Finance

Stay informed about banking, investments, expenses, and personal finance management in Spain. Learn how to navigate the financial system efficiently.

5 of the Best Spanish Banks for Non-Residents

February 19, 2025/in Finance

Spain is one of the most sought-after European countries for investment opportunities, attracting expats who want to live and work here. However, without a local Spanish bank account, it can be difficult for them to receive payments or pay bills such as rent and utilities. In this article, we share a list with 5 of the best Spanish banks for non residents. Notice that some of them offer expats the possibility to take mortgages, in case they want to buy property in Spain. Read on!

Banks in Spain

Spain has a well-established banking system, with a mix of major national banks, regional savings banks (cajas), and international institutions. The country’s largest banks, such as Santander, BBVA, and CaixaBank, offer a wide range of services, including accounts for residents and non-residents. Online banking is widely available, though some processes may still require in-person visits. Whether you’re an expat, investor, or just visiting, choosing the right bank can make managing finances in Spain much easier.

Despite the fact that Spain is home to several banking institutions, not all of them offer bank accounts for non-residents. In reality, only a handful of these banks provide such services. They are usually among the largest corporate names in the country with subsidiaries overseas and connections to various international banking systems. To better serve this niche market, some Spanish banks are now offering bank accounts specifically tailored for non-residents living within their borders.

Top 5 Spanish banks for non residents

The Spanish banking system is known for its competitive rates and wide range of services. If you’re a non-resident living in Spain, you can open savings accounts, current accounts, deposit accounts and other services with certain banks.

The following banks are considered the finest for opening an account and overseeing all your financial activities, both in-person and online account.

1. Santander Bank: Passport Online Account for Non-residents

As the largest bank in Spain, Santander boasts an impressive global presence with more than 30,000 ATMs across the world. Santander has a large presence in Europe and Latin America as well as several subsidiaries overseas.

Santander’s Cuenta Online para No Residentes con Pasaporte is a convenient option for non-residents looking to open a bank account in Spain. This online account allows foreigners to sign up using just their passport, without needing a Spanish NIE. It comes with no maintenance fees and includes a free debit card, as well as access to Santander’s extensive network of ATMs and online banking services. Designed for easy international transactions, it’s a great choice for expats, students, and frequent travelers who need a flexible banking solution in Spain.

2. Bankinter: Non-Resident Basic Account

Bankinter, a merger of two global banking giants (Santander and Bank of America), is the perfect choice for those who do not reside in Spain. With a Non-Resident Basic Account, you can enjoy the same benefits as other Bankinter customers without having to worry about any unnecessary paperwork. Bankinter’s customer service offers convenient online banking options and 24/7 customer care via telephone or email.

3. BBVA Bank Spain: Non-Resident Account

BBVA is the second-largest bank in Spain with a presence on a global market. For those seeking to establish a bank account in Spain, BBVA is the perfect option. It has several branches in more than 30 countries, especially in South America. The Non-Resident Account allows customers to open a bank account with minimal paperwork, enjoy exclusive offers on international money transfers and utilize a mobile banking app to have access to their accounts anytime, anywhere.

BBVA Bank also offers competitive interest rates on savings and deposits. It also offers a wide range of other banking services including debit cards, money transfer services, and online banking. Through this bank, non-Spanish citizens have access to an impressive variety of financial options including mortgages, insurance plans, accounts and investment funds, all tailored specifically to their needs.

4. Sabadell Bank: The Key Account

Sabadell Spanish bank is best for non-residents and is one of Spain’s largest, with a special presence in the United Kingdom, United Estates, and South America. The Key Account of Sabadell Bank is designed exclusively to satisfy the needs of their foreign clients in Spain.

For entrepreneurs looking to kickstart their business in Spain, Sabadell is the perfect partner that can easily provide services tailored to commercial and industry-specific needs. This is an invaluable asset for foreign enterprises. Expats and nonresidents alike can open accounts quickly and easily fund and transfer money.

The bank also offers services to both Spanish and English speakers and their bilingual capability makes the entire paperwork process much easier. One of the features that differentiate the Key Account from other non-resident accounts is that it offers up to 10 free document translation services to its customers.

5. Caixabank: HolaBank Account

As part of its international expansion plan, Caixabank launched a few years ago its new account for international clients called HolaBank. This bank is perfect for those who need a reliable money transfer service in Spain and offers the ideal solutions to satisfy their needs. Caixabank has designed an account tailored for non-residents, with a variety of features that include no minimum balance requirements, free international transfers, and access to a wide selection of domestic and foreign financial products.

The bank’s goal with this product is to attract approximately 500,000 international customers who live outside Spain but spend long periods of time in the country, whether for work or holidays. HolaBank account is therefore designed for real estate clients, international students, and other non-residents who need a bank account in Spain. The most relevant aspect of this account is that it can be opened from anywhere in the world. You do not need to be in Spain, everything can be done online.

CaixaBank has become the first Spanish bank to allow non-residents to open an account and apply for a mortgage entirely online. This digital service makes banking in Spain more accessible for foreigners, eliminating the need for in-person visits. Through a fully remote verification process, non-residents can open an account, manage their finances, and even request a mortgage from abroad. With this innovation, CaixaBank aims to simplify banking for expats, investors, and anyone looking to buy property in Spain.

Can I open a bank account in Spain as a non-resident?

Yes, you can open a bank account in Spain as a non-resident. You only need to present the necessary documents and inform the financial institutions about your employment status. In some cases, Spanish banks need other financial information apart from your ID or proof of address.

What is the best bank account to have in Spain?

