ISSN 2330-717X

Spain Eliminates Double Commission For ATM Cash Withdrawals


Spain’s Council of Ministers regulated, though a Royal Decree on financial issues that came into force on Saturday, commissions on withdrawing cash from ATMs from a financial institutional other than the issuer of the debit or credit card.

The Vice-President of the Government, Soraya Sáenz de Santamaría, pointed out that the measure responds to the social concern generated in recent weeks over the possibility that financial institutions will charge a double commission on the withdrawal of cash.

The only bank that can charge a commission is the bank issuing the card, and never the bank that owns the ATM where cash is withdrawn. Furthermore, the bank that issues the card cannot charge its client more than the bank that owns the ATM charges it for this operation”, she explained. The Royal Decree offers security and protects the consumer, claimed the Government Spokesperson.

The Minister for Economic Affairs and Competition, Luis de Guindos, pointed out that more than 900 million transactions to withdraw cash from ATMs take place in Spain each year and that it was necessary to act swiftly to resolve this issue.

The minister highlighted that the new model establishes a series of mechanisms to guarantee transparency and maintain competition. The institutions that own the ATM must inform users of the commission that they will charge to their bank, and the commissions agreed between institutions cannot be discriminatory and will be monitored by the National Markets and Competition Commission. Financial institutions must adapt to this new plan prior to 1 January 2016.

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