It is relatively easy to open a bank account or savings account in Spain and you may be able to do it online and post in copies of relevant documentation such as your passport, Certificado de Registro (if you are resident) and NIE number.
In Spain, there are many different banks. Bancos, like the Banco Santander and Banco de Andalucia, are standard banks and Cajas are savings banks. Banks in Spain tend to charge high maintenance fees and charges, so shop around for the best bank for your circumstances. Cajas, like the Cajamar have slightly lower fees and charges than bancos and also give a percentage of their profits and fees to help cultural programmes and charities.
There are also many international banks and foreign banks in Spain. Some banks like the Banco Halifax Hispania are linked to banks in the UK or other countries and this can be beneficial when transferring money. For example, Halifax UK do not charge a fee for transferring money to Banco Halifax in Spain and the Banco Halifax does not charge a receiving fee. However, do not assume that just because a bank in Spain has the same name as one in your home country that it will offer such benefits, check first.
For savings in Spain, you may want to look at Cajas and online savings banks like ING Direct who offer higher interest rates and can be linked to your current account. Again, shop around to make sure that you get the best interest rate and the best type of account for your requirements.
Many Spanish banks offer online services to manage your money and you will be able to use a cashpoint card or passbook to access your cash. When you withdraw cash from a cashpoint, always check whether there is a fee. Some cashpoints charge for cash withdrawals but it all depends on your bank and the machine. Spain still has a cash culture with many shops and restaurants only taking cash. Bigger shops and restaurants may take debit and credit cards and you will be required to show proof of ID such as your passport when using a card for payment. You will not need a cheque book in Spain because they are rarely used or accepted.
If you have arranged to get your pension paid into an account in your home country, or are making an income in another country, you will probably need to make transfers to your Spanish bank account.
You can make money transfers in the following ways:
IBAN (Swift) money transfers – These can be cheap to do, as far as bank charges are concerned, but always check the exchange rate first.
Foreign Exchange specialists such as Moneycorp , Tranzfers or HiFX – you can arrange to do regular payments and take advantage of better rates for transferring large amounts.
SEPA – This is a new money transfer system which guarantees low cost transfers between European countries. SEPA will allow people to transfer Euros in the Euro area using just one one bank account and one set of instructions.
Research banks, accounts and foreign exchange specialists online and use expat forums to get recommendations.
