Frequently Asked Questions about Bank Accounts

A bank account is a contract with a bank that allows you to deposit, manage, and access your money securely, carrying out operations such as deposits, transfers, payments, cash withdrawals, and access to financial products like debit cards. Its main function is to safeguard your money, keep a record of your fund movements, and provide you with tools to manage your savings.

There are different types of accounts, such as current accounts, savings accounts, payroll accounts, or interest-bearing accounts, each with its own features and advantages. For more information about account types and how to choose the one that best suits your needs, you can consult our Complete Guide to Bank Accounts.

Your ABANCA account is the key to managing your personal finances. It is mainly used for:

• Receiving income, such as your salary, pension, or transfers from friends.
• Paying bills (electricity, water, internet) automatically.
• Using cards to shop in stores or withdraw cash from ATMs.
• Sending money to other people quickly and securely.

Although both are used to safeguard and manage your money—keeping it safe—they have different purposes:

1. Current account: Designed for daily use. This is where you set up direct debits for your bills and link your cards to pay for your purchases.
2. Savings account: Its purpose is to help you save money for the future. It usually offers you some return (interest) on your money, but it is not intended for everyday operational use (such as paying bills), but rather for saving.

The IBAN is like the "ID" of your bank account. It stands for International Bank Account Number and is used to identify your account anywhere in the world. In Spain, it always starts with ES followed by 22 digits. You will need it whenever you want someone to send you a transfer or when you set up a direct debit payment.

Define who has control of the account:

The Account Holder: This is the person who makes decisions about the account, has full authority to carry out transactions, check account activity, and close the account if they wish.

At ABANCA, we have an option for every need, whether you're looking for profitability, managing your business, or starting to save from a young age. These are our main accounts:

• For your day-to-day: The Online Payroll Account (if you direct deposit your income) or the Joint Online Account with No Fees if you want to easily manage shared expenses with another person.
• To grow your savings: The Remunerated Account with No Fees, designed so your money earns you returns without having to pay maintenance fees.
• For young people: We offer the Online Youth Payroll Account (with extra benefits for your income) and the Online Youth Account without Payroll for those just starting out. For the little ones at home, the Netclub Account is ideal for learning to save while having fun.
• For professionals: The Self-Employed Account with No Fees, specifically designed so that management costs don't hold back your business.

The main difference is the purpose you have for your money:

• ABANCA Payroll Account: This is your operational tool. It is designed for you to have your income and bills directly deposited, and at ABANCA you can also get an incentive of up to €500 for bringing your payroll.
• ABANCA Savings Account: Its purpose is to save the money you don't need for your daily expenses and thus generate some return. It is not intended for daily use of the balance, but rather to see your financial cushion grow safely.

A digital account, like our ABANCA Clara Online Account, is one that is managed 100% online or through the App. The main advantage is convenience: you can open it in minutes from your sofa, it usually has no maintenance or administration fees, and it allows you to operate without having to go to a branch, although one will always be available if you need it.

Of course! At ABANCA, you can organize your finances by opening different accounts according to your needs. For example, it is very common to have a checking account for everyday expenses and a separate account to save for a trip or to pay other expenses such as your taxes. Having them all in one place allows you to easily manage your money, enabling you to transfer balances from one account to another instantly.

Some ABANCA accounts offer additional benefits such as:

• Free transfers: All non-urgent SEPA transfers in euros and files made via Mobile Banking, Online Banking, and standing orders are free of charge.
• Free insurance associated with cards: All ABANCA cards include free insurance that protects against ATM robbery and fraudulent use due to loss, theft, or misplacement. Some cards, such as Visa Tú and Visa ABANCA Personal, offer additional coverage such as theft, robbery, and accidental damage to purchases.
• Accident insurance on credit cards: ABANCA Visa and Mastercard credit cards include accident insurance that covers death, total and partial permanent disability in public transport, and reimbursement for purchases paid with the insured card in the 12 months prior to the incident, as well as balance cancellation in case of death.

