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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 so you can decide if digital banks are right for you.
It has a prepaid card without commissions, which offers a free (free) and a premium plan (€ 2.99). You can buy online or in physical stores (with your material card or with your phone through Google Pay or Apple Store), make and receive transfers (has Spanish IBAN) or withdraw money. It has real-time notifications.
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.
There are several advantages to mobile banking:
Here are a few things that you may not know about using your mobile as your main point of contact with your bank:
Digital banks usually have limitations on how many ATM withdrawals you can make a month and do not offer cheque facilities.
Not every mobile bank has a full banking licence. Digital banks are still able to conduct banking business in Spain but may be partnered with a licenced bank or financial operator, such as a payments company, to do so.
Some digital banks require you to conduct all of your banking from your smartphone. This means no Internet banking from your computer or tablet.
A benefit of a Spanish digital bank is having full access to your account at all times. Lots of mobile banks allow temporary freezing of your account in the case of a lost card, so if you find it again it’s not as much hassle to get a replacement. If you forget your pin, the banking apps also tend to have access to a pin reminder after you complete a couple of security questions.
Some mobile banks charge a monthly fee in exchange for more features such as insurance, discounts and more. However, this is only for premium accounts.
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.
