Access to cash is a daily challenge in half of Spain’s municipalities

Part of Spain was not only emptied of population, but also emptied of basic services, including banking. The result is that half of the municipalities do not have an office or ATM where they can obtain or deposit cash. For this reason, a new concept has emerged, namely financial inclusion, and new players have emerged offering solutions for accessing private funds and managing cash collections and payments.

In five years, from 2016 to 2021, Spanish banks closed a third of their branches, about 9,700, according to statistics from the Bank of Spain. This process, as a result of digitization and restructuring of the sector after the financial crisis and mergers, has slowed down recently, although it has taken banking services away from residents living in municipalities or neighborhoods that do not have any bank or ATM.

Access the bank without going to the bank

Among the formulas being put into practice to ensure financial inclusion in Spain, Correos Cash stands out. In short, it is a post office service through which various banking operations such as cash deposits and withdrawals can be carried out, in offices or at home, from a bank account but without having to physically go to the bank.

Connected to a global service like the Postal Service, Correos Cash reaches every corner of the country, whether it’s through its 2,389 offices, its digital platform or its employees on the ground, the same people who deliver mail every day to private homes and businesses. Thanks to 6,000 rural postmen, cash transactions are available even in areas without post offices or bank branches: a real alternative to digital and regional divides.

Besides accessibility, Correos financial service seeks to provide maximum convenience, as it saves waiting times in bank branches and avoids dependence on opening hours. Even at home, Correos is responsible for withdrawing or delivering the amount requested by an individual or company through Correos Cash.

Security and privacy

All these advantages come with something essential in dealing with money: security and privacy. All operations are carried out through strict security protocols to ensure peace of mind for the client. Another advantage of Correos, unlike banks, is that it provides personal attention at all desks, with no minimum deposit or withdrawal required.

With Correos Cash, withdrawing cash from your bank account is very simple. At the post office, simply go to the locator provided by the bank app where you have the account and ID document. Office staff will hand over the money and the corresponding receipt. Entities working with Correos Cash currently are Banco Santander, BBVA, Evo Banco, Triodos Bank, Ibercaja, Banco Mediolanum and Bancofar.

In addition, Santander, Mediolanum and Ibercaja customers have the option to withdraw funds using Correos Cash at home. After requesting to withdraw funds in the bank’s application, the bank sends us a request to make a regular electronic transfer. Once payment is received, the post office prepares the payment and confirms delivery. Finally, post office employees will deliver the money to the customer’s home with a process receipt.

Login process

The cash deposit process also begins in the bank’s application, where a locator is obtained, and is carried out at the post office, where the employee requests the code, the customer’s identity document, and the amount of cash he wishes to deposit into his account. In return, the customer receives proof of the transaction.

The comprehensive functionality of Correos Cash entails providing a different process for people who do not have access to mobile internet. To make deposits or withdraw cash from bank accounts, you can go to a post office with your identity document and the last four digits of the account’s International Account Number (IBAN). Using this data, postal employees can verify identity and request the operation they wish to carry out with the client bank. Once confirmation is received from the bank, Correos employees will be able to deliver or collect the required amount with the transaction received.