Spanish Bank Accounts

The banking system

In the main the banking system in Catalunya and the rest of Spain operates in a similar way to that in other parts of Europe with a network of clearing banks offering the usual range of services from current accounts to loans and mortgages. There are also Caixas or Cajas which operate in a similar way to building societies in the UK though still offer the same range of services as regular banks and in practical terms are no different from a customers point of view.

There are over 300 hundred banks of various descriptions throughout Spain and Catalunya has its fair share. However you will find many of them are regionally or even solely based in one city so if your looking for a bank with a presence throughout Catalunya and Spain go for one of the larger ones. Probably the biggest three, with branches all over Spain and Catalunya, are Santander Central Hispano , Banco Bilbao Vizcaya Argentaria (BBVA) and the Catalan based la Caixa which also has some information in English.

A few crucial differences to some other countries in Europe is that opening hours are from appropriately 8.30 am to 1.30 or 2pm, there is also no 'free' banking and you will be charged a small annual fee for keeping a bank account and on some transactions and writing a cheque with insufficient funds in your account is actually illegal. However the migration to call centres isn't anywhere near as prevalent and you will usually, especially if the bank is in a smaller town or village, have much more personal contact with the branch including your bank manager. Some banks also offer services which allow you to buy tickets for theatre, music or sporting events through their ATM's.

Opening an account

There are essentially two different types of basic account for foreigners in Catalunya depending on your official domicile. The first is the cuenta corriente (current account) which requires you to have resident status (Residencia). Strictly speaking you are not supposed to have resident accounts in more than one country so if you have a current account in your country of origin this should be closed although this is not always practical to do straight away.

If you are not yet a resident or are solely opening an account for a house purchase you'll need to start with a cuenta extranjero (foreigners account) and will need your NIE, passport and proof of address to open one.

If you are a couple and one of you is resident, the other non-resident you cannot have a joint account however the non-resident can become an authorised user of the account so in practical terms it's the same.

In practice there is little difference between the two types of account although there may be slightly better rates on offer for the cuenta corriente. You'll find interest rates with all current accounts very low so if you have a significant sum make sure you set up a savings account too.