While residents can avoid this by going to their branch or a branch of the same bank, any tourist visiting the coast will fall foul of them.
A report commissioned by the Asociación de Usuarios de Bancos y Cajas; (Adicae); i.e., the banking watchdog confirmed this trend, whereby the banks are making up from lost income elsewhere by hiking up the ATM withdrawal commissions.
So, if you want to withdraw, let’s say, 50 euros, it will cost you – in the case of one bank – 4.40 euros plus 1.5% of the total (75 cents) giving a total commission of 5.10 euros, which is just over 10% in reality.
To top it all off, some banks charge a commission of just under a euro for withdrawing money from an ATM belonging to the same network as their bank – there are three: 4B, Servired and Euro 6000. Bankia, for example, will charge you a minimum commission of 3.5 euros regardless of which banking network the ATM belongs.
Which brings us onto the new ‘little earner’ for banks who now charge you for finding out the balance of your account if it is a different bank; we’re talking about between 50 and 60 euro cents. So now you know, if you consult your balance and then decide to make a withdrawal, you will have that amount to add onto the main commission.
The banks never lose – even when they go bust, they’ll get your money via a bailout…