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Best Online Bank Accounts in Spain: Fees, Exchange Rates, and Online Banking in 2024

Jan 9, 2024
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Spain has a very highly developed financial sector in traditional banking but has also seen a rise in online and mobile banking, also known as neobanks. The country is also a very popular destination for expats and non-residents to go to work and live, whether from Latin America, North America, or the EU.

Spain provides a large number of options for both Spanish citizens and non-residents to access local financial services to deposit salaries in euros, pay rent, and spend with contactless cards in the local currency.

Here, we will explore the best Spanish online checking accounts in 2024, including Revolut and N26. You'll find great mobile options and online Spanish bank accounts with no fees.

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Revolut: One of the best overall mobile fintech apps, Revolut gives users from the EU a powerful multi-currency account, an IBAN, and a UK sort code.

N26: We recommend N26 if you're looking for a smart mobile alternative to traditional banks since it's probably the most complete online bank in Spain.

How Monito Scores Online Banks in Spain

We used a consumer-first framework to analyse several key factors to determine which online banks scored better than others in the Spanish and EU/EEA markets. To begin, we weighed several concrete metrics relating to factors such as fees and rates, ease of use, credibility, service and coverage, transparency, and customer satisfaction to piece together a reliable all-around picture of which top digital banks offer the savviest solutions to Irish residents.

Next, we explored these results and presented our findings in the form of a series of key takeaways that we believe you should know about the three digital banks ranked highest.

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In our definition of "online bank," we only consider online-first banks and not traditional legacy banks that have pivoted to digital banking in recent years while still maintaining a brick-and-mortar infrastructure.

While we ranked these online banks on an overall list, bear in mind that this list does not mean that our choice for Spain's best digital bank is necessarily the best choice for you. As you'll see, each online bank comes with its own unique set of pros and cons that may impact its overall relevance to you.

Without further ado, let's go through our rankings for the top online banks in Spain in 2024 —

N26 — Best Free Current Account

Arguably the best-known mobile bank, N26 is a widely-used and much-loved German online bank with around seven million customers across the EU. N26 is also partnered with Wise's money transfer service, allowing in-app international money transfers at some of the best exchange rates on the market.

Because of its complete current account offering, we recommend N26 to just about anybody interested in low-cost banking. Residents of Spain and 20 other EEA countries are eligible to open an account.

Account name: N26 Standard

Account type: Current (Spanish IBAN).

Total cost: €0 per month.

Noteworthy features: Instant social payments, overdraft facilities, cash deposit (in Germany, Austria and Italy).

More info: See our full N26 review.

Tomorrow — Best for Sustainability

Tomorrow is a fintech company affiliated with German bank Solarisbank striving for positive impact and claiming to put sustainability before profit. Customers can choose between three sustainable current accounts, the first two coming with a plastic Visa debit card, and the premium tier coming with a wooden Visa debit.

We particularly think Tomorrow's basic 'Now' account is the ideal choice for sustainability-oriented customers due to its low all-around costs and pro-sustainability investments. You must have residency in either Germany, Austria, Italy, or Spain to open an account.

Account name: Now

Account type: Current (held by Solarisbank, German bank details).

Total cost: €3-€9 per month (depending on how much you withdraw).

Noteworthy features: Climate contributions, savings pockets

More info: See our full Tomorrow review.

Revolut — Best All-Rounder

A major name in the digital fintech sphere, Revolut has stood at the forefront of Europe's low-cost online financial services sector in recent years.

With over 12 million users, the London-based fintech is not only available in the EU and EEA but across the world. However, we think Revolut is best used as a spending tool, especially to take advantage of its multi-currency account. Revolut is not a bank.

Account name: Standard

Account type: Current (Lithuanian account details).

Total cost: €0 per month.

Noteworthy features: UK account details, multi-currency balances.

More info: See our full Revolut review.

Wise — Best Multi-Currency Account

Wise is not a bank but a money transfer operator well-known for offering some of the cheapest international transfers globally. (In fact, according to our rankings, Wise is indeed the best money transfer service of all.) However, money transfers aren't Wise's only game; they also offer the Wise Multi-Currency Account — a low-cost foreign currency spending account and card product that's best in class on the market.

Account name: Multi-Currency Account

Account type: Electronic Money Account (held by Barclays in the UK, Wells Fargo in the US, DBS in Singapore, etc.).

Total cost: €0 per month.

Noteworthy features: International money transfers, multiple account details, multi-currency balances.

