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Home > Money
Managing Money in Spain
Opening a Spanish bank account
 It's
easy to open a bank account in Spain, and there are many banks to
choose from: Santander, La Caixa, Caixa Catalunya, Banesto, etc.
However, most of the banks that I visited didn’t have anyone
who spoke English, but I managed to open an account with my basic
Spanish.
To open a non-resident’s account all you need is your
passport, or you can open a resident’s account in which
case you will need your resident's permit (la tarjeta de residencia).
It's also worth remembering that when ever you use a credit card
in Spain you will need some form of photographic identity (passport
or driving licence).
When opening a Spanish account, you will be asked for your address
in Spain and a contact telephone number. My choice was Caixa Catalunya,
it seemed most appropriate for living in Barcelona. However, I've recently opened a current account (cuenta naranja) with Ing Direct (which you can do very easily online, although the website is in Spanish). Ing Direct have no bank charges, you get 5% for the first 6 months, and you can do all money transactions and balances etc. online - www.ingdirect.es.
I recommend that you open a bank account on one of your visits to Spain before you move. I didn’t, and had to wait for money to be sent from England after I had arrived.
Moving money
Moving money directly from your bank account to a Spanish bank account can incur large fees. You will be charged a commission on the exchange rate of Pounds Sterling to Euros, and also an administration charge, which can be very hefty – anything from £25 to £45 pounds and upwards.
Money transfer companies
There are several companies who will transfer money internationally for a smaller administration fee (see right-hand column for a list). You have to register first – if you are in the UK this is much easier, so best to do it before you leave.
These companies charge a lower fee, but sometimes don't give such a good exchange rate, so obtain a few quotes before making a choice. Some companies will only move large amounts of money, but if you are moving money on a regular basis point this out as they will probably want to do business with you.
I have an account with Cahoot, and have moved money directly from Cahoot to my account in Spain and I was only charged £25. This compares to £27 that I was charged by a money transfer company. The process was also quicker from Cahoot as the money went direct from one account to another. With the money transfer companies, your money goes from your account, to their account and then to Spain (although the process is usually quite quick). Cahoot did tell me that my Spanish bank may charge me for the transfer but this didn't happen.
PayPal
This is one of the cheapest ways to move money. By using
PayPal you can transfer money to anyone with an email address.
You can't send money to yourself, so you need a trusted partner
or friend to set up a PayPal account linked with a Spanish credit
card or bank account.
Pay money into your PayPal account using a bank account or credit
card; send the money to your friend's PayPal account, who can then
transfer it into the connected bank account in Spain, or simply leave it in your Paypal account and use it when needed by paying directly for items using PayPal.
PayPal's fees are very reasonable and you can view them online
at: www.paypal.com. If you prefer
to set up a Spanish PayPal account visit www.paypal.com/es.
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