Services
Banking services, cash machines and opening hours
The most common type of account is a non-interest bearing current or checking account (cuenta corriente). The other alternative is a savings account (cuenta de ahorro).
For an annual fee nearly all banks will offer you a debit card that you can use to pay with in shops and take money out of cash machines. You can get checks, even though they are not used much in Spain. Checks are rarely accepted commercially in shops, you will never see anyone paying by check at a supermarket or a clothing store.
Spain's banks run a convenient system called domiciliación that allows companies to directly debit your account for billing purposes. Phone and utility companies are big users of this system; many of them actually require you to pay in this manner. In case you choose not to pay your bills through this route, you will have to go to a bank anyway to pay it person (not necessarily your bank either). The hours for making these payments are fairly restricted, usually between 8:30 and 10:30 and sometimes only on certain days of the week (one example is Monday, Wednesday, Friday).
Cash machines (ATMs)
The vast majority of cash machines/ATMs (cajeros) in Spain operate on either the ServiRed or the 4B network (also known as Telebanco). Depending on your bank's affiliation, you should be able to withdrawal cash from all cajeros under at least one of these networks.
Although this system appears straightforward, you can still end up paying fees if you aren't careful. Usually if you use the system of your bank i.e. ServiRed or 4B you will not get charged. Recently, cajeros in Spain have started to warn you on the screen when they're charging you a fee, and have started displaying the amount involved. This relatively simple IT change has taken two years to implement after the political/legal decision and was consciously being postponed by certain banks. Apparently, they made a profit out of it.
Banking hours
Standard banking hours are Monday to Friday from 8:30-9:00 in the morning until 2:00-2:30 in the afternoon. Some banks also extend hours once a week and/or are open on Saturdays from 9:00-13:00.
Most banks tend to shorten their opening hours during the summer months (June-August). Spanish banks are very firm when it comes to closing time. If you arrive at a branch at 1:55 and it closes at 2:00, don't be surprised if the guard doesn't let you in the door. That is, unless you are an important customer. As they keep working after closing time, they might let you in through the backdoor.
Also in this section
- Opening an account: How to open a Spanish bank account
- Spanish banks: Where to manage your finances
- Services: Banking services, cash machines and opening hours
- Currency exchange: A beginner’s guide to moving money abroad
- International currency exchange: Glossary of financial jargon