More info: See our full Wise Multi-Currency Account review.

Imagin — Best Spanish Online Bank

Imagin is a Spanish neobank in partnership with CaixaBank, one of the largest high-street banks in the country. You can access your account directly from the mobile banking app on your smartphone.

Imagin comes with a debit card, which you can use to deposit and withdraw cash from CaixaBank ATMs for free. The app also has budgeting features that track your spending and helps you stay on top of your finances.

Account name: Imagin

Account type: Current (Spanish IBAN).

Total cost: €0 per month.

Noteworthy features: Spanish bank account details, deals on brands, and mobile payments.

More info: See our full Imagin review (in Spanish).

*Website in Spanish only

Bunq — Best Paid Current Account

Dutch neobank bunq doesn't really lift a candle to some of the other contenders on this list in terms of affordability. That's because bunq doesn't offer a free account, and many of its services come with additional fees. However, for those who don't mind paying higher fees every month for an online bank account, then bunq comes packed with many interesting features and perks to take advantage of.

Account name: Easy Bank

Account type: Current (Spanish, French, German, or Dutch bank details).

Total cost: €2.99 per month.

Noteworthy features: Bill splitting, Wise money transfer integration,

More info: See our full bunq review.

Vivid Money — Best Cashback

A partner of German bank Solarisbank AG, Vivid Money isn't a bank in and of itself but a fintech company offering a digital account and card. By combining a checking account with cashback features, Vivid Money users can save up to 25% on everyday purchases and easily refinance the account management fees of €9.90 per month that comes with the premium tier (although there is a free tier too offering less cashback).

This excellent cashback is the reason we think Vivid Money has the best rewards program of any online bank in Spain. Residents of Spain, Germany, France, or Italy are eligible to open an account.

Account name: Vivid Prime

Account type: Current (held by Solarisbank, German bank details).

Total cost: €9.90 per month.

Noteworthy features: Cashback program, fractional investment (stocks, ETFs, crypto, precious metals), multi-currency balances, insurances.

More info: See our full Vivid Money review.

The Best Online Banks in Spain Compared

To wrap things up, let's take a look at how the product, service, and pricing of a few of the online banks and fintech apps we explored compare to one another in Spain. We've chosen to compare the standard plan of Vivid Money, Tomorrow, bunq, and N26 because of their similar all-round product offerings:

Last updated: 26/11/2021
š Uses Wise's platform for international money transfers
² First card only
Âł Germany, Austria and Italy only

Top 7 Best Online Checking Accounts in Spain (Updated For 2024)

  1. N26 — Best Spanish current account
  2. Revolut — Best mobile all-rounder
  3. Tomorrow — Best for sustainable banking
  4. Wise — Best for multi-currency spending
  5. Imagin — Best local account for residents
  6. Bunq — Best paid account with multiple IBANs
  7. Vivid Money — Best for cashback in Spain
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Looking For the Best Spanish Bank Account As a Non-Resident?

Read our in-depth guide to learn the specifics of how to open a bank account online in Spain for non-residents and foreigners. We tease out your options, which include Spanish bank accounts with no fees.

Frequently Asked Questions About Online Banks in Spain

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Compare the Best Online Banks in Spain

Filters
Sort by
  1. Wise Multi-Currency Account Monito Score 8.9
    open
    • Languages
      English +21
    • Country availability
      Austria +37
    • Services
      Multi-currency account
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Spending while abroad
    • Bank details
      Euro IBAN +11
    • Supported currencies
      US dollar +50
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers
  2. Revolut Monito Score 8.6
    open
    • Languages
      English +20
    • Country availability
      Austria +35
    • Services
      All-in-one finance app
    • Monthly fee
      Very low
    • Card delivery time
      Mid
    • Best for
      Spending online +1
    • Bank details
      UK account no. & sort code +1
    • Supported currencies
      United Arab Emirates dirham +26
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers
  3. Conotoxia Multi-Currency Card Monito Score 8.6
    open
    • Languages
      Polish +1
    • Country availability
      Austria +28
    • Services
      Multi-currency account +1
    • Monthly fee
      Very low
    • Card delivery time
      Fast
    • Best for
      Spending while abroad
    • Bank details
      Euro IBAN
    • Supported currencies
      Euro +19
    • Overdraft
    • Annual interest rate
      Very low
    • Supports cash deposits
    • International transfers

Why Trust Monito?

You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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  • Monito's experts spend hours researching and testing services so that you don't have to.

  • Our recommendations are always unbiased and independent.

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