Banking Accounts

While living in Madrid, it will be very useful to have a bank account to control your expenses (renting a flat, receiving money from your parents etc.) as well as withdrawing money from the ATMs.

For this reason, we wanted to show you how to do it in order for you to lose as little as time as possible during the process.

IF YOU ARE A RESIDENT: you just need to go to your preferred bank and show your NIE to open an account.

IF YOU ARE NOT A RESIDENT:

• you have first to register the "empadronamiento" then make your NIE. IE will assist you with the NIE but if you want to buy time register for the empadronamiento as soon as your arrived by taking an appointment at one of the "ayuntamiento". It is useful in case you need to go to the doctor or hospital you will be cover. Then with your NIE you will be able to open a bank account.
• or you need to go to one of these police stations:

1. Calle de General Pardiñas 90
2. Calle Domenico Scarlatti 6
3. Calle de Francos Rodríguez 104

and ask for a non-resident certificate and show it to your preferred bank along with your passport to have a bank account.

• Or go directly to your preferred bank with your passport and ask them to directly process your non-resident certificate. This will cost you approximately 15 euros.

USEFUL TIPS: 

* Remember that many banks offer special offers for students, so don't hesitate to ask for potential benefits.
* IE has a partnership with Sabadell (better to go to the one close to IE they are more aware about the partnership) which allows to open a free account, for that you will need the NIE and a proof that you are from IE (student card, certificate of enrollment).

* Usually, when you withdraw money from an ATM that is not your bank's official ATM, you might be charged a small commission. 

* Credit cards are accepted in almost every store.

* If you need to change money, you will be able to do so in your bank, in money exchange places, hotels or travel agencies.