The best bank account in Spain depends on your needs, whether you are a resident or a non-resident. The country’s most recognized banks compete to offer services tailored to foreigners. While the options are quite similar, the final choice often comes down to personal preference.

What is the difference between a resident and a non-resident bank account in Spain?

Just like their names, resident accounts are for people who live and work in Spain. Instead, non-resident accounts are for people living overseas. The main difference between the two is that a non-resident account often requires more paperwork and taxes to be paid. Additionally, some services such as international money transfers may not be available with a non-resident bank account.

A word from SublimeSpain

Choosing the best Spanish bank for non-residents is a very personal decision that depends on multiple factors. From the type of banking services, you wish to access to the level of customer service you expect. Ultimately, it’s important to explore all the options available and do your research before committing to a particular bank. Speak with friends or family living in Spain and ask questions about their experiences as well. And remember: always read through any contracts, including the fine print, thoroughly before agreeing to any financial commitments. With enough time, you will be sure to find the safest option available for banking in Spain as a non-resident.

Disclaimer: Information on this page may be incomplete or outdated. Under no circumstances should the information listed be considered professional legal or financial advice. We highly recommend seeking guidance from a legal or financial expert if you lack extensive knowledge or experience dealing with any of the procedures outlined in these articles.

Currency of Spain for Expats: Euro Guide & Money Tips

February 1, 2025/in Finance

Thinking of moving to Spain or already living the expat life? Understanding the currency of Spain is key to managing your finances smoothly. The euro (€) is Spain’s official currency, and whether you’re withdrawing cash, exchanging money, or setting up a local bank account, knowing the ins and outs will save you time and money.

In this guide, we’ll cover everything expats need to know about Spain’s currency so you can spend less on banking and more on enjoying life in Spain.

Currency in Spain is the EURO €

The euro is the currency of Spain since it’s introduction on January 1, 2002, replacing Spain’s former currency, the peseta, along with other national currencies like the French franc and German mark. Today, the euro is used by 19 of the 27 EU member states. This means it is one of the world’s most widely recognized and traded currencies.

The euro is known for its stability, with a low inflation rate and strong market presence. In fact, it’s the second most traded currency globally, right after the US dollar. For travelers and businesses alike, it offers seamless transactions across the eurozone. In other words, no need to worry about exchange rates when hopping from Madrid to Paris or Rome.

Euro banknotes are designed for easy recognition. Each denomination varies in size, with the smallest being €5 and the largest in circulation at €200. Their bold, distinct colors make them instantly recognizable. The €500 note, once notorious for its rarity, was officially phased out in 2018.

Characteristics of the Euro

Each euro is composed of 100 cents and is available in both coins and banknotes. When you’re planning your trip, it’s important to check the current exchange rate between your home currency and the euro to get an idea of how much money you’ll need.

Banknotes in Spain

Euro banknotes come in 5, 10, 20, 50, 100, 200, and 500 euro denominations. Although the 200 and 500 EUR notes are not widely used, they do exist. The most used banknotes are the 5, 10, 20, and 50 EUR denominations.

Coins in Spain

There are eight different coins euro coins which are 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents, 1 euro, and 2 euros.

Exchanging for EUR

There are several options for exchanging currency in Spain, including banks, exchange offices, and ATMs. It’s important to compare the exchange rates and fees before making any transactions. While banks may offer better rates, they may also charge higher fees. Exchange offices may offer better rates for cash transactions, but they may also charge commissions.

When you want to exchange currencies into the euro, look for the currency code EUR. Usually, the safest place for exchanging is an ATM machine (known in Spain as a “cajero automático“). ATMs are widely available, not just at bank branches but also in shopping centers, commercial districts, major cities, and even historic town centers.

Exchange rate

Of course, money exchange rates fluctuate daily. Therefore, to get an accurate exchange rate we recommend using Google. Notice that when exchanging currency at an exchange service there may be some additional charges. However, these shouldn’t be more than 3%.

Using ATMs

Using ATMs is one of the most convenient ways to get euros while in Spain. However, it’s important to check with your bank before you leave to ensure that your card will work in Spain. Some banks charge fees for international transactions, so remember to check these fees and compare them to other options before making any withdrawals.

Cash vs. Card

Credit cards are widely accepted in Spain, especially in major cities and tourist areas. Visa and Mastercard are the most commonly accepted cards, but American Express is also accepted in some places. Always check with your credit card company to see if they charge foreign transaction fees and what those fees are.

However, it’s also a good idea to have some cash on hand, especially for smaller purchases or in areas where credit card usage may be limited. Keep in mind that some places, such as markets or small shops, may only accept cash.

When should I use cash in Spain?

Credit and debit cards are commonly used in Spain. However, in small towns often cash is the only option. These towns may also not have a local ATM, so it is best to withdraw cash before you get there.

Next to this, smaller restaurants in the big cities sometimes also require you to pay with cash. In this case, they may not have a card system (similar to the towns) or a minimal fee of (5 to 10 euros) to spend if you want to use the card system. In this way, it’s always a good idea to have some cash on hand when traveling in Spain.

What is a currency transfer service?

A currency transfer service is a financial service that allows individuals and businesses to exchange and send money between different currencies (often internationally) at competitive exchange rates.

Unlike traditional banks, which may charge higher fees and offer less favorable exchange rates, specialized currency transfer providers focus on cost-effective, fast, and secure international transfers. These services are commonly used by expats, international businesses, and investors to move money across borders efficiently.

When to use a currency transfer service as an expat in Spain

Managing international money transfers efficiently is crucial for expats living in Spain. Whether you’re buying property, receiving a pension, or covering everyday expenses, using a currency transfer service can help you get the best exchange rates and avoid unnecessary fees.

