It may seem a laborious task, however opening up a bank account in a foreign country is easier than you think! If you just started your adventure in the Spanish capital and are wondering about the process please don’t stress. There are plenty of banks to open an account with and we’ll explain you the best back accounts while you’re living in Madrid.
Anybody can set up a bank account in Spain. All you need is your passport and usually about 30€ to put into the account to activate it. Non-residents are usually charged a small fee for the bank account. There are many good banks that have excellent online banking in English (very important when dealing with money!). Many branches also have English-speaking staff that will make signing up much easier.
Open your account easily using just your passport! On our TtMadrid course, the staff at our local Sabadell bank come in to talk through options and you can open an account on the spot.
One of the most popular banks in Madrid. They have a basic bank account that includes a free visa debit card as standard. 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.
They developed a new service known as ‘Santander One Pay FX’ that makes it possible for customers to complete international transfers on the same day in many cases or by the next day
N26 is an international, online bank that has been growing consistently over the last few years. It offers free international withdrawalsand also has an inbuilt feature on its app to make international transfers with Transferwise.
If you don’t want to open a bank account in Madrid with a Spanish bank, Barclays is one of the most renowned international banks to choose from.
Remember that you can open an account before your arrival, but it is easier to do it once you are here in Madrid. We can give you all the advice you need! Follow us on Facebook and Instagram for more info about moving to Madrid and share with us your experiences!