Archive for the ‘Bank Accounts | Cuentas bancarias’ Category


As an admitted degree candidate at IE, you’ll likely want to set up a bank account ahead of your arrival so that you have funds ready and waiting upon arrival.  Having your bank account ready and with a positive balance upon touchdown at Barajas means that you will more quickly be able to sign an apartment lease, get gym memberships, make that necessary trip to IKEA…  However do keep the following policy in mind:


IE Financial Aid has banks it works directly with, but we can only support students who open their bank accounts directly through our department.  If you open an account through a third party service provider you do so at your own risk, and IE Financial Aid will not be able to help you should there arrise a problem with your account or bank transfers.

We strongly recommend students do not use these third party service providers, and that they instead open their accounts through our central Financial Aid service. If there are problems related to funds transfer not being received, unpaid fees or other issues, IE Financial Aid will not support students who have not opened their account through IE Financial Aid.

For more information, contact us at


Please be advised that due to new banking regulations at one of our partner organizations – Bankia – IE Financial Aid is only able to open bank accounts for IE students ahead of their arrival when the account is opened with Banca March or Banco Sabadell.  Please keep this in mind when requesting we open an account for you ahead of your arrival.

To open a bank account, as a confirmed student at IE, please contact Irina Deneanu at  Keep in mind you must have paid your place reservation and signed your admissions contract in order for us to open a bank account for you ahead of your arrival.


For our international students, please keep in mind that the temporary fiscal number we obtain for you is NOT the same as the NIE number the Student Office will help you obtain, as part of the Student Visa process.

To clarify:

1) NI stands for “Numero de Identificación” and NIF is a temporary fiscal identification number, where the F stands for the word Fiscal. NIE is a ID document that allows you to legally reside in Spain, and the E stands for the word Extranjero. NIE can work for both personal and fiscal identification, but NIF only works for fiscal purposes.

2) The temporary NIF (fiscal number which is valid for 3 months) allows Financial Aid to open a bank account and loan applications for you before you come to Spain. This number may also be referred to as a temporary NIE, but actually it’s not a temporary NIE, since it cannot be used as a personal identification. When you are dealing with Financial Aid, always refer to a temporary NIF.

3) The NIE (residency number) is the number you will eventually have once you are physically in Spain and is the number that will appear on your ID card issued by the Spanish authorities. Only the Student Office can and should help you with obtaining this number.

4) If Financial Aid obtains a temporary NIF for you ahead of your arrival, you must go to Hacienda/Agencia Tributaria (Spanish taxation authorities) once you have obtained your NIE and ask for a modification of your identification data by presenting the AEAT’s 030 form (get it here) duly filled in together with your original NIE and passport. By doing this you will guarantee that your final NIF in Hacienda’s records coincides with the NIE provided by the Police. This is especially important if you plan staying in Spain/the EU after you complete your program at IE.


While IE maintains various agreements with banks in Spain, if you wish tu have us open a bank account for you ahead of  your arrival, then you should request a bank account with Banca March.  A private bank with headquarters in Mallorca, Banca March offers premium service in both English and Spanish.  By opening an account ahead of your arrival, you will be able to send yourself funds from your home country so they’re here and ready for use as soon as your plane touches down at Barajas International.

Please note we are not able to open bank accounts with savings bank Caja Madrid before you are physically in Spain due to Bank of Spain (Spain’s Central Bank) regulations.


Help, my bank account has been frozen!

Written on February 24, 2011 by Joël McConnell in Bank Accounts | Cuentas bancarias

If your Caja Madrid bank account has been temporarily frozen because you still have not provided your NIE number, then ask the branch about the prepaid debit card option as a bridge solution.  We understand that you are not able to do anything but wait until your appointment with the government offices that issue the NIE, however Bank of Spain regulations are very strict on the requirement of having a NIE number for all account holders at Spanish financial institutions.  For more information, please contact Financial Aid at

Si su cuenta bancaria de Caja Madrid ha sido temporalmente bloqueada porque todavía no ha facilitado su número de NIE, por favor pida su tarjeta de débito de prepago como solución alternativa. Entendemos que no puede hacer otra cosa que esperar hasta la cita con las oficinas de gobierno que emitan el NIE, pero las normativas del Banco de España son muy estrictas y exigen tener un NIE para todos los titulares de cuentas en entidades financieras españolas. Para obtener más información, póngase en contacto con Ayuda Financiera a


If Your Graduating or Leaving Spain: Close Your Caja Madrid Bank Account (It’s Your Responsibility)

If you have a Caja Madrid bank account and are an international student at IE, you need to keep in mind that you are responsible for closing your account before you leave Spain.  Any fees that are covered to your account after you leave Spain are your responsibility, and non-payment of these fees affects your credit rating.  IE and Caja Madrid work very closely to ensure the long term health of our partnership, so please act accordingly.

