Last Updated on May 19, 2026 by Bruno Bianchi
Moving to Spain as an American? See Settleguru’s full U.S.-tax checklist for FBAR, FATCA, FEIE, and state exit.
Question
“We recently moved and are getting concerned leaving funds in the U.S. Have any of you thought of moving money from US to Spain, transferred your savings and or retirement accounts? If so do you recommend a reliable investment broker and or bank. Do the banks even have CD’s like in the U.S.?
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Answers
These are the answers from Spainguru’s Facebook group members:
“I’m keeping the bulk of my money in the USA and transfer what I need into a Spanish bank account. We also put money in a Revolut account to pay for our apartment deposit and our Spanish Immigration Attorneys. We are not arriving in Spain until November 1st and you have to be there in person to open a bank account. Well will do that when we arrive.”
“I moved a large amount of my cash to IBKR and have been investing in European funds. I converted about 400k of dollars to euros afraid that the dollar will continue its slide and the Trump may start capital controls. You are right to fear and right to diversify. European stocks and funds don’t perform as well and US ones but you can get UCITS etf equivalents and your cash will gain interest. A big complaint about Spanish banks is that they don’t pay interest.”
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Explore Cities →“this is what I’ve been wanting to do but I don’t know how. Would Schwab be able to manage converting retirement funds to euros? I’m 58, if that matters.”
“Spanish banks are pitiful. Better off leaving your money in the US and transferring funds as needed.”
“You’re one in a million if you think Spanish banks are anywhere near decent. I’ve never met anyone who’s satisfied with their bank here. Spanish banks wouldn’t know customer service if it bit them in the ass.
I applied for mortgages a couple of years ago, and the things they were interested in were hardly the most important – more interested in selling me overpriced extras than examining my ability to repay the loan. No clue. Plus I’ve heard too many accounts of them either giving account access to entities without adequate notice/authorization of the account owner, and/or restricting access to one’s money.
Bad service, no interest, charges for everything, and not to be trusted. I’ll leave my money in the U.S. & advise others to do likewise.”
“While it is true that you can more easily earn higher returns in the US, generally, putting some of your money in euros is a sound way to diversify, especially when the current US administration has said it favors a weaker dollar. That extra 1-2 percent you get in earnings may not matter so much if the exchange rate lurches another 15% and you need to convert some money.
While it probably makes sense to leave 401ks and IRAs in the US for tax reasons, you can move other savings to Spain and invest them in funds here, choosing either guaranteed returns at about the rate of inflation (to conserve funds), or more aggressive investments that grow at a faster clip with some risk.
We have money invested in funds at Santander, and the small slice invested in “moderate” risk has generated some great returns this year.”
“I tried contacting BBVA to invest through their portal but received a rejection notification as it is only for residents.
We are residents, and moved funds after receiving our residence permits, so that didn’t come up. You might check Santander, since their systems handle non-resident accounts- if they can’t help you, it is a regulatory issue. After we opened our accounts, we received a letter letting us know that per the law, information about our accounts is being shared with Spanish and US regulators and tax authorities.”
“Big mistake. Keep your American banks. Keep your American profit making in American banks. Transfer only small amounts to your revolut or N26. Just open a simple Santander or bbva bank account and put a couple thousand there to build up European banking presence and then slowly build credit with a credit card.
Don’t keep large amounts of money in Spanish banks. You will get audited and the hacienda will come for you.”
Here you can explore the highest interest rates in Europe for fixed-term or flexible-term deposits.
“We will likely open a Charles Schwab account as folks say it’s a better one for money transfer with less foreign fees. Lots of negative press on Spanish banks on these FB groups (do searches ) so we will diversify at least between US and Spain.
We are considering rolling our traditional Ira to a Roth IRA for more tax implications to land while we are US tax paying residents (although I’ve heard Spain does tax gains on a Roth when liquidated, we do not intend to touch our IRA for many years and will likely be in the US in older years).”
“We opened a Charles Schwab account and will have to transfer our investments to be handled by a schwab financial advisor account before end of the year. We are considering a partial investment into a pension type investment in Guernsey for Americans, which will only be taxed in Spain at 2 %, if you leave the principal money in place and only take out the dividends. Anyone here worked with him? IRAs will be taxed as income in spain. Have not transfered yet to scwab international broker yet.”
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“It would be wise to diversify in both places. In Spain, a “CD” (Certificate of Deposit) is commonly referred to as a “depósito a plazo fijo” or simply “plazo fijo,” which translates to a fixed-term deposit.
Banks in Spain offering these fixed-term deposits include traditional Spanish banks and also some European or digital banks such as BBVA, Banca Progetto, Banca Sistema, Haitong Bank, and Duetsche.
As of September 2025, the average interest rates on fixed-term deposits (plazos fijos) in Spain range around 2.85% annually. Digital or European banks operating in Spain may offer rates up to 4.00% for fixed deposits. Considering that the dollar may plummet it may not be a bad idea.”
“You won’t get anything close to the security and growth you get from the US. No country has a banking system even sniffing close to it. What exactly is your concern?”
“Buy gold or bitcoin…”
“I’m considering transferring my $ to an interest-bearing Wise account. I would do a lot of research on that, wise is not a bank just so you know so therefore they are not regulated the way a bank is.
They also pay interest on your held euros which is better than most Spain banks…. But be wary of their lack of FDIC coverage etc. Better off with a large amount of moolah in somewhere more secure. Or diversify to a bunch of places.”
