BANKING IN SPAIN EXPLAINED 🏦🇪🇸 Spanish and digital banks for foreigners, tips for opening an account

Подписаться 8 тыс.

Просмотров 4,2 тыс.

50% 1

Which bank in Spain should you choose for opening an account that meets your everyday banking needs? In this video I explain how the banks work in Spain, what offers are available for foreign residents of Spain and non-residents who require financial services in the country, as well as sharing my tips for choosing a bank and account that is suitable for you.
💸
Mentioned in this video:
🔹 Wise - A cheaper, faster way to send money abroad: wise.prf.hn/l/708eRo8
🔹 DEGIRO Low commission investing: www.degiro.com/?tap_a=56340-8...
🔹 Trading 212, free share worth up to £100/€100 (open account and deposit €1/£1 on the platform): www.trading212.com/invite/GIXJ...
💸
Chapters:
0:00 - Intro
0:46 - Types of bank in Spain
1:53 - Deposit protection and credit ratings
2:22 - Single Euro Payment Area (SEPA)
2:59 - Bank accounts and offers for foreigners
5:48 - Mortgages, Insurance and Investing accounts
7:23 - Digital and neobanks
10:11 - Tips for choosing a bank and account
💸
🔹 Download Spanish Tax Calculator, Visa Guide and more: millennialswithmoney.com/store/
🔹 Become a channel member: / @millennialswithmoney
🔹 Become a Patreon: / millennialswithmoney
💸
Follow me on social media:
🔹 Instagram: / millennialswithmoney_
🔹 TikTok: / millennialswithmoney
🔹 Facebook: / millennialswithmoney
🔹 X: / millennials_wm
🔹 Website: www.millennialswithmoney.com
💸
Partners and Affiliates:
🔹 Bureaucracy.es - Get a special discount on legal support through your Spanish visa application: www.bureaucracy.es/millennial...
🔹 Find cheap flights with Skyscanner: skyscanner.pxf.io/y2Qvqy
🔹 Get compensation for delayed flights with Airhelp: www.airhelp.com/en-int/?
🔹 Raisin, a high interest savings platform in Europe: raisin-es.pxf.io/millennials
🔹 UBIGI Cellular Data for Travel: few.cellulardata.ubigi.com/?P...
🔹 NordVPN sign up link: go.nordvpn.net/aff_c?offer_id...
💸
About me:
Welcome to Millennials With Money!
My name is Jonny, I'm a financial analyst from the UK, currently living and working in Spain.
I created this channel to help and inspire young people to improve their financial situation and live life to the full by sharing my own experiences with money and living abroad.
I upload content on a weekly basis about personal finance, how to invest your money, tips to help you save more money, real estate and property, and travel and living overseas.
Everybody is welcome in the Millennials With Money community! Let's get this money!!!
💸
Music by Epidemic Sounds: share.epidemicsound.com/o6n1px
💸
#banking
#spain
#expat
💸
DISCLAIMER: The opinions and views shared on this channel are for entertainment and educational purposes only and are not to be taken as financial advice. Always conduct your own research prior to making any financial decision. Millennials With Money cannot be held responsible for any financial loss incurred from any decisions you make following this video.

Опубликовано:

5 авг 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 29

@MillennialsWithMoney 5 месяцев назад

How has your banking experience been in Spain, or where are you thinking of going? Leave a comment and let me know!

@samsyed39 5 месяцев назад

Your channel is really helpful, keep it up!

@MillennialsWithMoney 5 месяцев назад

Thanks Samar!! Appreciate your kind words 😁

@6c61 5 месяцев назад

This was really useful, thanks for making the video.

@MillennialsWithMoney 5 месяцев назад

Thanks for watching Luke!! Glad it was helpful!

@Tet-Offensive1968 5 месяцев назад

Hi Johnny, great and informative video. Thanks

@MillennialsWithMoney 5 месяцев назад

Thanks for watching!! Glad it was helpful 😁

@owelz Месяц назад

Please make a deep dive into the Spain credit cards. The best for travel(like having free lounges, no foreign conversation fees etc..), best cash back credit cards(that offer instant cashback into your account or reddeming it for something), free and paid credit cards, ways to get the annual credit card fee waived if having a chequing account with the bank or other options. Great video, thanks

@MillennialsWithMoney Месяц назад

Thanks Vadim! Great suggestion, I will definitely consider it for a future video

@RohitGupta-yl6gl 5 месяцев назад

Thank you for all the efforts you put to make these videos, they are wholesome :) Can you please put something together on investing in Spain? which platform to choose and how to short list ETF & mutual funds?

