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Being a student in Barcelona is truly a wonderful experience, but you also need to think about practical matters like opening a bank account. Encountering a different banking system in a new country can be a bit confusing. But don’t worry, I’ve compared local and digital banks to help you choose the most suitable account.
Student life in this city is quite colorful and dynamic – while dealing with classes, assignments, and exams, you’ll also want to take advantage of the cultural and social opportunities the city offers. This is exactly where a reliable and convenient bank account can make your life much easier. I’ve compiled the most advantageous options for students, from local banks to digital alternatives.
Local Banking Options for Students
In Barcelona, there are many local bank options for students. These banks usually have branches in the city center and near campuses, making them ideal for students who prefer in-person transactions. Additionally, they offer a great opportunity for those who want to practice Spanish or Catalan. Here are the most popular local bank options:
BBVA
BBVA is one of the major banks offering special account options for students. They have an account called “Cuenta Joven” tailored for young customers. This account is available for free to individuals aged 18-29. It offers benefits such as free cash withdrawals from ATMs and online banking services.
Santander
Santander also offers special account options for students. Their “Cuenta Smart” account is designed for young people up to the age of 31. This account has no annual fees and provides free access to many banking services. Additionally, they offer discounts and special deals tailored for students.
CaixaBank
CaixaBank’s “Cuenta Estrella” account is a popular option for students. This account offers basic banking services for free. Additionally, CaixaBank’s extensive ATM network makes it very convenient to withdraw cash within the city.
Banco Sabadell
Banco Sabadell’s “Cuenta Expansión” account can be a good alternative for students. This account not only offers basic banking services for free but also provides discounts and benefits specifically for students.
Digital Banking Alternatives for Students
We live in the age of technology, and the banking sector is no exception. Digital banks offer practical solutions, especially for students studying abroad. Additionally, you might not even need a local bank, as digital banks allow you to carry out all your transactions seamlessly.
Wise
Wise (formerly known as TransferWise) is an excellent option, especially for international money transfers. They offer multi-currency accounts, meaning you can open accounts in euros and other currencies. It’s ideal for students because their exchange rates are very competitive. Additionally, with a Wise account, your family can send you money in Turkish Lira, and you can use Wise’s currency converter to spend it in euros.
N26
Germany-based N26 is one of the most popular digital banks in Europe. It operates entirely through a mobile app, and opening an account is very easy. They offer free account options for students, and transfers within Europe are usually free of charge.
Revolut
Revolut stands out with its multi-currency accounts and competitive exchange rates. It offers a free account option for students, and managing your budget through the app is very easy. It’s also advantageous for international shopping.
How Can Students Open a Bank Account?
To open a bank account in Spain, the following documents are usually required:
1.Passport or ID card
2.NIE (Foreigner Identification Number)
3.TIE (Foreigner Identification Card)
4.Proof of student status
5.Proof of residence (Empadronamiento)
Sometimes, the bank you choose may require you to visit a branch to complete the account opening process. However, I was able to open an account with BBVA through their mobile app without visiting any branch. For digital banks, you can usually open an account by verifying your identity through their mobile app.
Whichever bank you choose, make sure to carefully review the terms and fees of student accounts. Some banks might require you to maintain a minimum balance or charge monthly/annual fees. Also, don’t forget to check fees for ATM usage and international transfers.
