How to open a bank account in Spain as a foreigner (2025)
You arrive in Spain and need a bank account. But you don't have your NIE yet. And traditional banks ask for your NIE for everything. Don't worry: there's a solution from day one.
This guide explains exactly what to open, in what order, and why. No jargon, no beating around the bush.
Your first day without a NIE — what you can open right now
Revolut and N26 can be opened with your passport in less than 10 minutes. No NIE, no appointment, no need to set foot in any office.
You just need to download the app, take a photo of your passport and record a quick selfie. Within a few hours you have a working account.
The best part: both give you a Spanish IBAN, starting with the letters ES. That means you can receive transfers, set up direct debits and operate in Spain just like anyone with an account at a local bank.
Revolut vs N26 — which one is right for you
Both are good options. The real difference is in the details. Here's the honest comparison:
| Feature | Revolut | N26 |
|---|---|---|
| Spanish IBAN (ES) | Yes, since August 2023 | Yes, since 2019 |
| Can be opened without NIE | Yes, with passport | Yes, with passport |
| Basic plan with no fees | Yes | Yes |
| Bizum | Yes | Yes |
| Receive payroll | Yes | Yes |
| Pay taxes in Spain | Yes | Yes |
| Deposit guarantee | Lithuanian Deposit Guarantee Fund — up to €100,000 | German Deposit Guarantee Fund — up to €100,000 |
| Supervised by | Bank of Spain | German banking regulator (BaFin) |
| Currency accounts | 38 currencies | Limited |
| Type of entity | Bank | Bank with European licence |
Neither is a bad option. Many expats have both open and use each one for what it does best.
Wise — for receiving money from your home country
Wise is not a bank. It's a payment institution, which means it has fewer regulatory obligations but also fewer protections for you.
Its IBAN is Belgian, not Spanish. That's a real problem: many Spanish companies don't accept foreign IBANs for payroll, and Hacienda may reject it for certain paperwork.
That said, Wise is unbeatable for one thing: cheap international transfers. If you send money home or receive payments from abroad, Wise's fees are much lower than any bank's.
Use it as a complementary tool, not as a substitute for Revolut or N26.
When you need a traditional bank
There are situations where a good old-fashioned bank is still necessary. Mainly three: applying for a mortgage, working for a large company that requires a traditional Spanish bank, or certain dealings with Hacienda and Social Security.
For those cases, Spanish banks have specific products for foreigners. The most useful ones are:
- CaixaBank HolaBank: designed specifically for foreigners arriving in Spain. Customer service in several languages and an adapted process.
- Sabadell Key Account: aimed at non-residents and international students. A good option if you don't yet have official residency.
- Santander basic non-resident account: more limited in features but accessible.
The foreign IBAN trap — it no longer exists
If you've been researching this for a while, you'll have read that Revolut and N26 "don't work for payroll in Spain" because their IBANs were foreign. That was true for years.
N26 solved the problem in 2019, when it started issuing Spanish IBANs. Revolut did the same in August 2023.
Today both accounts have an ES IBAN, the same format as CaixaBank or Santander. No Spanish company can reject it on the grounds that it's a foreign IBAN, because it isn't.
What nobody tells you about deposit guarantees
Here's something you should know, even though it rarely matters in practice.
When you open an account at a Spanish bank like CaixaBank or Santander, your deposits are protected by the Spanish Deposit Guarantee Fund up to €100,000. If the bank goes under, the Spanish state steps in.
With Revolut, the guarantee comes from the Lithuanian Deposit Guarantee Fund, also up to €100,000 but under Lithuanian jurisdiction. With N26, it's the German Deposit Guarantee Fund, likewise up to €100,000 but managed from Germany.
If you have significant savings — more than €50,000, for example — it makes sense to diversify and keep some in a traditional Spanish bank with a local guarantee. For everyday use, don't worry about this.
Your next step
Don't wait until you're in Spain to open your account. You can do it today, from wherever you are, with your passport in hand.
Download Revolut or N26, complete the verification process and you'll have your Spanish IBAN ready before you even board the plane. On your very first day you'll be able to pay, receive money and get around without depending on anyone.
Once you've sorted your NIE, consider whether you need to add a traditional bank for a mortgage or other specific paperwork. But to get started, Revolut and N26 are all you need.