Which banks are there?
In Mallorca you have access to several banking options. The largest Spanish universal banks are CaixaBank, BBVA, Santander and Banco de Sabadell. These offer full services with local branches, which is why many newcomers sign up with one of them first.
CaixaBank is the largest bank in the Balearic Islands and has a branch in almost every town. It offers a beginner-friendly package for immigrants with moderate fees (9 EUR/month for the standard current account).
BBVA and Santander are also widely represented and offer similar terms. Both have good apps and strong international standing, which is relevant if you move money across borders.
For digital and international solutions, N26 (Germany), Revolut (UK) and Wise (multi-currency) are worth considering. These require no branch visit and are ideal if you regularly make cross-border payments.
Requirements for opening an account
To open a bank account in Spain you need the following documents:
The NIE (Número de Identidad de Extranjero) is the most important thing. It is your Spanish identification number, and nothing works without it. You apply for it at the Extranjería (immigration authority) - see our guide to the NIE number. Processing takes around 2-4 weeks.
A valid national ID card or passport is required. Your German ID card is accepted.
Proof of income is required by most banks. This can be an employment contract, a self-employment certificate or a pension notice. Some banks also accept bank statements showing regular incoming payments.
The Empadronamiento (registration certificate) is optional depending on the bank, but many require it as proof of your residence in Spain. You can request it from your Ayuntamiento (town hall) - full details are in our Empadronamiento guide.
Steps to open an account
Step 1: Get your NIE
Go to the Extranjería or Policía Nacional in your city. Book an appointment online (many cities have an online booking system). Bring your passport, two passport photos (3 x 4 cm) and the application form (Modelo EX-15). The fee is around 10 EUR. After 2-4 weeks you can collect your NIE.
Step 2: Choose a suitable bank
Decide whether you prefer a branch bank or an online bank. Online banks are faster for day-to-day use. A branch bank is better for emergencies or more complex questions.
Step 3: Book an appointment or apply online
With traditional banks you need to book an appointment (usually available 2-3 days later). Online banks allow you to apply immediately via the app or website.
Step 4: Submit documents
At branch banks you bring all documents in their original form plus copies. At online banks you upload digital scans.
Step 5: Activate the account
Your account will be active within 1-7 days. The card arrives by post and takes 2-3 weeks.
Online banks as an alternative
N26 is a German direct bank that also operates in Spain. Account opening takes 8 minutes, entirely online. Fees are low (free for standard, 4.99 EUR for premium). N26 is ideal if you do not yet have a Spanish address.
Revolut is a British fintech bank with over 20 million customers. You receive a Visa debit card and can pay in 150+ currencies. Revolut is particularly good for travellers and digital nomads.
Wise is not really a bank but a transfer service with its own account. It is perfect for international transfers at real exchange rates.
All three can be run alongside a Spanish branch bank and complement each other well.
Conclusion
Opening a Spanish bank account is straightforward once you have your NIE. With traditional banks it takes 1-2 weeks; with online banks just minutes. For most people moving to Mallorca, a combination makes sense: a Spanish branch bank for local payments and an online bank for international transfers.