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Living In Gran Canaria: Opening A Bank Account
Getting a bank account in Gran Canaria is a doddle if you have an NIE or residencia. Just pick a bank and give them your NIE number, passport and a proof of address (utility bill, rent contract).
Then sign a lot of bits of paper and you have an account.
In theory, you can open a non-resident bank account with a passport. You may have to try several banks as some won’t do it without a NIE certificate. Commissions are high, so swap over to a resident’s account as soon as you can.
Which Gran Canaria bank to choose?
There isn’t much between them, but bear these factors in mind.
Smaller banks have few cashpoints and charges for withdrawing money can be eye-watering.
Some banks, such as Santander, don’t charge monthly commissions if you pay in your salary or pension.
Queues in bank branches get long, so pick a bank with a decent online banking system.
Here’s a selection of the main banks in Gran Canaria
La Caixa
La Caixa took over Bankia and now has more offices and cashpoints than any other Gran Canaria bank. Big branches have English-speaking staff and there is English speaking telephone support and English internet banking.
Santander Central Hispano
The same company as Santander in the UK, but you can’t transfer an account or anything convenient like that. Santander has plenty of Gran Canaria branches, a decent network of ATMs, and offers commission-free banking if you have a salary.
Santander has plenty of Gran Canaria branches, a decent network of ATMs, and offers commission-free banking if you have a salary. It even pays interest on your current account balance.
ING Direct
Dutch bank with a couple of Las Palmas branches. ING has an excellent online bank system and even decent queue management in its branches. A good mortgage option.
EVO Banco
A specialist online bank with a handy branch on Mesa y Lopez.
Bank Inter
A bank that does offer good mortgage terms to non-resident buyers
BBVA
Like Santander, but blue instead of red.
Barclays
The same company as Barclays in the UK, but you wouldn’t know it. If you have a UK Barclays account there is no advantage opening a Spanish Barclays account.
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Exchange Money In Gran Canaria Or At Home?
Visitors to Gran Canaria often ask whether it is better to exchange their local currency for euros at home or in Gran Canaria.
The answer is that it is almost always better to buy your euros at home than it is to bring pounds to Gran Canaria and use local banks or currency exchanges. This rule of thumb applies all over the world. A currency is almost always cheaper the further away you are from the place you can spend it (because demand for it is lower).
Exchange rates are almost always better at home than in Gran Canaria
You are very likely to get a better exchange rate using a British currency exchange specialist or local bank. Many of these companies will deliver your euros to your home.
One of the best rates in the UK is often from the post office, especially if you do it well in advance.
The only way you'll get a better rate in Gran Canaria than at home is if the exchange rate changes while you are travelling and this is rare.
You also have to bear in mind that currency exchanges in Gran Canaria are getting rarer and some local banks don't exchange money for non-clients.
To Transfer large amouynts of money to Gran Canaria, or to make regular transfers, always use a reputable currency broker such as Currencies Direct. This will save you money on exchange rates and bank charges and is highky secure.
The risk of bringing cash to Gran Canaria
Another important factor to consider is the risk of bringing cash to Gran Canaria: If it is lost or stolen, there is no way of getting it back.
It is much safer to bring a debit or credit card and use local bank ATMs to take out money. These days, a good option is a pre-charged debit card.
Cards may be slightly more expensive that carrying cash, unless you seek out a bank card with low commissions, but it is much more secure.
Bank ATMs like Bankia, Santander and BBVA often charge lower rates than the ATMs in shopping centres and busy tourist areas.
Alex Says: Always select the Euro option at ATMs in Gran Canaria because the exchange rate is much better than if you opt for the Local Currency option. The same applies when you pay by card in shops and restaurants.
See our Gran Canaria Tips section for more nuggets of useful local information.
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