When you open an account, the bank will provide you with custody and maintenance services for your money. If an account has no fees, it means we will not charge you for these services. At ABANCA, when we say an account is fee-free, we mean that we will not charge you for keeping it open, for safeguarding your balance, for maintaining the digital records of your transactions… This way, your money remains entirely yours.

Yes, thanks to the European payment regulations (known as PSD2), you can securely connect your ABANCA account with other financial applications. This allows you, for example, to use expense tracking apps or view all your banks from a single place, always with your explicit authorization and the highest security protocols.

Transparency is the foundation of trust. In this section, we detail everything related to costs, profitability, savings, and most importantly, the layers of security that protect the money in your account. We want you to feel at ease knowing exactly what to expect.

Commissions are the amounts that institutions charge for managing your account and providing services. In a bank account, the most common ones are:

• Maintenance: for the safekeeping and maintenance of the digital records of your transactions.
• Administration: charged for each entry or transaction made in the account.
• Card issuance or renewal: the annual cost for having your debit or credit cards available.
• Transfers: for sending money to other accounts (especially outside the SEPA area or urgent transfers).
• Overdraft: what you pay if your account goes into the red and the bank advances you the money so you can make a payment.

The interest rate on a checking account is what the bank can pay you for the money you have saved. It is calculated by applying a percentage to the balance you have in the account.

Having a negative balance, or what is known as being "in the red," means that you have spent more money than you had available in your account and the bank has allowed you to do so by advancing that money. This creates what we call an implicit overdraft. It’s important for you to know: if you use the money we advance you, this will result in late interest charges and a fee for the costs of claiming that debt. At ABANCA, we will notify you so that you can replenish that balance as soon as possible and avoid increased costs.

It's very simple! Most of our accounts are designed so that you don't pay anything if you meet a few basic requirements. The most common ways to save on fees are:

• Direct deposit of your salary or pension: Plus, if you open an Online Account, you could get up to €500 for setting up your recurring income.
• Banking online: Using the ABANCA App or online banking usually reduces management costs.
• Signing up for specific products: Such as the Online Payroll Account or the Online Youth Payroll Account, which are specifically designed to be fee-free.
• Meeting the requirements of the Abanca Services Program (PSA): a program that allows you to save on the most common banking service fees thanks to your relationship with ABANCA.

The main advantages of having a bank account with ABANCA are:

• Free alert service: You receive email notifications every time you carry out operations such as transfers, tax payments, or cash withdrawals at ATMs.
• Extensive branch network: More than 200 branches in Portugal and over 700 in Spain, making in-person transactions easier.
• Cards with associated insurance: ABANCA cards include free insurance against ATM theft and fraudulent use, and some credit cards offer additional coverage such as accident insurance and purchase protection.
• Flat-Rate Insurance Plan: Possibility to group and split insurance payments, with additional savings.

At ABANCA, your peace of mind is our priority. Your money is protected in two main ways:

• Deposit Guarantee Fund (FGD): As a Spanish bank, your savings are guaranteed by this fund up to a maximum of €100,000 per account holder and institution.
• Advanced Security Systems: We use secure information transmission protocols, have an alert system for purchases or to confirm transactions, and 24/7 monitoring systems to detect irregular activity and prevent possible fraud.

To open your account at ABANCA, we just need to identify you. The required documents vary depending on your situation:

• Identification document: You only need your valid DNI or NIE (with photo), or your passport along with your permanent residence certificate. If you are employed, we will ask for proof of income, such as your payslip.
• If you are self-employed: In addition to your identification, we may ask for your registration in the IAE or the latest self-employment contribution receipt to set up your Commission-Free Self-Employed Account.

Of course! In fact, it's the fastest way. You can open your Online Account from your mobile or computer in just 10 minutes. You’ll only need to have your ID handy and a good internet connection to make a security verification video call. No paperwork and no need to go to a branch.

Yes, at ABANCA we want young people to learn how to manage their money.

• Netclub Account: For the little ones, opened by their parents or legal guardians.
• Online Youth Account: From the age of 18, they can start using our ABANCA App. It's an excellent way to get familiar with saving.