Large Transfers

If you’re moving a significant amount, such as transferring savings or purchasing a home, a dedicated currency provider can offer better exchange rates and lower fees compared to banks. Some even provide personalized guidance to help you time your transfer for the best rate.

Regular Payments

If you receive a pension from abroad or need to send money for recurring expenses, setting up automated transfers ensures you get a consistent rate and avoid delays.

On-Demand Transfers

Need to send money quickly? Many providers offer 24/7 online or mobile app transfers for amounts up to £50,000 (or the equivalent in your currency), giving you flexibility and control over your funds.

History of the Spanish euro currency

Spain’s currency has evolved significantly over the centuries. The first coins in the region date back to the Roman Empire, but modern Spanish currency began with the peseta, introduced in 1869. For over a century, the peseta remained Spain’s official currency, with 1 peseta divided into 100 céntimos. That changed in 2002, when Spain joined most of the European Union in adopting the euro (€). The transition was set at an exchange rate of 1 euro = 166.386 pesetas, marking a new era of economic integration.

Today, Spain’s euro coins reflect its rich history and culture. The 1 and 2 Euro coins feature King Felipe VI, who ascended the throne in2014 and is known for his philanthropic efforts and international diplomacy. The 10, 20, and 50 cent coins honor Miguel de Cervantes, the legendary author of Don Quixote, a cornerstone of Western literature. Meanwhile, the 1, 2, and 5 cent coins showcase the Cathedral of Santiago de Compostela, a UNESCO World Heritage site and the final stop on the iconic Camino de Santiago pilgrimage.

Positive effects of the euro currency in Spain

There are many positive aspects to the euro. It’s easier for travelers coming from the European Union because there’s no need to exchange money. Next to this, the euro has a more stable value than the peseta. The euro is also used in other countries, so Spanish businesses can easily export their products abroad.

Negative effects of the euro currency in Spain

Although there are many positive aspects to the euro, there are also negative ones. The biggest gripe Spanish people have about the euro is that prices have risen in most stores since 2002 when it became the official currency. Gasoline, clothing, hotels, and even public transportation costs are some of the most common examples.

A word from SublimeSpain

Managing your money while traveling can be stressful, but with a little bit of planning, it can be a breeze. By understanding the euro, comparing currency exchange options, and knowing your payment options, you’ll be able to enjoy your trip to Spain without any financial worries.

Disclaimer: Information on this page may be incomplete or outdated. Under no circumstances should the information listed be considered professional legal or financial advice. We highly recommend seeking guidance from a legal or financial expert if you lack extensive knowledge or experience dealing with any of the procedures outlined in these articles.

How Much are Utility Bills in Spain?

January 19, 2025/in Finance

Bills in Spain can vary greatly depending on the required electricity, gas, water, and other services. Before taking the plunge and investing your time, energy, and finances into living in Spain, you should consider some practical matters. One of those is understanding what kinds of bills and expenses you can expect as a resident. Read on to learn more!

What bills do you pay in Spain?

Trying to guess how much your utility bills in Spain will cost is almost impossible, as the amount varies drastically depending on the size and condition of your home. However, if you already own a Spanish property or know what kind you want to buy, it’s possible to use this info in order to calculate an estimate of what your monthly payments may be.

Local Property Tax

Once the title deed is signed before the Spanish Public Notary, you must pay the local property tax, IBI (Impuesto de Bienes Inmuebles). This is a yearly tax that depends on the cadastral value of your house. However, you can sometimes receive your first one for up to two years. These bills are sent directly to a Spanish property’s address. The specific percentage of taxes owed ranges from approximately 0.405% to 1.166%, depending on the province where the property is located. It’s worth noting that the cadastral value of a property is reevaluated periodically to ensure that taxes remain up-to-date.

Electricity Supply

Your energy supply bills vary hugely depending on electricity prices, the electricity company you use, and your own electricity consumption. When setting up an electricity supply to Spanish property, electricity companies will require proof of ownership (title deed) and proof of residence in Spain (a Spanish bank account).

If you’re living in Spain, it’s normal to expect your monthly electric bills to be between €60 and €100. But that can change depending on the contracted kW of your home, its size, and how much time you spend there. Small or medium-sized homes should have a 3.45kW contract. Larger homes need 5.75kW, while those with heavy electrical consumption require 10.35kW. To reduce electricity bills in Spain, it’s worth considering electricity-saving measures such as using energy-efficient appliances and installing solar panels.

Water Supply

Water in Spain is provided by local authorities and municipal authorities, although in some areas, there are local public services responsible for water supply. Approximately one quarter of the country relies on privately owned suppliers, another half primarily utilizes public sources for their supply, and the remaining area relies on private and public entities to maintain adequate water service. The price for a monthly water bill can fluctuate depending on the amount of water you use and how many people live in your home. The cost of a monthly water bill is usually between €30 and €150 depending on your location, consumption, and the type of contract you have in place. You should expect to pay between 40-60 euros each month for your water expenses.

When relocating to Spain without utilities, make sure the water contract is transferred into your name. Head over to the local town hall or check online for details on how to register as its new owner. Notice that this process may differ depending on where you live. You need to bring your ID and your address with you to register.

Bottled Gas

Bottled gas costs vary greatly depending on your location and the bottle size you purchase. The gas is used to heat water and cook food, so the cost can be quite high. After moving into your new home, contact your local gas supplier and request that they turn on the gas. Selecting the perfect gas supplier for your home in Spain is just as easy as selecting an electricity provider. Each region has its own primary supplier; however, you still have a few options. Once this has been done, a meter reading will be taken and you’ll become an official customer. Fortunately, these can easily be organized with your provider at around €60-€70.

