Best Neobanks in Spain 2026: How to Open a Bank Account as an Expat
In expat chats and forums, the question "which bank should I open?" is an eternal classic, right up there with finding a "cita previa" or a decent realtor. Our team at How2Spanish has personally navigated account freezes, rejections due to a missing TIE, and the struggle of explaining a transfer's origin to customer support.
The landscape is constantly shifting: banks that accepted passports yesterday might demand a work contract today, while neobanks are suddenly rolling out Bizum support, becoming genuine alternatives to traditional giants like Santander or BBVA.
We have gathered and verified the most up-to-date information for 2025–2026: where it is currently easiest to set up your finances after moving, who offers the best English-speaking support, and why a Spanish IBAN isn't a luxury, but a necessity for survival when you need to pay your internet bill. Here is our breakdown.
Why a Local IBAN (ES Prefix) Is Crucial in Spain
In theory, all IBANs within Europe are equal, but in practice, you won't be able to sign a contract for electricity or water in Spain without an "ES" prefix. Most municipal services, utility providers (like Endesa or Iberdrola), insurance companies, and even the Social Security agency often cannot correctly process automatic withdrawals (domiciliación) from non-Spanish European accounts.
| Neobank | IBAN Prefix | License Type | Regulator Country |
|---|---|---|---|
| N26 | ES | Full Banking | Germany (BaFin) |
| Revolut | ES | Full Banking | Lithuania (BoL) |
| Bunq | ES | Full Banking | Netherlands (DNB) |
| Nickel | ES | Payment Institution (EMI) | France (ACPR) |
Documents and Barriers: Opening an Account Before Your TIE Arrives
Opening a Spanish bank account is always a bureaucratic quest, especially for non-EU citizens and US persons. The main hurdle is that almost everywhere will ask for a NIE, and sometimes the physical residency card (TIE) itself.
Is it possible to open an account with just a passport?
For relocators in the early stages of legalization, finding a bank willing to start service based on a valid foreign passport is critical. Traditional banks offer "non-resident" accounts that can eventually be converted to resident status. However, these often come with high maintenance fees, ranging from €50 to €200 per year.
Neobanks offer more flexible, albeit formalized, ways to bypass this. For example, Nickel allows almost anyone with a passport from one of 190 supported countries to open an account, provided they are physically present at a partner point of sale (loterías or estancos) in Spain. Conversely, N26 currently requires a NIE and a Spanish address to open an account with a Spanish IBAN, making it less accessible for those who haven't started their registration with migration authorities.
Santander has developed a specialized product—"Cuenta Online con Pasaporte"—which allows non-residents from specific countries (including the US and UK) to open an account online via video ID using only a passport. This is one of the few legal "bridges" for those planning a move who do not yet possess Spanish ID documents.
Special Case: US Citizens (FATCA)
US citizens face additional obstacles due to the FATCA law, which requires foreign banks to report account data to the IRS. Many Spanish financial institutions prefer to deny service to US citizens entirely to avoid high compliance costs.
Among neobanks, Bunq and Revolut are generally more welcoming to American expats, as they have streamlined, automated processes for collecting W-9 forms. N26 also opens accounts for US citizens, but only if they can prove documented residency in Spain. Traditional giants like Santander and BBVA usually accept Americans but may require higher account balances or charge extra service fees.
| Bank / Neobank | Passport (No NIE) | Have NIE / No TIE | US Citizen Status |
|---|---|---|---|
| Santander Online | ✅ Yes (Non-res) | ✅ Yes | Accepts (FATCA) |
| N26 | ❌ No | ✅ Yes | Residents Only |
| Revolut | ⚠️ Sometimes* | ✅ Yes | Accepts (FATCA) |
| Bunq | ✅ Yes | ✅ Yes | Accepts (FATCA) |
| Nickel | ✅ Yes | ✅ Yes | Accepts |
* Depends on the country of passport issuance and having a verified Spanish address.
Compliance and Freezes: Protecting Your Access to Funds
The risk of a sudden account freeze is the ultimate "horror story" in expat groups. The issue is that neobanks rely almost entirely on algorithms rather than humans for screening. A large transfer from abroad or frequent currency exchanges can trigger an automated system to flag your behavior as suspicious.
Unlike a traditional bank where you can resolve issues at a local branch, with Revolut or N26, you risk getting stuck in a chat with a bot for weeks. To stay off the radar, follow these simple rules:
- Upload proof of income (contracts, tax returns) to the app proactively, before they ask.
- Do not immediately transfer money out after it arrives, especially to non-EU accounts—this is a red flag.
- If you are expecting a large sum from a property sale or inheritance, contact support before the money hits your account.
