Instituto Cervantes

Open a bank account in Spain

1. Why open a bank account in Spain?

Spanish Language School Madrid Payment Methods

For students who are planning on being in Spain for a long time, opening a bank account is a hugely advantageous way to:

  • effectively manage your finances
  • have 24 hour free access to your money via a network of ATMs
  • reduce bank charges and exchange commissions  

2. How can AIL Madrid help?

Student Care Team

Our Student Care Team are more than happy to help you open a bank account.

New bank account opening procedures in Spain are rigorous requiring the presentation of lots of documentation. Adding the potential linguistic barrier (you should not expect the bank staff to be able to speak any languages other than Spanish!), the task can be quite daunting.

As one of our students, you will benefit from us holding your hand during the process, arranging appointments, making personal introductions and, if required, assistance with completing application forms.


3. What are the advantages of opening a bank account with Sabadell?

The branch is just 50m from AIL Madrid

After reviewing all available options, we recommend Banco Sabadell for the following reasons:

  • Their account conditions are extremely competitive. Opening a bank account with Sabadell through AIL Madrid is totally free of charge. This is an enormous advantage, as banks in Spain usually charge you to open a bank account.
  • The closest branch is just 50 metres from the school so visiting before or after class could not be more convenient.
  • We know their friendly staff and they even have some English speakers too!
  • And most importantly, our students have given us positive feedback on their experiences and the customer service.

4. Banco Sabadell Bank Account ("Cuenta Expansión") Features:  

  • No monthly maintenance / administration charges
  • Deposit cheques free of charge
  • National transfers in Euros are free of charge
  • Free cash withdrawals for amounts over 60 Euros- with 32,000 ATMs, you´ll always find one nearby!
  • Free debit and credit cards (and replacements within 72 hours if anything happens)
  • Check your account online at anytime
  • Option to receive text messages or email alerts about your account – high security is guaranteed!
  • 3% cashback on household bills - on Internet, telephone, gas, electricity and mobile phone bills (up to 20 Euros a month!)

5. How do I sign up?

Speak to our Student Care Team for more information including the required documentation; they will happily accompany you to the branch if you would like to open an account!

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