Community Fees

In addition to electricity bills, utility bills, and water bills, you need to consider community fees if you own property in Spain. As a homeowner of property in a “community”, you are responsible for contributing financially towards the upkeep and maintenance of communal facilities. The amount allocated for these fees depends on various elements. Community fees can vary greatly depending on the region and size of the property, but they usually range from €50-€250 per month.

Telephone

On average, you will be spending anywhere from 30 to 55 euros each month for your landline phone and broadband internet connection of between 50Mb to 300Mb. Most telephone companies offer discounts for long-distance calls and data packages.

Grocery Bills

Grocery bills in Spain also vary greatly depending on where you shop and the type of food/drinks you purchase. The average grocery bill for a family of four is €150-€200 per month. Supermarkets such as Carrefour, Mercadona, or Lidl typically offer the best prices.

Rent

If purchasing a home is not an option, you may consider renting in Spain. Rent cost is cheaper inland than it is along the coast and more expensive in tourist areas. A 1-2 bedroom apartment outside of a city typically costs €500 per month while one inside a city can range from €675 – €750. On the other hand, if you’re looking for something bigger such as a villa complete with its own pool, expect to pay at least €1,000+ per month.

Running a Car in Spain

The public transportation system in Spain is outstanding. Still, many choose to purchase a car after they relocate since it’s the fastest and most comfortable way to get from one place to another—especially if you live in an isolated holiday spot. Car insurance rates can vary significantly depending on the size and model of your car, but expect to pay anywhere from €85-€150 each month for a medium-sized vehicle.

Insurance in Spain

Depending on your age and history, life insurance can be costly. Health insurance is necessary and you should budget at least 30 euros per month for it. Additionally, be ready to spend around 250 euros yearly on building and content coverage.

A word from SublimeSpain

If you are preparing to move into your new Spanish residence, opening a local bank account beforehand is essential. Not only is this the most convenient way of collecting utility bills via direct debit, but it will also simplify many everyday tasks. Bills in Spain are paid through automatic transfers from your bank. Therefore, you’ll need to input these data when signing up. While it’s possible to use other payment methods, this will likely remain the easiest option.

Opening a Bank Account in Spain

October 3, 2022/in Finance

When you are thinking about relocating, starting a business or buying property in Spain, one of the things you will think about is a Spanish bank account, and how this will work. In this article, we will explain all you need to know about Spanish banks and how to open a bank account in Spain.

Why open a bank account in Spain?

There are many reasons why you might need a bank account in Spain. Even if you are not planning on living in the country, having a Spanish bank account can be useful if you are planning on buying property or investing in a business. A bank account will also allow you to easily transfer money between Spain and your home country.

If you are planning on living in Spain, then a bank account is almost essential. You will need a place to store your money and to receive your salary. A bank account will also allow you to easily pay your bills and make other purchases.

Is having a bank account a requirement in Spain?

No, having a bank account in Spain is not a legal requirement. However, it is generally advisable to have one, especially if you are planning on living in the country.

What do I need to open a bank account in Spain?

To open a bank account in Spain, you will need the following documents:

Identity documents (such as a passport) should be shown.
Address: A copy of a bill with your current address must be included.
Employment documents: A document that establishes your work status (for example, a student card, employment contract, or unemployment documentation)
NIE number (Spanish foreigner identification number) – If you are a Non-Resident.

Some banks may require additional documents, so it is always best to check with the bank in advance.

How to open a bank account in Spain?

The process of opening a bank account in Spain is relatively straightforward. However, it is important to remember that each bank has its own requirements and procedures. It is always best to contact the bank in advance to find out what is required.

In most cases, you will need to make an appointment with the bank and then go into a branch to open the account. During the meeting, you will be asked to provide the documents listed above. The bank will then run a credit check and, if everything is in order, will open the account for you.

Some banks may require that you open an account with a certain amount of money. Others may offer special deals or bonuses if you open an account with them. It is always best to shop around and compare different banks before making a decision.

Types of bank accounts in Spain

There are several different types of bank accounts that you can open in Spain. The most common are:

Current account: This is the most basic type of account and is used for everyday transactions.
Salary account: This account is specifically for people who receive their salary in Spain.
Savings account: This account is used for savings and typically offers a higher interest rate than a current account.
Fixed-term deposit account: This account is used for savings and offers a higher interest rate than a current or savings account. The money deposited in this account cannot be withdrawn for a set period of time.
Pension account: This account is used to receive pension payments.
Youth account: This account is designed for young people aged 18-25 and typically offers special deals and bonuses.
Non-Resident account: This account is for people who do not live in Spain.
Digital account: This account is an online-only account with no physical branches.

What are the bank fees associated with bank accounts in Spain?

The fees charged by banks in Spain can vary depending on the type of account and the bank itself. However, there are some general fees that are common across most banks. These include:

Account opening fee: This is a one-time fee charged when you open a new bank account.
Yearly fee: You’ll pay around €12–15 for a debit card and potentially more than €30 a year for a credit card with many Spanish bank accounts.
Banks charge a fee to send money to other countries. In Spain, this fee can range from €3-15 if you’re sending less than €50,000.

How long does it take to open a Spanish bank account?

It usually takes between one and two weeks to open a bank account in Spain. The process can be started online, but you will need to go into a branch to complete it and provide the required documents. You may also be asked to provide additional information, such as your reason for opening an account in Spain. When you have opened your bank account you may need to wait a few days for your debit card and credit card to arrive in the post.

