Posts Tagged ‘open bank account#8217;

3
Mar

Probably the most straight-foward process you’ll work through as part of your move to Madrid, below is the information you need to know about how to open an account at Caja Madrid.  We also provide some other information related to the accounts that should prove useful with regards to transferring funds to your account before arriving in Madrid.

Opening an Account: Send Us 3 Pages and We Send You Your IBAN

Step 01: Send us (financialaid@ie.edu) a copy of your passport photo page and the page where the Spanish Embassy has put your student visa (2 seperate passport pages to send in scanned format), plus a digital copy of your admissions letter (2+1=3 pages total to send to us).

Step 02: Financial Aid will use the 3 pages to open you an account at Caja Madrid which can accept funds.  Please note that until you arrive in Madrid and sign all your account documents, you will not have access to a debit card, credit card and/or online account access.  The “pre-opening” of the account simply serves as a way for international students to send themselves money ahead of their arrival, and funds can only be deposited (but not withdrawn) until all required documents are signed.  If you don’t send funds to your account shortly after opening it, your account may temporarily have a negative balance as your annual fee is charged on opening.

Step 03: Once the account has been opened, one of the Financial Aid Assistants will call you with your IBAN so that that at a minumum you can transfer yourself funds before you arrive to Madrid.  Once you arrive to Madrid you need to go to the local branch (see details below under “Other Numbers”) and sign all your account documents, at which point you will be granted a debit card and online access (online access is available in both Spanish and English and for free), and if you qualify, a Caja Madrid credit card.

What’s An IBAN?

An IBAN is an International Bank Account Number (IBAN) and is the international standard for crossborder funds transfers.  According to SWIFT, IBANs are described as follows:

“The International Bank Account Number (IBAN) is an international standard (ISO13616) for identifying bank accounts, and SWIFT has been designated by the ISO to act as the Registration Authority for ISO 13616.”

Checkout the Wikipedia page on IBANs for a more readable dicussion on IBANs.

Other Numbers Required to Make a Transfer to Your Caja Madrid Account

To make a transfer from your local bank, you’ll likely need the following numbers:

  • Institution Name: Caja Madrid
  • Address: 114 Serrano Street, Madrid 28006, Spain.
  • Telephone:  +34 91 590 13 77
  • Fax: 34 91 590 15 75
  • SWIFT: CAHMESMMXXX
  • Entity Number: 2038
  • Branch Number: 1957

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