What Changed in 2026? New Tax Authority (Hacienda) Rules
As of January 1, 2026, the Spanish Tax Agency (Hacienda) has gained access to more detailed banking reports. Under Decree 253/2025, banks must now report monthly not just on sums over €3,000, but also on "recurring patterns."
This means any regular Bizum payments or transfers from friends are now under scrutiny. Our advice: strictly separate personal funds from business payments, or the automated systems will quickly find discrepancies in your tax filings.
Fees and Hidden Costs: How Much a "Free" Bank Actually Costs
Almost all neobanks in 2026 lure customers with zero monthly maintenance fees, but in the financial world, "free" often means limits on cash or paid physical cards. We’ve compiled the current terms for basic plans:
| Bank | Conditions for "Free" Usage |
|---|---|
| N26 (Standard) | €0 maintenance. Virtual card is free; physical card costs €10 (one-time). Includes 3 free ATM withdrawals per month (then €2 per operation). Ideal if you rarely use cash. |
| Revolut (Standard) | €0 maintenance. Virtual card is instant; physical card is free, but delivery is ~€7. Cash limit: €200/month or 5 withdrawals, then a 2% fee. All EU transfers and Bizum are free. |
| BBVA Online | €0 maintenance and card. Probably the most honest free option from a traditional bank. No salary or balance requirements. Aqua card (no numbers on plastic) is free. Free withdrawals at all BBVA ATMs. |
| Santander Online | €0 maintenance. The "Cuenta Online" requires no deposits. Includes a free debit card and free withdrawals at 30,000 Santander ATMs worldwide. |
| Bunq (Easy Bank) | €0 for the base plan. Fast account opening and digital card. Includes 2 free withdrawals per month (then €0.99). A good "backup" account; Bizum and SEPA work instantly. |
| Nickel | Not free: €25 per year. No free tier, but the most loyal bank for those with only a passport. Withdrawals at partner points (Estancos) cost €0.50; cash deposits carry a 2.5% fee. |
Bizum: Why You Need It and Which Neobanks Support It
In Spain, the phrase "Te hago un Bizum" (I'll send you a Bizum) is heard everywhere. Living without it is difficult: it's the primary way to split a restaurant bill, chip in for a gift, or pay a handyman.
Previously exclusive to old-school banks, the situation has changed. Neobanks with Bizum support:
- N26 — Works perfectly on accounts with a Spanish IBAN.
- Revolut — Available to all users moved to the Spanish branch.
- Bunq — Now has built-in Bizum support.
Nickel is currently expanding its services and has limited Bizum support.
Note: Bizum is linked to your phone number and can only be active in one bank at a time. If you switch banks, simply confirm the "portability" (portabilidad) within your new bank’s app—it takes a minute.
Cash in Spain: Where to Withdraw Euros Fee-Free
Spain still has many places (especially markets and local bars) that do not favor cards. Withdrawing cash from a neobank can be tricky, but there are hacks:
- N26: 3 free withdrawals at any ATM. Plus, the "Cash26" feature lets you withdraw at supermarket checkouts (Bonpreu, Condis) using a barcode in the app.
- Revolut: €200 limit on Standard. In 2026, their blue branded ATMs appeared in major cities, offering fee-free withdrawals.
- Nickel: The cheapest way is to withdraw at the same "Nickel points" (estancos) where you opened the account for €0.50.
Language and Support: Who Speaks English?
| Bank | App Language | Chat Support | Phone | Reviews |
|---|---|---|---|---|
| N26 | Eng / Spa | 24/7 (Eng) | Premium Only | Fast but scripted |
| Revolut | Eng / Spa | 24/7 (Eng) | ❌ No | Complaints about bots |
| Bunq | Eng | ✅ Yes (AI bot) | ❌ No | Average speed |
| Sabadell | Eng / Spa | ❌ No | ✅ Yes | Depends on the branch |
| Nickel | Limited | ❌ No | Spa / Fre | Low ratings |
Summary: Which Bank Should You Choose?
In 2026, the "perfect for everything" bank still hasn't appeared in Spain, but building a convenient setup with 2–3 apps is very realistic:
- If you have no documents: Go for Nickel or Santander Online (using your passport). This is your entry ticket for paying rent and bills.
- Once you have a NIE: N26 is the best daily driver. It has a full license, clear English support, and full Bizum integration.
- For travel: We recommend Revolut as a secondary account for its currency exchange rates and the new branded ATMs.
- For US Citizens: Head straight to Santander, Revolut, or Bunq, where FATCA reporting processes are well-established.
One final tip: keep scans of your contracts or tax declarations handy, as Hacienda now monitors transactions almost in real time.