Financial Services · Spain

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Much like the UK, there are many types of services available in Spain. Everything from Mortgages to Investments, offshore banking, pensions and traditional banking. Most Banks will have staff that are able to speak English and service levels are high. Mortgages are available to both residents and no residents, with residents able to borrow up to 80% towards the cost of purchasing a home (this is reduced to 70% for non residents).

Quite often the bank valuation of a property can be higher than the actual price being paid for the property and thus it is possible to achieve higher than the percentages quoted above. Mortgage rates in Spain are currently far less than in the UK with interest rates starting from as low as 2.95%.

Some valuable links are listed below:

Banking in Spain

Opening a Bank Account

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A Spanish bank account can be very convenient as you can pay by direct debit for the majority of your household bills from your account and most banks offer debit cards which allow you to shop and pay directly from your account. Most SPanish banks supply internet banking, allowing clients 24 hour access. Might be a good idea to ensure you ask for internet banking, if this service is not offered.

You can also open a savings account, but you must ask specifically to open one. Banks are only offering 1% interest at the moment because interest rates are at an all time low. Every two years the bank will ask the account holder to sign a document affirming their non-resident status. The two types of bank accounts available are: savings banks and regular banks. There is a nationwide network of savings banks recognisable by the sign saying Caja de Ahorros.

To open an account as a non-resident you must present a current passport. To open an account as a resident you must present your residency card. The bank staff will do the paperwork for you and the process is speedy.

Cheques
The basic account (cuenta corrienta) does come with a cheque book, however, they are very infrequently used in Spain, as most people prefer cash or plastic. If you decide that you feel more comfortable using cheques, use the same precautions you would at home: treat the cheques like cash; after filling in figures include a horizontal line filling up the blank spaces; if you make a cheque out to cash, al portador add two parallel lines horizontally across the cheque and between these parallel lines write y cia. When you do this, it means the cheque will have to be deposited into an account and will be traceable. When you open the account you will be given a temporary chequebook and within about ten days your personalised chequebook will arrive at the branch. When you see you are running low on cheques, contact the bank, as they will not offer you new cheques unless you ask. Accounts that come with a bank book do not offer checking.

Debit Card
Your debit card will take about ten days to arrive at your branch. Ask them for your PIN number when you go to collect the card and they should show you how to change this number at the cash point machine so that you can access your account. You may use non-Spanish credit cards as long you have your proper ID (English generally just require a passport).

Direct Debit
To cancel a direct debit you need to visit your branch and tell them you wish to remove the company from your list of direct debits. Normally they charge you a small fee for this service. Also directly contact the business and cancel their service. Many bills can be paid by direct ebit: utilities such as electricity, water and telephone, amenities including satellite television, insurance, as well as Town Hall bills, circulation and property tax. Fuengirola Town Hall information.

Cash Points
Your dedit card gives you access at all connected ATM machines that dispense cash twenty-four hours a day. Using your bank's cash point will incur no fees. Fees vary when using cajeros automáticos from a bank that did not issue the card and it is usually around €0.45c