Is It Time To Change Your Spanish Bank?
If you’re not happy with your bank in Spain, you may be thinking about changing to another. We take a look at what you should think about and what you need to know.
Why aren’t you happy with your current bank?
Jot down a few reasons about the problems you have with your bank. Do doing this it will be easier to pinpoint what you’re looking for with a different provider. Is it the customer service at your local branch? Maybe their web or app is not intuitive? Do you need to deal with your bank in English?
Whatever your reasons, before you ditch your current bank you’ll need to check whether you have any contractual obligations with them. If you have a mortgage you may have signed a contract that ties you to certain services or products, such as a current account or paying in your monthly salary or pension. In this case you may have to wait before you can change.
Know what your needs are
If you need to be able to access a bank branch on a regular basis then be aware that many banks are closing down branches across the country. If you’re looking at online-only banks, some may not offer a full suite of services compared with a ‘traditional’ bank.
Take care when reading online reviews as it tends to be the case that more people will comment on negative experiences! Also, everyone’s needs are different. So, once again, jot down exactly what you need from a bank to make your search easier.
How to change your current account to another bank in Spain
The European ruling on Bank account switching services came into force in Spain in March 2019. This ruling made it easier for bank customers as their old and new banks have to carry out all the process, rather than the client being responsible for informing all of their providers about the new direct debit or payment details.
In order to use this service you’ll have to follow the steps laid out by your current bank. Usually this means filling out a form online, however you may want to carry out the process in your local branch.
It’s a good idea to check that all your direct debits and other payments have been correctly moved over to your new account. Keep hold of any paperwork, such as your statements, from the previous 12-18 months and check which payments need to go through your new account.
Remember: You can change bank as often as you want
It’s a good idea to regularly review whether you should change bank. The banking sector is in constant evolution, with new challenger banks appearing in the market. However, before switching make sure that your money will be protected. Take a look at How to check if your savings and investments are safe for more details.