Bank
Charges
Spanish
bank
charges
are
notoriously
high
and
a
large
part
of
some
banks’
profit
margins
are
made
thanks
to
the
charges
paid
by
clients
for
just
about
every
banking
transaction
imaginable.
Charges
are
particularly
high
for
the
payment
of
cheques
into
your
account
and
for
bank
transfers.
Before you
open
an
account,
ask
for
a
breakdown
of
all
charges
including
annual
fees.
If
you
plan
to
make
a
lot
of
bank
transfers
every
year,
you
should
carefully
consider
how
much
this
is
going
to
cost
you.
You
may
be
able
to
negotiate
more
favourable
terms
if you
agree
to
maintain
a
minimum
amount
in
your
account
or
if
you
treat
the
branch
manager
to
at
least
a
coffee
in
the
local
bar!
Bank
Transfers
If
you
plan
to
keep
most
of
your
money
outside
Spain
and
to
make
transfers
periodically
to
your
Spanish
account,
you
should
enquire
about
the
facilities
a
bank
offers
for
this
(e.g.
once
the
money
arrives
in
your
account,
how
long
is
it
before
you
can
use
it) and
what
their
charges
are.
Extra
services
Banks
sometimes
offer
a
range
of
services
such
as
insurance
and
investment
banking,
which
could
be
useful
to
you.
Bear
in
mind,
however,
that
these
services
can
be
more
expensive
than
those
offered
by
specialised
companies
and
aren’t
likely
to
be
independent.
English-speaking
Staff
If
you’re
not
planning
to
learn
to
speak
Spanish
or
feel
that
Spanish
banking
language
is
beyond
you,
you
may
wish
to
base
your
choice
of
bank
on
the
availability
of
English-speaking
staff.
Banks
in
resort
areas
and
in
large
cities
usually
have
at
least
one
member
of staff
who
speaks
English,
although
you
shouldn’t
count
on
this.
Banks
in
towns
and
villages
in
rural
areas
generally
don’t
have
English-speaking
staff.
When
choosing
a
bank,
it’s
also
a
good
idea
to
ask
friends
and
acquaintances
for
recommendations
(or
otherwise)
and
if
after
a
while,
you
find you’re
not
happy
with
your
bank,
you
can
always
open
an
account
somewhere
else!
Opening
a bank account in Spain
Both
residents
and
non-residents
can
open
a
bank
account
in
Spain.
You
need
to
be
over
18
and
provide
proof
of
identity
such
as
a
passport.
If
you’re
a
resident
you’ll
need
to
provide
your
residence
card
details.
If
you
own
property
in
Spain,
the
bank
will
probably also
require
your
NIE
(número
de
identificación
de
extranjeros),
which
all
foreign
property
owners
must
have.
You
can
open
the
account
in
person
or
by
postal
application,
although
this
is
probably
only
advisable
as
a
last
resort.
Type
of
Accounts
Most
people
open
a
current
account
or
a
savings
account
with
their
bank.
A
current
account
in
Spain
is
much
the
same
as
that
in
any
country
and
you’ll
be
issued
with
a
cheque
book
and
ATM/
debit
card.
Note
that
cheques
are
generally
not
accepted
as
a form
of
payment
in
shops
and
businesses.
Debit
and
credit
cards
are.
You
receive
monthly
statements
regarding
your
account.
Some
banks
pay
nominal
rates
of
interest
on
current
accounts,
although
by
the
time
with-holding
tax
at
25%
has
been
deducted,
you
sometimes
wonder
why
they
bother.
Saving
Accounts
Saving
accounts
are
generally
different
from
current
accounts
in
that
they
offer
interest,
although
interest
rates
paid
at
present
are
very
low
(marginally
higher
than
current
account
rates).
With
savings
accounts
you
are
issued
with
a
cash
book
where
all
transactions
are
recorded.
In
some
banks,
you can
use
the
cash
book
to
withdraw
money
from
cash
machines.
Savings
accounts
sometimes
include
the
option
of
a
debit
card,
but
you
can’t
have
a
cheque
book.
Investment
Accounts
Long-term
savings
accounts
and
investment
accounts
are
also
available,
although
these
generally
have
restrictions
on
the
amount
you
can
withdraw
or
penalties
for
withdrawing
funds
before
time.
Interest
rates
vary,
although
at
present
no
standard
savings
accounts
in
Spain
offer
a
good
rate
of
interest.
The
best rates
are
obtained
from
investment
account
linked
to
stocks
and
shares,
although
there
are
associated
risks
of
loosing
some
or
all
of
your
investment.
ATMs in Spain (Cash machines)
There
are
numerous
ATMs
in
Spain
and
you
can
even
find
them
in
larger
villages,
although
you
shouldn’t
count
on
this,
especially
in
rural
Spain.
Spanish
ATMs
are
very
sophisticated
and
start
by
offering
you
a
choice
of
language
(usually
English,
French,
German
or
Spanish).
Instructions
are
easy to
follow
and
self-explanatory.
Three
ATM
networks
operate
in
Spain
–4B
(the
most
common),
ServiRed
and
6000.
You
can
generally
use
any
ATM
to
access
money
from
your
account,
although
if
the
ATM
you
use
isn’t
one
linked
to
your
bank
there
may
be
a
charge.
Some
banks
allow
you
to
make three
withdrawals
a
month
from
‘foreign’
ATMs
before
they
charge
you.
Others
are
not
so
generous.
Because
of
this,
you
may
wish
to
consider
opening
a
bank
account
with
the
bank
owning
your
nearest
or
most
convenient
ATM.
As
well
as
straight-forward
cash
withdrawals,
some
ATMs
allow
you
to
carry
out
a
wealth
of
other
transactions
including
paying
cash
into
your
account,
consulting
your
balance
or
most
recent
movements,
renewing
your
mobile
phone
card
or
making
theatre,
cinema
and
sporting
events
reservations.
Mortgages
The
mortgage
market
in
Spain
has
opened
up
considerably
in
recent
years
and
now
all
banks
generally
offer
mortgage
facilities
to
both
clients
and
non-clients,
although
obviously
clients
receive
more
favourable
terms.
In
order
to
obtain
a
mortgage
from
a
bank
in
Spain
you
must
be
over
25 and
have
a
fixed
employment
contract
or
have
been
self-employed
for
at
least
3
years.
Residents
can
theoretically
borrow
up
to
90%
of
the
value
of
the
property,
although
the
amount
is
usually
nearer
70
or
80%
and
the
actual
amount
lent
will
depend
on
your
income.
Non-residents can
usually
only
borrow
up
to
60%
and
50%
maximums
are
also
common.
Note
that
not
all
banks
will
lend
to
non-residents.
Mortgages
are
available
for
up
to
25
years,
although
10
or
15-year
mortgages
are
the
most
common.
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