in 10 minutes.
Transfer to Spain: Link to your Wise account from your home bank, transfer money at excellent rates.
Step-by-Step: Opening Spanish Bank Account
Timeline: 1-2 weeks Cost: €0-10/month
Option 1: Online Opening (Fastest)
-
Prepare documents:
- NIE number (or NIE certificate)
- Valid passport
- Proof of Spanish address (rental contract, utility bill, or landlord letter)
-
Visit bank website:
- ING (ing.es) offers fastest online opening
- Complete application online
- Upload documents
- Video call verification (sometimes required)
-
Wait for approval: 3-5 days typically
-
Collect cards/credentials: Either mail delivery or app-only setup
Option 2: In-Person Opening (More Reliable)
-
Go to local branch (Santander, ING, or BBVA—any major bank)
-
Bring:
- NIE certificate
- Passport
- Proof of address (rental agreement or utility bill)
- €0-50 initial deposit (depends on bank)
-
Meet with advisor:
- They fill out application
- Verify documents
- Usually takes 20-30 minutes
-
Receive temporary cards on the spot (usually)
-
Full account setup: 3-5 days, credentials arrive by mail
Real-World Scenario: What Nomads Actually Do
Most successful digital nomads use a hybrid approach:
Month 1:
- Use Wise account for immediate needs
- Receive salary/freelance income to Wise
- Make international transfers via Wise (excellent rates)
Month 2-3:
- Open traditional Spanish bank account (ING recommended for easiest online process)
- Transfer lump sum from Wise to Spanish account
- Use Spanish account for local obligations (rent, utilities)
- Keep Wise for international payments
Long-term:
- Spanish account as primary (for local banking)
- Wise as secondary (for international transfers, multi-currency management)
Cost: €0-10/month Spanish bank + €0-7/month Wise = €7-17/month total
Pro Tips for Opening Spanish Bank Account
1. Get Your NIE First
You cannot open a Spanish bank account without an NIE. Get this done before attempting to bank.
2. ING is Fastest Online
If opening remotely, ING's online process is fastest (3-5 days). Santander and BBVA are slower.
3. Proof of Address Can Be Simple
You don't need a formal lease. A landlord letter confirming your address works. A utility bill works. Even an Airbnb confirmation sometimes works (varies by bank).
4. Initial Deposit Usually €0
Most banks accept €0 opening deposit. Don't let them tell you otherwise.
5. Ask About Expat Plans
Some banks (ING, Santander) have specific accounts for foreigners/expats with lower fees.
6. BIZUM Setup
Once your Spanish account opens, immediately ask the bank to activate BIZUM. It's free and essential for daily Spanish life (paying friends, splitting bills).
Comparison: Monthly Costs Over 12 Months
Wise Only
| Item | Cost |
|---|---|
| Wise account | €0 |
| Physical card (optional) | €84/year (€7/month) |
| International transfers | Variable (lower fees) |
| Total | €84/year |
Spanish Bank Only
| Item | Cost |
|---|---|
| Bank account | €60-120/year (€5-10/month) |
| International transfers | €30-40/year (higher fees) |
| Total | €90-160/year |
Hybrid (Wise + Spanish Bank)
| Item | Cost |
|---|---|
| Wise account (optional card) | €84/year |
| Spanish bank | €60-120/year |
| Total | €144-204/year |
For budget-conscious: Wise only (€84/year) For integrated: Spanish bank only (€90-160/year) For flexibility: Hybrid (€144-204/year)
Common Mistakes to Avoid
❌ Opening Only Wise Without Spanish Account
You'll struggle to pay rent, utilities, and taxes. Spanish landlords and utility companies demand Spanish IBANs.
Solution: Use Wise initially, but open Spanish account within first month.
❌ Not Activating BIZUM
You'll be the weird person asking people to transfer money via Wise or international transfer. BIZUM is how Spain does peer-to-peer payments.
Solution: Activate BIZUM with your Spanish bank immediately.
❌ Believing You Don't Need a Spanish Account
"I'll just use Wise for everything." This fails when signing legal contracts, paying taxes, or receiving Spanish income.
Solution: Accept that Spanish account is non-negotiable for long-term residency.
❌ Trying to Bank Without NIE
Most banks won't open accounts without NIE (or at least NIE application proof).
Solution: Get NIE first, then bank.
Final Recommendation
If staying 1-3 months: Wise account only. Fast, simple, sufficient.
If staying 3-12 months: Wise for incoming payments + remote Spanish bank account for local obligations.
If staying 12+ months: Spanish bank primary + Wise secondary.
If unsure about timeline: Open both immediately. The cost is minimal (€15/month combined) and you'll be prepared for any situation.
Your Spanish life requires a Spanish bank account. Make this one of your first tasks after getting your NIE. It's not glamorous bureaucracy, but it's necessary. Once done, you're properly set up.
