Top 10 Banks in Spain in 2025
Mesan Ali
Thinking about opening a bank account in Spain? Whether you're starting a business, saving for the future, or just need a reliable financial partner, this guide is here to help. We've compiled a list of the top 10 banks in Spain, based on total assets, highlighting each bank's standout features.
Overview of Banking in Spain
Spain's banking sector is a mix of national and international financial institutions. You'll find private and state-owned banks offering a range of services from personal accounts and loans to corporate financing. The Spanish banking system also includes cooperative banks and specialized institutions focusing on niche markets.
To open a bank account in Spain, you'll typically need:
National identification card or passport
Proof of residency
Tax identification number (NIE)
Employment or income verification
Some banks offer free accounts, while others charge monthly or annual maintenance fees. Getting a debit card and checkbook may take several days, and while using your bank’s ATM is usually free, transactions at other banks may incur fees.
For those dealing with international transactions or who need a USD account, Elevate Pay is worth considering.
Now, let’s explore the top 10 banks in Spain, listed in no particular order.
Top 10 Banks in Spain
Before any further delay, let’s dive into the details of the best banks in Spain and read all about what they offer.
Banco Santander
Banco Santander is the largest bank in Spain, with total assets of approximately US$1,983.3 billion as of December 31, 2023. With a significant global presence, Santander operates in multiple countries and is well-regarded for its financial stability and customer-centric services. The bank offers a comprehensive suite of products, including personal banking, corporate services, and investment solutions. Its commitment to innovation and digital banking has made it a leader in the financial sector, appealing to both individual and business customers.
BBVA (Banco Bilbao Vizcaya Argentaria)
BBVA is the second-largest bank in Spain, with total assets reaching US$855.94 billion as of the end of 2023. Known for its strong international operations, BBVA has established a reputation for embracing digital transformation. The bank offers a diverse range of services, including personal banking, corporate finance, and investment management. Its focus on technology and customer experience has positioned BBVA as a preferred choice for many clients seeking modern banking solutions.
CaixaBank
With total assets of US$670.09 billion, CaixaBank ranks third among Spanish banks. It is recognized for providing a broad array of banking services and has a robust presence in the European market. CaixaBank is dedicated to enhancing customer satisfaction through innovative products and services. The bank's emphasis on sustainability and social responsibility has also garnered attention, making it a popular choice for clients who value ethical banking practices.
Banco de Sabadell
Banco de Sabadell, with total assets of US$259.55 billion, is a significant player in the Spanish banking landscape. The bank is particularly known for its dedication to small and medium-sized enterprises (SMEs), offering tailored financial solutions to support their growth. Banco de Sabadell’s commitment to innovation and customer service has helped it build a loyal clientele, making it a trusted partner for businesses across Spain.
Bankinter
Bankinter is a mid-sized bank with total assets of US$124.73 billion, recognized for its innovative approach to digital banking. Established in 1965, Bankinter has carved out a niche by focusing on customer service and technological advancements. The bank offers a wide range of services, including personal and corporate banking, as well as investment products. Its commitment to providing a seamless digital experience has made it a popular choice among tech-savvy customers.
Unicaja
Unicaja, with total assets amounting to US$107.21 billion, is one of the leading banks in southern Spain. Known for its strong regional presence, the bank emphasizes community banking and social responsibility. Unicaja offers a variety of financial services, including personal loans, mortgages, and business financing. The bank's commitment to serving local communities has earned it a loyal customer base and a positive reputation in the region.
Abanca
With total assets of US$82.58 billion, Abanca is a prominent bank in northern Spain. The bank has gained recognition for its focus on both corporate and retail banking, providing a range of financial products to meet diverse customer needs. Abanca prides itself on its customer service and commitment to innovation. The bank actively engages in community initiatives, reinforcing its dedication to social responsibility.
Kutxabank
Kutxabank, with total assets of US$70.78 billion, is a major bank in the Basque region of Spain. The bank is known for its strong regional presence and commitment to community banking. Kutxabank offers a comprehensive suite of services, including personal banking, business loans, and investment solutions. Its focus on customer satisfaction and social impact has made it a trusted partner for individuals and businesses alike.
Cajamar Cooperative Group
Cajamar Cooperative Group, with total assets of US$66.39 billion, is a cooperative bank with a significant presence in southern Spain. The bank is recognized for its commitment to social responsibility and cooperative values. Cajamar offers a variety of financial services, including personal and agricultural banking, aimed at supporting local communities. Its focus on ethical banking practices has earned it a loyal customer base.
Ibercaja Banco
Ibercaja Banco rounds out the list with total assets of US$60.51 billion. The bank, headquartered in Zaragoza, is known for its focus on corporate and retail banking, offering a range of financial products tailored to meet customer needs. Ibercaja is also committed to digital innovation, continually enhancing its services to provide a seamless banking experience. Its dedication to community engagement has further solidified its reputation in the region.
Key Statistics
The combined assets of the top 10 banks in Spain total approximately US$4.3 trillion as of October 2024. The asset gap within the Spanish banking landscape is notable, with substantial differences between leading banks and medium-sized institutions.
Banking Landscape
Loans and credits play a crucial role in the Spanish banking industry. However, the volume of lending has decreased over the past decade. Additionally, Spanish credit institutions are significant buyers of government debt, influencing bond yields and overall market conditions.
Solvency and Liquidity
Regarding solvency, Kutxabank and Unicaja rank as the most solvent banks in Spain, based on their CET1 fully-loaded capital ratios. The liquidity ratio, which measures the balance between loans and deposits, has shown improvement, indicating a healthy banking environment capable of meeting customer demands.
Why is Elevate Pay the best Choice for USD Bank Accounts?
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Elevate Pay focuses on serving emerging markets, providing tailored customer service that aligns with your specific needs. By downloading the Elevate Pay app on your iOS or Android device, you can start using the service immediately, making it an excellent solution for managing your USD income.
Conclusion
This guide serves as a comprehensive overview for those looking to open a bank account in Spain. The Spanish banking sector is home to several prominent institutions, and evaluating these top banks will help you make an informed decision based on your individual or business needs. Each bank offers unique services and features, so consider what aligns best with your financial goals.