Last Updated on March 18, 2026 by Bruno Bianchi
Question
I’ve been reading quite a bit about Spanish banks. We are planning to move to Spain permanently from the US. Is it best for us to keep some of our money in the US in a US bank?
Putting just a little bit of money in a Spanish bank. How are others handling this? It’s not like it’s a lot of money, but holding on to whatever we have is not a bad thing.
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These are the answers of some Facebook group members:
”I see no reason to arbitrarily move money from the US to Spain just because you intend to reside in Spain. At least in the early stages of your residency. Move over what you need when you need it and reassess after some time living here”
”There is no FDIC in Spain to insure you. Also, many Spanish banks went broke in the last crisis. Some require you to keep a minimum balance to avoid fees”
”Keep it in your US bank and simply use WISE whenever you want to transfer funds into your bank account in Spain”
”We keep ours in the US bank because it has higher savings rates, and then we move over via Wise as needed. We keep an eye on the exchange rate too to make sure we don’t lose a lot”
”I agree. Keep a minimum amount in your Spanish bank, and use WISE, but make sure your US bank is one that is set up to be useful and accessible to you if something goes wrong abroad (fraud, card lost/stolen/expired, tech problems getting into mobile banking, etc): they have 24/7 helpline, they are able to send new cards to a foreign address, their dual authentication method will accept an international number, etc. I had a bank that didn’t have all of these, and though day-to-day life it was 100% fine when there were issues that came up, it made it a long slow and often frustrating process to resolve them”
”A good case can be made for not keeping all your money in a single bank, currency, or country, regardless of Spain’s particularly crappy banking. WISE is great for moving money across borders cheaply as others have commented. Revolut makes a great daily expense and online shopping account, also with good currency conversion rates. OpenBank is an ok Spanish bank with low fees for EUR expenses, local usage, and paying taxes/socials/fees”
”My mother moved there a year and a half ago and we only move funds to her Spanish bank when she needs it. That may or may not work for you”
”The biggest risk you are facing is the exchange rate exposure. If your living expenses are in € but your capital is in $ you are heavily exposed to a negative exchange rate movement. On just $100,000 the difference in the exchange rate just over the last 30 days is €89,500 or €92,200”
”The Spanish tax office is like the IRS, and all banks are legally responsible for applying tax law. So no real issue as long as you have nothing to hide”
”So many words with such little substance. Try speaking to the average Spaniard about the Hacienda and you’ll hear the same complaints. Don’t attempt to promulgate a narrative until you’ve researched it thoroughly and can offer an experience rather than a mere opinion”
”Use WISE to keep money in euros and dollars and maybe the stable Swiss franc”
”We keep our savings and investments in the US. We do have a bank account there because we still have a bit of income and some payments in the US, and it’s easier to receive that money and pay those bills with a US account. Our Social Security is directly deposited into our Spanish account. We primarily live on that and only draw from our US savings for larger things such as a recent remodel”
”It’s always a good idea to have accounts spread around in different places. I’d just keep the account open and ready for contingencies”
”I love life in Spain but I totally lost faith in the banking system here. At a time when money was tight my electric bill direct debit was refused and when I checked my Unicaja balance the branch had taken 200e maintenance (charges). I asked the bank manager what the charges were for but received no explanation. Now I have my income paid directly to Wise and treat it as my bank with direct debits. I will never put my money in a Spanish account again”
”Watch the currency exchange. Right now it’s not favourable, but it is heading in a better direction. I wish we had moved more last fall when the rates were even”
”I keep my money in the States and transfer as needed using my credit union to transfer. be ready for “sticker shock,” every dollar is worth .85 euros”
In conclusion, according to Spainguru Facebook group members, there are a few things to consider when deciding how to handle your money when moving to Spain from the US. You may want to keep some of your money in the US, especially if you have a high-interest savings account or other financial products there. You can also use a service like WISE to transfer money between your US and Spanish accounts easily and cheaply. It’s important to be aware of the exchange rate and the fees associated with transferring money, so you can make the best decision for your financial situation.
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