What are bank charges?

Bank charges are fees banks deduct for the services they provide (such as performing transfers, exchanging currency, running an account, assessing a loan, issuing a credit card, etc.)

Banks may also charge for substantiated costs incurred with third parties when providing the services requested by customers. Charges may be applied a single flat-rate amount or as an itemised amount for each service.

Note that:

  • Bank fees are unregulated. The Banco de España does not authorise or agree to the amounts charged and has no power to limit or refuse them. Banks can set their charges however they see fit, except in the case of transactions for which the amounts are limited by regulations, such as consumer credit or early repayment of a mortgage.
  • Banks can only charge for services actually rendered or expenses actually incurred. You cannot be charged for services you have not requested or accepted. In any case, your bank must inform you personally beforehand of how much you will be charged for a specific service.

Your bank must inform you of any changes to your account’s terms and conditions before they come into effect, giving at least two months’ notice for payment services and at least one month’s notice for other services, when the contract term extends beyond that period.

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