“Put it all in a living trust in the US. Living trust are not recognized in Spain but it doesn’t matter because the only thing you pay tax on at Spain are income and nothing in a living trust is income. You’re going to learn quickly that in Spain don’t ask questions because every time you ask a question the answer is terrible.
A living trust is basically a person and that person does not live in Spain and is not a resident of Spain so Spain cannot tax it just like in the US the US cannot tax a living trust. Once you draw from that it becomes income and yes you pay tax on it. But the question is do you want to pay 45 to 55% annually on everything you have in the United States or do you want to pay on what you withdraw in a limited fashion from a living trust.”
“My assets will remain in US. The living trust has US executor and beneficiaries all written up. 100% the way to do it, and never take enough out of it to hit the tax cap in Spain. We live off dividends etc and will be taxed in spain on that but haven’t gotten a clear picture about it yet.”
Conclusion
From this discussion, it is clear that many members see moving money from US to Spain as a balance between political fears, currency risk and practical banking issues. Some prefer to keep most savings and retirement funds in US institutions, while transferring only what is needed to Spanish banks or services like Revolut, especially given concerns about Spanish customer service and low interest.
Others actively diversify by converting part of their assets into euros, investing through platforms such as IBKR, Spanish funds or fixed-term deposits (plazos fijos), and exploring international solutions like Charles Schwab, Guernsey-based products or interest-bearing Wise accounts. There is also a thread of complex strategies, such as using living trusts in the US, with community members debating how Spanish taxation might apply in practice.
Overall, the conversation suggests that there is no single right way to handle moving money from US to Spain, but many expats favour diversification: keeping core retirement structures and trusts in the US while building a limited, carefully chosen banking and investment footprint in Spain and Europe. Professional tax and financial advice is repeatedly recommended before making large transfers or restructuring pensions and investments.
FAQ About Moving Money from US to Spain
How should I start moving money from US to Spain safely?
Many expats prefer to keep the bulk of their savings and retirement accounts in the US and transfer only what they need to Spain. A common approach is to open a basic Spanish bank account plus a multi-currency service like Revolut or Wise, then move funds in stages as expenses arise. This helps manage currency risk and reduces exposure to any one banking system.
Is it better to keep my savings in US banks or Spanish banks?
Several community members feel more comfortable keeping long-term savings in US banks, citing stronger returns, familiarity and perceived stability. Spanish banks are often used mainly for day-to-day expenses, bill payments and residency requirements. A blended strategy, with core assets in the US and operating cash in Spain, is a common compromise.
Do Spanish banks have CDs like in the US?
Yes, the Spanish equivalent of a CD is called a “depósito a plazo fijo” or “plazo fijo” (fixed-term deposit). These are offered by traditional Spanish banks and some European or digital banks operating in Spain. Interest rates vary, but some online or European banks may offer more competitive returns than mainstream Spanish banks.
Here you can explore the highest interest rates in Europe for fixed-term or flexible-term deposits.
Should I convert my dollars to euros now or wait?
There is no single right answer, which is why many expats spread the risk. Some convert a portion of their savings to euros to protect against a weaker dollar and to match future spending in Spain. Others keep most assets in dollars and convert gradually, using services with good exchange rates when moving money from US to Spain.
Can I move my 401(k) or IRA to Spain or into euros?
Most commenters suggest leaving 401(k)s and IRAs in the US for tax and regulatory reasons. While you can sometimes change the investments inside those accounts, directly moving them into euro products or Spanish accounts can trigger taxable events. This area is complex and usually requires advice from a cross-border tax or investment professional.
Are services like Charles Schwab, IBKR, Revolut or Wise useful for expats?
Yes, many expats mention using Charles Schwab for low-fee transfers and ATM withdrawals, IBKR (Interactive Brokers) for investing in European funds and holding euros, and Revolut or Wise for low-cost currency exchange and payments. Each platform has different protections and regulations, so it is important to research fees, insurance and limits before moving large amounts.
Is it risky to hold large balances in Spanish banks?
Some members warn against keeping very large sums in Spanish banks, citing concerns about low interest, fees, bureaucracy and potential tax scrutiny. Others are comfortable as long as they understand reporting rules and work with reputable institutions. In practice, many people keep modest balances in Spain and larger reserves in the US or other jurisdictions.
Can a US living trust help protect my assets if I move to Spain?
Several contributors discuss using a US living trust to hold assets that remain in the US. The idea is that Spain generally taxes you on income and withdrawals, rather than on the full trust balance held abroad. However, there is debate about how Spain views trusts and how wealth tax or inheritance rules might apply, so specialist legal and tax advice is essential.
Is Wise a good place to park my savings?
Wise can be convenient for holding and converting smaller amounts in multiple currencies and may pay interest on balances. However, it is not a traditional bank and does not always offer the same deposit protections as insured bank accounts. Many expats use Wise as a tool for transfers and short-term balances rather than a long-term home for large savings.
What is the best overall strategy for moving money from US to Spain?
From the conversation, the most common strategy is diversification: keep core retirement and investment structures in the US, build a limited banking footprint in Spain for daily life, and possibly add European or multi-currency platforms for flexibility. Before making big moves, expats are repeatedly advised to consult US and Spanish tax advisors, plus a cross-border financial planner, to avoid costly mistakes.
This article is based on personal opinions from the Spainguru community and is not legal advice.
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