Banking in Spain
To open either a savings or a current account with any bank in Spain
you will need either your passport or your residencia.
There is very little form-filling, and most of this is done by the manager or a
member of staff at the bank. Having a Spanish bank account is very convenient
as many of your household bills can be direct debited from it. 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 24hour access to your
money.
Choosing you 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 queing
for hours.
Direct
debits
Setting up a direct debit to pay monthly or yearly bills in Spain is
an easy process. There is usually no contract required for payment for property
taxes and running costs, or for water, electricity and telephone bills. 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. You should
also write to the company concerned.
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. The cards
will take about 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. Bank
charges for this service vary depending on the bank you are with and the ATM
you withdraw money from. Keep an eye on this as these small commissions can
mount up. Ask your branch which other banks offer the cheapest or free service
for with drawls.
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.
April 24, 2006 | Category: Relocation and General Interest
All of the information was researched at the time of writing and publishing these articles and is to our best knowledge correct and up to date. Bright is not responsible for changes that occur through updates in Spanish legislature. Bright is also not responsible for any errors in any of the literature or advice published on this site.
