How to Choose a Bank

The number of banks in Spain can mean that it’s difficult to decide which one to use and where to open an account. The following may help you in your choice:
Location
Your first consideration should be which banking institutions operate in your locality. If your property is in or near a small town or village then the choice may be very limited –perhaps even to just one savings bank. If this is the case, you may decide to widen your horizons to the nearest larger town, if only to have a better choice. However, there’s a lot to be said for having your bank as near as possible to where you live. Service in branches in small localities is often much more personalised and the staff less hurried or stressed out with the pressure of meeting monthly objectives. On the other hand, small branches may not offer a choice of banking services and they are less likely to have English-speaking staff.
Bank Charges
Spanish bank charges are notoriously high and a large part of some banks’ profit margins are made thanks to the charges paid by clients for just about every banking transaction imaginable. Charges are particularly high for the payment of cheques into your account and for bank transfers. Before you open an account, ask for a breakdown of all charges including annual fees. If you plan to make a lot of bank transfers every year, you should carefully consider how much this is going to cost you. You may be able to negotiate more favourable terms if you agree to maintain a minimum amount in your account or if you treat the branch manager to at least a coffee in the local bar!