List of the best banks in Spain

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

The Spanish financial system is one of the oldest in the world. The beginning of its occurrence is 1782, when the Central Bank of Spain was established under King Carlos III. Since then, this sector in the country has been repeatedly transformed: the types and functions of institutions have changed, new financial institutions have appeared to replace the old ones. The crisis of 2008-2015 seriously affected the Spanish financial system: there were high-profile bankruptcies, mergers and reorganizations of banking structures that affected the fate of the funds of millions of people.

Today this sector is considered one of the most reliable and stable, and the largest financial and credit groups of this state offer their services far beyond the country. From this article you can find out which banks in Spain offer a loyal and comfortable service for their customers at low cost.

Spain System

The participants in the banking services market in Spain are commercial banks (Banco), savings banks (Cajas de Ahorro) and foreign branches operating in the territorycountries. The functions of the supervisory authority are performed by the Central Bank of Spain (Banco de España). In total, there are 56 commercial institutions, 87 foreign organizations and 3 savings banks in the Kingdom. The top five Spanish banks by assets are Santander, BBVA, Caixabank, Sabadell and Bankia.

Savings banks in Spain

Savings banks are credit institutions that provide a wide range of services, from opening and servicing private accounts to providing mortgage loans and financing social projects. Unlike other banks in Spain, savings banks do not have shareholders or other owners. By type, they are characterized as semi-public, and their legal status is equated to private funds. It is typical for savings banks that the board of directors includes representatives of local political parties, business associations, as well as their own clients, who are elected on average once every four years. According to Spanish law, part of the income of savings banks is directed to educational and cultural activities.

At the moment, savings banks as a separate type of financial institutions are gradually becoming a thing of the past, giving way to banking associations.

Serving foreigners

The conditions for providing banking services vary depending on the status of the client. In the absence of a residence permit, the available number of transactions in Spanish banks is narrowing along with an increase in service fees. The number of banks in Spain that are loy alto non-residents, very little. An exception may be the intention to purchase property or become the founder of a new company in Spain - in this case, local credit institutions will require a simplified package of documents.

Resident status facilitates interaction: fewer documents required, no tax for non-residents, fast service. Having a residence permit in Spain will also serve as a significant plus when a bank decides to issue a debit or credit card.

Criteria for ranking Spanish banks

The list includes Spanish banks that provide the most loyal service, including for foreign clients. This includes the amount of maintenance costs, the convenience and functionality of Internet banking, the branching of the network of branches and ATMs. The reliability and stability of the position of financial and credit organizations was also taken into account.

Santander

Recognized as the largest bank in the country, ranking first, with total assets of 492.41 billion euros for 2017. It was founded in 1857 in the city of Santander. Since 2000, the financial and credit group has been continuously expanding through the acquisition of new assets. Branches of Santander operate far outside the Kingdom - in Asia, Europe, South and North America. In 2016, the bank was ranked 36th in the Forbes ranking of the largest public companies in the world. The banking group's net income in 2018 amounted to 7.81 billion euros.

Santander stands out against the backgroundother Spanish banks with low operating costs and the ability to withdraw funds from ATMs of other credit institutions. To become a client of this institution, you must have at least a temporary residence permit. Santander deposits have been repeatedly recognized as one of the most profitable deposits in Spanish banks - the yield on them can be up to 3%.

BBVA

Bank Banco Bilbao Vizcaya Argentaria (BBVA), like the rest of the list, is an international financial group. The credit institution was established in 1857. Today the bank renders its services to 72 million clients in 30 countries of the world. It is the second largest bank in Spain. Leads the list of financial institutions by assets in Mexico, leads the banking market in South America, Turkey and several regions of the United States.

BBVA has total assets of 400.08 billion euros and earned income in 2017 of 2,082.72 million euros.

BBVA's activities include retail, corporate, investment and private banking services.

The main advantages of this bank are a convenient and informative website with correct display in English, no commission for maintaining accounts and providing a free VISA card for cashing out own funds. Opening an account with a BBVA bank in Spain without visiting a branch is also not difficult - you will need to fill out an online form and senddocuments by postal or courier service.

INGBank

Part of the ING Group, which specializes in banking and insurance services. The institution itself is in third place in the ranking, is universal and offers its services to individuals, small businesses, corporations, governments and financial institutions. In the Benelux countries, ING Bank is a leader in retail and commercial banking. The assets of ING Bank are estimated at 36,694.35 million euros.

The financial and credit organization provides multifunctional Internet banking that allows you to remotely open accounts and work with them. In ING Bank, there are three types of client accounts to choose from: for accumulating funds, transferring income and servicing the entrepreneurial activities of residents of the country. The disadvantage is the lack of English in the online service.

EvoBanco

The company positions itself as a bank that provides simple, transparent and innovative services. Evo Banco, ranked fourth in the ranking, focuses on easy and convenient online banking and a huge developed network of its branches. The bank specializes primarily in retail products and services. The assets of Evo Banco are estimated at 5,005.56 million euros.

The institution willingly cooperates with foreigners who have received a residence permit in Spain or a resident card. Clients under the age of 28 can open an account with Evo Banco without any fees. Also, the bank does not charge formaking transfers outside the country and currency conversion when withdrawing from cards at foreign ATMs no more than four times a month. The inconvenience for a foreign client may be the Spanish-language interface of the Evo Banco website.

Sabadell

Banco de Sabadell is the fifth largest financial group in Spain by assets. It consists of several banks, subsidiaries and associates. The institution serves individuals, small and medium-sized enterprises and companies operating in the field of international trade.

The company was founded in 1881 by a group of 127 merchants to support the local industry. The headquarters is located in the city of Alicante. The banking conglomerate has a network of 2,767 branches within the country and 669 branches abroad. Sabadell has a total customer base of around 11.9 million.

The net income of Banco de Sabadell in 2018 amounted to 783.3 million euros, which is 9.6% more than the previous result. The total value of the bank's assets is estimated at EUR 222,322.4 million.

Opening a current account and withdrawing funds at Sabadell is quite simple. For non-residents, 24/7 technical support for customers with the possibility of service in English will be a big advantage. The only obstacle for foreigners may be opening a deposit at Banco de Sabadell, for which the bank sets increased requirements.

In closing

The article examined the 5 best banks in Spain, readyoffer convenient and affordable financial services. These include Banco de Sabadell, Banco Santander, Banco Bilbao Vizcaya Argentaria, ING Bank and Evo Banco. These financial institutions offer low account opening and maintenance costs, inexpensive transactions and functional internet banking. For foreign clients, a simplified package of documents and convenient remote service are provided here.