Banking in Spain

Spanish Banks

Banking hours are normally 8.30 - 13.30

Banking in Spain is considerably different from England. Many expats take the advice of their solicitor on which bank to use - OK, but, in Financial and Legal matters it is essential that you are fully understood by the bank staff and that you fully understand what they tell you.

My solicitor put me on to a BBVA bank that speaks no English and even insisted on trying to speak only in the local Valenciana. It proved a costly disaster.

My advice, is to only open an account with a bank that has at least two people who speak good English. (allowing for holiday absence)

Bank Cheques & Security in Spain

Write cheques ONLY in ball point pen or ink - (NEVER in pencil or in a typewriter with erasable ribbon!)

Write cheques only to a Named Person or Business that is to receive the payment - and not to "al Portador" (to bearer).

To ensure that a cheque can only be deposited to the account of the person or business to which it is made, write "A Abonar en Cuenta" (to be credited to the account of) before the name of the recipient, or cross the front of the cheque with two parallel lines.

Do not leave spaces which may be used for increasing the amount.

Guard blank cheques, destroy excess cheques,

Never leave a blank signed cheque with anyone

Note Writing a cheque without funds in the bank is illegal.

Bank Charges

There are many different Banks in Spain; their working methods are considerably different from England. Interest rates are lower, but charges can often be much higher.

Spanish Banks charge for accepting your money transferred for property purchase and opening a Spanish account. Most of the complaints I receive are regarding these high charges.

I have found the answer for all readers of this web site.

A Bank that offers:-

  • No Bank charge to open an account or to deposit in either euros or sterling.
  • No Bank charges to transfer money from the United Kingdom into the new account to cover the first payment of a deposit on property.
  • No charges by the Bank for accepting into your account your second British money transfer to complete the property purchase.
  • No bank charges for transferring any amount under 12.500 euros into the account, however, on any following transfers that exceed €12,500, a charge of 0.015% will be made up to a maximum of 12 euros per transfer.
  • No Bank charges for paying Spanish cheques into the account.
  • Free Internet Banking with a very high built-in security factor.

These special terms apply only to account applications made directly to the bank's director through this web site

The bank has 4800 branches throughout Spain and it also has a London branch which specialises in discussing mortgage services for purchasing Spanish property

Interested? Then click here to complete a request form, without any commitment, and the Bank will send an official application together with confirmation of the above terms.

Any other queries phone me on 00 34 96 296 0920 or use my feedback form

I also suggest that you look at my feature on Money Transfer which advises on the subject transferring currency from the UK

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