Banking in Spain

We can help you set up your Spanish bank account but here is a guide:
To open either a savings or a current account with any bank in Spain you will need an NIE number, most banks will open and account using your passport number but they do prefer an NIE. There is a plethora of form-filling but this is done by the manager or a member of staff at the bank and you will just have to sign where indicated. Most banks will provide you with a copy of the information in English and ask you to sign the Spanish version.
Having a Spanish bank account is very convenient as many of your household bills can be paid by direct debit. Nearly all banks offer debit and credit cards which allow you to shop and pay directly from your account and most also supply internet banking, allowing you 24 hour access to your money.
One thing to be aware of is that banking in Spain is not free, you will be charged for depositing sterling into your account, for some transfers and for cashing and raising cheques, so always check with the bank before deciding on any transactions outside of normal day to day banking.

Choosing Your Bank

Although the major national banks have branches in all cities and most towns, each region of Spain has its own banks with branches in almost every town within that region. There are two types of banks in Spain: savings banks and regular banks. Savings banks do not have shareholders and invest in social and cultural projects. There is a nationwide network of savings banks recognizable by the sign saying Caja de ahorros.
The younger Spanish banks such as CAM or Cajamar tend to be more aggressive in giving out mortgages, so keep this in mind if you are looking to finance your property. If you are looking to set up an account try and pick a bank that offers a number of branches in the areas you are interested in buying in. Statistics say that you are more likely to get divorced than change bank accounts once they are set up, so having your branch on your door step will be convenient. Established or city branches tend to get very busy particularly at bill paying or tax declaration times during the year. Bear this in mind when choosing your branch as you can sometimes be left queuing for hours.

Direct Debits

Setting up a direct debit to pay monthly or yearly bills in Spain is an easy process and it you can set them up for all your household running costs such as water, electricity, SUMA, telephone bills, household and car insurance and community fees if applicable. All you need to provide is your bank’s name and sort code, and from that date forward you are directly debited for these services. This process also occurs with other regular payments such as your satellite television service. To stop a direct debit visit your branch and tell them you wish to cancel and it is always advisable to write to the company as well as contacting them by phone.

Internet Banking

Most Banks offer this service, but you will need to request the setup and authorization on your account. You will then be given an activation key card that will allow you sign in and transact.

Debit Card

You can order you debit or credit card at your branch and they can take anywhere between three and ten days to arrive. When you pick it up you will be given your PIN number. Your debit card gives you access to all ATMs in Spain but you may be charged for using your card at other ATM’s not in your banking group so it is always advisable to ask at the bank about this.

Changing Banks

Ask your bank manager to give you a print out of all your direct debits and give this list to your new bank of choice. You simply open a new account and add your direct debits, then close your old account

 

 
 
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