Banking and Managing Money in Spain: Key Tips for New Arrivals

When moving to Spain, setting up your finances is one of the first things you’ll need to take care of. Whether you’re transferring money from your home country or opening a local bank account, there are several options available to help manage your funds. Here’s a breakdown of the best strategies for handling your money in Spain.

1. Using the WISE Card and GCash Card

Before moving to Spain, one of the smartest financial moves you can make is setting up a WISE card and a GCash card. These tools make it easy to manage your money across currencies.

• WISE Card:
  • The WISE card is incredibly convenient for managing international transfers. You can easily add money to your Philippine WISE account, convert it to euros through the WISE app, and then use your WISE card in Spain. The process is quick, with almost instant transfers, and you can avoid the hassle of traditional bank transfers. Create your account with WISE now.
• GCash Card (specific to the Philippines):
  • The GCash card is another great option. While using it abroad, you’ll find that the exchange rate is quite competitive, often close to the Google exchange rate, with only a slight difference of about 10 to 15 pesos. You can use your GCash card to withdraw money from ATMs in Spain, providing you with an easy way to access funds.

Both of these cards can be essential for managing your money before you fully establish your local banking in Spain.

2. Opening a Bank Account in Spain

Once you’re in Spain, opening a local bank account can simplify your finances even further. Here’s what you need to know about the process:

• With a TIE (Residence Card):
  • Opening a bank account is straightforward if you already have your TIE (Tarjeta de Identidad de Extranjero), which is your Spanish residence card. With a TIE, you can even open a bank account online from the comfort of your home with popular banks like BBVA, OpenBank, or fintechs like Revolut and N26. These options provide easy access to banking services without the need to visit a branch in person.
• Without a TIE:
  • If you don’t have your TIE yet, you can still open a bank account. Many people have found success with Santander. The specific requirements can vary between branches, but generally, you’ll need:
    • A copy of your passport
    • Supporting documents such as bank statements from your home country or income tax returns.
• For those who have been approved for a three-year residence authorization but are still waiting for their TIE, it’s possible to open an account with Santander by providing your passport, the approval letter from UGE (Unidad de Grandes Empresas y Colectivos Estratégicos), and other documents similar to those you used in your visa application.

Keep in mind that requirements may vary slightly from one branch to another, so it’s always a good idea to check ahead with the specific branch you plan to visit.

Final Thoughts

Setting up your finances in Spain doesn’t have to be difficult. By utilizing tools like the WISE and GCash cards for easy international transfers and understanding the process for opening a local bank account, you can manage your money efficiently during your transition. Whether you’re waiting on your TIE or already have it in hand, there are options available to help you navigate your financial needs in Spain.

If you need further assistance with banking, transferring funds, or managing your finances as a new resident in Spain, feel free to reach out to us. We’re here to help make your move and financial setup as smooth as possible.