@MillennialsWithMoney 5 месяцев назад

Thanks Rohit!! Will add to the list of video ideas!! 😁

@rnikko6472 4 месяца назад

Okay, so which specific bank or banks meet all the criteria you mentioned?

@alking4575 3 месяца назад

Hello Johnny, thank you for the video. I will be heading over to Spain in the Valencia area looking for an apartment to rent long term . Need to get a bank account ASAP Which bank would you recommend … just passport and second identification. Kind regards

@autokrim6120 5 месяцев назад

Hey man, thank you very much for this Video. Exactly what i need currently !! Moving from Berlin to Malaga this year. As i have a N26 Account in Germany, i guess i'll request a migration of the DE -> ES IBAN. Interesting will be the interest rates of bank loans. Can Neo Banks keep up with bigger established ones .. ? Which bank did you choose ? Thank you very much Best, Karim

@MillennialsWithMoney 5 месяцев назад

Thanks Karim!! A very interesting point you make about the N26 account, maybe they will be able to do that for you... I've actually quite a few of the banks I mention in the video, ultimately though I generally find the experience better with digital banks, one of the traditional banks had a very good welcome offer at the time of moving to Spain and later gave me a good mortgage deal for my home purchase. Otherwise I use spanish credit cards for everyday spending. All the best with your move to Malaga!! 🇪🇸

@wisdomomoruyi10 3 месяца назад

Hello John please I need your help

@benshacklock8490 5 месяцев назад

Great vid. Question: I am also a brit living in Madrid, currently trying to find a good savings account that offers decent interest rates but my search has brought limited success. Any tips?

@MillennialsWithMoney 5 месяцев назад

Thanks Ben! In Spain the rates aren’t that great in savings accounts in my opinion, but the Bankinter Cuenta Remunerada, Unicaja and Sabadell remunerated accounts aren’t bad for the years that they offer interest. Personally I use a platform called Raisin which is available across the EU and works with banks that offer high interest rates on deposits and savings accounts. My affiliate link is in the description and I’ll link you the video I made explaining how it works. Hope this helps!! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-VL9QadZ5WTQ.htmlsi=c3J1dmz03mriX6R3

@sancs1 5 месяцев назад

Hey! I applied for a NIE to buy a property in Spain. Which bank would accept it for opening a bank account if I do not yet have a local address and I am not a resident?

@MillennialsWithMoney 5 месяцев назад

Hey Tarmo, anyone who has a NIE should be able to open an account with any one of the banks in Spain, the question is more which kind of account you would open. I could be wrong but a non-resident account I think could be upgraded/changed to a resident account, or a current account could always be opened at a later date. Worth considering the fees that could come with this though and perhaps a digital bank would be good in the short term. Hope this helps!

@shawnlandbuyer9224 5 месяцев назад

I'm trying to move to Spain and currently living in canada, I like to open euro account and be able to use it on line before I get to residency permit to Spain, is there any bank that I can open the account and keep it with multiple currency like CAN $ and EUR or US $ and EUR. Account that for non Spain residence and i also can have an access on line?

@vikingro 5 месяцев назад

You can use Wise or Revolut as a very potent "side-bank" for multi-currency needs. Please read: for buying things, for money conversions, not for "parking" your money with them as they are not banks (whatever they may say) and you can "wake up" one day with your Wise/Revolut/whatever-other-online-payment gone for explained reasons or for no reason at all. I don't think that it is worth keeping foreign currency (meaning: anything different from Euro) in a Spanish bank, they may even charge you a fee.

@MillennialsWithMoney 5 месяцев назад

Hi Shawn, something like Wise or Revolut could be a good option in such a situation since neither require Spanish residency to open the account. Hope this helps!

@IaN09876 5 месяцев назад

Hi Johnny, I am also from the UK and wanted to register a Ltd company in Spain, Málaga. What do you reckon the best bank? I don't have a residency. I have only a NIE and own a flat in Málaga.

@MillennialsWithMoney 5 месяцев назад

Hi, I don't have much experience with business banking in Spain (but I would probably apply similar principles from this personal banking video when looking for something). I think some of the digital banks are trying to capture new business clients so possibly worth looking into and comparing with the traditional bank offers. Hope this helps a little!

@IaN09876 5 месяцев назад

@@MillennialsWithMoney thanks!

@smikes7126 4 месяца назад

Being a non resident the only reason i have a Sabadell bank account is to pay my property electrics, water, Suma bills etc. through direct debits and for that privilege I'm charged over 200 euros every year in commissions & interest. What a rip off. Thanks for the information.

@MillennialsWithMoney 4 месяца назад

Thanks for watching and sorry to hear that you're paying very high commissions!