REVEALED: The Spanish bank accounts with no extra fees in 2023
Many Spanish banks charge 'maintenance' fees simply for having an open account. Here's the bank accounts with zero commissions and charges in 2023.
If you've lived in Spain, or had a Spanish bank account at least, you'll probably known that Spanish banks have always had a reputation among locals and foreigners alike for charging infrutirating extra fees or 'comisiones' for no clearly justifiable reason besides having an open account.
The most common charge is a so-called 'maintenance fee'. These are usually charged per trimestre (financial quarter in English) and they vary but are somewhere in the region of €30 to €60 per quarter. This means that in Spain, often you have to fork out €200 or more every single year just to have a bank account.
Many banks also change extra comisiones for doing different services, such as making immediate or international money transfers. Maintenance fees and transfer commissions do not have a maximum limit established by Spanish law, so banks can literally charge you whatever they deem appropriate.
READ ALSO: The hidden costs of opening a Spanish bank account
There are also administration fees, which can charge you for every move you make with your money, as well as card fees, such as when you use your card abroad.
Fortunately, there are several banks in Spain that offer commission free accounts, provided you meet some conditions.
Here's the best of them.
BBVA Online Current Account
BBVA Bank offers an online account without any commissions. BBVA is one of Spain's biggest and most trusted banks, and 700,000 customers already have the Online Current Account.
The only possible downside is that this account is 100 percent online, and the zero commission offer is only available to new customers.
Open Bank
Openbank is a Spanish online bank that offers (online only) accounts without commissions: 0 percent commissions, and 100 percent digital.
With your Openbank checking account thee are no opening, maintenance or cancellation fees. You can also make national and international transfers (within the EU) completely free of charge and withdraw cash to debit at more than 7,000 Banco Santander ATMs with the Open Debit debit card.
READ ALSO: Spain changes its laws on cryptocurrency holdings: what you need to know
ING: Cuenta Nómina
The ING Cuenta Nómina (Payroll Account) has no commissions for either the account (so no maintenance fee) nor the cards, (debit and credit).
However, in order to qualify for the commission free account, you must have a regular income (into the account) of at least €700, whether it be through a salary, pension or unemployment benefits.
Unicaja Online Current Account
Unicaja's current account is an online account with no fees with which you can get a free debit card without any maintenance or transfer fees.
However, this is a time limited offer, and in order not to pay commissions after the first year you will have to meet the conditions of Unicaja's 'Fee free plan', which you can read about here.
Revolut Standard
Revolut's Standard account has no maintenance fees and zero card commissions, as well as no extra charges for making or receiving transfers. However, as Revolut is mainly an online bank, it is worth noting that some some plans do have limits on the number of times you can withdraw cash before a 2 percent fee is applied on withdrawals.
In fact, Revolut also offers a number of accounts that despite having maintenance fees, are considerably cheaper than the mainstream banks:
- Standard Account: €0
- Plus account: €2.99/month
- Premium account: €7.99/month
- Metal Account: €13.99/month
EVO Smart Current Account
EVO Smart is an online current account without commissions or conditions that combines a current account with a savings account at 0.6 percent APR.
N26 Standard
The N26 Standard account allows you to make purchases in physical and online stores, use your virtual debit card, and transfer money completely free of charge without any extra fees or maintenance commissions.
The only downside? You do have to pay €10 if you want a physical debit card.
READ ALSO: How to open a bank account in Spain if you're not a resident
Santander Nómina Account
Santander's online Nómina account is aimed at young people between 18 and 29 years old and has zero maintenance fees and there are no card fees.
However, as this is a 'nómina' account, you must have a regular income going into the account, with a minimum of €600 to keep the account commission free.
Sabadell Nómina Account
Sabadell also offers a commission-free online account with no admin or maintenance fees. The debit card is also completely free (without issuance or maintenance fees) and though there is no regular payroll requirement, if you do deposit your nómina into the account Sabdell will give you a €175 bonus.
