Since Spain's entry into the EG, foreign banks are allowed to open offices in Spain.
They feared that competition would be great and that many Spanish banks would be bought or eliminated.
Labor legislation and culture clashes resulted, however, in that the foreign banks in the beginning had a hard time. But the Spanish banks learned in particular from U.S. banks, and the apparent lack of efficiency that often permeated the Spanish bank premises now started to disappear.
As in most European countries, Spanish banks have also introduced a fairly comprehensive Internet service. Many banks on Costa Blanca and Costa del Sol has also recognized the need to have Scandinavian staff and more banks can now offer service in a language you can understand, which is extremely important when it comes to your money.
Cecilia Helland