The overseas bank accounts you can open from Spain

While it’s important that you have a Spanish bank account if you’re living in Spain in order to pay bills and taxes, increasingly people here are choosing to have a foreign bank account too.

There could be several reasons you want to open a foreign bank account if you live in Spain, including diversifying your assets, taking advantage of better interest rates or getting paid in other currencies.

For example, finding high-yield savings accounts within Spain is difficult. In the UK or US for example you can find many 5 or even 6 percent yield rates, but in Spain almost all savings accounts go up to just 2.5-3 percent.

Therefore, you may want to open one abroad so that you can get more interest on your savings and make your money work better for you.

It may be important for you to diversify your assets too, for example you may not want to only have your money in Euros. Some of these accounts below allow you to hold other currencies such as British Pounds or American Dollars as well, so that you’re not just relying on the strength of one currency.

If you are a remote worker in Spain or self-employed and working with clients abroad, you may often get paid in other currencies too. Traditional Spanish banks charge a big commission to receive money in other currencies which means it’s usually not worth your while and you’ll end up losing a lot of money each month, but many foreign bank accounts will accept other currencies for free or for a much smaller fee.

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Revolut Revolut’s savings account is one of the most popular online accounts you can open from Spain. Its headquarters are in the UK, but they also have EU headquarters in Lithuania and France. Opening the account is easy online and is instant. There’s no minimum amount, interest is calculated daily, and protection is provided by the Lithuanian fund. It’s ideal for those who want to manage their savings online and also allows you to hold several different currencies. This also makes it a good option for travelling.

N26 The headquarters of the online N26 bank are in Germany and it’s possible to open one as a resident here in Spain. It’s a good option for those seeking an online option and want greater flexibility, although the highest profitability requires a connection with Bizum. It can instantly allocate money to savings accounts and give you insights on your spending habits.

Raisin Raisin Bank's Welcome Account is exclusively for new customers and can be opened online in minutes free of charge. It’s backed by the German guarantee fund up to €100,000. Essentially it’s a savings platform that offers exclusive access to savings products from more than 30 banks in Europe, allowing you to access much higher interest rates.

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Bunq Bunq is a bank account from the Netherlands, which is great for holding multiple currencies as well as auto-saving features. It is especially useful for frequent travellers. There’s no minimum deposit and you can start saving straight away. It can be opened in just five minutes with your phone and ID card.

Trade Republic Trade Republic is based in Germany and is one of Europe’s largest savings platforms. It allows you to open an account with a Spanish IBAN and Bizum, eliminating the hassle of international taxation, as tax withholding is automatic and the account is commission-free. You can earn 2 percent interest on your cash balance up to €50,000.

Swedish banks - Nordax Bank, Collector Bank and Resurs Bank There are several Swedish bank accounts which you can open from Spain, including those from Nordax, Collector and Resurs banks. All of them can be contracted through Raisin, which allows you to diversify your savings without extra fees. They also all offer protection of up to €85,000 and don’t apply tax withholding for non-residents.