Spanish banking can be an adventure,
with the Spanish banks having all the advantages and the foreign visitor often
surprised by the different customs. Funds wired from overseas can take an
extraordinarily long time to be available in your bank account in Spain, and
even funds transferred within the same bank can float within the Spanish bank
for many days before being accessible.
Some issues to consider when
choosing whom to bank with in Spain:
-
Ability to speak
English (if you do not speak Spanish)
-
Facilities to send
and receive money from overseas
-
Whether they have a
branch near your home or workplace
To open a Spanish checking account you
will need to show your passport and complete the bank opening forms. You should
obtain a list of charges for services such as writing cheques and standing
orders as Spanish banks levy some of the highest charges in Europe.
Bank Statements
Not all
banks give statements in English, so unless your Spanish is good we suggest
that you have a Spanish dictionary handy or go to a bank that will issue
English statements. Statements are sent to customers monthly or quarterly,
but you can request one at any time.
Internet banking
Most of the banks now are on line but
again ask to see if this is available in English.
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Some good questions to ask when
opening your bank account in Spain:
-
When you receive
bank statements?
-
When can you get an
overdraft facility?
-
How soon can you get
bankcard, credit card and cheque book?
Payment for goods
and services
Goods and services in Spain are
usually paid for by the following methods:
-
Small amounts of
goods (milk, bread, newspaper etc) - cash
-
Groceries - debit
card or cash.
-
Utilities (Gas,
Water, Electricity, Telephone) - Direct Debit
-
Rent - standing
order
-
Repairs or medical
bills - cash or cheque.
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Transferring money
from the UK
You can transfer any amount of money
between your UK and Spanish bank accounts, there are no currency restrictions
between Spain and the UK.
You will normally be charged a fee by
both the UK and Spanish bank and of course your UK bank will charge a commission
for converting sterling to Euros so it is worth monitoring about the current
exchange rate.
If you are thinking of transferring a
large amount of money then we suggest you use a currency exchange company, these
companies will have a much better rate than your bank and also do not charge
commissions. Our clients have saved thousands of pounds using this system.
If you need to send money to Spain we
have an International department to assist in getting the best deal at that time
,just contact us.
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spanish banking |
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