The overseas bank accounts you can open from Spain: diversify your savings and maximize returns
If you live in Spain, opening an overseas bank account can offer significant financial benefits, such as holding different currencies and accessing higher savings rates. While maintaining a Spanish bank account is essential for paying bills and taxes, many residents are exploring foreign accounts to optimize their financial portfolios.
Why open a foreign bank account from Spain?
There are various reasons why residents in Spain choose to open overseas accounts. These include diversifying assets, earning higher interest rates, and avoiding high fees on foreign currency transactions.
For example, savings accounts in Spain typically offer interest rates of 2.5–3 percent, whereas accounts in countries like the UK or the US can provide yields as high as 5–6 percent. Holding money in a foreign account allows you to earn more on your savings and reduce reliance on the euro's strength.
Remote workers and freelancers in Spain who frequently receive payments in foreign currencies also benefit from reduced commission fees, as traditional Spanish banks often charge high rates for currency conversions. Many foreign accounts accept multiple currencies with little to no fees, making them a more practical option.
Best foreign bank accounts for residents in Spain
Here is a selection of the top foreign bank accounts that you can open from Spain:
Revolut
Revolut is a widely popular online banking platform headquartered in the UK, with EU offices in Lithuania and France. It offers instant account setup, no minimum deposits, daily interest calculations, and protection under the Lithuanian guarantee fund. Revolut supports multiple currencies, making it ideal for frequent travelers and remote workers.
N26
Based in Germany, N26 is another excellent choice for residents in Spain seeking an online bank. It features flexible savings options, seamless integration with Bizum for instant transfers, and tools for tracking spending habits.
Raisin
Raisin Bank offers a savings platform that connects users with over 30 European banks, giving access to high-interest savings products. The Welcome Account, exclusive to new customers, can be opened online for free in minutes. Backed by the German deposit guarantee fund, it offers protection up to €100,000.
Bunq
Bunq, based in the Netherlands, allows users to hold multiple currencies and offers automatic saving tools. It’s a great choice for travelers and can be set up in just five minutes using your phone and ID card.
Trade Republic
Trade Republic, one of Europe’s largest savings platforms headquartered in Germany, provides a Spanish IBAN for easier taxation. It offers a 2 percent interest rate on balances up to €50,000, is commission-free, and integrates with Bizum for convenience.
Swedish banks via Raisin
Through Raisin, you can access accounts from Swedish banks such as Nordax Bank, Collector Bank, and Resurs Bank. These banks offer protection of up to €85,000 and don’t apply tax withholding for non-residents, allowing for diversified savings without extra fees.
A smarter way to save and diversify
Opening a foreign bank account while living in Spain can help you make better use of your savings, avoid hefty fees, and diversify your assets. Many of these accounts are easy to set up online, ensuring accessibility and flexibility for all financial needs.
