Posts Tagged ‘caja madrid#8217;


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an sms alert service that allows you to know when a charge is made to your debit or credit card, and when funds are withdrawn from your account.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.


Please refer to the multiple other postings on this blog about the Caja Madrid loan program as well, but here are some basic pointers about the Caja Madrid loan program that are key to keep in mind:

  1. Under no circumstances is the Caja Madrid option guaranteed, as such we recommend students see it as a plan B to another primary option.  This is especially true for international students who do not yet have a NIE number (see: Caja Madrid and Residency (NIE) Requirements for more information on NIE numbers).
  2. While not necessary, having a local cosigner who is a Spanish fiscal resident (living and working in Spain) helps with regards to the credit evaluation process.  Credit markets, globally, are complicated at the moment, and the more you can reduce the risk for lending institutions, the better your chances of getting a loan from them.
  3. Spanish law requires that if you are married and are living with your spouse under a shared-asset regime, then both you and your spouse must present your documentation individually, and both must physically be in Madrid to sign the loan contract, if awarded a loan from Caja Madrid.
  4. Cosigners must always be Spanish fiscal residents.
  5. Please pay extra attention to the email correspondences sent by the Financial Aid Assistants regarding your pending loan application.  Failure to do so, and act on the requests they send, is a primary reason for much longer than expected waiting times for loan decisions from Caja Madrid.

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

Caja Madrid and Residency (NIE) Requirements

Written on March 2, 2009 by Joël McConnell in Loans | Préstamos

Recent changes to Spanish law (Real Decreto 1861/1991) now make it a requirement for Spanish financial institutions to collect a residency number when opening bank accounts or providing access to other financial instruments such as bank loans.  What this means for admitted IE program candidates who do not yet have Spanish nationality or residency is that applying for a loan through our Caja Madrid loan agreement will be challenging.  This is because while all students must have their payment plan and sources of financing set before they enter their program, technically students cannot apply for a Caja Madrid loan until they have a Número de Identificación de Extranjeros – NIE (pronounced: knee-eh) number.  NIE numbers can only be obtained once a student is physically in Madrid, and it is a process that can take upwards of 6 weeks.  Therefore, barring that a student processes their visa and NIE application well in advance of their program, Caja Madrid is a complicated proposition for our international candidates.

We’re working on finding a solution to this situation, but for now, we are advising international students to only see Caja Madrid loans as a back-up option should other financing options not come through.


Loans Options for Admitted IE Students

Written on March 2, 2009 by Joël McConnell in Loans | Préstamos, Uncategorized

Here we provide more information about paying your tuition fees with a loan.  Essentially, you’ll want to keep in mind that the fatest and most probable way of obtaining a loan is by working with a financial institution in your home country, and as a back-up plan, you can also apply for a loan from Caja Madrid.  On the Financial Aid web site we list many private and public loan programs, as well as information about the Caja Madrid loan option, so it’s best to use the Financial Aid web site as a starting point for your loan search.

Applying for a Loan from an Institution in Your Home Country

Banks by their nature are conservative in their lending practices and tend to be most comfortable lending to local nationals because they better understand local risk and repayment profiles.  Additionally, banks tend to have more resources at their diposition with regards to collecting bad debts when the defaulting loan is with a local national.  While you will be an IE graduate and we expect you will maintain the highest of ethical and personal standards, which includes continuing to meet your various professional and financial commitments, banks fundamentally look at risk and customer lifetime value profiles when deciding whether or not to provide education loans. 

Also, please keep in mind that many governments, especially in countries with less fluid capital markets, provide government-guaranteed and/or government-sponsored loan programs for top candidates.  Information on a selection of such programs is available on the IE Financial Aid web site.

Caja Madrid Loans for Admitted IE Students

While available to all admitted IE students, the Caja Madrid loan program should be seen as a back-up plan with regards to financing your program of study.  The application evaluation process is rigorous and only candidates who meet Caja Madrid’s internal credit analysis requirements are provided with loans.  As Caja Madrid retains sole responsibility for bad debts related to the program, Caja Madrid has final say on whom receives loans from them, be they Spanish nationals or applicants from abroad.  In many cases a local cosigner may be required.



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.

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