Now that you’ve decided to study in Spain, there are other things you must do. One of which is opening a bank account.
Spain is home to some of the most reputable banks in the world. There are also various online banking options for international students. Knowing this, it’s vital to pick the right bank that can deliver what you need.
Here are eight factors to consider when choosing a bank in Spain:
Know What Type of Bank is Better for You
In Spain, you can choose to open an account from a traditional bank or a mobile bank. Usually, mobile banks are the more convenient options for international students.
But if you’re staying in Spain for a long time, look into traditional banks as well. Regardless of what banking option you choose, match it with the lifestyle you have. Assess your needs too to find which one is best for you.
Look Into Charges and Other Fees
It’s common for most banking transactions to incur fees. For instance, you may have to pay ATM fees for withdrawals you make.
Various banks in Spain offer zero charges for these transactions. Make sure to consider them among your options.
Consider Convenience and Security
Security must be a top priority when choosing a bank. Opt for a bank that has been serving its clients for a reputable number of years. Make sure that all these services are convenient to you as well.
Availability of Worldwide Money Transfers
You may need to transfer money while in Spain so look into this matter too. Some bank accounts serve up to 30 countries for worldwide money transfers. Find out if a bank serves transfers to and from your home country.
Cost of Exchange Rates for Transfers
When you send or receive money internationally, you’ll have to pay certain fees. You can look for a bank that doesn’t charge for these international transfers. Alternatively, you can pick a bank where the exchange rate is lower than usual.
Mobile Banking Features
Mobile banks should allow you to maximize and support your banking needs. For instance, mobile bank N26 has a budget manager in its app. Consider these features too before committing to a mobile bank.
Customer Service and Available Languages
If you don’t speak Spanish, availability in other languages will truly help. Most banks offer banking services in English and Spanish, while others serve up to 10 languages. This makes the customer service experience more memorable and better for you.
Ease of Application and Other Perks
No one likes going through complex processes to open a bank account. The easiest applications are through mobile banks though traditional banks make it easy too.
Once you get into the application, look through the perks and see if they benefit you. They’re great extras that could give you a banking advantage in Spain.
Before you commit to a bank in Spain, there are various factors to consider. To expand your banking knowledge, scan through our other articles on banking in Spain here at MSM Unify.