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Banking

Many of you will be traveling to Madrid from countries with a different currency from the Euro. It’s important to educate yourself on exchange rates, transaction fees and banking services. Citylife Madrid has made this incredibly easy – all you have to do is download the FREE Madrid Essentials guidebook. Here we have laid out everything you need to know, and everything you should inquire about while still at home.

Setup your free bank account with Banco Sabadell

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To make the process even smoother Citylife has teamed up with one of the biggest banks in Spain – Banco Sabadell – to set up a free bank account for all those who are a part of the Citylife community! If you choose to bank with Banco Sabadell you will be able to open, maintain and use your account for free. Banco Sabadell offers its services in English as well as online, so you can open your account even before arriving in Madrid and activate it upon arrival!

 

The free bank account is called “Cuenta Expansión” and it includes:

  • No maintenance or start-up costs
  • Free withdrawals from any Sabadell Group ATM as well as any Euro 6000 / Bankia ATM (in case of withdrawals at any Euro 6000 / Bankia ATM, you will need to withdraw a minimum of 60€ to avoid fees otherwise 60 cents will apply)
  • Free, secure online banking in English and Spanish
  • No fees on international transfers within the Euro-Zone or the UK in €
  • Customer service in English and Spanish
  • Free debit card and credit card
  • Return of 3% of your direct debited bills (up to 20€ per month)

To open your free bank account with Sabadell, simply download & fill out the following form and send it to info@citylifemadrid.com! (Application FREE Sabadell Bank Account: English Form | Spanish Form). We will immediately forward your request and put you on copy in the e-mail! Further instructions will then follow in the e-mail.

Money Transfers

banktransferTo transfer your money to your new bank account there are several options that you can choose from. It is important to assess the costs and benefits of these different transfer options to ensure that you get the best deal on your international money transfers. You can either:

1. Send money through your current bank (always ask for the related fees; some banks charge a lot for international money transfers)

2. Transfer money through specialized transfer operators such as Western Union and MoneyGram (also in this case please ask for the related fees)

3. Use online money transfer services such as Transferwise (your first transfer of up to 3000€ is for free!) and Paypal. If you choose to use Paypal the recipient and the sender will need to have a Paypal account as well. In this case it is possible to transfer money between international accounts. However, the fees for such transfers are usually set to a minimum fee, which could lead to expensive transfer fees for larger transactions.

Hint: Reserve your free Madrid Starter Pack now & pick it up upon arrival!

Don’t forget to reserve your free Madrid Starter Pack here, so that you can conveniently pick it up upon your arrival in the city. Once in our office you can take the opportunity to ask us all your questions and to get all the help you may need for free! 

Your friendly neighbourhood travel guide,

– Leahxx

 

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