Types of banking services in Spain

Spanish banks offer a wide range of services, from savings and checking accounts to loans and investment products. In addition, many banks offer special services for businesses, including business accounts, merchant services, and loans. Most banks also offer ATM and debit card services, as well as online and mobile banking.

However, some services, such as credit cards and international money transfers, may be offered by only a few banks. To find the right bank for your needs, it is important to compare products and services to find the best fit. With so many options available, Spanish banks offer something for everyone.

Overview of Banking in Spain

The Banco de España, Spain’s national bank, also serves as the financial regulator.
The top four banks in Spain by assets under management are Santander, CaixaBank Banco, BBVA, and Sabadell. These five banks account for around 70% of the sector’s assets.
Santander is such a big bank it is under re-capitalization pressure from the ECB.
A number of these banks also have a strong international presence, with branches or subsidiaries in several countries. For example, Santander has branches in the UK, Brazil, and the US, while BBVA has a presence in Mexico, Colombia, and Uruguay.
There are currently 141 private banks (including around 80 foreign-owned banks), as well as several cooperative and savings banks, in the country.
The banks in Spain hold a lot of real estate assets as a result of the 2008 financial crisis.

Currency in Spain

The currency in Spain is the Euro (€). Euros are divided into 100 cents. There are eight different coins: 1, 2, 5, 10, 20 and 50 cent coins, as well as 1 and 2 Euro coins. There are also seven different banknotes: 5, 10, 20, 50, 100, 200 and 500 Euros.

Opening a bank account in Spain

ATM in Spain

In Spain, you can find ATMs (cajeros automáticos) in almost every town and city. They are very convenient when you need to withdraw cash, and most of them accept foreign cards. However, there are a few things to keep in mind when using an ATM in Spain. First, make sure that the ATM is affiliated with your bank. Second, be aware of your surroundings, as ATM thefts are not uncommon. Finally, remember that Spanish ATMs dispense euros, so if you are withdrawing cash from a foreign account, you may incur fees. With these things in mind, using an ATM in Spain can be a quick and easy way to get the cash you need.

A word from SublimeSpain

In conclusion, opening a bank account in Spain is a crucial step to take if you are considering relocating, starting a business, or purchasing property in the country. With the right information and documentation, the process can be straightforward and efficient. By understanding the various types of accounts and services offered by Spanish banks, you can choose the one that best suits your needs and preferences. Whether you are a resident or a non-resident, opening a bank account in Spain is essential for managing your finances and making the most of your time in this beautiful country.

A Guide to Financial Advice for Expats in Spain

January 26, 2022/in Finance

Financial advisors in Spain are professionals that help you with financial planning and help to provide financial services. They work as tax planners and financial planners and often give financial advice and information, including options for saving and investments, retirement planning and managing money. Financial advisors are not the same as lawyers and accountants. Lawyers will give advice and guidance on legalities, while accountants give advice on tax and perform declarations.

Financial advice when you need it the most

Spain is one of the most popular countries in Europe for foreign residents. The country has a rich culture and beautiful landscape, making it an attractive place to live. It is one of the oldest countries in Europe with a rich history and culture mixed with modernity, making it an attractive destination for expats and firms who want to find happiness and reach their goals abroad. Financial advisors in Spain can help you navigate the Spanish new environment so that you can enjoy your time there without any money worries.

Tax planning for expats

When you are an expat and are planning to buy a property in Spain, financial advice on mortgages in Spain is very good to have. If you are not familiar with mortgages in Spain, you might not get one or pay too much. Through the financial analysis of the advisor, you can reduce the interest rates for your loan. There are also other financial services advisors can offer. For example, they can assist you with tax planning to reduce income and capital gains taxes.

Advice for pensioners in Spain

When you retire in Spain and have a pension, you can request financial advice on a wide range of financial services. These services include financial planning, financial investment and financial risk assessment. They can advise you on the best way to bring your pension over to Spain, as well as assist you with mortgages if you need one.

Financial advice for your business in Spain

Financial advice in Spain is also available for firms in Spain. For example, it can be very useful when you are starting a business in Spain with a significant loan. While you need lawyers to guide you through the company formation and accountants to guide you through the taxes in Spain. Financial advisors can help you plan for the future and give you advice on what financial products would be best for your company. This financial advice can help protect your company from financial risks and give you more financial freedom.

Businesses can request financial advice on how best to manage their financial resources. Financial advisors will provide loan analysis and investment management services. They can use advisors regarding corporate financial products. These include pensions, share schemes, financial planning for retirement, financial investments, financial risk assessment and financial reporting. Businesses can also use financial advisors to guide them through the financial aspects of mergers and acquisitions.

What financial services do financial advisors offer in Spain?

Financial advisors offer a range of financial planning and management services, including financial analysis, financial management, financial advising services, and financial analysis.

They can assess financial risk and evaluate investments to give you financial plans designed for your individual needs. They will provide you with the best financial products to meet your budget and financial goals.

Although they typically advise on all financial matters related to an individual or company’s finances, their financial expertise extends beyond financial planning and financial advising.

At the very basic level, financial advisors in Spain help provide financial security and financial services, while more complex financial advisory services can be employed for personal or business use.

Financial services consist of

Analysis
Planning
Tax financial services
Risk assessment
Advising
Coaching
Information and guides

What is financial analysis?

Financial analysis is the process of reviewing and examining data, such as financial statements and working papers, to determine different types of risk exposure or financial health. Financial advisors use financial analysis to examine a company’s balance sheet, statement of financial position, and other financial reports to make a financial assessment.

