Guide to retail banks in Spain « Euro Weekly News

People love simple, straightforward banking. So which banks are truly meeting those needs in Spain? Let’s look at the winners and losers.

Moving to Spain is a big step. It can be the best change you ever made. But moving countries can be stressful and confusing. The banks themselves are different, and while banking regulations across Europe tend to be similar, there may be some key discrepancies that affect how they are allowed to treat customers. In this guide, we will look at the best banks in Spain according to customers, so that you can make the right choice for you and your family. But, remember to always consult a financial professional when making big financial decisions, as each situation is different.

A study published by the Spanish Consumer Association (OCU,) has revealed the best banks in Spain according to their customers.

They asked thousands of bank customers how they felt about their banking experience. Spoiler alert: it’s not the giants of the banking world that are leading the pack. Instead, it’s the newer, online-based banks that are stealing the spotlight, offering low fees, excellent customer service, and ease of use. Let’s break down what makes these banks so popular and why some of the biggest names in the business are left in the dust.

Having a reliable current account is essential for managing your finances in Spain. Whether it’s handling everyday payments, saving money, or applying for loans and mortgages, we’re all familiar with how much we rely on our banks. Yet, as recent surveys show, the satisfaction of bank customers in Spain is mixed at best.

High commission fees, unnecessarily long queues with members of staff prioritising admin work over serving customers, and lack of transparency are among the big complaints. Many users feel they’re paying for services that don’t live up to their expectations. If you’re ready to find out which banks are really pulling their weight, here’s what the latest Consumer Association survey of over 23,000 customers revealed.

People love simple, straightforward banking. They want easy-to-understand products with clear, reasonable fees. So which banks are truly meeting those needs? Let’s look at the winners and losers.

The fall of the traditional banking giants

For the big players – think BBVA, Banco Santander, Banco Sabadell, CaixaBank, and Unicaja – the news is grim. Their ratings are lower than the average, with many customers criticising the lack of customer support, convoluted fee structures, and appalling web experiences. These old-school institutions, laden with physical branches, are struggling to compete in an increasingly digital world.

While some of these banks are making efforts to improve, the results are clear – customers are voting with their feet, opting for newer, leaner alternatives.

Common complaints about banks in Spain: What’s driving customers mad?

Some common issues that customers face include difficulty reaching the bank, problems with fees, and a relentless push to sell products they don’t want. For 12% of customers, the inability to contact their bank was a real frustration. Others (10%) cited pressure to buy unwanted products, and 9% complained about issues with the bank’s website or app.

Customers are becoming more discerning and turning to online alternatives that offer transparency, convenience, and customer care.

The power of loyalty: Why do people stick with their bank?

Why do we choose the bank we’re with? Is it the good old ‘I’ve always used them’ mentality, or is it something else? According to the survey, the main reasons people stay with their bank are related to how the institution manages their income and the products they’ve already got. With fewer and fewer bank branches to visit, it seems people care less about proximity and more about the ease of managing their finances remotely. And this is where the new kids on the banking block are winning.

Top of the class: Newer, online banks take the crown

Don’t be fooled by the big names – it’s the smaller, tech-savvy banks that are getting the highest ratings. Caja Rural de Asturias tops the list, followed by the international N26 and Caixa Guissona. ING and Pibank round out the top five, offering customers a level of service that’s hard to beat in Spain. Interestingly, the big banks, not so much. No big surprises here: the traditional banks have failed to meet the mark for many customers.

Transparency is the key to customer satisfaction. People are tired of hidden fees and unclear terms – they want a bank that’s upfront about its costs. Until recently, it wasn’t uncommon for banks like Sabadell to offer a ‘free’ current account that included a yearly ‘legal assistance hotline’ charge with a phone number that when dialled didn’t actually exist. It’s practices like these that have alienated many customers.

However, with careful research, customers who are new to Spain can find good banks that treat their customers how they deserve to be treated. Price comparison sites like Rastreator can be a lifesaver for specific banking products, but remember to always consult a professional if you have specific circumstances that may affect your situation.

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