spanish banks

spanish banks

The Spanish banking system is well established and modern with all banking activity controlled by the Bank of Spain (Banco de Espana), which has its central office in Madrid and branches in all provincial capitals.

Banks in spain provide an important role in supplying finance to help people by property in spain in murcia. Banks are divided into clearing banks and savings banks, and several foreign banks also operate in Spain. There are foreign banks that operate in Spain, although they tend to be concentrated mainly in coastal resort areas and in the large cities.

These banks are British by name but are totaly separate from their British parents. To name but a few there are Barclays, the Royal Bank of Scotland (affiliated to the Santander bank) and Solbank, owned by Banco Sabadell, Halifax and Abbey. The American banks, Citibank and Chase Manhattan, are also present.

Other foreign banks include Deutsche Bank (which has an agreement with the Spanish Post Office) and several Arab and Scandinavian banks. Savings banks (known as cajas de ahorro) are very common in Spain and apart from the Catalan La Caixa and Caja Madrid that are both present in most of the country, tend to be regional or provincial. Savings banks also act as charitable institutions and invest part of their profits in social and cultural associations. Internet banking has taken off in a big way over recent years in Spain and more and more Spaniards are now using online services.

Practically all banks offer Internet services and as long as you have a user name and password you can carry out most banking transactions online. Some banks even offer online credit facilities. 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! 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. If you are english and you need a mortgage to buy property in spain then you need to find an english speaking bank. 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 (numero de identificacion 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