Banking in Spain
FAQs:
Tips on corporate banking in Spain
Links:
Santander Central Hispano
BBVA
La Caixa
CajaMadrid
BankInter
Barclays Spain
Halifax Spain
Deutsche Bank Spain
If you're frequently outside Spain, then you're going to need a good online banking service. La Caixa probably has the best online banking, and is available in the major European languages. BankInter is designed for internet banking. Note that the Bank of Spain requires your signature to clear an incoming transfer of over 12,500 euros, so make sure you either work near a branch office or that your bank accepts a signature by fax. Some bank branches focus on companies; others focus on personal banking. Finding someone knowledgeable in the branch you choose can make all the difference in whether that money you've wired to your Spanish account arrives quickly and smoothly or gets tied up for weeks.
If you're North American, you may be shocked by the high fees charged by banks in Spain. The Bank of Spain sets maximum fees that banks may charge their clients. You must negotiate the fees or quite possibly the maximum fees will be applied. Naturally, the strength of your bargaining position depends on how much you use your account. Some sample commissions from La Caixa. The agreements you reach may expire after a year, so we recommend going each year to renegotiate the fees. Since many bank fees are based on a percentage, if you're sending or receiving a large international transfer, you can negotiate the fees on this particular transfer. For international transfers, you can choose to pay all bank commissions, the other bank pays all commissions, or share the commissions. Be very careful about paying all commissions for a large transfer; you are not a client of the other bank.
Checks are not used often in Spain. Bank transfers are easy. If you charge clients on a periodic basis, ask your bank for software to do this automatically.