Spain prides itself on having a high academic standard, good living conditions, and an amazing culture, making it one of the countries where international students desire to study. Whether you are seeking to study in Spain or have already been admitted into a Spanish school, one aspect that cannot be ignored is your financial needs.

At the core of every financial need is creating a bank account. A bank account serves as the powerhouse for your financial life. You can pay bills, rent, and buy whatever you need with your bank account. You can also receive money from your home country and county of residence (Spain) through your bank account.

In this blog post, we will tell you the 5 best banks for international students in Spain.

How International Students in Spain Can Open a Bank Account

Once you arrive in Spain as an international student, you will get your Spanish NIE number (Foreigners’ Identification Number). With this number, you can open an account in Spain.

The currency used in Spain is the Euro (€), so for international students coming from other Euro-based countries, the currency should not be a problem. For those coming from non-Euro countries, you will have to exchange your currency and use the currency used in Spain, the Euro (€). The account type you are allowed to open depends on how long you plan to spend in Spain. If you intend to stay less than six months, you will be offered a non-resident account, but if you have a long-term visa (longer than six months), Spanish banks will offer you a resident bank account.

Requirements to open a Spanish bank account as an international student:

• Your valid passport
• Your national ID card (for EU citizens)
• Your Spanish NIE number
• Proof of address in Spain
• Student Identity card
• Certificate of non-residency. You can get this at a Spanish police station by showing your passport (for non-resident account)

The Best Banks for International Students in Spain

BBVA Bank Spain

BBVA (Banco Bilbao Vizcaya Argentaria) is one of the largest banks in Spain. They offer resident and non-resident accounts to expats, immigrants and international students.

BBVA has its head office in Bilbao & Madrid. It also offers mobile banking services such as money transfer, bill payment and other transactions through its mobile app. When you get started with BBVA Bank, you can enjoy the monthly €35 reimbursement for six months, if you decide to pay your bills (electricity, gas, telephone or internet) via direct debit.

To open a personal and free account with BBVA Bank start here.

Santander Bank

This is the oldest bank in Spain, established in 1857. Santander Bank is one of the banks in Spain that has a global presence. It operates in regions like Europe, North & South America, and Asia.

Santander Bank is a great option for international students in Spain because they have English-speaking staff, and offer low transaction fees and security on transactions. It also has an online banking platform which you can use to open an account (savings, current or world account) and carry out transactions from the comfort of your mobile device.

To open a bank account with Santander Bank, start here.

OhentPay is a mobile app that lets you send and receive money internationally swiftly and at the best rates.  With Ohentpay, you can send and receive money to over 190 countries, and exchange over 40 currencies. So you can send or receive support from loved ones back home without delay. 

Caixa Bank

Caixa Bank is a fairly young bank founded in 2011. Though it is not as large as Santander and BBVA in assets and revenue, it is reported to have one of the highest number of branches in Spain 

Caixa offers all forms of banking and financial services such as current and savings accounts, debit, credit and prepaid cards, insurance plans and investment products. Although it has branch offices in several locations in Spain, its head office is located in Valencia, Madrid & Barcelona, and it is also available online on its digital banking platform.

To open a personal bank account with Caixa Bank as an international student in Spain, start here.

Banco Sabadell

Sabadell provides banking services to citizens and expats in Spain. It has its headquarters in Alicante & Barcelona.

Banco Sabadell is highly recommended for international students because their team consists of multilingual agents that make it easier for migrants and expats to get information about their services, accounts, and bank operations. Some of its products include account opening (current and savings), issuance of debit and credit cards, insurance plans and financial transactions. All of its services can also be carried out using the Banco Sabadell mobile app.

To open a personal bank account with Banco Sabadell as an international student in Spain, start here.

Wrapping Up

Now you know how to kickstart your financial life as an international student in Spain, but you still need to carry out your research on each bank, their fees and products to decide on the one that is suitable for your needs and time in Spain.

If you're an international student looking for the best bank account in different countries, you should go through our blog for more.

If you’d like to send money anywhere in the world from Spain and you prefer fast transfers at great rates, we recommend the OhentPay money transfer service. Create an account to get started here.

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