What is financial planning?

Financial planning is the process of determining the financial goals you want to achieve in life and then creating financial plans that meet those needs. Financial advisors help clients prepare financial plans by assessing their current financial situation, determining where they want to be financially in the future, and then creating financial plans that will get them to their financial goals.

The financial planning process can be done when financial decisions are made at any point in life. Suppose you face significant financial decisions in your life, such as buying a home or retiring. In that case, financial advisors in Spain can help you make the best choices for your financial situation.

What are financial tax services?

When you want to use Spanish tax advantages, it is wise to get help from an expert. Financial advisors can assist you with financial tax services, including advice on tax planning. This financial advice can provide additional financial security for investors. It can alleviate the financial burdens. If you need assistance declaring your taxes, accountants can help you with this.

What is financial risk assessment?

Financial risk assessment is a process performed by financial advisors to assess financial products or services’ financial risk. It is the assessment of financial risk undertaken by financial advisors to determine whether financial services are appropriate for an investor’s needs and expectations of financial returns.

Financial Risk Assessment also includes evaluating how well a portfolio or investment strategy fits with their financial goals, experience, risk tolerance and other personal factors that affect financial risk.

What is financial advising?

It is a financial service provided by financial advisors in Spain in which they provide financial advice to individuals and businesses on financial products, financial planning and budgeting.

It is a financial advisory service where financial advisors provide information and education on credit cards, debt relief services, debt consolidation loans, financial planning, financial services, financial management, financial risk assessment, loans that are offered by financial institutions.

Financial advisors can give financial advice to both individuals and businesses. Businesses need financial advisors to handle the financial operations of their companies for them. Financial advisors can help with finding the most effective way for a company’s money to be used and help financial managers maximize financial potential.

What is financial coaching?

A financial coach, also known as a financial planner or personal financial advisor, can provide financial coaching to anyone who wants to develop financial knowledge and skills for themselves. Coaching provides the opportunity (and motivation) to take control of your own finances by making you more confident in financial matters.

Coaching is particularly useful for people who are new to financial planning, or those looking to change the way they think about financial planning. You can also get financial advice on how you manage your financial life in Spain. It will help you identify areas for improvement.

What is financial information?

Financial information includes financial reports indicating financial health. It can also contain guides for investing and explanations on financial services, such as mortgages, credit cards or retirement plans.

The financial information may also take the form of daily, weekly and monthly financial updates and news on financial markets and financial institutions in Spain.

Investment management

Investment management is financial advice on financial products. It helps investors achieve their financial goals. Financial advisors in Spain provide investment management services involving financial planning, financial investments, financial risk assessment and financial reporting in Spain.

Investment management involves an assessment of an investor’s financial profile (assets, debts, income and expenses) together with their financial objectives to help them plan for short-term financial goals, such as a home purchase or a financial emergency.

It also includes financial planning for retirement and financial risk assessment to determine the right investment mix to help achieve financial goals. Investment management may also provide financial advice on corporate financial products such as pensions and share schemes.

Types of financial institutions in Spain

There are many types of financial institutions in Spain, including banks, insurance companies, brokerage firms, financial planning professionals and credit unions. All financial institutions are regulated by the financial authorities in Spain and have to comply with financial regulations.

Popular financial products in Spain

One of the financial advisors in Spain may advise you on financial products such as:

Loan products
Savings and investments
Retirement plans
Insurance contracts
Housing loans and mortgages
Investments and financial instruments such as shares, bonds and units in mutual funds
Pensions

Types of taxes in Spain

You will have to deal with many types of taxes when you live in Spain. The financial advisors in Spain can help find information about which taxes apply to your financial situation and how best to deal with them. Ordinary taxes you will find in Spain are:

Spanish financial advisers will provide financial advice relating to taxation, housing plans, household finance planning, personal financial planning, savings plans and investments. Tax is compulsory for all citizens residing within the economic borders of Spain.

Biggest mistakes by expats

The financial advisor in Spain may tell you which financial mistakes are common among expats. Common mistakes made by expats include:

Not filing tax returns at all or without financial information
Submitting incorrect financial details due to lack of understanding
Attempting to save money by avoiding financial advice
Failure to plan financial advice, underestimating financial needs
Claiming too many allowances
Language barriers
Filling the wrong forms (Modelo’s)
Not properly dealing with debts
Not properly dealing with gains

Expats who are new to Spain should ensure they understand the financial requirements of living there. Because making financial mistakes can result in financial penalties.

A word from SublimeSpain

When dealing with a significant amount of money, it is essential to get an independent advisor. By law, financial advisors in Spain must disclose any financial relationships with financial products. This means you can trust your financial advisor not to recommend a financial product because it pays them more money. They will provide impartial financial advice on taxation issues and financial planning in Spain.

Disclaimer: Information on this page may be incomplete or outdated. Under no circumstances should the information listed be considered as professional legal advice. We highly recommend seeking guidance from a legal expert if you lack extensive knowledge or experience dealing with any of the procedures outlined in these articles.

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Popular Banks in Spain

January 6, 2022/in Finance

Spain is home to some of the biggest banks in the world. These banks play a vital role in the country’s economy, providing financing for businesses and individuals alike. In this blog, we will take a look at the five largest banks in Spain.

Spain has a long history of banking, with the first recorded bank appearing in 1846. Since then, the country’s banking sector has grown to become one of the largest in Europe. Currently, there are more than 100 banks operating in Spain, with a combined asset base of over €1 trillion.

