Banking and Local Currency
There are a great number of banks in Spain and since April 1994, any European Union bank can open branch offices in Spain. The Ministry of Finance or Hacienda, oversees the Spanish financial system in general and The Banco de Espana is its instrument of monetary policy as well as the direct overseer of the banks.

The currency of Spain as in other European countries is the Euro (€). The Euro became the legal currency On 1 January 1999 and from the 1 January 2002, the peseta; Spain's old currency was replaced gradually by the Euro. Along with 12 other European countries Spain produces its own Euro coins which are personalized to their origin. However all coinage is valid currency and are accepted throughout the 12 countries. In Spain the coins of denominations lower than €1 are call Centimos . There are eight coins in total, they are: €2, €1, 50 cents, 20 cents, 10 cents, 5 cents, 2 cents and the 1 cent. There are seven notes, which do not vary in appearance from country to country. They are: € 500, € 200, €100, €50, €20, €10, and €5.The exchange rate from the Euro to the Peseta is € 1 = 166,386 Pesetas

Banking Hours
The general rule in Spain for banking hours is Monday to Friday from 8am to 2pm. There are some variations to this, some opening on Saturdays until 1pm. Opening a bank account in Spain is relatively easy. Most of the major Spanish banks in the cities and other areas where there are a lot of non-Spanish residents cater for people who don't speak Spanish. The accounts that you can open will be specific to whether you are a Fiscal resident or a non resident. To open a bank you will only need your passport or residence card, you will also be asked for your N.I.E. number which can be obtained at your nearest police station with a foreigners department.

There are now no restrictions on transferring funds to and from Spain from other countries of the European Union. However some banks are charging heavy commissions on transfers from abroad. So if you are thinking of transferring your pension or other money regularly it pays to shop around to find out the conditions offered prior to opening an account. To make an international transfer to or from Spain you will require an IBAN code (International Bank Account Number) which can be obtained easily from your bank.

Cheques and Cards
Services offered by Spanish banks include Credit/Debit Cards, Cash Cards, Currency Exchange, Travelers cheques , Money transfers, Mortgages, Onshore Investing, Stocks and Bonds, Standing Orders, Direct Debits, Cheques etc. and can all be arranged easily as they are standard practice for most banks. All banks offer customers a combined cash and debit card which are widely used and accepted throughout Spain, the general rule of thumb here is, don't leave home with out it. This card can be used at an ATM or used like cash, to buy groceries, gas, clothing or pay the bill at many restaurants and even cafes. Some establishments carry a minimum charge of approx. €6 for accepting cash/debit/credit cards.

Do not expect to get anything free from the bank. Ask for their list of fees for various transactions (which must be approved by the Banco de Espana) and are noted for being notoriously high in certain circumstances.