Foreign Credit Cards
As an expatriate or tourist you may have brought
credit cards with you to Spain and found that you were able to use
these cards to withdraw money from Spanish cash machines without
a problem. You should be aware, however, that hidden commissions
can be involved in these transactions.
It so happens that all banks in Spain belong to
banking networks. The largest of these networks are known as '4B'
and 'Servired'. Local bank consumers know which network their bank
belongs to and usually try to only use the ATMs associated with
their network - in order to avoid paying extra fees.
The bank that issued your credit card in your home
country probably belongs to an international banking network. And
this network could very well be networked with one of the Spanish
networks. This would then entitle you to use either 4B or Servired
machines without additional fees.
However, to take advantage of this option, you
need to work with your home bank in order to find out which network
you belong to. On the contrary, you will be subject to fees that
vary from bank to bank - and which are often difficult to uncover,
even via direct query.
Spanish Credit Cards
Spanish residents or non resident home owners who
have a Spanish bank account will consider applying for a Spanish
Credit Card. This can be used to purchase goods and services or
withdraw money from an ATM.
The credit cards are operated like a special bank
account. They are not very flexible and for this reason many Spaniards
do not like them. The balance of the months spending is recorded
at the end of the month, usually the 26th. Interest is added and
this sum in accordance with a pre agreed plan will be debited from
the current bank account on a set date usually the 6th of the following
month. It is possible to vary the payment but this must be agree
before the 26th. It is also worth noting that you have only 10 days
to make sure sufficient funds are in the current account. If the
notification is sent by post you will in practice have even less
than this.
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