IF you think that bureaucracy at Spanish banks is bad, it is about to get worse as despite attempted intervention from the Bank of Spain, there will be not insignificant charges if you use your bank card to withdraw cash from a bank other than your own.
Initially, there seemed to be the intention for each bank to charge the user two charges, one from the bank supplying the cash and the other from the bank that issued the card, which is what the Bank of Spain objected to as this is a double charge for the same service.
Now, even though they have been ‘advised’ by the minister for the economy to reduce their charges, the banks have got together and decided to impose charges anyway.
Whilst irritating for the consumer, it isn’t impossible to live with, or is it? Rather than each bank charging the same amount, they have all decided to go their own way and there are two tier systems introduced by almost every bank, whereby if they have an agreement with another bank, the charge will be lower than if they don’t have an agreement with the bank whose card is being used.
Just to add to the confusion every bank has a different charge with the lowest being 50 cents charged by ING with a whopping €2 being charged by Caixabank, and all the other banks are charging something in between.
You know it makes cents (for the banks)!