If you are coming up to graduation time you should either pass by the C/Serrano, 114 branch and close your account, or if you are staying on in Spain, renew your account with up to date details.


Bank Leumi is interested in providing loans to qualifying Israeli nationals who wish to study at IE.  See the attached document for more general information, and contact IE Financial Aid should you require a local contact at the bank.


Soon we’ll have additional and more detailed information available on the new account option from Banca March, however in the mean time, if you would rather have and account with Banca March, send us the following:

1) Copy of your Admissions Letter to an IE program.
2) Copy of the passport page where your photo and signature appear, if the photo and signature appear on separate pages, we’ll need copies of both pages.
3) The completed application form which you can download here.

How Do the Caja Madrid and Banca March Options Compare?

  • Customer Service: both offer service in English and Spanish, both institutions are part of national ATM networks (Caja Madrid is a member of ServiRed and Banca March of 4B), both have online access and both allow for sending funds to yourself before you arrive to Madrid.  ServiRed is anchored by BBVA and 4B by Banco Santander, and both have expansive national networks.  IE Financial Aid can open an account at either bank for you ahead of your arrival to Madrid.
  • Account Fees: very similar, competitive with market.
  • Services: Both offer full services for IE students, including facilitation of Avals (bank guarantees sometime required by landlords).

For more information, contact IE Financial Aid at


If you are an IE student from one of the following countries/territories, please read this message in detail as its content is important from the perspective of sending funds to Spain before your arrival and once you are settled in Madrid.   Countries/territories:

Afganistan, Iraq, Iran, Belarus, Myanmar, Ivory Coast, Congo, Liberia, North Korea, Sudan, Syria, Lebanon, Zimbabwe, Uzbekistan and Northern Territories of Cyprus.

Funds Will Not Be Accepted: Spanish Confederation of Credit Unions, Spanish Treasury and FATF

Given the recent sanctions imposed by the EU on the selected countries listed above, and given advisories issued by the Spanish Treasury and the Financial Action Task Force (FATF), the Spanish Confederation of Credit Unions (CECA) has decided to suspend indeffinitely all new funds transfers coming from these cited countries/territories.  The primary concern and driving force behind the move has been to limit money laundering activities via Spanish credit unions.  While the ruling is intended to support EU-wide policy, the change in policy does effect IE students coming to study in Madrid in 2010, and those IE students currently studying at IE.

Practical Implications for IE Students

If you are from one of the 15 listed countries/territories, this ruling will mean that you cannot send funds to your Caja Madrid account directly from any financial institution located in the cited countries/territories.  This means that if you need to send funds to yourself for living expenses, then you will need to find an alternate solution.  Since IE is not a credit union, we can receive funds directly to cover your tuition fees, but Caja Madrid will reject any transfers when the local institution tries to send funds to Madrid.

Short Term Solution: Third Country Transfers

For an immediate solution, the recommended course of action is to send funds to your Caja Madrid account via an account located in a third country or from another account already established in Spain at a non-credit union financial institution.  If this is not an option for you, then you are encouraged to contact the Financial Aid Officer directly to discuss alternate solutions at


Para solicitar un AVAL BANCARIO, necesita lo siguiente:

In order to apply for a “BANK GUARANTEE” you will need the following:

  • Su número de NIE.
  • Your NIE number. 
  • Nombre, apellidos y DNI del propietario.
  • The name, surname and ID of your Landlord.
  • Dirección del apartamento que va a alquilar.
  • The address of the flat you will be renting.
  • Borrador del “AVAL BANCARIO”, si el propietario solicita un modelo específico.
  • A draft of a “BANK GUARANTEE “, if your Landlord requires a specific one.
  • Se le retendrá 75% de la cantidad del AVAL en una cuota depósito.
  • We will hold 75% of the amount of the BANK GUARANTEE in a deposit account.



  • Comisión de apertura: 0,50%, mínimo 60€
  • Opening fee: 0.50% minimum €60.
  • Comisión de estudio: 0,50%, mínimo 60€
  • Studying fee: 0.5% minimum €60.
  • Avales de menos de un año: 1%, mínimo 45€ (trimestralmente)
  • Less than one year BANK GUARANTEE: 1% of the amount of the BANK GUARANTEE (every quarter), minimum €45.
  • Avales de mas de un año: 1,50%, mínimo 45€ (trimestralmente)
  • More than a year BANK GUARANTEE: 1.50% of the amount of the BANK GUARANTEE (every quarter), minimum €45.

 Datos válidos desde el 31/08/2009. Sujetos a posibles cambios.

This information is valid from 31/08/2009 and is subject to changes.

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