Arrival and Welcome Sessions

Banks

Is it necessary to open a bank account in Spain?

Only students who plan to receive money through bank drafts or cheques must open a bank account.

Students are not obligated to open an account, and Spanish legislation makes doing so time-consuming. Study abroad students are encouraged to use an ATM card or credit card to access funds in their home country. 


Where do I open an account?

The University works with the following bank which is located close to campus. You should indicate you are a SLU-Madrid student.

You may open it with your passport, however after 3 months in Spain you will need to present your Spanish residence card, NIE, or your bank account will be closed.

BANCO SANTANDER CENTRAL HISPANO
Paseo de San Francisco de Sales, 35
T: 91 533 32 01


How do I withdraw money from my Spanish account?

You write a personal check and cash it at any branch of your bank. You must present official documentation (ie. passport) in order to cash any check. A photocopy of your passport is not valid identification.

In Spain, personal checks are only used to access bank funds.

To make purchases in stores, use cash or credit cards.


What is the best way for loved ones to send money if I have a bank account? By bank draft made out to you in euros. They may transfer money directly to your bank account here. The transfer will usually take a few days, depending on your home bank’s connections with your bank in Spain.

Checks in foreign currency are usually accepted, but take a longer time to clear.