These banks play a vital role in the Spanish economy, providing financing for businesses and individuals alike. They also play an important role in promoting economic growth and stability. Spanish banks have been significantly affected by the global financial crisis in 2008 and the ensuing European debt crisis. However, they have slowly begun to recover and are once again playing a key role in supporting the Spanish economy.

What can banks in Spain do for you?

When it comes to finding the right bank for your needs, Spanish banks offer a wide range of options and services. From traditional banking products like checking and savings accounts to more specialized services like investment products, mortgage financing, Spanish banks can provide the financial support you need. In addition, many Spanish banks offer online and mobile banking services, making it easy to manage your finances on the go.

With so much to offer, it’s no wonder that Spanish banks are a popular choice for both individuals and businesses. So whether you’re looking to open a Spanish bank account or more comprehensive financial services such as corporate and investment banking, Spanish banks are worth considering.

Choosing the right bank for your needs

There are a few things to consider when choosing a bank in Spain.

First, think about what type of products and services you need. Do you need a basic checking account or are you looking for more specialized services like investment products or mortgage financing? Once you know what you need, start comparing banks. Consider things like the fees they charge, the level of customer service they provide, and the convenience of their online and mobile banking services.

It’s also a good idea to check out what other customers are saying about a particular bank before you make a decision. Reading online reviews can give you a good sense of a bank’s reputation and whether or not they’re likely to meet your needs.

Once you’ve chosen a bank, be sure to take the time to open an account and get started with their services. With the right bank in Spain, you can enjoy all the benefits of modern banking with ease.

Most popular banks in Spain

Below you can find our pick of the most popular banks in Spain, based on assets, visibility, service level, and the number of branches.

1. Banco Santander

Banco Santander is the most popular bank in Spain and the largest bank in Spain in terms of lending, assets and deposits. Meanwhile, it has around 200 million employees, and 135 million customers. Banco Santander operates in the Americas, Asia, and Europe. Its primary markets include the United Kingdom, United States of America, Argentina, Germany, Mexico, Brazil, Portugal, Chile, and Poland.

Banco Santander Group has a big network of 13,277 branches throughout the world. Furthermore, it started operations in China and established offices in Uruguay and Puerto Rico.

2. Banco Bilbao Vizcaya Argentaria, SA (BBVA)

BBVA bank is the second largest bank in Spain. In 1999, It was merged from Banco Bilbao Vizcaya (BBV) and Argentaria. Nowadays, it serves 75.7 million customers, almost in 30 different countries. However, Banco Bilbao Vizcaya Argentaria, SA position is vital, especially in Latin America.

3. CaixaBank

CaixaBank is the third largest and most popular bank in Spain, and its headquarters is in Valencia. Also, it has a leading retail banking business in Portugal, with more than 2 million BPI clients. CaixaBank has9,335 ATMs, 15.7 million customers and 5,033 branches nationwide. CaixaBank was relatively founded in 2011, and its main shareholder is CriteriaCaixa.

4. Banco de Sabadell

Banco de Sabadell is the fourth largest bank in Spain that is located in Alicante. In 1881, this bank came into being by a group of 127 businessmen. Nowadays, serves 11 million customers, over 26,000 employees, and a network of 2,455 branches. Last year, Banco de Sabadell company had a market capitalization of $ 5.9 billion.

5. Bankia

Bankia is the fifth-largest bank in Spain. It has 2,200 ATMs, with a network of 2,300 branches, and serves 8.1 million customers. In 2010, Bankia was founded after seven savings banks in Spain were merged into the Institutional Protection System such as Caja Canarias, CaixaLaietana, Caja Madrid, Caja Avila, Caja Segovia, Caja Rioja, and Bancaja,

Meanwhile, Bankia offers banking insurance, real estate services, commercial banking, asset management, and online banking.

6. Bankinter

Bankinter is the sixth-largest bank in Spain, and definitely part of the most popular banks in Spain. It is considered as being one of the most profitable and leading banks in Spain. Bankinter provides corporate and personal services like insurance products, private banking, and mutual funds.

In 1965, It was established by a joint venture between Bank of America and Santander. In 1972, entered the Madrid Stock Exchange as an independent banker. Bankinter loan portfolio reaches 54.8 billion euros with total assets of 76.3 billion euros. Furthermore, it has 400 financial agents with 445 branches in Spain.

7. KutxaBank

KutxaBank is the seven largest bank in Spain located in the Basque Autonomous Community. It offers the services of debit and credit cards, savings accounts, checking, auto insurance, life insurance, online banking, retirement products, and many other services.

In 2012, KutxaBank was officially formed as a merger of Basque financial institutions, such as GipuzkoaDonostiaKutxa, Bilbao Bizkaia Kutxa and Caja Vital Kutxa.

8. Unicaja Banco

It is the eighth largest bank in Spain. In 2011, Unicaja Banco SA registered and built its leading positions in Leone, Andalusia, and Castile. It serves 3 a million customers nationwide with approximately 1,180 branches.

Unicaja Banco is headquartered in Malaga. It offers different services such as asset management, retirement plans, savings accounts, personal and commercial loans, investment products, and brokerage services.

9. Ibercaja Banco

It is the ninth-largest bank in Spain. Ibercaja Banco headquartered is in Zaragoza, it has 5,600 employees who provide a wide range of personal and commercial banking services. Ibercaja Banco has 1,475 ATMs and more than 1,150 branches throughout Spain.

The main domestic market for Ibercaja Banco is Aragon, which includes the three provinces of Huesca, Zaragoza and Teruel, the autonomous community of Rioja, the municipality of Guadalajara, and Burgos and Badajoz.

