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Money

Money

Banks

The banking system is well established. There are quite a lot of banks and all banks are controlled by the bank of Spain (Banco de España). Caja Madrid is Spain's second largest savings bank after La Caixa. Caja Madrid has a network of 1917 offices across the whole of Spain. Based in Madrid, it has more than 12,000 staff, over 300 years experience and more than 6 million clients.

Personally I have 3 bank accounts, and I find that the best one is La Caixa. They offer full internet banking for free as well.

You can open a bank account as soon as you arrive in Spain, even before you get your N.I.E. Open a Non-Resident Account.

Under 26? Open a Cuenta Jove account in La Caixa, once you get the Tarjeta Jove cash card (debit card) you can get a lot of discounts in theatres, cinemas and trains, season metro tickets and more.

Click here if you want to see a listing of all the banks you can find in Madrid. For further information such as open hours or address you can choose one bank and check the details.

Cambio / Currency Exchange

The best places for changing currency are at the airport and in banks, however there are a lot of other currency exchanges in Madrid and a couple of them offer "Money-Gram" and "Western Union Money Transfers" too.

Money transfers

Banks have the best rates, but it takes longer, usually 3-4 working days, and you need to have an account with them. Otherwise you can go to any of the Western Union or Money-Gram places and they do the transfer in 10 minutes. If you want to receive money, ask the sender to do it by Western Union as they have lots of offices all over the world, and it usually takes just 10 minutes!!!
 
 
 

Total Members in Madrid: 374
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