Having a Spanish bank account is very convenient as many of your household bills can be paid by direct debit from the account and most banks offer debit cards which allow you to shop and pay directly from your account. Generally, most Spanish banks supply Internet banking, allowing clients 24 hour a day access to their accounts.
Bank opening hours change according to the seasons (as per the time change at the end of the months of March and October) and hours are approximately:
Winter: |
|
Monday - Friday |
8:30 – 16:00 |
Saturday |
10:00 – 14:00 |
Summer: |
|
Monday - Friday |
9:00 – 14:00 |
Savings accounts are available, but you must ask to specifically open one. Interest is at an all time low and some savings banks are offering only 1% interest. Banks are required to ask non-resident account holder to sign a document biannually affirming their non-resident status.
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 recognisable by the sign saying Caja de Ahorros.
To open an account as a non-resident you must present a current passport. To open an account as a resident you must present your residency card. The bank staff will do the paperwork for you and the process is speedy.
While cheques come with the basic account, the cuenta corriente, they are very infrequently used in Spain, as most people prefer cash or plastic. If you decide that you feel more comfortable using cheques, use the same precautions you would at home: treat the cheques like cash. After filling in figures include a horizontal line filling up the blank space; if you make a cheque out to cash, al portador, add two parallel lines horizontally across the cheque and between these parallel lines write y cia. When you do this, it means the cheque will have to be deposited into an account and will be traceable. When you open the account, you will be given a temporary chequebook and within about ten days, your personalised chequebook will arrive at the branch. When you see you are running low on cheques, contact the bank, as they will not offer you new cheques unless you ask. Accounts that come with a bankbook do not offer checking. Note: Spaniards do not use cheques and many shopkeepers will be reluctant to accept them.
Your debit card will take about ten days to arrive at your branch. When you pick it up you will be given your PIN number. Ask at the branch what you must do to access your account over the Internet. You may use non-Spanish credit and debit cards as long as you have proper ID.
To cancel a direct debit you need to visit your branch and tell them you wish to remove the company from your list of direct debits. Normally they charge you a small fee for this service. Also directly contact the business and cancel their service.
Many bills can be paid by direct debit: utilities such as electricity, water and telephone, amenities including satellite television, insurance, as well as all Town Hall bills, circulation and property tax.
Your debit card gives you access at all connected ATM machines that dispense cash twenty-four hours a day. Using your bank's cash point will incur no fees. Fees vary when using cajeros automáticos from a bank that did not issue the card.
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.
Most banks and savings banks now offer internet access. You must sign up for this in the office and they will give you your user name and pin number. Generally there is a second pin number to authorize transactions. Many of the websites are at least partially available in English.
BBVA
Tel: 902 224 466
Website: www.grupobbva.com
Grupo Banco Popular
Tel: 902 301 000
Website: www.bancopopular.es
La Caixa
Tel: 902 020 020
Webiste: www.lacaixa.es
Santander Central Hispano
Tel: 902 112 211
Website: www.gruposantander.com
Solbank
Tel: 902 261 271
Website: www.solbank.com