N26 Standard

0 €
Monthly fee
- Euro IBAN account
- 0% foreign currency fees
- Google Pay and Apple Pay
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N26 Standard
0 €
Monthly fee
Mobile banking puts your finances at your fingertips 24/7. There's a host of challenger banks, digital-only banks and personal finance apps available now, designed to give you better, faster control of your cash.We've rounded up everything you need to know below.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Digital banking, also called mobile banking, is a way to control your money, usually through a smartphone app or web app. It allows you to log into your account anywhere with Internet access, giving you constant visibility of your money and helping you understand the best way to manage it.
These banks tend to have fewer fees than traditional Spanish banks and also offer other useful features such as budgeting tools, smart money tracking and low-cost travel and money transfers.
There are several advantages to using an online bank:
If you’re planning to open a current account online in Spain, it’s important to be aware that there may be certain features which aren’t available to you. Many digital banks don’t offer mortgages or business accounts. By not being able to bundle together such financial products with your current account, you could miss out on lower rates of interest in the future. Be sure to check if there are any account restrictions, such as how many ATM withdrawals you can make a month. Cheque facilities are not usually offered with these types of accounts.
When comparing online bank accounts, be aware that your money might not have the same protection as it would with a traditional bank in Spain. That’s because not every digital bank is licenced in the same way. A good starting point could be to check if a bank has been granted a European banking licence. If you’re unsure, look for information on the bank’s website or ask the bank directly about how your money will be protected.
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
Banks in Spain charge certain account management and transaction fees for current accounts. You’ll usually be charged annual fees of between €15-20 a year, fees for ATM withdrawals and fees for debit and credit cards. There are sometimes ways to avoid these fees, such as maintaining a minimum balance in your account or lodging above a certain amount each month, but the fees may still be quite high.
Digital banks charge far fewer fees. You will find that most will come with a “free” account option that charges €0 per month. Then, if you want to unlock more features you can pay a monthly fee. There are sometimes ATM fees but you will not pay fees for card transactions and there are no annual fees. You can also avoid some of the smaller charges by switching to a paid account.
Unlike traditional banks, digital banks in Spain usually have a limit on how many ATM withdrawals you can make a month. The number of free withdrawals will vary depending on the level of the account. Expect more free withdrawals with the top level accounts. Digital banks also tend not to offer cheque facilities. With prepaid cards, you have to load your account digitally through a bank transfer.
Digital banks tend to have better services in terms of foreign currency. Some let you hold multiple currencies in your account while others let you make international transfers faster and more cheaply than standard banks. No foreign currency fees also let you shop from websites abroad without paying too much for your purchase.
Not every digital bank is licenced in the same way. Revolut now operates as a fully licenced bank. Your funds will also be protected by the Lithuanian State Company “Deposit and Investment Insurance” up to €100,000. N26 holds a German banking licence, which means consumer deposits up to €100,000 are protected. Similarly, bunq is a fully licenced EU bank and money is covered by the Dutch National Bank guarantee scheme up to €100,000. Monese, however, does not have a banking licence. It operates as an e-money institution.
Signing up to a digital bank in Spain means downloading an app and verifying your identity. You can usually start spending before your physical card arrives, too, thanks to Google Pay and Apple Pay. Keep in mind you also will not get access to Internet banking on your computer with most digital banks.
A benefit of an app-based bank is having full access to your account at all times through your digital banking smartphone app. Lots of digital banks allow temporary freezing of your account if you lose your card, so if you find it again it’s not as much hassle to get a replacement. If you forget your pin, digital banks also have access to a pin reminder after you complete a couple of security questions.
If you lose your phone or it’s stolen, you will still be able to secure your account. Just contact the digital bank (contact details will be on the website) and your account will be able to be locked from your smartphone. If you get your phone back, the bank will be able to set access back up again. If not, you can set up your app on your new phone.
There are a number of mobile banks available in Spain. These include:
You can sign up with a Spanish digital bank by downloading your chosen bank’s app onto your smartphone. You will need a few of your personal details to sign up, including your full name, date of birth, address and email address. You will need to confirm your identity and may need to deposit funds into your account to make it active. Then, your bank account will be created.
Digital bank accounts come with a number of useful features that can suit anyone banking in Spain. If you’re looking for budgeting tools, a cheap way to access multiple currencies or a bank account to buy and manage cryptocurrencies, then you may want to consider a digital bank. Make sure you compare digital banks so you can find the right one for you.
Back to topElizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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