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 2018 Complaints Report (in Spanish) (92 KB)
FREQUENTLY ASKED QUESTIONS
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What happened to ‘aportaciones de fondos’ (fund contributions)?
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Can I withdraw cash at a branch other than where my account is held?