The number of banks has increased considerably over the last few
years. There are two main types of bank in Spain, clearing banks
and savings banks. In the latter category Spain has over 80 savings
institutions called "cajas", in Spanish, which were originally charitable
organisations granting loans for public interest and agricultural
policies. They comprise co-operative savings banks whose members
are agricultural co-operatives, although they play only a small
part in Spain's banking system and hold just a few percent of total
bank assets. Savings banks are similar to building societies in
Britain and savings and loans in the USA and hold over a third of
all deposits.
Banking has become highly automated, and with regard electronic
banking Spanish institutions compare favourably with other European
countries and their ATMs are among the world's best.
There are around 50 foreign banks in this country and these are
well represented in Andalucia. Although there are fewer - with an
overall smaller market share - than in most other European countries.
These banks are full members of the Spanish clearing and payment
system and can provide normal cheque accounts, cash and credit cards,
and direct debit/standing order services. Banks located in the major
tourist regions generally have at least one English speaking member
of staff.
Normal Bank opening hours in Spain are from 8.30 am or 9.00 am
until between 13.30 and 14.30, Monday to Friday and from 8.30 and
9.30 until 12.00 or 13.00 on Saturdays in winter (banks are closed
on Saturdays from June to September or October).
Spanish Finance
Whether you are in the process of choosing a Spanish
bank or "caja", seeking a mortgage or wishing to shed light
on such local documents as "pagarés", here you will find
the information you need.
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