Comments (1)
See Also
If you've lived in Spain, or had a Spanish bank account at least, you'll probably known that Spanish banks have always had a reputation among locals and foreigners alike for charging infrutirating extra fees or 'comisiones' for no clearly justifiable reason besides having an open account.
The most common charge is a so-called 'maintenance fee'. These are usually charged per trimestre (financial quarter in English) and they vary but are somewhere in the region of €30 to €60 per quarter. This means that in Spain, often you have to fork out €200 or more every single year just to have a bank account.
Many banks also change extra comisiones for doing different services, such as making immediate or international money transfers. Maintenance fees and transfer commissions do not have a maximum limit established by Spanish law, so banks can literally charge you whatever they deem appropriate.
READ ALSO: The hidden costs of opening a Spanish bank account
There are also administration fees, which can charge you for every move you make with your money, as well as card fees, such as when you use your card abroad.
Fortunately, there are several banks in Spain that offer commission free accounts, provided you meet some conditions.
Here's the best of them.
BBVA Online Current Account
BBVA Bank offers an online account without any commissions. BBVA is one of Spain's biggest and most trusted banks, and 700,000 customers already have the Online Current Account.
The only possible downside is that this account is 100 percent online, and the zero commission offer is only available to new customers.
Open Bank
Openbank is a Spanish online bank that offers (online only) accounts without commissions: 0 percent commissions, and 100 percent digital.
With your Openbank checking account thee are no opening, maintenance or cancellation fees. You can also make national and international transfers (within the EU) completely free of charge and withdraw cash to debit at more than 7,000 Banco Santander ATMs with the Open Debit debit card.
READ ALSO: Spain changes its laws on cryptocurrency holdings: what you need to know
ING: Cuenta Nómina
The ING Cuenta Nómina (Payroll Account) has no commissions for either the account (so no maintenance fee) nor the cards, (debit and credit).
However, in order to qualify for the commission free account, you must have a regular income (into the account) of at least €700, whether it be through a salary, pension or unemployment benefits.
Unicaja Online Current Account
Unicaja's current account is an online account with no fees with which you can get a free debit card without any maintenance or transfer fees.
However, this is a time limited offer, and in order not to pay commissions after the first year you will have to meet the conditions of Unicaja's 'Fee free plan', which you can read about here.
Revolut Standard
Revolut's Standard account has no maintenance fees and zero card commissions, as well as no extra charges for making or receiving transfers. However, as Revolut is mainly an online bank, it is worth noting that some some plans do have limits on the number of times you can withdraw cash before a 2 percent fee is applied on withdrawals.
In fact, Revolut also offers a number of accounts that despite having maintenance fees, are considerably cheaper than the mainstream banks:
- Standard Account: €0
- Plus account: €2.99/month
- Premium account: €7.99/month
- Metal Account: €13.99/month
EVO Smart Current Account
EVO Smart is an online current account without commissions or conditions that combines a current account with a savings account at 0.6 percent APR.
N26 Standard
The N26 Standard account allows you to make purchases in physical and online stores, use your virtual debit card, and transfer money completely free of charge without any extra fees or maintenance commissions.
The only downside? You do have to pay €10 if you want a physical debit card.
READ ALSO: How to open a bank account in Spain if you're not a resident
Santander Nómina Account
Santander's online Nómina account is aimed at young people between 18 and 29 years old and has zero maintenance fees and there are no card fees.
However, as this is a 'nómina' account, you must have a regular income going into the account, with a minimum of €600 to keep the account commission free.
Sabadell Nómina Account
Sabadell also offers a commission-free online account with no admin or maintenance fees. The debit card is also completely free (without issuance or maintenance fees) and though there is no regular payroll requirement, if you do deposit your nómina into the account Sabdell will give you a €175 bonus.
Join the conversation in our comments section below. Share your own views and experience and if you have a question or suggestion for our journalists then email us at [email protected].
Please keep comments civil, constructive and on topic – and make sure to read our terms of use before getting involved.
Please log in here to leave a comment.