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Money and Finance in Spain


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There are a great number of banks in Spain. The Bank of Spain is the instrument of monetary policy as well as the direct overseer of the banks and banking activity.

Banks are divided into regular banks and saving banks. Saving Banks offer the same services as a Regular Bank but don’t have shareholders and invest the profits in social, educational and cultural projects.

In Spain, the banking schedule of attention is: Monday to Friday from 8am to 2pm. Some banks open Saturday until 1pm.

Types of Bank Accounts

The charges of banks are very high and some banks made their profits with charges paid by clients for every banking transaction. Those charges are mainly high for the payment of “cheques” into your account. Before you open an account, try to negotiate more favorable terms.

Usually, the bank is obliged to retain 18% of the interest you earn. The bank should also prepare a statement giving your typical balance for the year.

To open a bank account in Spain you will only need your passport or residence permit. There is very little form-filling, and most of this is done by the manager or a member of staff at the bank.You will probably also be asked for your N.I.F. or N.I.E. number which can be obtained at your nearest police station with a foreigners department.

  • Accounts For Residents And Non-Residents
  • Residents in Spain can have a current account and savings account for residents, while Non residents can only have the current and savings accounts for non residents. To open a bank account in Spain you will only need your passport or residence permit. There is very little form-filling, and most of this is done by the manager or a member of staff at the bank.
    If you open a bank account as a non-resident interest rates will differ (in your favor). Currently interest rates on both “cheque” and savings accounts are quite low.

  • Current Account
  • This type of account usually carries a very low interest rate, if any.

  • Saving Account
  • This account offers interest rates that are very low. The bank gives you a cash book where all transactions are recorded. In some banks, you can use the cash book to retire money from cash machines. You can ask for a check book or a debit card.

  • Investment Account
  • Investment accounts and long-term accounts have restrictions on the amount you can withdraw or penalties for moving funds before time. In Spain, these no standard savings offer a great rate of interest. The best rates are obtained from investment count linked and shares, although you run the risk of loosing some or all the investment.

Transfers of Founds

In Spain, there are no restrictions on transferring founds to and from Spain from other countries of the European Union and the EES. The EU has decided to eliminate the commissions when using cash machines outside your own country, but inside the community area. For other kind of transactions or transfers to or from outside the Community area, consult your Spanish bank.

If you want to make transfers periodically from another place outside Spain to your Spanish account, the charges could be expensive. You should consult about facilities that a bank offers for this service.

Usually, to make an international transfer to or from Spain you will require an IBAN code (International Bank Account Number) which can be obtained from your bank. If you want to take out more than 13.253 Euro from Spain to another country, or move more than 80.000 Euro within Spain you’re obligated to make a communication to the authorities.

Besides banks, another solution for moving money is to use a foreign exchange broker. It can charge smaller transfer fees and offer you less expensive exchange rates than banks.

More Info: Banking Companies in Spain

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Money and Finance in Spain
MBA Spain