My woeful tale of trying to open a bank account in Spain (so far, unsuccessfully)
I have been trying to open a bank account in Spain, so that Fulbright can pay me my stipend, and I can in turn pay my landlord here (who has very kindly told me not to worry about the fees for international transfers, and that he can wait a few days for the rent).
I was never one of the absurd number of undergrads at Columbia who wanted to work in finance, and I've always found money too boring to study banking and finance closely, but my naive grade-school understanding of how modern consumer banks work is that they make money from having people open accounts, because they then invest their clients' deposits, as well as any commissions or maintenance costs they may charge. I have lots of friends (particularly here in Spain) who would add a lot more expletives about exactly how much money they make and the ethically dubious methods they use, but leaving aside these opinions (whether reasoned or otherwise), my nutshell understanding of what is euphemistically called the "financial services industry" is that it is a SERVICE industry. Everyone in Spain has seen the dramatic ways banks can go under, but they also fail if they have no clients. So you'd think that banks would be very glad to have a new person walk in and say "I want to open an account." After all, new clients are - if you'll forgive the phrase - money in the bank for them. My limited experience in the US has certainly been that banks are happy for new customers. So you would
think it would be easy to open an account.
You would be wrong.