American banks in Spain: branches and more

If you're going to Spain for work, study, or just to visit, you might wonder if there are any American banks in Spain. They often feel familiar and can help you save on transactions and ATM fees.

Unfortunately, you're likely not going to find US banks in Spain that offer personal banking services. There are a few American banks that have offices in Spain, such as Bank of America and Citibank, but they mainly serve businesses or investors.

You have an alternative to open an account at a Spanish bank. Generally speaking, both residents and non-residents can do it, but the process looks slightly different depending on your status.

Here's everything you need to know about banking in Spain as an American.

You'll also learn about a convenient option - Wise. It allows you to send high-speed, low-fee transfers between the US and Spain with no exchange rate markups.

Which US banks have branches in Spain

There are a few American banks that have a presence in Spain, including big names like J.P. Morgan Chase. However, they typically deal with corporate banking, investment services, and wealth management.

Here's where you can find them.

What does this mean for you as an American in Spain? Essentially, you can't rely on walking into a US bank branch in Madrid or Barcelona to handle your everyday banking needs.

If you have an account with Bank of America at home, you likely won't find a Bank of America branch where you can make deposits or withdrawals in Spain.

If you're facing a banking emergency in Spain, such as a lost or stolen card, your best option is to contact your US bank's international customer service number. They're often available 24/7, but it depends on your particular bank.

Wise: a low cost, flexible international bank alternative

If you need a fast, cheap and reliable alternative to international banks, try a provider like Wise.

Wise is a money service business (MSB) that allows you to hold 40+ currencies, spend with your Wise Multi-Currency Card in 150+ countries, and send money to 140+ countries quickly — or even instantly, with the mid-market exchange rate and low fees from 0.41%.

You’ll also get local banking details to get paid to your Wise account from 30+ countries, so you can use your Wise Account to receive, hold, send and spend foreign currencies easily, and with low, transparent fees.

Learn more about Wise

Can a US citizen open a bank account in Spain?

Yes, Americans can open bank accounts in Spain.

If you don't live in Spain, you can open a non-resident bank account. If you're there long-term for work, study, or family reasons, you can typically open a resident one. Resident accounts usually have more features and lower fees.

Many Spanish banks require you to visit a branch in person to open an account, but you can also find a bank that allows you to open an account online. It can be a little more difficult, especially for non-residents, but large banks like Santander and BBVA have that option.

To open a bank account in Spain, you'll typically need:

• Your passport
• Proof of address from Spain or your home country (utility bill or bank statement)
• Proof of income (pay stubs or tax returns)
• Spanish tax identification number (NIE), if you have one
• Phone number (Spanish if possible)

For non-resident accounts, some banks may require a *Certificado de No Residente, *an official letter confirming you’re not a resident of Spain. You can get this certificate by visiting a police station with your passport.

If you later become a Spanish resident, you can change your non-resident account to a resident account to get more features and potentially lower fees.

Which bank is best in Spain for foreigners?

Foreigners typically open Spanish bank accounts at large and established banks, such as Santander, BBVA, and CaixaBank. These financial institutions often have English-speaking staff, and they're generally more familiar with international customers.

If you're not sure where you want to open an account, visit different branches to make an informed decision.

Tips on banking in Spain

You'll likely find banking in Spain largely similar to banking in the US, especially if you open an account with a large bank like Santander. That said, there are a few things to be aware of:

• Language barrier: Many large banks have English-speaking staff and websites, but it's still helpful to know a few bank-related words in Spanish, such as cuenta corriente (checking account) and transferencia (transfer)

• Resident and non-resident accounts: Non-resident accounts often have higher fees and fewer benefits, but you can typically switch from a non-resident to a resident account once you have proper documentation

• International transfer fees: If you need to send or receive an international transfer, especially if it's not in EUR, you can usually expect to pay hefty fees

• Mobile banking apps: Make sure your Spanish bank has a good mobile app with an English option so you can easily access your accounts when you're not in Spain without needing to visit a branch

• Currency exchange: Most banks charge you a currency exchange rate markup when you convert from one currency into another (for example, from USD to EUR or vice versa)

• Taxes: As an American, you'll have to report your foreign bank accounts on FBAR forms if your balance is over 10,000 USD⁸

At the same time, having a Spanish bank account will make everyday spending easier and less expensive.

If you're looking for American banks in Spain, unfortunately, they focus almost exclusively on business clients and wealthy investors. You may see some familiar names, such as Bank of America, but these branches likely won't be able to assist you with everyday banking needs.

To make your daily spending in Spain smoother, you can open a non-resident or resident bank account at a Spanish bank. Some banks, such as Santander and BBVA, even allow you to open a non-resident bank account online with minimal paperwork.

For short visits to Spain, you can also just use your US card, but this option will likely come with high foreign transaction fees.

If you're looking for an easy option, Wise makes it simple to pay and get paid globally. You can send high-speed, low-fee transfers to Spain with no exchange rate markups.

Sources

1. J.P. Morgan - J.P. Morgan in Spain
2. The Bank of New York Mellon - Location
3. Export Gov - Spain, U.S. Banks and Local Correspondent Banks
4. Bank of America - Connect with our offices around the world
5. Citibank - Spain
6. Santander - Santander Non-Resident Account
7. BBVA - Fee-Free Online Account
8. IRS - Report of Foreign Bank and Financial Accounts (FBAR)