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Bank commissions in Spain

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. 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, to buy a house for example, you should negotiate the fees on this particular transfer. For international transfers, you can choose to pay all bank commissions, have the other bank pay all commissions, or share the commissions. Be very careful about paying all commissions for a large transfer, since you are not a client of the other bank. It is generally best to choose shared commissions.

The following are sample bank commissions from La Caixa.

 

Annual charge for account 18 euros
Annual charge per debit card 12 euros


National transfers Commission Minimum Maximum
Transfers between "la Caixa" accounts Free transaction
Transfers to other entities 0.35% 3.00 euros 100 euros
Transfers between "la Caixa" accounts in foreign currency 0.20% 3.01 euros  

International Transfers Commission Minimum Cost of SWIFT message

Amount < or = 50,000 euros
And
euro currency
And
EU country of destination

Destination details complete

0.35%

3.00 euros

/

Destination details incomplete

0.55%

19.00 euros

/

Transfers with all commissions, except those of "la Caixa", to be paid by the beneficiary, or all to be paid by the beneficiary
Or
Amount > 50,000 euros
Or
any amount in currency other than the Euro
Or
any amount in euros whose country of destination does not belong to the E.U.

Destination details complete

0.50%

12.00 euros

12 euros per
transfer

Destination details incomplete

0.60%

18.00 euros

12 euros per
transfer

Transfers with all commissions to be paid by the applicant
Or
Amount > 50,000 euros
Or
any amount in currency other than the Euro
Or
any amount in euros whose country of destination does not belong to the E.U.

Destination details complete

0.70%

27.00 euros

12 euros per
transfer

Destination details incomplete

0.80%

36.00 euros

12 euros per
transfer

Articles:
Tips on corporate banking in Spain
Use of a company credit card in Spain
Doing business in Spain: tips for the business traveller
Company formation in Spain

 

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