Remember that in order to enjoy this bonus, you need to:

1. Register as a new ABANCA customer with your Online Account, Youth Payroll Account, or Self-Employed Account.
2. Set up a direct deposit for your salary, pension, or self-employed contribution into the account.
3. Receive the deposit of your salary, pension, or self-employed contribution in your new account. You have two months from the date you sign up for the campaign.
4. You will receive the promotional incentive within a maximum of one month from that first salary or pension deposit.
5. Keep your salary, pension, or self-employed contribution direct deposit active for 24 months.

Opening your account at ABANCA is a simple process you can do from your sofa. You just need to follow these steps:

• Open your account in less than 10 minutes: Visit our website or download the ABANCA App and select the account that best suits you. If you prefer, you can also visit any of our branches.
• Identify yourself: Fill in your personal and employment details, and make sure you have your DNI or NIE (with photo) handy.
• Identity verification: You will need to take a "video selfie", preferably from your mobile device, to confirm your identity.
• Digital signature: You will read and sign the contracts through the electronic signature partner portal.

Yes, and we take care of everything! Thanks to the Account Transfer Service, if you decide to bring your finances to ABANCA, we will contact your bank. We handle transferring your direct debits, scheduling your recurring transfers, and even closing your old account if you wish. It's a free and hassle-free process for you.

It's very easy. You have two main options:

• Do it yourself: Once your account is open at ABANCA, provide your new account number (IBAN) to your company's Human Resources department so they can deposit your salary into your new ABANCA account.
• We do it for you: If you open your account online, it is usually active in less than 24 business hours. You will receive an SMS notification indicating that your account is now active and how to view it in your mobile app. From that moment, your account can receive transfers and carry out operations such as bill payments, for example. In some cases, for security and regulatory reasons, the review of the documents you provide may take a little longer, but we will notify you and get in touch to resolve it.

If you open your account online, it is usually active instantly. You will be able to see your account number and start receiving transfers and making transactions right away. In some cases, for security reasons, the review of your documents may take between 24 and 48 business hours, but we will notify you by email or SMS as soon as everything is verified so you can start using it 100%.

To better manage your bank account at ABANCA, you can take advantage of the following tools and services we offer:

1. Mobile Banking and Online Banking: Use the ABANCA app or online banking to check your transactions, make transfers, payments, bill payments, block or activate cards, and manage products such as loans or insurance from anywhere, at any time.
2. E-correspondence: You will receive all your correspondence digitally at no cost and always have the information you need available in your inbox.
3. Free alert service: Activate email notifications to stay informed about any relevant activity in your account (transfers, payments, cash withdrawals, etc.).
4. Card management: From the app, you can block, activate, request a PIN reminder, or create virtual cards for secure online purchases.
5. ABANCA Key: Set up the ABANCA Key from the app to increase the security of your transactions and access advanced protection.

At ABANCA we invest in cutting-edge technology, but you are our best defense. Always follow these golden rules:

1. Be wary of urgent SMS or emails: We will never ask for your passwords or for you to click a link to "unlock" your account. That is phishing.
2. Use remote signature: Never share the codes we send to your mobile; they are only for your transactions.
3. Shop on secure sites: Always look for the padlock in the browser bar and use your card's secure purchase service.

You don't need to be an accounting expert; just take a quick look once a week to check:

• Unknown charges: Make sure that all card payments were made by you.
• Direct debits: Ensure that you haven't been charged for a service you didn't request or have already canceled (like that gym membership or channel subscriptions you no longer use).
• Upcoming charges: Check if you have enough balance for the bills that are about to be charged, so you can avoid those annoying "overdrafts."

Don't panic! Act quickly by following these steps:

1. Turn off your card if you lose it: Log in to the ABANCA app and "turn off" your card instantly. If you find it later, you can turn it back on.
2. Total block: If your phone has been stolen or you can't access online banking, call us immediately at 900 815 522 so we can securely suspend access.
3. Report if necessary: In case of theft or fraudulent use, file a report with the authorities and provide us with a copy so we can help you with any claims.