Madrid. The capital city of Spain. This city is one of the most popular tourist destinations globally and is considered one of the biggest international business and financial centres in Europe. Annually, hundreds of people from other parts of Spain and other countries move here for employment, business or retirement purposes.
For people who are intending to stay permanently or for a relatively long spell in Madrid, one of the first things to do is to open and set up a bank account here. Setting up a bank account in Madrid would usually come hand in hand with buying a house or property since all utility bills will be debited from the bank account. And of course, since you will be staying in Madrid, does it not simply make sense to have a bank account here where you can conveniently and securely deposit, receive and withdraw your money without the hassles of still having your cash converted into the local currency or have unnecessary conversion charges deducted from your funds?
Nowadays, setting up a bank account in Madrid is relatively easy and hassle-free, as long as you have a valid passport and an official address that you can use. The first tip to consider on how to set up a bank account in Madrid is to wisely choose which bank you will open an account with. As a general rule, select a large, commercial and well-known bank which has many branches and/or ATM machines in and outside Madrid. This is particularly important since many banks are now also imposing charges when you withdraw from an ATM machine that is different from your bank’s network, with these charges reaching up to 4 euros for every 100 euros that you withdraw.
These large banks will also have English-speaking employees who can assist you with any and all banking matters, from opening your account to all future transactions. They will also have a secure, clear and comprehensible website that is easy to navigate and use for your online transactions.
To help narrow down your choice, some of the bigger and popular banks in Madrid right now include Banco Santander, La Caixa, Banco Sabadell and Banco Popular.
Another useful tip to consider when you open a bank account in Madrid is to open or set up a savings account instead of a current one. This is because when you have a savings account, your banked funds will receive regular interests to offset any charges. In addition, with a savings account, you will receive a bank or building society book and a cash/debit card, providing you additional conveniences with your bank transactions.
And once you have set up your bank account and finally settled down in Madrid, the next thing for you to do is to learn to speak a bit of Spanish (even just basic, commonly-used phrases) and enjoy your stay in the beautiful capital city of Spain.