Frequently Asked Questions About Bank Accounts: Everything You Need to Know

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 keep your money safe, they have different purposes:

1. Checking account: It is 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).

The IBAN is the unique "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.

These terms define who has control and ownership of the money in the account:

• Account Holder: This is the person who owns the account and has full authority to carry out transactions, close the account, or check account activity.
• Co-holder: This is when the account belongs to two or more people at the same time (for example, a couple or business partners). All co-holders have the same rights and responsibilities over the money and the use of the ABANCA account.

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 No-Fee Interest-Bearing Account, designed so your money earns returns without you having to pay maintenance fees.
• For young people: We have the Young Online Payroll Account (with extra benefits for your income) and the Young Online 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 No-Fee Self-Employed Account, specifically designed so paperwork and management costs don't slow down your activity.

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

• ABANCA Payroll Account: This is your operational tool. It's designed for depositing your income and paying bills, and it usually includes extra benefits (such as gifts for bringing your payroll or free cards) as long as you maintain a relationship with us.
• ABANCA Savings Account: Its purpose is to keep the money you don't need to spend today so it can generate some return. It's not meant for everyday use, but rather to let your financial cushion grow safely.

A digital account, like our ABANCA Clara Online Account, is one that is managed 100% through the internet or the App. The main advantage is agility: you can open it in minutes from your sofa, it usually has no maintenance fees, and it allows you to operate without ever setting foot in a branch, although you will always have our support if you need it.

A digital account, like our ABANCA Clara Online Account, is one that is managed 100% through the internet or the App. The main advantage is agility: you can open it in minutes from your sofa, it usually has no maintenance fees, and it allows you to operate without ever setting foot in a branch, although you will always have our support if you need it.

It's simple: the current account is for "moving" your money, while the interest-bearing account is for making your money "work" for you. - Current Account: Allows you to make transfers, pay with a card, and withdraw cash. - Interest-Bearing Account: Pays you [X% interest] (the NIR) just for keeping your money deposited. It's a way to earn benefits without risk.

Some ABANCA accounts, especially those that meet the conditions of the ABANCA Services Program, offer additional benefits such as:

• Free cards: For example, in the ABANCA Services Program for those aged between 18 and 34, each account holder can have a TU NX debit card at no cost, and at other levels a debit card and a credit card are included with no fees (issuance subject to risk analysis).
• Free cash withdrawals: 5 withdrawals per month outside Galicia at the Euro 6000 Network, Banco Sabadell, Bankinter, Caja de Arquitectos, and Caja de Ingenieros, and 5 withdrawals per month outside Spain at any ATM worldwide (not applicable to all cards).
• 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 theft and fraudulent use due to loss, theft, or misplacement. Some cards, such as the 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 of purchases paid with the insured card in the 12 months prior to the incident, as well as balance cancellation in case of death.

It means that we won't charge you for basic maintenance or management services. At ABANCA, when we say an account is fee-free, we mean that the cost of keeping it open, making standard transfers, or having your associated debit card is 0 euros. This way, all your money stays entirely yours.

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

Commissions are the amounts that institutions charge for management and services provided. In a bank account, the most common ones are: - Maintenance: For simply having the account open. - Administration: For each entry or transaction made. - Issuance or renewal of cards: The annual cost of your debit or credit cards. - Transfers: For sending money to other accounts (especially outside the SEPA zone). - Overdraft: What you pay if your account goes into the red.

Interest is the price of money. It is calculated by applying a percentage to the balance you have in your account. If you lend us money (savings): We will pay you interest. It is calculated with the NIR (Nominal Interest Rate) on the average balance of your account.

Having a negative balance or being "in the red" means you have spent more money than you had. This creates what we call an implicit overdraft. It's important for you to know: this leads to the charging of late payment interest and a fee for the costs incurred in regularizing that situation. At ABANCA, we will notify you so you can cover that balance as soon as possible and avoid increasing costs.

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

Direct deposit of your salary or pension: This is the key that unlocks most of our benefits. Banking online: Using our App or online banking usually reduces management fees. Signing up for specific products: Such as the Online Payroll Account or the Youth Account, which are specifically designed to be fee-free.

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

• No fees if you meet the requirements of the ABANCA Services Program: €0 in account maintenance and administration fees, non-urgent SEPA transfers in euros, and deposits of national checks in euros.
• Free transfers: All non-urgent national transfers in euros made through Online Banking are free of charge.
• 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 data encryption, strong customer authentication (SCA) for your purchases, and 24/7 monitoring systems to detect any suspicious activity in your accounts.

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 together with your permanent residence certificate. - If you are self-employed: In addition to your identification, we may ask you for your IAE registration or the latest self-employment fee 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 visit the 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 benefit, you must: - Be an ABANCA customer or sign up as a new client. - Direct deposit your salary or pension into the account. - Receive the deposit in your new account. You have two months from the date you sign up for the campaign. - You will receive the promotional incentive within a maximum period of one month from that first salary or pension deposit.

Opening your account at ABANCA is a simple process you can do from your sofa. Just follow these steps: - Choose your account: Log in to our online banking or the ABANCA App and select the one that best suits you. If you have any questions, use our bank account comparison tool. - Identify yourself: Fill in your personal details and have your DNI or NIE handy. - Identity verification: You will need to take a "selfie" or make a quick video call to confirm your identity. - Digital signature: You will read and sign the contracts using a code we will send to your mobile by SMS. That’s it! You now have your account number (IBAN).

Yes, and we take care of it for you! Thanks to the Account Transfer Service, if you decide to bring your daily banking to ABANCA, we will contact your other bank. We handle transferring your direct debits, your standing orders, 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, give your new account number (IBAN) to your company's Human Resources department. - We do it for you: Through our App, you can use the payroll transfer service and we will contact your payer to manage the change. It's that convenient!

If you open your account online, it is usually active instantly. You will be able to see your account number and start receiving transfers immediately. 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 operate at 100%.

Although there are several options on the market, at ABANCA we strive to be the most competitive. Our Cuenta Online Clara and Cuenta Online Nómina offer €0 in maintenance and administration fees indefinitely for new customers. In addition, we usually include extra benefits such as free debit cards and access to one of the largest ATM networks in Spain.

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

1. Mobile Banking and Online Banking: Use the ABANCA app or online banking to check transactions, make transfers, payments, bill payments, block or activate cards, and manage products such as loans or insurance from anywhere, at any time. 2. Digital Mailbox: Activate the digital mailbox to receive all your banking correspondence at no cost and access documents from the last 5 years from any device. 3. Free alert service: Enable email or SMS 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: - 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. - Use mobile signature: Never share the codes we send to your mobile; they are only for your transactions. - Shop on secure sites: Always look for the padlock in the browser bar and use your card’s secure shopping service.

You don't need to be an accounting expert; just take a quick look once a week to check: - Unknown charges: Make sure all card payments were made by you. - Direct debits: Ensure you haven't been charged for a service you've already cancelled (like that gym or TV subscription you no longer use). - Upcoming payments: 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: - Turn off your card: Open the ABANCA App and "turn off" your card instantly. If you find it later, you can turn it back on. - 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. - 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.