Banks in Spain

If you are thinking of banking in Spain then, in principle, you are spoilt for choice – or are you?

There are dozens of banks in Spain including a number of savings banks in Spain called Cajas or Caixas.  The latter are often regional and some have very few branches, albeit that la Caixa is a notable exception. However, Spanish banks vary in terms of their exposure to the effects of the economic crisis in Spain.  Some are very secure and others less so – although there is limited (100,000 Euros) Spanish government protection in place should a Spanish bank collapse.

So  – what bank in Spain should you use?

Well, as with all retail banks, in every country in the world, there is unlikely to be a great deal of variation (in reality) between what one bank in Spain and another offers – in terms of account benefits. However, as a foreigner in Spain, four matters are of very considerable importance:

1.       Communication. It is essential that you can do any and all your banking in Spain in your own language and that all paperwork (bank statements etc.) and Internet access is available in your language.  Equally, you need to have a permanent personal point of contact at your own branch who speaks your language fluently.

2.      Free receipt of money transferred from your bank in your own country to your Spanish bank. Considerable receiving fees can be charged unless your Spanish bank expressly agrees to forego these fees!

3.      Extensive branches throughout Spain. Unless you plan to always stay within one small area, you will need a bank in Spain that has branches spread across Spain.  This is helpful should you travel or move around the country.

4.      Clarity of charges. Spanish banks are notoriously expensive to bank with and can be very opaque about their charges.  So, always obtain (in writing and in your native language) exactlywhat you will be charged for – with regard to every aspect of your banking requirements.  However, go a further step and aggressively (but with charm!) negotiate all the intended charges applicable to your account and you will be surprised at how often the original charges can be substantially reduced.

Over the past years, some Spanish banks have specialised in providing a foreigner user-friendly service.  These banks usually have multi-lingual staff and are both used to dealing with foreigners and are well equipped to provide an appropriate service.  This is important and can ease the stress involved in banking in Spain.  After all, few things are more unnerving than dealing with your money in a foreign country – in a different language!

I know of one Spanish high street, retail bank bank, for example, that has focussed closely upon the foreign market in Spain which has a number of branches along the high density foreigner coastline of Spain.  This bank tends to be efficient and invariably have multi-lingual staff in their branches.  They also provide the option for you to do all your banking in your own language. If you want to know more then please drop me a note and I shall give you further details and someone who you can speak with to directly:

*(denotes required field)

Name:*

E-Mail Address:*

Subject:*

Message:*

CAPTCHA Code:*

Powered by Fast Secure Contact Form