Spanish Banks Introduce New Commission Fees From June 1

Spanish Banks Introduce New Commission Fees From June 1

Spanish Banks Introduce New Commission Fees From June 1. image: Wikimedia

Spanish Banks Introduce New Commission Fees From June 1 To Combat The Effects Of The Pandemic.

The Spanish banking system has a solvency position that will allow it to face with guarantees the increase in non-performing loans and the deterioration of the assets expected this year, thanks to the increase in the level of provisions to 57.8% of the operating margin, as can be seen of the report on the banking situation at the end of 2020 published by Axesor Rating.

Strange, whichever way you read that report the banks have non-performing loans and a deterioration in assets and yet a level of provisions to 57.8% of the operating margin- it doesn’t make sense- that is until you realise that we, the customers, are paying more in fees and commissions and practically everything else to pull them out the mess they are in!

High street banks all over the world have been closing at an alarming rate, faced with competition from the likes of Revolut and AI (Artificial Intelligence) systems being used now to a great degree, their profit margins are being greatly eroded.

Are people saving as much?

During the pandemic, work was scarce and no one had money to save, on the other hand, due to the lockdown and curfew, whatever money was available was used for the shopping- hence all the Spanish supermarkets have reported their best profits for years.

Families residing in Spain had €917,500 million euros in deposits in financial institutions at the end of January 2021. The amount, just 0.04% higher than that recorded the previous month, represents a slowdown for this type of savings, which in December grew by 1.8%.

It looks like we are all faced with having to accept the charges or are we? You can still try and find a better deal that suits you. There is the option of taking out your car insurance with your bank or using another one for their services to cancel out the commissions, In the end, it is recommended to make an appointment and see a bank representative face-face, write down what you want to ask before you go.

Below is a list of banks and their charges as per May 2021. These can change of course depending on what type of account you hold at the bank, as always, read the special conditions- it may save you money.

Apart from BBVA, other banks introducing new charge and fee structures include the following:

Banco Santander: Santander One clients without close ties to the bank face a monthly 20-euro fee. Banco Sabadell: A quarterly commission fee of 30-euros for Cuenta Expansión customers who do not comply with special conditions.

Bankia: A monthly charge of 14 euros for “Por Ser Tú” account customers. Kutxabank: A quarterly 30-euro charge is introduced.

Abanca: 50-euro commission fees are payable in June and December for all “Cero Comisiones” customers except those who meet special requirements. Ibercaja: 60-euro commission fees are payable in June and December.

Unicaja is a convenient choice if you live in Malaga, as they are a Malaga-based bank.  The bank is currently in negotiations with Liberbank and currently has a ‘Zero Commission Plan’ account for customers over the age of 28 who don’t want to pay €84 a year in maintenance costs. In order to qualify for one of these accounts, you need to:

  • Have a salary of at least €600 directly deposited into your account every month
  • Spend at least €1,200 a year with Unicaja cards.

The fee is also scrapped for those who have an insurance policy or other products with the bank worth more than €30,000, and can be reduced to €60 a year for those who have more than €20,000 in Unicaja products.

At the same time, CaixaBank now charges commission fees every three months and Bankinter every six months.

*Please check back for updates on this article.

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Ron Howells

Ron actually started his working career as an Ophthalmic Technician- things changed when, during a band rehearsal, his amplifier blew up and he couldn’t get it fixed so he took a course at Birmingham University and ended up doing a degree course. He built up a chain of electronics stores and sold them as a franchise over 35 years ago. After five years touring the world Ron decided to move to Spain with his wife and son, a place they had visited over the years, and only bought the villa they live in because it has a guitar-shaped swimming pool!. Playing the guitar since the age of 7, he can often be seen, (and heard!) at beach bars and clubs along the length of the coast. He has always been interested in the news and constantly thrives to present his articles in an interesting and engaging way.