Archive for the ‘Opening An Account | Abrir una cuenta’ Category


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.


IE Financial Aid helps students by ensuring they have a bank account ready for use as soon as they get to Madrid, and now we’ve expanded the options for IE students.  Below you will find links to the full information regarding the bank accounts available through our financial partner Banca March.

Banca March Student Account (Click here for English document)
Banca March Student Account (Click here for Spanish document)

To open an account, simply fill in and send us the account application form (download it here), send us a copy of the photo page in your passport and a copy of your Admissions letter.


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


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.


If you are coming to Madrid and want to bring funds with you, keep this in mind:

Bringing funds via Travellers Cheques is expensive (3€ for every cheque you deposit), and monies deposited into a bank account via Travellers Cheques are helled for 20 business days.


Student arrives to Madrid and brings US$5,000 in funds via travellers cheques which have an individual denomination of US$100.  In addition to having the funds held for 4 weeks (20 business days), this student would need to pay 3€ x 50 cheques = 150€ (or about US$215) in fees.  Not ideal.

Travellers cheques and cheques in general are not the norm in Spain, so you are encouraged to send money to an account that Financial Aid can open for you ahead of your arrival (see: opening an account), or to simply use your home banking institution’s debit card to withdraw funds from your account upon arrival.  Please keep in mind that ATM fees do apply, both here in Spain, and from your local bank.

What Do I Do If I Already Bought Travellers Cheques?

The fastest way to cash Travellers Cheques is to do so at Barajas International Airport upon arrival.  Please keep in mind that fees will apply, and are set by local AMEX Office.


Caja Madrid Prepaid Debit Card

– €12 annual fee
– Key features and benefits:

  • Limit your payments and avoid fraudulent use of your card.
  • Buy online or in any shop that accepts “Visa electron” with a prepaid limit that you will have already transferred to the card.
  • Withdraw money from any Caja Madrid ATM/Cash Point with a prepaid limit that you will have already transferred to the card.
  • Add prepaid credit on to your mobile phone.
  • You can add credit to your card at any ATM/Cash Point and Caja Madrid offices by cash or debit transfers to your account.
  • In case of theft or loss of your card, you can retransfer the outstanding balance of your card back to your current account.

Tarjeta Prepago Caja Madrid

– 12€ cuota anual
– Características y beneficios :

  • Limitar pagos y evitar fraudes con su tarjeta
  • Comprar online o en cualquier comercio que acepten Visa electrón con el límite del saldo precargado.
  • Disponer de efectivo en cualquier Cajero Automático con el límite del saldo precargado.
    o recargar el teléfono móvil.
  • La tarjeta se puede recargar en Cajeros Automáticos y Oficinas de Caja Madrid en dinero en efectivo o contra su cuenta.
  • En caso de robo o pérdida de su tarjeta, puede descargar el saldo de la tarjeta a su cuenta.

To receive your correspondence (monthly statements, transaction receipt, etc) online:

  1.  Follow steps 1 to 5 to login.
  2. Click “13 CORRESPONDENCE” on the left.
  3. Click  “aquí”
  4. Click “alta servicio” on the left.
  5. In the “Nº Tarjeta”  field, enter you debit card number (16 digits)
  6. In the “DNI” field, enter you passport/NIE or ID number (without letters)
  7. In the “Clave” field, enter your debit card PIN.
  8. Click  “>Aceptar”
  9. Click  “>Imprimir” or “>Guardar” at the bottom of the page
  10. Click  “>Aceptar” at the bottom of the same page
  11. Uncheck the box if you do not wish to receive information about new Caja Madrid products.
  12. Click  “>Aceptar”
  13. On the next screen click  “>Aceptar”
  14. Click “>Mi buzón” in the left to see your correspondence.

Para recibir correspondencia por Internet:

  1. Siga los pasos del 1 al 5 para entrar.
  2. Haga clic en “13 CORRESPONDENCIA” en la parte izquierda
  3. Haga clic en palabra “aquí”
  4. Haga clic en “alta servicio” en la parte izquierda.
  5. En “Nº Tarjeta” teclee el número de su tarjeta de débito (16 dígitos)
  6. En “DNI”: teclee su número de pasaporte/NIE o DNI (sin letras)
  7. En “Clave” teclee su número PIN de su tarjeta de débito.
  8. Haga clic en “>Aceptar”
  9. Al final de la página haga clic en “>Imprimir” o “>Guardar”
  10. Al final de la misma página haga clic en “>Aceptar”
  11. Quite el visé si no quiere recibir información sobre nuevos productos de Caja Madrid.
  12. Haga clic en “>Aceptar”
  13. En la siguiente pantalla haga clic en “>Aceptar”
  14. Haga clic en “>Mi buzón” en la parte derecha para ver su correspondencia.

Please take the following into consideration if you are going to be requesting that we open a bank account for you ahead of your arrival, so that you can take care of living, tuition and other expenses:

  1. If you have a Spanish passport (dual-nationality) then you will also need to provide either a copy of your DNI/NIE card or a letter from your local Spanish Embassy specifying that you live and work outside of Spain, and therefore do not pay taxes in Spain.
  2. As an alternative, use your other passport as proof that you are a national of another country where you are presumably a tax paying national.

In either case, for Financial Aid to open your Caja Madrid bank account ahead of arrival to Madrid, we need you to send a copy of the photo page of your passport and a copy of your admissions letter.

Non-Spanish nationals who have 1 or more nationalities which are not Spanish do not need to worry about this post, as any of your passports will suffice.

The special restriction for students with Spanish dual-nationality is due to taxation laws in Spain.


As an IE student with a Caja Madrid account, you now have access an sms alert service that allows you to know when a charge is made to your debit or credit card, and when funds are withdrawn from your account. 

While the terms are listed below, the main value for you is peace of mind: if you are worried that someone may make an unauthorized charge to your account, or want to be sure that if for some reason you lose your card (or in the case of theft) that you are aware of transactions being made in your name, this service allows you to keep tabs on your Caja Madrid bank account.

What’s more: you can set up the alert service so that you are notified of other transactions as well such a bill payments, alerts when your bank account balance reaches a certain level, periodic account balance updates, alerts when your account has been accessed online, and many other options as well.

Language: while the service is only available in Spanish, the messages are basic and short, so even if you aren’t fluent in Spanish, this is a service that could be very valuable for you.


  1. No set up fee or monthly charge for the service.  Once maximum “free” alerts have been reached, low rate is charged on a “pay per use” basis.
  2. Maximum of 50 “free” alerts every 6 months (more or less 8 monthly, 100 SMS alerts included annually).
  3. Additional alerts over and above 50 cost just 0.15€ (again, you have 50 alerts every 6 months).
  4. When you are alerted, and if you have questions about the specific transaction, the number to call is 902.246.810 (operator assistance in Spanish) or 902.114.015 (operator assistance in English, French and German between 8h00 and 21h00).

To set up the service on your account, stop the our Caja Madrid branch located at Calle Serrano, 114 Monday-Wednesday + Friday from 08h00 to 14h00, or Thursdays from 08h00 to 14h00 and 17h00 to 19h00.  You will need to see one of the customer service representatives to set up the service.

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