So you want to change bank accounts in Spain. Maybe you’re fed up of the customer service and branch opening hours. Or maybe you’ve had enough of paying the various extra charges and commissions many Spanish banks charge account holders.
Whatever the reason, changing bank accounts can feel like a big decision. For many people, it can be something we put off despite knowing that we could be saving ourselves time (and even money) in the long run.
This could be because it feels like a hassle, or perhaps because you’re well versed in the difficulties that can arise when trying to get anything administrative done in Spain.
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Fortunately, the process of changing bank account in Spain is surprisingly easy, and very quick.
This is because the Banco de España did a review in 2022 and changed the rules on switching accounts to make it easier for customers, putting the onus on banks themselves to actively collaborate.
This was also done to better allow customers to move between banks in order to benefit from the best offers on the market, and the banks should complete the account transfer within a period of 13 days.
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How to change bank accounts in Spain
It really is very simple (and entirely free) to change bank accounts in Spain.
All you need to do is, firstly, choose your new bank and open an account there. Once you’re registered customer there, you’ll need to request an account transfer with your new bank. In Spanish this is known as a traslado de la cuenta.
You’ll also need to choose a date.
Then, after that, the banks take care of everything. Your old bank will transfer your balance, bills and even any direct debits out standing orders that you had set up on your old account. You can specify which ones you do or don’t want transferring over.
All of this is free, according to Banco de España regulations, as long as both banks are in Spain. It really is that simple!
There’s a handy video guide by Banco de España below that walks you through the process:
The steps to change banks accounts in Spain
So, in summary, the steps are:
- Open account at new bank.
- Ask for account transfer at new bank.
- Indicate the date you want to make the change.
- The banks take care of the rest!
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