Payments in kind
Banks may sometimes offer you a gift when you open an account. Technically, however, this is a ‘payment in kind’.
Goods or products offered may be attractive, but bear in mind that:
- It is not really a ‘gift’, but income subject to personal income tax (known as IRPF in Spain).
- You should compare the value of the gift with the cash interest you would receive on the same amount of money deposited in an interest-bearing account.
- A number of conditions must be met in order to receive the gift item. Failure to comply with these conditions after having received the gift may result in a penalty charge.
Find out more in our 2016 Complaints Report (in Spanish)Abre en ventana nueva
FREQUENTLY ASKED QUESTIONS
What happened to ‘aportaciones de fondos’ (fund contributions)?Read answerabout
What happened to ‘aportaciones de fondos’ (fund contributions)?
Can I withdraw cash at a branch other than where my account is held?Read answerabout
Can I withdraw cash at a branch other than where my account is held?