Barclays customers move to Caixabank

MADRID – With Barclays having sold off their Spanish retail business (270 branches) to one of Europe’s largest banks, its customers’ accounts will automatically be transferred to Caixabank, unless they have decided to move their custom elsewhere. By this time, Barclays clientele will probably have received notification of much of the following. However, we have often been asked to translate this kind of thing because the entity has neglected to put it into English or another European language. So, how will this affect you?

Once the integration process has been completed, two things could happen: Caixabank will decide either, to close the branch you use or to keep it open and transfer your account to another Caixabank branch (probably close by). In either case, you will be getting a new account number.

The IBAN is a standardised 24-digit code that contains the following information:

•      The first four digits identify the country. In Spain it consists of the letters ES, plus two control digits.
•      The second four numbers are the code for the financial entity assigned to it by the Bank of Spain (e.g. Barclays’ is 0065, and Caixabank – or La Caixa as it used to be – is 2100).
•        The next four belong to the branch holding the account
•        The following ones are a control code.
•     The last ten numbers are the actual account number, assigned by it to each of the bank’s  customers.
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This is why your account number – all 20 digits – will have to change if you are a Barclays client.


Direct debit*  and standing orders* will change automatically

If you have direct debit orders against your account, these will change automatically, so will direct payments into your account, such as your payroll. This happens because the banks have a system whereby your old account number is automatically associated with your new one. This is operative for a relatively short time.

However, and although it is the bank that is charged with making the changes, it is well worth remembering to check that all payments are being made correctly, though undoubtedly you will be advised of dates, and other information relative to these payments and receipts. It is you who is responsible for paying your services bill, for instance, not the bank – and it is your electricity or water that will get cut off if you ‘neglect’ to pay.

*Note: What is Direct Debit (Domiciliación Bancaria)? What is a Standing Order (Orden Permanente)?