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ARCHIVED - Spanish bank charges have increased by 34 euros since last year
Some of the main banks in Spain have quadrupled their prices in 12 months
Banking in Spain has always been pretty expensive, but in the last 12 months as inflation soars and most general household products have gone up in price, so have bank charges. In fact, the average cost of holding a checking account with a corresponding debit card has gone from 140.16 euros to 174 euros – that’s almost 34 euros more and an increase of 24.14%.
"This aggressive policy coincides with a higher level of conditions to achieve gratuity. It is no longer just about excluding those who do not have a payroll, but policies such as those of CaixaBank and Abanca already require other conditions to achieve total gratuity," the report from the III Barometer of Bank Commissions prepared by the organization Asufin (Association of Financial Users) pointed out.
Faced with this significant rise, the only response from some banks is online accounts, which usually offer limited services exclusively through the internet and which just aren’t feasible for all customers.
The report also shows that CaixaBank, Banco Santander and BBVA, Spain’s three largest financial institutions with the most branches, are also now the more expensive for current accounts.
In the last 12 months, CaixaBank has quadrupled its annual charge, from 60 euros to 240, while a debit card now costs 50 euros per year.
Banco Santander customers pay a total of 276 euros for their card and account, while BBVA is substantially cheaper, charging 160 euros per account and 35 euros for a debit card.
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