Types of banks Retail banks (banco): The Spanish
clearing banks with the largest branch networks
are Banco Santander, Banco Banesto,
Banco Central Hispano, Banco Bilbao Vizcaya (BBV),
Banco Popular and Argentaria.
Savings banks (cajas de ahorros): The three largest
Spanish savings banks are
1. La
Caixa (some 3 700 branches),
2. Caja
de Madrid (almost 1 200 branches)
3. and the Caja
Postal (around 650 branches).
Cajas are nonprofit banks, which means that they spend their profits on cultural programs. In general, saving banks offer a more personal
friendly service than clearing banks and are excellent
for local business (many have limited regional
branch networks). However, although they provide
the same basic services as clearing banks, they
aren't recommended for international business.
Opening a checking account (cuenta de ahorro
con talonario or cuenta corriente)
You will need to show your passport, your address
in Spain, and your NIE (número de identificación
de extranjero) from your residence card. Spanish
banks levy some of the highest bank charges in
Europe for normal day-to-day transactions
such as writing cheques, standing orders, direct
debits and credit card transactions. Always obtain
a list of charges before opening an account and
compare the charges levied by a number of banks.
A number of entries (account transactions) a year
are usually free (e.g. 30) after which there's
a charge per entry (e.g. 0.2 €), although the
manager can decide to waive certain charges.
Non-resident account
If you don't have a NIE or come from a foreign country, you can still hold a bank account in euros or foreign currency. You will have to show a valid passport and the ID number of your original country. If you acquire resident status any time after opening the account, you must notify the bank and give them your NIE (the fees for a non-resident account are usually 15€ and it's free for a resident account).
Bank Statements
All correspondence from Spanish banks is in Spanish
and it's advisable to learn to interpret your
statements and other correspondence you receive.
Account statements (estados
or comunicaciones de movimentos) are sent to customers
monthly or quarterly, although you can
request one at any time by asking for an extracto
or an avance.
The most common words used in statements are
date (fecha), debit (debe), credit (haber), date
of operation/transaction (fecha operación/valor),
balance (saldo) and description (concepto).
Most of the banks will only send mails when there is a transfer or a transaction, giving you details on the debited amount (importe). In order to know the balance of your account, you will have to go to the branch with the booklet that you received at the opening of your account (cartilla), and ask for an update.
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