Lorraine Williamson
The Organisation of Consumers and Users (OCU) has identified six neobank passes that allow users to withdraw money from any ATM in Spain without paying commission. The findings were published in a recent OCU study.
These cards, issued by online-only banks, are entirely digital. The neobanks and their associated accounts offering commission-free ATM withdrawals are:
- N26 (Cuenta Estándar)
- Evo Banco (Cuenta Inteligente)
- MyInvestor (Cuenta Remunerada)
- Revolut (Cuenta Estándar)
- Self Bank (Cuenta Self)
- Wise (Cuenta Wise)
Advantages of neobank cards
According to the OCU, these accounts require no additional conditions and provide a debit card that allows commission-free cash withdrawals at ATMs across Spain. The only potential cost is the home delivery fee for physical cards, which ranges between €6 and €10. However, virtual cards are free in all cases.
Additionally, the bank cards of N26, MyInvestor, and Revolut do not charge exchange fees for purchases made outside the eurozone, unlike traditional banks that typically impose a 3% transaction fee.
Restrictions and usage
While these neobank cards offer benefits, they come with certain limitations, such as a maximum number of free withdrawals per month or a cap on withdrawal amounts. Despite this, they are practical for frequent travellers and online shopping.
They also provide a security advantage by allowing users to maintain a low balance, limiting potential fraud exposure. For those needing additional funds, the Revolut card can be topped up instantly using another card before making a payment.
A smart choice for primary and secondary use
The OCU considers these cards a valuable option, either as a primary or secondary banking solution, provided the associated account conditions are suitable and the user is comfortable managing their finances online. It advises users to review their current account terms carefully to avoid unnecessary fees.
The rise of fintech and neobanks in Spain
In October, InSpain.news reported on the increasing popularity of digital banks in Spain. These fintech institutions offer innovative services without physical branches, focusing on user convenience, low costs, and transparency. Their flexibility and digital-first approach are attracting a growing number of younger users and travellers who benefit from their cost-effective solutions.