Money transfers



1. The person sending you money will receive a reference number. Make sure that they share this reference number with you.
Go to the money transfer agency of your choice with the reference number.
3. You'll be required to fill out a form and show your ID. After this, you will be given the money and a copy of the form for you to keep.


Money Transfer Agencies (some of them)

Banking in Madrid

Regarding banking options available for international students that offer good conditions, you should check out Santander Bank.

Santander Bank has offices in both Universities, Complutense (Avda. Complutense) and Carlos III (building 15). To set the account is free and it does not have maintainance fees including closing your account after the program.

Other conditions:

  • Free money transfers online inside Spain
  • Free debit card
  • It´s free to get money on ATMs

If you are a UC3M student, you will need the following documents to open an account on campus:

  • Your passport
  • Acceptance letter from the University
  • Housing contract
  • Bank statements from previous year (if you are not economically independent, you will need to provide the bank statements of your parents)
  • 50 euros to open the account with the minimum balance.
If you are a UCM student, you will need your passport, a rent contract or a letter from your housing coordinator if you have one, the acceptance letter from the University and 50€ to open your account.

The Cost of Living in Madrid

A student living in Madrid can spend approximately between 800€ and 1500€ per month.

Preparing food at home and not living exactly in the center of Madrid can reduce the cost.

If you want to read a detailed guide about the cost of living in Spain and in Madrid, click here to access  CityLife Madrid's guide