To register a complaint against a bank or other financial entity in Spain, the process is as follows. The first thing you must do is to register a written complaint with the customer service department (servicio al cliente) of the institution in question. Be sure that you leave one copy with the company and have another stamped with the date received. In the case that your complaint is not resolved to your satisfaction, you will need this documentation later.
Foreign currency issues can have a significant impact on the cost of your purchase. In securing property abroad, purchasers are likely to spend more time searching for the right property via their estate agent and researching the best method of financing their purchase rather than considering the financial implications of transferring money overseas. The transmission of funds for property acquisitions is often done at the last minute. This leaves the buyer exposed to the prevailing exchange rate and can significantly alter the eventual total cost of the property.
Looking for financial information dealing with Andalucia? Doing business in Andalucia can be a little intimidating, especially if you are new to the region or even new to Spain. Many of the laws are as different as the culture so it is always refreshing to know that you can find trusted information all in one place.
Debt consolidation is often a possible solution for people who find themselves overwhelmed with loan payments that come with a whole range of interest rates and commissions. Debt consolidation is a service well known world-wide and numerous companies offer the possibility to lump all debts together right here in Andalucia. This offers customers the chance to deal with one single loan and one single package of conditions and terms that hopefully adapt to their current reality and means.
Standing orders - or an official arrangement whereby your bank automatically pays a given bill each month - are an important form of payment in Spain. Known as "domiciliaciones" or "domiciliación de pago" in Spanish, this is often a requirement for doing business with an official entity or even a private company. However, even when not required, sometimes you are better off setting up a standing order to avoid late fees, those associated with annual municipal taxes, for example.
The number of banks has increased considerably over the last few years. In Spain you will find the two mainstream forms of banking - clearing banks and savings banks - as well as many well known private banks.
The word "pagaré" in Spanish means literally "I will pay". A Pagarés then, is a type of cheque that emphasises the date that it can be cashed. These then, are official post-dated cheques.
All Spanish banks provide loans and overdrafts and are quite happy to do so for foreign residents, particularly if they are homeowners. It pays to shop around for a loan as interest rates vary considerably depending on the bank, the amount and the period of time.
You can make onshore, Spanish investments via your Spanish bank or by hiring local financial professionals. The Spanish stock market is regulated by this country's CNMV - Comisión Nacional del Mercado de Valores - or National Stock Market Commission. This commission is also responsible for protecting and information consumers.
A "letra" is a rather curious document that allows you to write cheques - even substantially large ones - without having an account at any bank. It is similar to a "money order", but requires a bit more effort on your part in order to put it into circulation.
You can open a bank account whether you are a resident or non-resident. It's best to open a Spanish bank account in person, rather than by correspondence from abroad. You must be aged 18 and provide proof of identity, such as a passport, your address in Spain and your NIE. If you wish to open an account with a Spanish bank while you're abroad, you must first obtain an application form, available from foreign branches of Spanish banks or direct from Spanish banks in Spain.
As an expatriate or tourist you may have brought credit cards with you to Spain and found that you were able to use these cards to withdraw money from Spanish cash machines without a problem. You should be aware, however, that hidden commissions can be involved in these transactions.
All banks offer customers a combined cash and debit card which are widely used and accepted throughout Spain. Purchases and cash withdrawals are automatically debited from your cheque or savings account. You don't receive a monthly statement and can't run up bills with a cash or debit card.
Banks traditionally offer the least risk to an investor, but are often not competitive when compared to other major lending institutions, such as building societies. This is due to the fact that although banks may lend some of their deposits, the excess is normally placed on the international money markets.
Spanish Banks usually provide a much more personal service than their European Counterparts. Staff changes are not so frequent and it is advantageous to establish a personal relationship with the staff and the manager who are often prepared to spend extra time helping their clients.
