Posts Tagged ‘bank account#8217;


The 6-step process for accessing your Caja Madrid account online is:

  1. Go to
  2. Click”Entrar” under “Oficina Internet” in the top left corner.
  3. Click “English” in the top right corner.
  4. Enter your user code: passport or ID number (without letters).
  5. Enter your password: debit card PIN (4 digit number) click “Enter” and then on the Enter button again.
  6. You can change your password and your signature (8 digit number – code to confirm operations on line) by clicking on “14. MULTI-ACCESS”. If you change your password, this will automatically change your debit card PIN at the same time.

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).

Directions in Spanish:

  1. Vaya a
  2. Haga clic en “Entrar” debajo de “Oficina Internet” en la parte superior izquierda.
  3. Haga clic en “Castellano” o “English” en la parte superior derecha.
  4. Teclee su identificador: número de DNI/ID o pasaporte (sin letras).
  5. Teclee su clave: PIN de la tarjeta de débito (número de 4 dígitos) y haga clic en “>Anotar” y luego “Entrar”.
  6. Puede cambiar su clave y su firma electrónica (número de 8 dígitos – código para confirmar operaciones on line) haciendo clic en “14. MULTIACCESO”. Si usted cambia su clave, esto hará que automáticamente se cambie el PIN de la tarjeta de débito al mismo tiempo.

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 Statements: Come Pick Them Up Today!

If you have not provided Caja Madrid with your up to date address, chances are that we are receiving your monthly bank statements here at Financial Aid.  Applied for new debit card but you never received it?  It’s probably here as well.  It is crucial that you maintain Caja Madrid informed of your accurate address information, so please be sure to stop by the branch and show them documentation that proves your address.  If you do not come by to pick up your statements, they will be destroyed at the end of each business quarter (March, June, September and December).


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 ( 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
  • Entity Number: 2038
  • Branch Number: 1957

The Financial Aid Office often receives inquiries about payment processing issues, so below we’ve provided some information that should be of use, when trying to figure out who it is you need to speak to about payment processing.

Payment Process: Tuition Payment Issues

The department at IE that handles payment issues related to tuition is the Administration Department.  In all likelyhood you will be speaking with Mónica Aragones or one of her skilled team members.  To get in touch with them you can either call the main line at IE (+34 91 568 9600) or you can email the Admissions Department team ( and one of the Admissions Department assistants will forward on your request to Administration.

Payment Process: Discussing Your Payment Plan

Please speak directly with the Admissions Department assistant for your program by sending an email to and specifying your personal details (name, program, intake month/year, etc.) and that you need to speak to someone about your playment plan.  One of the Admissions Assistants can help you navigate issues related to your payment plan.

Payment Process: Place Reservation and IE Foundation Contribution Payments

Please speak directly with the Admissions Department assistant for your program by sending an email to and specifying your personal details (name, program, intake month/year, etc.) and that you need to speak to someone about your playment plan.  One of the Admissions Assistants can help you confirm that your place reservation fee and IE Foundation contribution has been received.

Payment Process: Sallie Mae Loans

So you’ve worked through the Sallie Mae loan process and the entirety of the funds have been transferred to IE, but how does IE get you the balance of the funds not used to cover your tuition and related fees?  Essentially, once we’ve discounted your pending balance owing to IE, we transfer the difference remaining to an account Financial Aid sets up for you at Caja Madrid, once you are in Madrid or ahead of your arrival.  To learn more about how to open a bank account at Caja Madrid, with the Financial Aid Office’s help, see: Opening An Account | Abrir una cuenta.

More information also available at Bank Accounts | Cuentas bancarias .

Payment Process: Caja Madrid Loans

Once you sign your loan contract at Caja Madrid, the funds are directly transferred to IE.  The difference left over remains in an account Financial Aid sets up for you at Caja Madrid before you arrive, or which you set up yourself once you arrive.  Generally all you have to do when you arrive in Madrid to set up an account is to go to the bank and sign the required documentation and provide your ID numbers.  However, you can learn more about how to open a bank account at Caja Madrid at: Opening An Account | Abrir una cuenta.

See Bank Accounts | Cuentas bancarias for more information on the Caja Madrid accounts.


Below is the key information* you should know about the bank account product made available to IE student by Caja Madrid.  Please keep in mind that banking systems vary across country markets, therefore the terms are stated according to Spanish norms.

Current/Checking Account Terms

  • Service fee: €4.50 quarterly if your average balance for the quarter is less than €1,000 (a
  • Overdraft charges: €30 on the sixth calendar day of the account being overdrawn.
  • Annual Nominal Interest Rate for an overdraft: 13.09% nominal / 13.74669% AER (Annual Equivalent Rate) charged quarterly.

Debit Card

  • Service fee: 25€ annually (approximately 2€ per month)
  • Withdrawal limits: 1.500€ daily purchases, 600€ in daily cash withdrawal, 200€ in daily mobile recharges (can be completed via ATM).
  • Charges for cash withdrawal: 0€ at Caja Madrid Office, 0€ at Caja Madrid ATM/cash point, 1.20% or minimum €0.75 ServiRed (Caja Madrid’s network) ATM/cash point,  and 4% or minimum €3.00 at other ATM/cash point or non-ServiRed network institution.

See for more information about ServiRed network partners.

* Effective as of October 2008 and subject to change.


If you’re going to be studying in Madrid full-time for the entirety of your program, you´ll need to have a local bank account.  Our financial partner, Caja (pronounced: cah-hah) Madrid provides access to bank accounts for IE students who are studying in Madrid.

Blended Format and/or Part-Time Programs

Unless you have Spanish residency, we are not currently able to offer you a Caja Madrid bank account because Spanish Law (Real Decreto 1816/1991) requires a NIE or other residency document (eg. Spanish passport) to open an account at a Spanish financial institution.  Given the nature of blended format (mixed presential and online) or part-time programs, generally a tourist visa or no documentation (please check with your local Spanish Embassy for more information) is required to travel to Madrid for short-term stays.  As such, we are curently not able to obtain a bank account on you behalf.

See: Opening An Account | Abrir una cuenta for more information on how to open an account.

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