10. Abanca

It is the tenth bank in Spain, as it is a large financial institution founded in 2011. Its headquarters is located in Betanzos, municipality of the Autonomous Community of Galicia, province of A Coruña. It is a subsidiary of Abanca Holding Financiero SA, which currently employs about 4,700 people. Abanca has more than 620 local branches and offices in France, Germany, Great Britain, Venezuela, Brazil, Panama, and Mexico.

Spanish Banking System

The Spanish banking system is a network of banks and financial institutions that provide services to the Spanish economy. The system is regulated by the Bank of Spain, which is the central bank of the country. There are a number of different types of banks in Spain, including commercial banks, investment banks, and savings banks. Commercial banks are the largest type of bank in Spain and offer a wide range of services, including loans, mortgages, and credit products.

Investment banks are focused on providing financing for businesses and projects. Savings banks are typically smaller institutions that offer savings accounts and deposit products. In addition to these traditional types of banks, there are also a number of online-only banks that operate in Spain. These banks offer a variety of products and services, including personal loans and credit cards.

A word from SublimeSpain

Indeed, choosing the right bank in Spain is not an easy task, since all settlements in the modern world take place through banks, it is important to have a bank that is there for you. We hope we have shown you a few ideas by giving you 10 popular banks in Spain. If you want any financial help or want to open an account with the help of financial experts, consult SublimeSpain.

Disclaimer: Information on this page may be incomplete or outdated. Under no circumstances should the information listed be considered professional legal advice. We highly recommend seeking guidance from a legal expert if you lack extensive knowledge or experience dealing with any of the procedures outlined in these articles.

Investing in Spain

November 18, 2020/in Finance

At SublimeSpain, we can help you with advice about investments in Spain. Here we have lined up popular investments that are currently being done in Spain. SublimeSpain provides financial service in Spain. We know that investing is a big decision that needs proper guidance, because of the impact of money. So do you want to invest money while living in Spain? There is always a risk of losing your money when investing. Here are the 10 most popular investments in Spain; let’s have a look.

1. Cryptocurrencies

Cryptocurrencies are decentralized virtual currencies that are not regulated by any State or Central Bank. It works through blockchain technology and come with many advantages in the security and validation of operations.The truth is that blockchain technology is quite impressive, but this does not mean that cryptocurrencies are a worth investing in money.

2. Social Trading

Today, social trading is a new type of investment that replicates the investment portfolio of another person. In this way, you don’t have to choose the companies and investment assets, but it would be enough to trust other people based on their type of investment and history.

On the other hand, you can also work on the behalf, who invest their money and you will take part in their investment’s commissions. In a way, you can easily manage your investment without any funds.

3. Real Estate

Investing in real estate became very popular before the covid-19 pandemic situation. It consists of buying or purchasing a flat, house, land, premises, garage, or real estate to generate profitability.

There are several strategies for investing in real estate, such as reform to revalue, Speculate, rented property, and enable housing premises.

4. Forex Trading

The investment in Forex is to buy other currencies with the hope that its value will increase and generate profitability. The currency’s value is continuously changing and is affected by many factors, such as social, religious, commercial, etc.

Some of the people who invest in currencies use leverage; that is, they go into debt to invest more money. This allows you to earn more for your investments, but at the same time, it means taking a much greater risk.

5. Startups

This type of investment consists of investing in companies called startups, technology companies in the very early stages of their creation.Investing in startups consists of financing a company in its early stages, hoping that this company will grow and get your multiple investments back one day.

Keep in mind; it is quite a risky way to invest because you are investing in a profitable company that may not even generate income.

6. Company shares

The best money investment plan is to buy the company shares and for this manner choose an effective company that will become part of your portfolio.Before you move to this type of investment, it is necessary to study the company’s economic indicators. However, you need to understand its business and know the main characteristics of its sector. The purchase of shares is usually carried out through a broker, who acts as an intermediary in the purchase of shares.

7. Time deposits

If you are looking for a safe type of investment thus fixed-term deposits may be a good option. Since it is one of the least risky ways to obtain a return on your capital.Time deposits is a financial product that consists of lending your money to a bank for interest exchange. There are currently European deposits with up to 2% interest, which is a good interest for those looking for maximum investment security. Also, keep in mind that the money will be blocked if the deposit period expires.

8. Pension plans

Pension Plans are portfolios that formed by the investment funds or ETF, although they have an exceptional Spain feature. They have a great advantage for investments and deduct taxes, specifically income tax. It is essential to keep in mind that the money you invest in a Pension Plan will not be able to be used for a long time, which means you can’t use it for the medium-long term.

9. Investment funds and ETFs

The funds are financial investment instruments that meet the capital of individuals to an external entity. In other words, instead of you buying stocks or bonds directly, why not you choose your investment plan. There are two main types of investment funds:

Passive investment funds: These are funds that replicate a stock index so that they do not choose companies one by one.
Active investment funds: These funds are characterized by actively choosing companies or bonds.

10. Robo Advisors

These are investment platforms that first determine your profile, after that offer a personalized portfolio with products chosen by their financial analysts. They usually invest in low commissions, such as index investment funds or ETFs that replicate a stock index. Robo advisors have been present in Spain since 2015.

Investments in Spain. Consult Spain

Above are some suggestions for investing in Spain. There are always risk of losing your money when investing. Now you properly have the overall idea about the most popular investments in Spain. So, it depends on you to choose the right investment plan and double your money. Keep in mind, before you take a step of investment, it is best to have proper guidelines from financial experts. If you want any professional guidance or you stuck at one point, then don’t hesitate to contact SublimeSpain.