When you come to the new country one of the things which are really confusing is always topic of the banks. Which is the better? Where would it be easier and more economical to open a bank account? How much will I pay for holding the card? and so on. As a result, we decided, to step in and help you a little bit in making your decision.
Banks in Spain
Spain is a leader of banks per capita in comparison to other European Countries. Like many other countries, the main bank of Spain is a national bank called Banco de España also called The Central Bank which is a member of the European System of Central Banks. Apart from the main bank, in Spain, you can find some international banks such as Citibank, Halifax, Deutsche Bank, Barclays. In addition to this commercial banks such as Unicaja, Banco Sabadell, Banco Popular, Bankinter, Cajamar are just few bank names which provide the services across the country. So how to choose the one for all your banking operations?
Tips what to look for
In order to help you not to get easily lost between all the bank options here are some advice what to look for before decided on one or another bank.
Types of accounts available
Depending on your needs type of account available while choosing a bank can be very important criteria. In Spain exists many different types of accounts such as savings accounts, current accounts, fix deposit accounts, mortgage accounts, credit accounts, investment accounts, payslip accounts and many more. Thus, make sure that the bank will be able to provide you with the account which will be in your best interest.
Requirements for opening the account
Very important part for those who do not hold residency in Spain. If you are not resident in Spain make sure that the bank of your interest can offer you non-resident account (cuenta para no residentes). Otherwise, in order to open the bank account many Spanish banks require:
proof of employment
proof of home address
Charges, commissions, and other fees
Depending on your needs, the charges and fees for holding one type of account, card or another can vary a lot from one bank to another. You will be surprised that you can get account and card of the bank completely for free in some banks. One of the is ING. Other banks have special deals for those who are under 26 or 30 years old. Thus, a good research before making your choice is crucial in order to save some money!
Last but not the least important advice would be to check the branches and ATMs which exist near you. If you reside in Spain, you would not like to take the entire day off just for visiting your bank or taking cash from your bank’s ATM. It is important to note that most of the Spanish banks charge you for taking out some cash and the charge might differ depending on from which ATM you are taking out your money. Some banks such as ING does not even do any monetary operations in their branches, thus, you will need to use their ATM or ATM of any other bank. However, in ING case, they have made some agreements with other banks ATMs and thus, in sum cases you can even be exempted from taking out cash fee!
Banks and all what is behind the topic can seem like a nightmare for many people especially if you are a foreigner and do not know anything about it. We hope that this small article helps at least a little bit to get an idea about Spanish banking system and to have a more precise picture of what to look for in a search of your bank.