|Banks / Money Transfer
It’s advisable to get a bank account in Ibiza if you plan to stay for 6 months or longer. For foreigners on Ibiza, there are two types of bank accounts: resident and non-resident accounts.
In order to do so, you’ll be required to provide a passport or an identification document valid in your own country .Also, within 15 days after opening the account, you technically must justify your non-resident status by providing a certificado de no residencia. You can apply and collect this certificate at a local police station. Every two years thereafter, the bank is supposed to perform a check on your non-resident status.
In the event that you do become a resident after opening the account, you must notify the bank and give them a copy of your certificado de empadronamiento.
Some famous banks in the Balearic Islands are :
Banca March .
Banco de Crédito Balear
19 B, Craven Road
Tel.: 0044 207 402 73 93
Fax: 0044 207 402 78 35
Money Transfers :
1. Western Union : Probably the easiest way to send money, and the advantage is the receiver gets it within 30 minutes or less. The only downside is that the exchange rates are a little on the lower side.
2. iKobo : It allows you to register for free and opens something similar to a savings account. The person you are trying to send money receives a debit card and they can use the card to withdraw money.
3. PayPal : Another convenient method to transfer money worldwide. Benefit is , you don’t even have to give out your credit card or banking account details to anyone, and it supports a huge list of countries which can receive the money in their personal bank accounts.