Last Updated on October 24, 2023 by Bruno Bianchi
Question
Spanish bank account question. I see a lot of comments in this group about non-residence accounts. I’m starting my job in Spain immediately when I arrive in September so I’ll need a local bank account to set up direct deposit. What bank is the best for this? I already have my NIE and a residence approval for my work visa but I’m pretty sure I will apply for my TIE when I arrive.
Also I see a lot of comments about Charles Schwab. Is this best only if you’re making/using money from the US?
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These are the answers of some Facebook group members:
“Sabadell seems to be very favorable to foreigners. I know there’s also a few online banks but I’d rather have my money in Spain if I’m going to be there. Also if you have a Schwab brokerage backed checking account you can use the card for ATM And purchase with no foreign transaction fee or ATM fee. Keep in mind though you will need to keep it tied to a US address. If you won’t have one then you can use Traveling Mailbox. Hope that helps.”
“Charles Schwab has excellent exchange rates on their debit card AND they refund all ATM fees. But unless you have income direct deposited or are willing to send income back to USA, you might be better off with something else. I have all my pensions going to Schwab, so when not in USA, I pay everything with that card or with cash drawn from an ATM with that card. But if my income were from non-US sources, I’d get an account from a non-US bank.”
“Sabadell yes, I opened my account with just my NIE but I had gone for the fingerprint appointment and they told me to upload my TIE after I got it”
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“I would recommend Sabadell also. They were flexible about it especially if you are waiting to get your residence permit”
“Check Spaiguru’s Alternatives to a traditional Spanish bank account and money transfer services.
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