When talking of banks in Spain, most people will think of the most important banks in Spain, such as CaixaBank, BBVA, Santander, and Sabadell. These banks often have offline offices where employees where you can book an appointment for inquiries. However, online bank is also an emerging trend in Europe. This new type of bank service can also benefit a lot the life of Expats.
1. What benefits do online banks have?
Online Banks usually ask for fewer documents: If you want to open an account in traditional offline bank services, you will be asked for your NIE/TIE card. This is very annoying because it probably might take months for you to have an NIE/TIE card. And before that period, you might need to take out your money and pay in. However, usually with a passport, you can open an account in online banks.
A short recall: NIE/TIE card is a necessary document that facilitates your stay in Spain. Here in innoinsure, the official international office of Adeslas, we offer theNo.1 visa insurance (NIE/TIE insurance) that meets the requirements of the Spanish consulate.
Online banks usually charge lower commissions or have lower-cost plans:
Since online banks are newly opened services, they usually offer zero-commission plans to attract new users. Although with limited functions, it can fulfill the daily needs of most users.
Some online banks also collaborate with other apps such as fashion sites, food delivering services to offer you exclusive discounts.
Some traditional bank services require you to buy life insurance to open an account. However, this is not often the case for online banks.
Online banks do not usually require you to book an appointment personally: When dealing with offline banks, you usually need to make appointments for every single issue. On the contrary, online banks are usually equipped with more advanced technologies, mainly offering services to clients electronically. This is a big advantage because you can solve the problem with a chatbot or a WhatsApp message.
Online banks have averagely high efficiency: One of the requirements of renewing a residence is to have sufficient financial means.This is always manifested by the euros you have in a Spanish bank account. This is a requirement so easy to be ignored that many people do not realize that they need to have a Spanish bank account (which means that the bank should operate in Spain) when their NIE/TIE card is about to expire. If you are faced with such a situation, the best option is to do it with an online bank account because they have many efficient services such as fast account opening, swift money transfer, and fast card delivery.
2. What types of online banks can you choose from?
Partially online options:
In the Spanish banking service market, there exist a card with hybrid services, which permits you to most services online but still offers you the opportunities to be attended offline.
ImaginBankis a hybrid banking service created by CaixaBank. Usually, you can apply for the card online, but you can also be attended in whatever office of CaixaBank if you want. By being a client of ImaginBank, you also become a client of CaixaBank with all the benefits such as free access to imagin study area or free tickets to museums financed by CaixaBank.
Completely online options: There are also complete online options where you need to finish all the consults online. You can use the card to take out the money in offline ATMs but you cannot be attended offline because they don’t have offline offices. The available options areN26, Revolut, andING. Although they are not Spanish companies, they are considered as operating in Spain.
3. What are the inconveniences of these banks?
They usually offer limited services: Do you want to ask for a mortgage, contract insurance or invest in any financial products? Then you should check carefully if these banks can fulfill your needs before opening an account. Because they usually don’t have those extensive services like normal banks.
Some people might feel insecure about online banking services:
It’s normal that some people can't trust online bank services 100% because they assume can’t stand a banking service without human touch. If this really annoys you, this might not be your option.
Some people perceive online banking services as a temporary solution.They will start using other traditional banking services when they can.
Be aware of tax problems: Although you use online bank services, you should still assure that the money you receive and get is clean and can be justified. Don’t forget to state your income to avoid any problems.
Our contents will be updated according to the most recent legislation. Last update: 08/10/2021
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