I’ve been in Madrid for almost six months now, and I was getting tired of the hassles of using cards from my home country. Seeing many friends discussing how to get a local bank card, I decided to share my experience. I opened a Correos Cash account at the post office last month, and the process was quite smooth. Here’s a detailed walkthrough and review for anyone who might find it useful.
Why Choose the Post Office Bank?
I chose the Post Office Bank mainly for its convenience. As you know, post offices in Spain are everywhere—there’s one in almost every neighborhood, making it incredibly easy to manage your banking needs, like deposits and withdrawals. Plus, for newcomers like us who have just arrived and may not have all the required documents, opening an account at major Spanish banks can be a real challenge. They often require appointments, a mountain of paperwork, and you might even encounter unhelpful staff. In contrast, the Correos Cash account is much more welcoming. I just walked in without an appointment, and they didn’t ask me for a bunch of extra proofs like you might need at Santander Bank.
Account Opening Process and Required Documents
The whole process was simpler than I expected. I went to a nearby post office and told the staff I wanted to open a ‘Cuenta Correos Cash’. They gave me an application form to fill out with my personal information. Here are the documents I brought:
- Original Passport
- NIE card
- Proof of residence (empadronamiento), they might not ask for it, but it’s best to have it just in case.
After submitting the documents, the staff entered my information into the system, and it took about 20 minutes in total. They give you a temporary IBAN on the spot, and the official physical Mastercard will be mailed to your address within one to two weeks. Once the account is active, you can manage it by downloading their official app, which is very convenient.
Summary of Pros and Cons
I’ve been using it for almost a month, and here is a summary of the pros and cons for your reference.
| Pros 👍 | Cons 👎 |
|---|
| Low entry barrier, simple documents | There is a €2 monthly account maintenance fee |
| Numerous branches, very convenient for transactions | The app’s functionality is relatively basic, not as powerful as traditional banks |
| Fast approval, you get the IBAN immediately | Free cash withdrawals at post office ATMs, but fees apply at other banks’ ATMs |
| Includes a Mastercard prepaid card for online and in-store use | Not suitable for users who need complex financial services |
If you, like me, just need a basic account to receive transfers, make daily purchases, and shop online, then Correos Cash is an excellent choice. It’s like a ‘lightweight’ bank account, and it’s a perfect transitional solution for newcomers to Spain. However, if you have more advanced needs like wealth management or investments, you’d be better off with a traditional major bank like Santander or BBVA. I hope my sharing was helpful! Feel free to leave a comment below if you have any questions.
